Performance Improvement of Start-ups through External Support - Cohort Comparison -

This study aims to investigate the relationship between the performance of start-ups and the external support provided to them. For the analysis, cohort comparison is conducted using questionnaires answered by start-ups. Propensity score matching, a causal inference method, is employed as the analytical instrument. The effects of support are examined by categorizing external support and performance, and significant positive causal effects are found both alone and in combination. Among external support, referral support plays a particularly central role and is the axis of significant causal effects in the combination of support. On the other hand, financial and information support plays a supplementary role in the combination. Some combinations that create new positive causal effects or amplify existing causal effects are identified, but no common combinations have been found across cohorts.