Title: Evolution of start-up investments: an overview and future research directions

Authors: Claudio Roberto Silva Júnior; Álvaro Luiz Neuenfeldt-Júnior; Julio Siluk; Vinicius Gerhardt; Cláudia Michelin

Addresses: Innovation and Competitiveness Group, Federal University of Santa Maria (UFSM), Room 302, Building 7, Avenue Roraima 1000, 97105-900, Santa Maria, Brazil ' Innovation and Competitiveness Group, Federal University of Santa Maria (UFSM), Room 302, Building 7, Avenue Roraima 1000, 97105-900, Santa Maria, Brazil ' Innovation and Competitiveness Group, Federal University of Santa Maria (UFSM), Room 302, Building 7, Avenue Roraima 1000, 97105-900, Santa Maria, Brazil ' Innovation and Competitiveness Group, Federal University of Santa Maria (UFSM), Room 302, Building 7, Avenue Roraima 1000, 97105-900, Santa Maria, Brazil ' Innovation and Competitiveness Group, Federal University of Santa Maria (UFSM), Room 302, Building 7, Avenue Roraima 1000, 97105-900, Santa Maria, Brazil

Abstract: This paper aims to present the evolution of the start-up investment modalities through the most covered topics in the scientific literature. A bibliometric review is developed based on 1,984 articles published in the Scopus database. VOSviewer and SciMAT science mapping tools were utilised for this purpose. The analysis identified that in periods from 1990 to 2001, studies focused on investment-related topics such as venture capital and bootstrapping; however, other themes related to angel investment, corporate venture capital (CVC), and innovation began to emerge in the period from 2002 to 2011. In more recent periods, topics related to start-ups have become central in scientific research, as well as the emergence of other forms of start-up investments such as crowdfunding, private equity, and accelerators. In addition, the emergence of data processing, artificial intelligence, and blockchain technologies is providing a new market paradigm.

Keywords: entrepreneurship; start-ups; high technology start-ups; technology; innovation; venture capital; VC; investment; funding; bibliometric approach.

DOI: 10.1504/IJBIR.2025.146987

International Journal of Business Innovation and Research, 2025 Vol.37 No.2, pp.246 - 272

Received: 18 Apr 2022
Accepted: 02 Jul 2022
Published online: 10 Jul 2025 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article