Article

Identifying Startups Business Opportunities from UGC on

Twitter Chatting: An Exploratory Analysis
José Ramón Saura 1, * , Ana Reyes-Menéndez 1 , Nelson deMatos 2 and Marisol B. Correia 3

1 Department of Business Economics, Rey Juan Carlos University, 28032 Móstoles, Spain; [email protected]
2 School of Management, Hospitality and Tourism (ESGHT) and Research Centre for Tourism, Sustainability
and Well-Being (CinTurs), Universidade do Algarve, 8005-139 Faro, Portugal; [email protected]
3 School of Management, Hospitality and Tourism (ESGHT) and Centre for Tourism Research,
Development and Innovation (CiTUR) and Research Centre for Tourism, Sustainability and
Well-Being (CinTurs), Universidade do Algarve, 8005-139 Faro, Portugal; [email protected]
* Correspondence: [email protected]

Abstract: The startup business ecosystem in India has experienced exponential growth. The amount
of investment in Indian startups in the last decade demonstrates the strong interest of the technology
industry to these business models based on innovation. In this context, the present study aims
to identify investment opportunities for investors in Indian startups by identifying key indicators
that characterize the startup ecosystem in India. To this end, a three steps data mining method
is developed using data mining techniques. First, a sentiment analysis (SA), a machine learning



approach that classifies the topics into groups expressing feelings, is applied to a dataset. Next, we


develop a Latent Dirichlet Allocation (LDA) model, a topic-modeling technique that divides the
Citation: Saura, J.R.;
sample of n = 14.531 tweets from Twitter into topics, using user-generated content (UGC) as data.
Reyes-Menéndez, A.; deMatos, N.;
Finally, in order to identify the characteristics of each topic we apply textual analysis (TA) to identify
Correia, M.B. Identifying Startups
key indicators. The originality of the present study lies in the methodological process used for data
Business Opportunities from UGC on
Twitter Chatting: An Exploratory
analysis. Our results also contribute to the literature on startups. The results demonstrate that the
Analysis. J. Theor. Appl. Electron. Indian startup ecosystem is influenced by areas such as fintech, innovation, crowdfunding, hardware,
Commer. Res. 2021, 16, 1929–1944. funds, competition, artificial intelligence, augmented reality and electronic commerce. Of note, in
https://doi.org/10.3390/jtaer view of the exploratory approach of the present study, the results and implications should be taken
16060108 as descriptive, rather than determining for future investments in the Indian startup ecosystem.

Academic Editor: Keywords: startups opportunities; user-generated content; sentiment analysis; electronic commerce
Eduardo Álvarez-Miranda

Received: 3 May 2021

Accepted: 23 June 2021
1. Introduction
Published: 26 June 2021
In the 21st century, new information communication technologies (ICTs) have rev-
olutionized the structure of the business sector [1]. Specifically, ICTs have increased the
Publisher’s Note: MDPI stays neutral
with regard to jurisdictional claims in
uncertainty regarding the success of different business models based on innovation and
published maps and institutional affil-
technology; this uncertainty is mainly due to the exponential development component of
iations. these business models.
India is one of the most relevant countries worldwide for the development of startups
focused on innovation and technology [2]. For further development of Indian startups,
i.e., small companies based on innovation and technology, investors who provide liquidity
to these businesses should be aware of several key issues and factors that define the
Copyright: © 2021 by the authors.
Indian startup ecosystem. This awareness will effectively guide investment based on both
Licensee MDPI, Basel, Switzerland.
This article is an open access article
reliability and risks associated with startups [2].
distributed under the terms and
In this context, startups have become a key element of the digital economy in India
conditions of the Creative Commons and other developing countries [3]. These entrepreneurial projects, based on technology
Attribution (CC BY) license (https:// and innovation, seek to identify new opportunities in different sectors. Of note, in their be-
creativecommons.org/licenses/by/ ginning periods, big companies such as Google, Uber, Netflix or Facebook were considered
4.0/). as startups [4].

