46 Chapter V Conclusion This study focused on identifying and analyzing the critical factors that influence venture capital investment decisions in startups. The findings revealed that the product and service, entrepreneur, market, and finance were the most critical factors, although their rankings differed between venture capitalists and other investors. Venture capitalists considered the entrepreneur to be the most crucial factor, emphasizing the importance of suitability and reliability in assessing investment opportunities. On the other hand, other investor placed greater emphasis on the product/service, recognizing the significance of investments made based on the startup's business practicality. These differing perspectives highlight the importance of evaluating various factors and considering multiple viewpoints when making venture capital investment decisions in startups. Based on the analysis conducted in this study, the compatibility of the business, value of product, innovation and the management competence emerged as critical factors influencing venture capital investments in startups. This finding suggests that the capabilities and disposition of startup entrepreneurs play a crucial role and have a significant impact on investors' decision-making process. The study highlights that these factors are of paramount importance and have a greater influence on investment decisions compared to other factors. It underscores the significance of evaluating the entrepreneur's abilities, characteristics, and value of product/service, as they are considered essential determinants in venture capital investment decisions in startups. Previous studies have often emphasized the importance of new technological competitiveness in venture capital investment decisions. Kollmann and Kuckertz (2010) suggested that investments should be based on factors such as market size and market growth potential. However, the findings of this study indicate that the reliability and capabilities of entrepreneurs and value of product are more crucial investment determinants than the competitiveness of the business model or product in terms of technology and the market. The study findings align with the perspective presented by Silva (2004), which highlights the interest of venture capitalists in the quality of the entrepreneur. It emphasizes the importance of evaluating and verifying the entrepreneur's commitment to the company and the business idea. This suggests that venture capitalists prioritize the assessment of an entrepreneur's abilities, characteristics, and dedication, along the suitability of product produces as they are considered essential factors in the investment decision-making process.