مدل‌سازی تأمین مالی مبتنی بر توسعه پایدار استارتاپ‌های صنعت برق

نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه حسابداری، واحد تنکابن، دانشگاه آزاد اسلامی، تنکابن، ایران.

2 گروه مدیریت و حسابداری ، واحد تنکابن، دانشگاه آزاد اسلامی، تنکابن ، ایران.

چکیده

با توجه به نقش حیاتی انرژی‌های تجدیدپذیر در تحقق توسعه پایدار، تأمین مالی اثربخش استارتاپ‌های فعال در صنعت برق که در خط مقدم این تحولات قرار دارند، به یکی از چالش‌های اساسی تبدیل شده و مستلزم مدلی جامع برای تحلیل عوامل کلیدی آن است. هدف این پژوهش، شناسایی مؤلفه‌های اثرگذار در تأمین مالی استارتاپ‌های صنعت برق و ارائه مدلی مفهومی برای تحلیل روابط میان این مؤلفه‌ها با رویکرد توسعه پایدار است. پژوهش حاضر از نظر هدف، توسعه‌ای-کاربردی و از نظر ماهیت، توصیفی-تحلیلی با رویکرد آمیخته (کیفی-کمی) است. در بخش کیفی، با بهره‌گیری از روش متن‌کاوی و نرم‌افزار رپیدماینر، داده‌های حاصل از ۱۷۰۰۰ مقاله علمی در بازه زمانی ۲۰۱۵ تا ۲۰۲۵ بررسی و پس از غربال‌گری، ۲۰۰ مقاله منتخب تحلیل گردید. در این مرحله، مؤلفه‌های کلیدی تأمین مالی شناسایی و در قالب پنج خوشه اصلی شامل توسعه زیرساخت‌ها، بهره‌گیری از فناوری‌های نوین، سیاست‌گذاری و پایداری، بازار و مدل‌های کسب‌وکار، و روش‌های نوین مالی دسته‌بندی شدند. در بخش کمی، برای تحلیل روابط علّی میان خوشه‌ها از تکنیک دیمتل استفاده شد. نتایج نشان داد که خوشه سیاست‌گذاری و پایداری بیشترین تأثیر را دارد. یافته‌ها می‌توانند در تدوین راهبردهای تأمین مالی و تحقق توسعه پایدار انرژی مؤثر باشند.

کلیدواژه‌ها


عنوان مقاله [English]

Modeling Sustainable Development-Based Financing for Electricity Industry Startups

نویسندگان [English]

  • Sara Gholamtoobi 1
  • Elham Fazeli Veisari 2
1 Department of Accounting, To.C., Islamic Azad University, Tonekabon, Iran.
2 Department of Management and accounting, To.c., Islamic Azad University, Tonekabon, Iran.
چکیده [English]

Given the vital role of renewable energy in achieving sustainable development, effective financing of startups operating in the electricity sector—at the forefront of this transformation—has become a critical challenge that requires a comprehensive model to analyze its key factors. This study aims to identify the influencing components in financing energy startups in the electricity industry and to present a conceptual model for analyzing the relationships among these components from a sustainable development perspective. This research is applied in purpose and descriptive-analytical in nature, employing a mixed-methods (qualitative-quantitative) approach. In the qualitative phase, using text mining and RapidMiner software, data from 17,000 scientific articles published between 2015 and 2025 were examined, and after screening, 200 selected articles were analyzed. Key financing components were identified and categorized into five main clusters: infrastructure development, adoption of emerging technologies, policymaking and sustainability, market and business models, and innovative financial methods. In the quantitative phase, the DEMATEL technique was applied to analyze the causal relationships among these clusters. The results revealed that the “policymaking and sustainability” cluster has the greatest influence on other components. The findings can contribute to the development of effective financing strategies and support the transition toward sustainable energy.