J. Theor. Appl. Electron. Commer. Res. 2021, 16, 1929–1944. https://doi.org/10.3390/jtaer16060108 https://www.mdpi.com/journal/jtaer
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1930

However, when these business projects receive rounds of investments and scale finan-
cially, they become medium-size and large companies [5,6]. Accordingly, these companies
move from the startups ecosystem to become multinational enterprises. Innovations and
applied technologies in the startup ecosystem include smart cities, healthcare, 3D printing,
drones, development of professional solutions based on artificial intelligence, Big Data and
so forth [7].
In this context, new startup projects are difficult to analyze from the perspective
of investors who seek profitable investments in projects that can be consolidated in the
market after a round of investments [8]. However, according to Kohler [9], most startups
fail for the following two reasons: first, such projects either try to acquire access to a
saturated market, or they access a market that has no space for the application of new
technologies [10]. Sometimes, there are very high barriers to entry or limited opportunities
to adapt the system to the technologies proposed by startups within the short term [11]. In
this situation, startups investors try to find actionable insights regarding the projects and
the corresponding innovation-based technologies to ensure that their investments will be
profitable [12].
According to Weiblen and Chesbrough [13], social networks and digital marketing
strategies—the main communication channels through which startups can promote their
products and services—constitute an important segment in the startup ecosystem [12].
These channels are used to attract new users and clients and to show the world the project
they have developed [14].
Today, in order to make a business profitable and to derive meaningful insights
using business intelligence or marketing analytics processes, databases of online consumer
behavior have started to be increasingly used. Publishing content, expressing opinions
or requesting information, users generate enormous amounts of data. This content from
interactions on the Internet is known as user-generated content (UGC) [15]. While the
initial user content is messy and unstructured, various data mining techniques based on
machine learning have been widely applied to identify key elements in such data [16].
The present study analyzes the UGC with #IndianStartups and similar hashtags on
Twitter. Our aim is to establish which issues affect the ecosystem of startups in India
and to identify what users feel about those issues. Then these insights would be used by
investors to acquire information and help their decision-making strategies when investing
in Indian startups.
To this end, we use the following three processes and combinations of techniques
for data analysis. First, we employ sentiment analysis (SA) that divides the identified the
sample into positive, negative and neutral based on the feelings expressed in corresponding
tweets. To this end, we develop and train an algorithm with a sufficient reliability of
Krippendorff’s alpha value (KAV) [17] that measures the accuracy of the algorithm. Then,
we apply a Latent Dirichlet Allocation (LDA) model, a mathematical model developed in
Python that structures a sample in specific themes based on the analysis of words in that
sample. Finally, the data are submitted to text analysis (TA). In this phase of the analysis,
the main specific indicators affecting the startup sector in India are identified.
The originality of the present study lies in the methodological process we use for data
analysis. Our results also contribute to the literature on startups. These results can be
used in further comparative research on the characteristics of startup industries. Finally,
our findings provide a methodological approach based on UGC and exploratory data
analysis [18] for investors to obtain valuable insights related to Indian business startups.
The remainder of this paper is structured as follows. Section 2 presents the literature review
of the present study. The methodology is presented in Section 3. Section 4 reports the
results that are further discussed in Section 5. Finally, conclusions are drawn in Section 6.

2. Literature Review
In recent years, despite the COVID-19 pandemic, the start-up ecosystem in India
has exponentially grown. According to a report published by ET-tech [19], a total of
 JTAER 2021, 16, FOR PEER REVIEW

