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Startup projects are characterized by a high level of uncertainty and risk. Therefore, risk management is an important component of enabling their success. The risk of a startup project is defined as an objective and subjective category that reflects the probability of certain consequences (positive and/or negative) from the results of the team’s (group) actions of startup developers, their interaction, their decision-making abilities and problem-solving during the development process and implementation of a startup project in the conditions of uncertainty; influence of uncontrollable factors. The subjective and objective context of a startup project’s risks, and also the signs of risks in the process of development and implementation of a startup project, the differences of startup projects compared to projects of traditional businesses, which cause differences in risk management, are substantiated. The main stages of risk management are characterized by: 1) identification of a startup project’s risks. Risk identification methods and the importance of creating a register of potential risks are outlined; 2) risk assessment. The importance of using qualitative and quantitative methods of risk assessment of startup projects is indicated; 3) planning and decision-making on risk management, which include proposals and measures for prevention, avoidance, reduction, acceptance of risks; their implementation. The main decision-making models are outlined. The expedience of building a decision tree as an effective way to reach reasonable and optimal results in risk management of a startup project is described. The main aspects that will influence on the risk management trends of a startup projects in the future are identified.
Dykha et al. (2023) studied this question.