کلیدواژه‌ها [English]

  • Energy startups
  • Electricity industry
  • Financing
  • Renewable Energy
  • Sustainable development
منابع
آینه، معصومه؛ رضایی، بیژن و حسین پور، مهدی. (1403). شناسایی عوامل موفقیت استارت‌اپ‌های فناورمحور در حل چالش‌های صنعت فینتک ایران. پژوهش های کارآفرینی و نوآوری، 3(4)، 39-62. https://doi.org/10.22034/eir.2025.482832.1112
امیری، مقصود؛  رئیسی وانانی، ایمان؛ رضوی حاجی آقا، سید حسین و جعفری، ترانوش. (1400). توسعه هوش مصنوعی فازی و مدل برنامه‌ریزی چند هدفه برای بهینه‌سازی پورتفوی شرکت‌های سرمایه‌گذاری. مطالعات مدیریت کسب و کار هوشمند، 9(36)، 209-243. https://doi.org/10.22054/ims.2021.53443.1754
بخشایش، الهام؛ نیرومندفام، امیر؛ بخشایش، مهسا و پناهی، محمد. (1403). بررسی و مقایسه روش‌های تأمین مالی در صنعت برق (نمونه موردی: سرمایه‌گذاری در توسعه بخش بخار نیروگاه سیکل ترکیبی خرمشهر). سومین کنفرانس بین المللی دانشجویان و مهندسان برق و انرژی های پاک،تهران. https://civilica.com/doc/2105984
بخشی زاده برج، کبری؛ حمزوی، حسین و جمالی، محمدامین. (1403). شناسایی و اولویت‌بندی پیشران‌های بهینه‌سازی زنجیره ارزش پایدار صنعت پتروشیمی ایران با رویکرد آینده‌نگاری راهبردی. مدیریت زنجیره ارزش راهبردی، 1(3)، 1-26.
https://doi.org/10.22075/svcm.2025.36996.1024
پناهی گرجی محله، یوسف؛ نوذر اصل، کاوه و علی اکبری نوری، فهیمه. (1403). شناسایی فعالیت‌های دستیابی به پایداری در تأمین مالی زنجیره ارزش. مدیریت زنجیره ارزش راهبردی، 1(2)، 93-106. https://doi.org/10.22075/svcm.2024.34985.1001
سلیمانی شیجانی، سجاد؛ توانا، شهرام و خلیلی خمیران، مهدی. (1401). ارائه مدل تأمین مالی پروژه‌های ملی در زمینه انرژی‌های تجدیدپذیر (برق). سومین کنفرانس بین المللی و ششمین کنفرانس ملی صیانت از منابع طبیعی و محیط زیست.
https://civilica.com/doc/1549116
غلام توبی، سارا و فاضلی ویسری، الهام. (1404). واکاوی کیفی ادبیات تأمین مالی استارتاپ‌های انرژی در صنعت برق: از مفاهیم نظری تا الگوهای نوین سرمایه‌گذاری. همایش ملی تحقیقات کیفی در کارآفرینی و علوم اداری، چالوس.
https://civilica.com/doc/2336506
 