2. Literature Review
J. Theor. Appl. Electron. Commer. Res. 2021, 16 In recent years, despite the COVID-19 pandemic, the start-up ecosystem 1931 in Ind

exponentially grown. According to a report published by ET-tech [19], a total of 16

vestment rounds were raised in 2013, obtaining a total of $3.51 million. In 2017, the in
1652 investmentment rounds
rounds weredropped
raised into2013,
1513,obtaining
but the budget
a total line increased
of $3.51 to In
million. $6.43 million.
2017, the In 201
investment rounds dropped to 1513, but the budget line increased to $6.43 million. In 2018, in Ind
vestment worth of $10.60 million out of 1471 investment round was effective
2019,ofbefore
investment worth $10.60 the COVID-19
million pandemic,
out of 1471 a total
investment roundof $14.27 millioninwere
was effective reached
India. In in in
ments of Indian start-ups out of 1482 investment rounds. In 2020,
2019, before the COVID-19 pandemic, a total of $14.27 million were reached in investments despite the COV
pandemic
of Indian start-ups out of and
1482the lockdown,
investment a total
rounds. Inof $9.33
2020, million
despite thewere reached
COVID-19 from 1088 inves
pandemic
rounds (see Figure 1).
and the lockdown, a total of $9.33 million were reached from 1088 investment rounds (see
Figure 1).

15
14
13
12
Millions of dollars

11
10
9
8
7
6
5
4
3
2016 2017 2018 2019 2020

Figure 1. Start-ups investments in India. Source: Adapted from ET-TECH [19].

Figure 1. Start-ups investments in India. Source: Adapted from ET-TECH [19].
Furthermore, in the last decade, several studies have addressed the entrepreneurial
Furthermore,
ecosystem and emerging startupinstrategies
the last decade,
used inseveral
differentstudies have addressed
countries. For instance, thein entrepren
their study on the current business ecosystem in China, He [20] expanded the current instan
ecosystem and emerging startup strategies used in different countries. For
understandingtheir study on the current
of entrepreneurship Asianbusiness
countries ecosystem in China,
and analyzed theHe [20] expanded
process of startingthe curre
derstanding of entrepreneurship Asian countries and
technology-based projects and entrepreneurial initiatives in the Asian market. Furthermore, analyzed the process of st
technology-based
Zhao [21] studied the technological projects
businessandgrowth
entrepreneurial initiatives inthe
in China, highlighting themain
Asian market. Fu
local
technologies developed to offer new approaches to economic and social development highlightin
more, Zhao [21] studied the technological business growth in China, in
main
the startup sector inlocal
India. technologies developed to offer new approaches to economic and social d
opment
In addition, Barberisin the startup
et al. sector in India.
[22] highlighted the importance of the investors’ feelings
In addition, Barberis
about the companies that receive financing. et Likewise,
al. [22] highlighted
López-Cabarcos the importance of the investors’
et al. [23] pointed out fe
the importanceabout
of thethe companies
technical that receive financing.
and non-technical information Likewise,
obtained López-Cabarcos
by the investorsetatal. [23] po
outwith
the stock market the animportance
approachof the technical
focused and non-technical
on identifying the sentiment information obtained by the
on social networks.
In anothertors at the stock
relevant study,market with an approach
Piñeiro-Chousa et al. [24]focused on identifying
highlighted the sentiment
the importance of on
networks.
studying the digital ecosystem, specifically microblogging and its link to the stock market
behavior. Cookson Inandanother relevant
Niessnet [25]study, Piñeiro-Chousa
also indicated et al. [24]
the relevance of highlighted
studying social the importan
networks fromstudying the digital
the investors’ ecosystem, specifically microblogging and its link to the stock m
perspective.
behavior.
In their analysis Cookson
aimed at theand Niessnet [25]
identification also indicated
of innovation the relevance
factors of studying socia
in Indian startups,
works[26]
Dinesh and Sushil from the investors’
underscored the perspective.
importance of creativity and innovation for the
success of startupsIn their analysis
strategies. aimed
In a case at the
study inidentification of innovation
the field of social factors in
media, Sindhani Indian sta
[27]
analyzed 25 top Indian
Dinesh andstartups
Sushilto[26]identify the indicators
underscored startup founders
the importance should
of creativity andfollow
innovation f
to develop strategies
successinofthis digitalstrategies.
startups environment. In a case study in the field of social media, Sindhan
In anotheranalyzed
analysis 25 of Indian startups,
top Indian Ghosh
startups et al. [28]
to identify sought
the to understand
indicators environ-should f
startup founders
mental uncertainty for startups
to develop and in
strategies explore how itenvironment.
this digital affects global development. This study
concluded that the In perceived
another utility
analysis of environmental
of Indian startups, uncertainty
Ghosh et could affect
al. [28] startups
sought in
to understand
their long-termronmental
strategies.uncertainty for startups and explore how it affects global development
In the analysis
study of the business
concluded thatindustry in China
the perceived and Russia,
utility Batjargal [29]
of environmental focused could
uncertainty
on social networks. In addition, studying
startups in their long-term strategies. the projects based on technology companies
and entrepreneurs, Bruton and Ahlstrom [30] sought to establish the main differences
between the business approaches used in the West and East. This study highlighted the
differences in respective technologies and the price of the economic value they generate
with its impact.
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1932

