worldneweconomyМир новой экономикиThe world of new economy2220-64692220-7872Financial University under The Governtment оf The Russian Federation10.26794/2220-6469-2025-19-4-47-60worldneweconomy-587Research ArticleФИНАНСОВАЯ АНАЛИТИКАFINANCIAL ANALYTICSУлучшение инновационной экосистемы как ключ к успешному развитию российских финтех-стартаповImproving the Innovation Ecosystem as a Key to Successful Development of Russian Fintech Startupshttps://orcid.org/0000-0001-8360-3541ЛопухинА. В.LopukhinA. V.

Александр Владимирович Лопухин — независимый исследователь, эксперт 

Москва 

Alexander V. Lopukhin — independent researcher, expert 

Moscow 

alopukhin@yandex.ruhttps://orcid.org/0000-0003-2196-9059ПлаксенковЕ. А.PlaksenkovE. A.

Евгений Анатольевич Плаксенков — PhD SKEMA Business School, профессор

Москва 

Evgeny A. Plaksenkov — PhD SKEMA Business School, Professor 

Moscow 

evgeny_plaksenkov@skolkovo.ruМосковская школа управления СКОЛКОВОРоссияMoscow School of Management SKOLKOVORussian Federation2025311220251944760Copyright © Лопухин А.В., Плаксенков Е.А., 20252025Лопухин А.В., Плаксенков Е.А.Lopukhin A.V., Plaksenkov E.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://wne.fa.ru/jour/article/view/587

В статье приведены результаты исследования критериев, а также факторов успеха и неудач российских финтехстартапов, важная роль которых в развитии экономики и финансового сектора обусловила актуальность этой работы. Цель состояла в том, чтобы выявить и оценить влияние согласованности действий стейкхолдеров на успех российских стартап-проектов. Методологической базой стало использование эмпирических методов анализа, кейс-стади, фокус-групп, опросов, глубинных интервью, а также качественного сравнительного анализа. результаты. Авторы представляют оценку состояния и перспектив развития финансовых технологий и формирования экосистемы финтеха, а также проблем финансирования технологических инноваций в России. Рассмотрены барьеры роста российского рынка венчурных инвестиций и пути их преодоления. Приводятся результаты 32 глубинных интервью с экспертами и предпринимателями отечественного рынка финтеха, а также опроса владельцев и руководителей 44 стартапов на ранней или посевной стадии развития. После их обработки составлен список из 30 гипотетически возможных факторов успеха стартапа и определены семь эквифинальных конфигураций, приводящих к успеху или неудаче проекта. Практическая значимость работы состоит в том, что результаты исследования можно использовать участникам экосистемы стартапов для повышения шансов на успех на ранних стадиях финтех-проектов. 

Relevance. The article presents the results of a study of the criteria and factors contributing to the success and failure of Russian fintech start-ups, as well as their important role in the development of the economy and the financial sector. The aim of the study was to identify and assess the impact of stakeholders’ coordinated activities on the success of Russian start-up projects. methods used by the authors involved empirical analytic methods, case studies, focus groups, surveys, in-depth interviews, and qualitative comparative analysis. Research results include an assessment of the state and prospects of financial technology development and the formation of a fintech ecosystem, as well as the problems of financing technological innovations in Russia. The authors have studied barriers to the growth of the Russian venture capital market and ways to overcome them. The article also presents the findings of 32 in-depth interviews with experts and entrepreneurs in the domestic fintech market, as well as a survey of owners and managers of 44 start-ups in the early or seed stage of business development. As a follow up of a thorough research, a list of 30 factors for startup success was compiled and seven configurations identified for potential estimation of either success or failure for the projects. The practical implication of the work lies in its potential use for participants in the startup ecosystem to increase the chances of success in the early stages of fintech projects. 