References
Alao, O., & Cuffe, P. (2022). A Taxonomy of the Risks and Challenges of Embracing Blockchain Smart Contracts in Facilitating Renewable Electricity Transactions. 2022 IEEE PES/IAS PowerAfrica, Kigali, Rwanda, 1-5. http://dx.doi.org/10.1109/PowerAfrica53997.2022.9905345
Alharbi, S. S., Al Mamun, M., Boubaker, S., & Rizvi, S. K. A. (2023). Green finance and renewable energy: A worldwide evidence. Energy Economics, 118. https://doi.org/10.1016/j.eneco.2022.106499 
Arora, P., Deepali, & Varshney, S. (2016). Analysis of K-Means and K-Medoids Algorithm For Big Data. Procedia Computer Science, 78, 507-512. https://doi.org/10.1016/j.procs.2016.02.095  
Bergset, L. (2015). The Rationality and Irrationality of Financing Green Start-Ups. Administrative Sciences, 5(4), 260-285. https://doi.org/10.3390/admsci5040260 
Bhagchandani, A., & Trivedi, D. (2021). A Machine Learning Algorithm to Predict Financial Investment. In K. Kotecha, V. Piuri, H. N. Shah, & R. Patel, Data Science and Intelligent Applications Singapore. http://dx.doi.org/10.1007/978-981-15-4474-3_30
Bonyani, A., & Alimohammadlou, M. (2018). Identifying and prioritizing foreign companies interested in participating in post-sanctions Iranian energy sector. Energy Strategy Reviews, 21, 180-190. https://doi.org/10.1016/j.esr.2018.05.008
Camilleri, M. A., & Bresciani, S. (2022). Crowdfunding small businesses and startups: a systematic review, an appraisal of theoretical insights and future research directions. European Journal of Innovation Management, 27(7), 2183-2209. https://doi.org/10.1108/ejim-02-2022-0060
Cicchiello, A. F., Gatto, A., & Salerno, D. (2023). At the nexus of circular economy, equity crowdfunding and renewable energy sources: Are enterprises from green countries more performant? Journal of Cleaner Production, 410. https://doi.org/10.1016/j.jclepro.2023.136932 
EbrahİMİ, S. H. (2023). Introducing the λ-Scale DEMATEL method: Developing the classical DEMATEL technique. Politeknik Dergisi, 26(2), 751-758. https://doi.org/10.2339/politeknik.961157 
Elie, L., Granier, C., & Rigot, S. (2021). The different types of renewable energy finance: A Bibliometric analysis. Energy Economics, 93. https://doi.org/10.1016/j.eneco.2020.104997 
Reis, F. G. I., Gonçalves, I., Lopes, A. R. M., & Henggeler Antunes, C. (2021). Business models for energy communities: A review of key issues and trends. Renewable and Sustainable Energy Reviews, 144. https://doi.org/10.1016/j.rser.2021.111013 
Falchetta, G., Michoud, B., Hafner, M., & Rother, M. (2022). Harnessing finance for a new era of decentralised electricity access: A review of private investment patterns and emerging business models. Energy Research & Social Science, 90. https://doi.org/10.1016/j.erss.2022.102587 
Falwadiya, H., Dhingra, S., & Gupta, S. (2022). Blockchain for Industry 4.0: Emergence, Challenges, and Opportunities. In A. V.S., A. S, J. Goldston, & S. Williams (Eds.), Blockchain for Industry 4.0. CRC Press. https://doi.org/https://doi.org/10.1201/9781003282914-3 
Fan, H., & Qin, Y. (2018). Research on Text Classification Based on Improved TF-IDF Algorithm. International Conference on Network, Communication, Computer Engineering (NCCE 2018). http://dx.doi.org/10.2991/ncce-18.2018.79
Herenčić, L., Capuder, T., Kirac, M., & Čačić, G. (2023). Collective Citizen Energy Investment Models for Solar Power: Case Study Croatia. 2023 International Conference on Future Energy Solutions (FES), Vaasa, Finland. https://doi.org/10.1109/FES57669.2023.10182991
Hettich, P., & Kachi, A. (2022). Swiss Energy Governance: Political, Economic and Legal Challenges and Opportunities in the Energy Transition. Springer. https://doi.org/10.1007/978-3-030-80787-0 
Huangfu, J., Tang, Z., & Wang, X. (2023). Comparison of the Financing Approaches for New Energy Vehicle Industry. BCP Business & Management. https://doi.org/10.54691/bcpbm.v38i.3792 
Ilbahar, E., Kahraman, C., & Cebi, S. (2022). Risk assessment of renewable energy investments: A modified failure mode and effect analysis based on prospect theory and intuitionistic fuzzy AHP. Energy, 239. https://doi.org/https://doi.org/10.1016/j.energy.2021.121907 
In, S. Y., Monk, A. H. B., & Knox-Hayes, J. (2020). Financing Energy Innovation: The Need for New Intermediaries in Clean Energy. Sustainability, 12(24). https://doi.org/10.3390/su122410440 
Isaeva, E., & Aldarova, D. (2021). Text-mining in Terms of Methodology and Development. 2021 IEEE Conference of Russian Young Researchers in Electrical and Electronic Engineering (ElConRus), St. Petersburg, Moscow, Russia. https://ieeexplore.ieee.org/document/9396437/authors#authors
Iskandarova, M., Dembek, A., Fraaije, M., Matthews, W., Stasik, A., Wittmayer, J. M., & Sovacool, B. K. (2021). Who finances renewable energy in Europe? Examining temporality, authority and contestation in solar and wind subsidies in Poland, the Netherlands and the United Kingdom. Energy Strategy Reviews, 38. https://doi.org/10.1016/j.esr.2021.100730 
Jha, A., & Leslie, G. (2021). Start-up Costs and Market Power Lessons from the Renewable Energy Transition. https://doi.org/https://dx.doi.org/10.2139/ssrn.3603627 
Kathuria, A., Gupta, A., & Singla, R. K. (2021). A Review of Tools and Techniques for Preprocessing of Textual Data. In: Singh, V., Asari, V., Kumar, S., Patel, R. (eds) Computational Methods and Data Engineering. Advances in Intelligent Systems and Computing, vol 1227. Springer, Singapore. https://doi.org/10.1007/978-981-15-6876-3_31  
Lall, S. A., & Park, J. (2020). How Social Ventures Grow: Understanding the Role of Philanthropic Grants in Scaling Social Entrepreneurship. Business & Society, 61(1), 3-44. https://doi.org/10.1177/0007650320973434 
