Startups are innovative companies that live in uncertain environments. This research aims to characterize the conditions and variables that influence the startups’ development according to Brazilian stakeholders’ perception, understanding that is reached approaching its business characteristics and how the environment acts on it. An evaluation instrument is developed to assists the validation of critical factors, as well as the KPIs necessary for the execution of the instrument. The study presents, through bibliographic research, a theoretical proposal of critical success factors that receive the assessment of stakeholders. The results demonstrate the impact of critical success factors on the startups’ development, according to the stakeholders’ perception
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