In addition, in their analysis of the global economy from the experience of the devel-
opment of Indian startups, Dossani and Kenney [31] concluded that services developed
by startups based on the health of the global economy can benefit the growth of Indian
startups as long as the global economy is on the rise. Furthermore, Bindal et al. [32] also
investigated the role of Indian startups in the economy and their contribution margin in
the medium and long term.
Following this line of research, Wu and Wu [33] investigated the impact of the increase
in the number of students willing to become entrepreneurs and to create a startup on the
Chinese society. The authors highlighted the importance of the technology component of
these new entrepreneurial projects (See Tabarsa et al. [34]).
Likewise, focusing on the activities and social actions that Indian startups can generate
to promote a social improvement of the environment, Baporikar [35] proposed a framework
for social change through the analysis of startups in India.
In addition, in an analysis of entrepreneurship in China, Pistrui et al. [36] analyzed the
cultural and family forces involved in this process, such as the components that influence
investment. In another relevant study where enterprises that pursue innovation and
based on technology were cataloged as startups, Ahlstrom and Ding [37] investigated
the difficulties associated with the creation of small and medium enterprises (SMEs) in
Asian countries. The results of this study demonstrated that, during the foundation and
development of startup companies, there are specific indicators that help investors decide
on whether or not to make an investment in a startup project.
Furthermore, Wright [38] compared China’s business industry and its startups with
similar investment opportunities in European and Asian environments. In another study
on the agglomeration of startups in India, Dornberger and Zeng [39] identified the factors
that can affect startup development. Finally, Li et al. [40] focused on business education in
emerging countries and the contribution of the business sector and startups to the economic
development of the country. Table 1 provides a summary of relevant previous studies on
the startup ecosystem in India and the decision-making capacity of investors.

Table 1. Previous studies of the startup ecosystem in India.

Authors Main Purpose Results

Au and Kwan [41] This study analyzes the development of a This study revealed the familism value factor
startup in Asia and India, with the focus interference on the development of new business;
on cultural aspects and their impact on therefore, in those countries, entrepreneurs decide
the business ecosystem. to obtain funding from friends and other outsiders.
Zhao [42] This study explains how to create a The study found several interconnecting forces
startup in India by analyzing real cases that shape the creation of startups. These forces
and identifying problems and solutions include culture, country history, economic and
for each specific case. social development and the strategic framing of
social enterprises.
Tan et al. [43] This study analyzes the investment to The findings showed that social networks enhance
SMEs and startups in India; the UGC in user interactions that generate useful data for an
social networks is used for the analysis. in-depth analysis of SMEs and startups.
Chen et al. [44] This study analyzes different strategies This study confirmed that stakeholder’s
used by startups to acquire engagement engagement can be obtained through social media
and financing through social media. to gain awareness, as well as build brand image or
reputation. Additionally, it was found that, due to
the limited financial human resources, the
management and measurement of social media
communications is one of the challenges for
startups.
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1933

Table 1. Cont.