финтехэкосистемастейкхолдерыфинтех-стартапыроссийский рынок венчурных инвестицийбарьеры ростакритерии и факторы успеха и неудачстейкхолдерский подходfintechecosystemstakeholdersfintech start-upsRussian venture capital marketbarriers to growthcriteria and factors for success and failurestakeholder approachReferencesWessner С.W. Entrepreneurship and the innovation ecosystem policy lessons from the United States. In: Local heroes in the global village. Boston, MA: Springer; 2005:67–89. (International Studies in Entrepreneurship. Vol. 7). DOI: 10.1007/0-387-23475-6_5Wessner С.W. Entrepreneurship and the innovation ecosystem policy lessons from the United States. In: Local heroes in the global village. Boston, MA: Springer; 2005:67–89. (International Studies in Entrepreneurship. Vol. 7). DOI: 10.1007/0–387–23475–6_5Adner R., Kapoor R. Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations. Strategic Management Journal. 2010;31(3):306–333. DOI: 10.1002/smj.821Adner R., Kapoor R. Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations. Strategic Management Journal. 2010;31(3):306–333. DOI: 10.1002/smj.821Проскурнин С.Е. Создание самоорганизуемой инновационной экосистемы в зонах особого территориального развития. Региональная экономика и управление: электронный научный журнал. 2017;(4):6. URL: https://eee-region.ru/article/5206/ 4. Бурденко Е.В. Создание экосистемы для масштабируемости стартапов. Вопросы инновационной экономики. 2023;13(4):2175–2186. DOI: 10.18334/vinec.13.4.120106Proskurnin S. E. Creation of a self-organizing innovation ecosystems in zones of special territorial development. Regional’naya ekonomika i upravlenie: elektronnyi nauchnyi zhurnal = Regional Economics and Management: Electronic Scientific Journal. 2017;(4):6. (In Russ.). URL: https://eee-region.ru/article/5206/Barrehag L., Fornell A., Larsson G., et al. Accelerating success: A study of seed accelerators and their defining characteristics. Bachelor thesis. Gothenburg: Chalmers University of Technology; 2012. 77 p. URL: http://publications.lib.chalmers.se/records/fulltext/161790.pdfBurdenko E.V. Creating an ecosystem for startup scalability. Voprosy innovatsionnoi ekonomiki = Russian Journal of Innovation Economics. 2023;13(4):2175–2186. (In Russ.). DOI: 10.18334/vinec.13.4.120106Blank S., Dorf B. The startup owner’s manual: The step-by-step guide for building a great company. Pescadero, CA: K&S Ranch Inc.; 2012. 1090 p. URL: https://smeportal.unescwa.org/sites/default/files/2019–12/The_Startup_Owner%20s_Manual-A%20step%20by%20step%20guide%20for%20building%20a%20great%20company.pdfBarrehag L., Fornell A., Larsson G., et al. Accelerating success: A study of seed accelerators and their defining characteristics. Bachelor thesis. Gothenburg: Chalmers University of Technology; 2012. 77 p. URL: http://publications.lib.chalmers.se/records/fulltext/161790.pdfПопов А. Н. Стартап-студия как перспективная модель развития инноваций в контексте венчурного рынка и корпоративных инноваций в России. Государственное управление. Электронный вестник. 2020;(80):256–281. DOI: 10.24411/2070-1381-2020-10073Blank S., Dorf B. The startup owner’s manual: The step-by-step guide for building a great company. Pescadero, CA: K&S Ranch Inc.; 2012. 1090 p. URL: https://smeportal.unescwa.org/sites/default/files/2019–12/The_Startup_Owner%20s_Manual-A%20step%20by%20step%20guide%20for%20building%20a%20great%20company.pdfAtkinson R. Project management: Cost, time and quality, two best guesses and a phenomenon, it’s time to accept other success criteria. International Journal of Project Management. 1999;17(6):337–342. DOI: 10.1016/S 0263–7863(98)00069–6Popov A.N. Startup studio as promising model for developing innovations in the context of venture capital and corporate innovations in Russia. Gosudarstvennoe upravlenie. Elektronnyi vestnik = Public Administration. E-Journal. 