ADVANCED-STAGE STARTUP FUNDING IN INDONESIA: COMPARISON THE EFFECT OF HUMAN CAPITAL, SOCIAL CAPITAL, AND INTELLECTUAL PROPERTY RIGHTS THESIS In partial fulfilment of the requirements for the Degree of Master of Science in Management from Institut Teknologi Bandung By Benedictus Hans Student ID: 29020070 (Master Program of Science in Management) INSTITUT TEKNOLOGI BANDUNG December 2023 I ABSTRACT ADVANCED-STAGE STARTUP FUNDING IN INDONESIA: COMPARISON THE EFFECT OF HUMAN CAPITAL, SOCIAL CAPITAL, AND INTELLECTUAL PROPERTY RIGHTS By Benedictus Hans Student ID: 29020070 (Master Program of Science in Management) Startups play an important role in economic growth and as job opportunities in every country. Funding is one of the most important factors influencing startup development and innovation. However, while researchers focus on funding early- stage startups, advanced-stage startups receive less attention, even though they also need funding to continue to innovate and grow. Apart from that, there is still very limited research that specifically discusses important factors that influence startup funding that can be used as empirical evidence in Indonesia. In this research, we use a quantitative approach by proposing a multiple linear regression model to test several factors which according to previous research have a significant impact on early-stage startup funding, including human capital, social capital, intellectual property rights and several additional factors such as startup age, the location of the startup, the business sector and the gender of the startup founder. After that we collected data through a startup information database; there are Tracxn and Crunchbase; and check the completeness of the data. After the data was collected, we processed the data and carried out several necessary tests to ensure the accuracy and suitability of the data obtained and the proposed model using IBM SPSS Statistics 25 software. From this research, we found that not all factors that influence early-stage startup funding have an significant impact for funding advanced-stage startups. We found that startup age is the most influential factor in startup funding, followed by the number of followers on social media and the number of investors who invest in the startup. Apart from that, we also consider several factors, such as the average experience of startup inventors and the consumer business sector, to play a role in supporting some of the main factors that influence startup funding. Finally, we also find that ownership of intellectual property rights as well as the financial business sector can act as a substitute for one of the main factors. Keywords: advanced-stage startup, human capital, social capital, intellectual property right, multiple linear regression, funding. II III ABSTRAK PENDANAAN STARTUP TAHAP LANJUT DI INDONESIA : PERBANDINGAN PENGARUH MODAL MANUSIA, MODAL SOSIAL, DAN HAK KEKAYAAN INTELEKTUAL Oleh Benedictus Hans 29020070 (Program Studi Magister Sains Manajemen) Startup memegang peran penting dalam pertumbuhan ekonomi dan sebagai pembuka lapangan kerja di setiap negara. Pendanaan merupakan salah satu faktor terpenting yang mempengaruhi perkembangan dan inovasi startup. Namun, ketika para peneliti berfokus pada pendanaan startup tahap awal, startup tahap lanjut kurang mendapat perhatian, padahal mereka juga memerlukan pendanaan untuk dapat terus berinovasi dan bertumbuh. Selain itu, masih sangat sedikit penelitian yang membahas faktor – faktor penting yang mempengaruhi pendanaan startup secara khusus yang dapat menjadi bukti empiris di Indonesia. Dalam penelitian ini, kami menggunakan pendekatan kuantitatif dengan mengusulkan model regresi linier berganda untuk menguji beberapa faktor yang menurut penelitian terdahulu memberikan dampak signifikan terhadap pendanaan startup tahap awal, diantaranya modal manusia, modal sosial, hak atas kekayaan intelektual dan beberapa faktor tambahan seperti usia startup, lokasi startup itu beradap, sektor bisnis dan jenis kelamin penemu startup. Setelah itu kami mengumpulkan data melalui basis data informasi startup; yaitu Tracxn dan Crunchbase; serta memerisa kelengkapan data. Setelah data terkumpul, kami mengolah data dan melakukan beberapa uji yang diperlukan untuk memastikan ketepatan dan kecocokan data yang diperoleh beserta model yang diusulkan menggunakan software IBM SPSS Statistics 25. Dari penelitian ini, kami menemukan bahwa tidak semua faktor yang mempengaruhi pendanaan startup tahap awal memberikan pengaruh yang signifikan terhadap pendanaan startup tahap lanjut.