Authors Main Purpose Results

Saura et al. [45] This study proposes a new The findings showed how data-mining techniques
methodological approach based on are helpful for startups to succeed in the analysis
defining the main indicators related to of UGC from social networks.
the success of startups (e.g., business
angels or investors in startups).
Suresh Babu and Sridevi [46] This study discussed the main issues and The results showed that Indian startups have to
challenges Indian startup has to face the face finance, human resources and sustainable
opportunities than India can provide in growth issues. However, there are many available
this business model. opportunities by expanding into other countries.
Banudevi and Shiva [47] This study reviewed the main difficulties This study found funding the major concern for
of Indian startups and discussed the startups and small business. Additionally, the
financing resources that they used. exponential growth of technology was reported to
intensify the scarce motivation of investors to
invest in those businesses.
Anand Verma and Singhal [48] This study analyzed the data from Indian The results showed that Indian events, cities and
startups about investment and funding industry verticals play an important role when
trends. startups want to acquire funding. Additionally,
foreign investors were found to be greater
contributors in India.

Table 2 shows how previous studies have addressed the gap identified regarding
the India startup ecosystem by means of the type of research (empirical, exploratory
or descriptive).

Table 2. Type of research applied in previous studies.

Type of Research
Authors
Empirically Exploratory Descriptive
Au and Kwan [41] X
Zhao [42] X
Tan et al. [43] X
Chen et al. [44] X
Saura et al. [45] X
Suresh Babu and Sridevi [46] X
Banudevi and Shiva [47] X
Anand Verma and Singhal [48] X

3. Research Questions and Methodology Development

As discussed in Section 2, the ecosystem of startups in India is an emerging market
with an exponential level of growth. In this context, it is important to identify the key
points within the ecosystem of Indian startups. According to Baporikar [35] and Kor-
reck [49], the Indian startup ecosystem is mainly characterized by the following points:
(i) economic growth; (ii) current market trends; (iii) technological change; and (iv) social
change. Some relevant research in this direction has already been undertaken. For instance,
Saura et al. [45] developed a methodological process using LDA, sentiment analysis and
textual analysis to determine the main key performance indicators (KPIs) for the success
of startups. Likewise, Chen et al. [44] obtained data to evaluate the engagement of Indian
startups in social networks. Some of relevant past research also focused on the feelings
expressed in different UGC-based topics about startups in the social media.
According to Naab and Sehl [50], the analysis based on UGC produces meaningful
insights in many fields. UGC is characterized by personal contribution of users who
are interested in a specific topic, event or industry; therefore, such contributions become
relevant. Individuals behind social network profiles are diverse: they can be founders,
investors, social media influencers or employees [51]. For example, Saura et al. [45] and
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1934

Reyes-Menendez et al. [15] proposed a methodological approach based on machine learning

and sentiment analysis to analyze the feelings associated with certain topics. Likewise,
based on the opinions and feelings expressed by interviewed users, Zhao [42] identified
the factors related to Indian startups that make them interesting for future investment.
Overall, given that textual analysis has been widely used to obtain relevant informa-
tion from large amounts of data, it is interesting to establish which indicators investors
should pay attention to when deciding whether or not to invest in an Indian startup. Based
on the above, in the present study, we address the following three research questions:
• RQ1: Can topics of interest for investors in Indian startups be identified from the UGC
on Twitter?
• RQ2: What are the sentiments (positive, negative or neutral) of the identified topics
about Indian startups, and what is their connection with possible investments?
• RQ3: Can indicators that help investors to invest in Indian startups from UGC in
Twitter be identified? Is it possible to divide these indicators into positive, negative
and neutral to help investors make better decisions?
To answer the questions raised, the methodology that consists of the following three
methodological processes is proposed based on [52]. The first one is a model known as
LDA, in the second, we use an algorithm that works with machine learning and data mining
to perform an SA. Finally, a TA is applied to the data classified using the aforementioned
two processes (See Sections 3.2–3.4).