Li, J., Herdem, M. S., Nathwani, J., & Wen, J. Z. (2023). Methods and applications for Artificial Intelligence, Big Data, Internet of Things, and Blockchain in smart energy management. Energy and AI, 11. https://doi.org/10.1016/j.egyai.2022.100208 
Maiti, M. (2022). Does development in venture capital investments influence green growth? Technological Forecasting and Social Change, 182. https://doi.org/10.1016/j.techfore.2022.121878 
Moreno, A., Villar, J., Gouveia, C. S., Mello, J., & Rocha, R. (2022). Investments and Governance Models for Renewable Energy Communities. 2022 18th International Conference on the European Energy Market (EEM), Ljubljana, Slovenia. https://doi.org/10.1109/EEM54602.2022.9921004
Mukherjee, A., Owen, R., Scott, J. M., & Lyon, F. (2024). Financing green innovation startups: a systematic literature review on early-stage SME funding. Venture Capital, 1-27. https://doi.org/10.1080/13691066.2024.2410730 
Pakulska, T., & Poniatowska-Jaksch, M. (2022). Digitalization in the Renewable Energy Sector—New Market Players. Energies, 15(13). https://doi.org/10.3390/en15134714 
Pinilla-De La Cruz, G. A., Rabetino, R., & Kantola, J. (2020). Public-Private Partnerships (PPPs) in Energy: Identifying the Key Dimensions from Two Different Bibliometric Analyzes. In J. I. Kantola, S. Nazir, & V. Salminen, Advances in Human Factors, Business Management and Leadership Cham. http://dx.doi.org/10.1007/978-3-030-50791-6_9
Probierz, B., Kozak, J., & Hrabia, A. (2022). A Comparative Study of Classification and Clustering Methods from Text of Books. In N. T. Nguyen, T. K. Tran, U. Tukayev, T.-P. Hong, B. Trawiński, & E. Szczerbicki, Intelligent Information and Database Systems Cham. http://dx.doi.org/10.1007/978-3-031-21967-2_2
René Vásquez-Ordóñez, L., Lassala, C., Ulrich, K., & Ribeiro-Navarrete, S. (2023). Efficiency factors in the financing of renewable energy projects through crowdlending. Journal of Business Research, 155. https://doi.org/10.1016/j.jbusres.2022.113389 
Sangani, D. R. (2023). A study on analysis of venture capital financing. Journal of Management Research and Analysis, 10(2), 124-127. https://doi.org/10.18231/j.jmra.2023.021 
Schuh, G., & Hamm, c. (2022). Methodology for a Startup Lifecycle-dependent Approach of Financing for Investors and Deep Tech Startups. 2022 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM), Kuala Lumpur, Malaysia. https://doi.org/10.1109/IEEM55944.2022.9989676
Shahbaz, M., Topcu, B. A., Sarıgül, S. S., & Vo, X. V. (2021). The effect of financial development on renewable energy demand: The case of developing countries. Renewable Energy, 178, 1370-1380. https://doi.org/10.1016/j.renene.2021.06.121 
Simshauser, P. (2021). Renewable Energy Zones in Australia's National Electricity Market. Energy Economics, 101. https://doi.org/10.1016/j.eneco.2021.105446 
Skare, M., Gavurova, B., & Polishchuk, V. (2023). A decision-making support model for financing start-up projects by venture capital funds on a crowdfunding platform. Journal of Business Research, 158. https://doi.org/10.1016/j.jbusres.2023.113719 
Suljić Nikolaj, S., Olgić Draženović, B., & Buterin, D. (2023). Green Bonds - Sustainable Forms of Financing. In M. Mihić, S. Jednak, & G. Savić, Sustainable Business Management and Digital Transformation: Challenges and Opportunities in the Post-COVID Era Cham. https://doi.org/10.1007/978-3-031-18645-5_26
Syafira, T., Jackson, S., & Tambunan, A. (2024). Fintech Integration with Crowdfunding and Blockchain in Industry 4.0 Era. Startupreneur Business Digital (SABDA Journal), 3(1), 10-18. https://doi.org/10.33050/sabda.v3i1.433 
Tarek, D., & Ismail, T. (2022). Integrating Smart Contracts with WDNs Framework for Energy Management and Secure Transactions. 2022 10th International Japan-Africa Conference on Electronics, Communications, and Computations (JAC-ECC), Alexandria, Egypt. https://doi.org/10.1109/JAC-ECC56395.2022.10044027
Van den Heuvel, M., & Popp, D. (2023). The role of venture capital and governments in clean energy: Lessons from the first cleantech bubble. Energy Economics, 124. https://doi.org/10.1016/j.eneco.2023.106877 
Wit, B., Dresler, P., & Surma-Syta, A. (2021). Innovation in Start-Up Business Model in Energy-Saving Solutions for Sustainable Development. Energies, 14(12). https://doi.org/10.3390/en14123583 
Xu, G., Yang, M., Li, S., Jiang, M., & Rehman, H. (2024). Evaluating the effect of renewable energy investment on renewable energy development in China with panel threshold model. Energy Policy, 187. https://doi.org/10.1016/j.enpol.2024.114029 
Xu, Z., Meng, L., He, D., Shi, X., & Chen, K. (2022). Government Support's signaling effect on credit financing for new-energy enterprises. Energy Policy, 164. https://doi.org/https://doi.org/10.1016/j.enpol.2022.112921 
Yüksel, S., Dinçer, H., Çağlayan, Ç., & Mikhaylov, A. (2023). The Role of Digital Financial Issues on the Effectiveness of European Energy Policies. In P. Vardarlıer (Ed.), Multidimensional and Strategic Outlook in Digital Business Transformation: Human Resource and Management Recommendations for Performance Improvement (pp. 105-114). Springer International Publishing. https://doi.org/10.1007/978-3-031-23432-3_9 
Zamfirescu, A., Șuhan, C., & Golovanov, N. (2019). Blockchain Technology Application in Improving of Energy Efficiency and Power Quality. 2019 54th International Universities Power Engineering Conference (UPEC), Bucharest, Romania. https://doi.org/10.1109/UPEC.2019.8893476
Zioło, M., Bąk, I., & Spoz, A. (2023). Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies. Energies, 16(4). https://doi.org/10.3390/en16041809
 