2020;(80):256–281. (In Russ.). DOI: 10.24411/2070-1381-2020-10073Turner J.R., Müller R. The project manager’s leadership style as a success factor on projects: A literature review. Project Management Journal. 2005;36(2):49–61. DOI: 10.1177/875697280503600206Atkinson R. Project management: Cost, time and quality, two best guesses and a phenomenon, it’s time to accept other success criteria. International Journal of Project Management. 1999;17(6):337–342. DOI: 10.1016/S0263-7863(98)00069-6Pinto J.K., Slevin D.P. Critical factors in successful project implementation. IEEE Transactions on Engineering Management. 1987; EM-34(1):22–27. DOI: 10.1109/TEM.1987.6498856Turner J.R., Müller R. The project manager’s leadership style as a success factor on projects: A literature review. Project Management Journal. 2005;36(2):49–61. DOI: 10.1177/875697280503600206Freeman M., Beale P. Measuring project success. Project Management Journal. 1992;23(1):8–17. URL: https://www.wcu.edu/pmi/1996/J92MAR08.PDFPinto J. K., Slevin D.P. Critical factors in successful project implementation. IEEE Transactions on Engineering Management. 1987; EM-34(1):22–27. DOI: 10.1109/TEM.1987.6498856Turner R., Zolin R. Forecasting success on large projects: Developing reliable scales to predict multiple perspectives by multiple stakeholders over multiple time frames. Project Management Journal. 2012;43(5):87– 99. DOI: 10.1002/pmj.21289 13. Turner J.R. The handbook of project-based management: Leading strategic change in organizations. New York, NY: McGraw-Hill Professional; 2009. 452 p.Freeman M., Beale P. Measuring project success. Project Management Journal. 1992;23(1):8–17. URL: https://www.wcu.edu/pmi/1996/J92MAR 08.PDFKabakova O., Plaksenkov E., Korovkin V. Strategizing for financial technology platforms: Findings from four Russian case studies. Psychology & Marketing. 2016;33(12):1106–1111. DOI: 10.1002/mar.20945Turner R., Zolin R. Forecasting success on large projects: Developing reliable scales to predict multiple perspectives by multiple stakeholders over multiple time frames. Project Management Journal. 2012;43(5):87– 99. DOI: 10.1002/pmj.21289Коровкин В., Плаксенков Е. Кабакова О., Цифровые платформы и экосистемы финансовой инклюзивности: российский опыт. Сколково: Московская школа управления СКОЛКОВО; 2015. 48 с. URL: https://iems.skolkovo.ru/downloads/documents/SKOLKOVO_IEMS/Research_Reports/SKOLKOVO_IEMS_Research_2015–11–11_ru.pdfTurner J.R. The handbook of project-based management: Leading strategic change in organizations. New York, NY: McGraw-Hill Professional; 2009. 452 p.Ragin C. C. Set relations in social research: Evaluating their consistency and coverage. Political Analysis. 2006;14(03):291–310. DOI: 10.1093/pan/mpj019Kabakova O., Plaksenkov E., Korovkin V. Strategizing for financial technology platforms: Findings from four Russian case studies. Psychology & Marketing. 2016;33(12):1106–1111. DOI: 10.1002/mar.20945Korovkin V., Plaksenkov E., Kabakova O. Digital platforms and the ecosystems of financial inclusion: The Russian experience. Skolkovo: The Moscow School of Management SKOLKOVO; 2015. 42 p. URL: https://embahs.skolkovo.ru/downloads/documents/FinChair/Research_Reports/SKOLKOVO_Digital_platforms_report_2015_v2_en.pdfKorovkin V., Plaksenkov E., Kabakova O. Digital platforms and the ecosystems of financial inclusion: The Russian experience. Skolkovo: The Moscow School of Management SKOLKOVO; 2015. 42 p. URL: https://embahs.skolkovo.ru/downloads/documents/FinChair/Research_Reports/SKOLKOVO_Digital_platforms_report_2015_v2_en.pdfRagin C. C. Set relations in social research: Evaluating their consistency and coverage. Political Analysis. 2006;14(03):291–310. DOI: 10.1093/pan/mpj019Ragin C. C. Set relations in social research: Evaluating their consistency and coverage. Political Analysis. 2006;14(03):291–310. DOI: 10.1093/pan/mpj019

The authors declare that there are no conflicts of interest present.