Translated References [In Persian]
Amiri, M. , Raeesi Vanani, I. , Razavi Hajiagha, S. H. and Jafari, T. (2021). Development of fuzzy Artificial Intelligence and Multi-Objective planning Model to Optimize the Portfolio of Investment Companies. Business Intelligence Management Studies, 9(36), 209-243. [In Persian] https://doi.org/10.22054/ims.2021.53443.1754   
Ayeneh, M. , Rezaee, B. and Hosseinpour, M. (2025). Identifying the success factors of technology- oriented startups in solving the challenges of iran fintech industrial. Journal of Entrepreneurship and Innovation Research, 3(4), 39-62. [In Persian] https://doi.org/10.22034/eir.2025.482832.1112
Bakhshayesh, E., Niroumandfam, M., Bakhshayesh, M., & Panahi, M. (2024). Investigation and Comparison of Financing Methods in the Power Industry (Case Study: Investment in the Development of the Steam Section of Khorramshahr Combined Cycle Power Plant). Third International Conference for Students and Engineers of Electrical and Clean Energy, Tehran, Iran. [In Persian] https://civilica.com/doc/2105984
Bakhshizadeh Borj, K. , Hamzavi, H. and Jamali, M. (2025). Identifying and prioritizing drivers for optimizing the sustainable value chain of Iran's petrochemical industry with a strategic foresight approach. Strategic Value Chain Management, 1(3), 1-26. [In Persian]  https://doi.org/10.22075/svcm.2025.36996.1024
Gholamtoobi, S., & Fazeli veisari, E. (2025). Qualitative Exploration of Financing Literature on Energy Startups in the Electricity Industry: From Theoretical Concepts to New Investment Patterns. National Conference on Qualitative Research in Entrepreneurship and Administrative Sciences, Chalous, Iran. [In Persian] https://civilica.com/doc/2336506
Panahi Gorji Mahalleh, Y., Nowzarasl, K. and Aliakbari Nouri, F. (2024). Identifying practices to achieve sustainability in value chain finance. Strategic Value Chain Management, 1(2), 93-106. [In Persian] https://doi.org/10.22075/svcm.2024.34985.1001
Soleimani Sheijani, S., Tovana, S., & Khalili Khomeiran, M. (2022). Providing a financing model for national projects in the field of renewable energy (electricity). 3th International Conference and 6th National Conference on Natural Resources and Environment. [In Persian] https://civilica.com/doc/1549116