3.1. Data Sample

The UGC data were collected from the Twitter platform. The time horizon for data
collection was from December 2018 to March 2019. This period coincides with the period
of highest investment in Indian start-ups (see Figure 1), where the number of investments
in Indian start-ups increased from $10.60 million in 2018 to the historical maximum of
$14.27 million in 2019 [53].
To download the data, we connected to the Twitter API with the tweet collection limit
of 7 days. The search words used for data collection were: “Indian startup”, “Indian start-
up”, “India startups” and “India start-ups” with tag “#” (a hashtag, i.e., a tag that groups
themes of the same interest if it accompanies a word on Twitter). The database consisted
of a total 18.902 tweets of which 14.531 tweets were selected after filtering. To clean the
database, retweets (RT) were eliminated; to avoid noise, we also eliminated alphanumeric
characters and complete URLs. We did not analyze images and videos published with the
tweets. In addition, we included only the content that came from the users who had been
active on Twitter during the last 3 months prior to the data collection, had profile pictures
and public cover. Finally, the minimum of 80 characters per tweet was set as the inclusion
criterion [54].

3.2. Sentiment Analysis Process

On identification of the topics in the UGC database of Indian startups, the sample
was subdivided into these topics. To apply the sentiment analysis process, we created
an algorithm in Python and trained it exclusively for the Indian startups sector with
data mining processes until reaching the correct percentage of reliability using the KAV
coefficient. The KAV coefficient should be above 0.800. If the coefficient is 0.800 > α ≥ 0.667,
only tentative conclusions can be drawn. The results with α < 0.667 should not be taken
into account. To train the SA algorithm, the MonkeyLearn library was used. The algorithm
was trained 402 times. The type of algorithm used was a Support Vector Machine (SVM)
Algorithm that works with machine learning. An SVM was selected because it offers the
possibility to train an algorithm through a digital interface instead of creating a complex
algorithm of these characteristics from scratch.
The SA process is shown in Figure 2 (see also Barberis et al. [22]). In Figure 2a,
the researchers should connect to the API in order to download the data is neuron A.
Furthermore, E and C are data extraction (E) and data collection (C) processes. (D) stands
 was trained 402 times. The type of algorithm used was a Support Vector Machine (SVM)
Algorithm that works with machine learning. An SVM was selected because it offers the
possibility to train an algorithm through a digital interface instead of creating a complex
algorithm of these characteristics from scratch.
J. Theor. Appl. Electron. Commer.
The SA Res.process
2021, 16 is shown in Figure 2 (see also Barberis et al. [22]). In Figure 2a, the 1935
researchers should connect to the API in order to download the data is neuron A. Further-
more, E and C are data extraction (E) and data collection (C) processes. (D) stands for data
processing to build the dataset. Neuron S is to data set (S) that should be correctly filtered
for data processing to build the dataset. Neuron S is to data set (S) that should be correctly
to eliminate duplicate, erroneous or unnecessary information. The neuron LDA is the
filtered to eliminate duplicate, erroneous or unnecessary information. The neuron LDA
LDA model that is divides
the LDAthe sample
model thatanalyzed in Tsample
divides the 1, T2, T3, …, until the maximum number
analyzed in T1 , T2 , T3 , . . . , until the maximum
of topics identified according to the size of dataset
number of topics identified according (k).
to the size of dataset (k).

(a)

R 2021, 16, FOR PEER REVIEW 8

(b)
Figure 2. Sentiment Analysis
Figure Process
2. Sentiment from LDA
Analysis to SA:
Process (a)LDA
from Topics classification
to SA: process; (b) Senti-
(a) Topics classification process; (b) Sentiment
ment Analysis process applied
Analysis to
process topics.
applied Source:
to Adapted
topics.
3.3. Application of LDA Model for Topic-Modeling Source:from Saura
Adapted and
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Saura and[52].
Bennett [52].
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order to evaluate the effectiveness of algorithms using sentiment analysis, the followingofthe following
ured the frequency
order of
to repetition
evaluate of
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effectiveness their
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algorithms in
usingtopics. An
sentiment example
analysis,
the LDA
three process
three
measurements is measurements
shown in precision,
are used: Figureare3.used:
recallprecision, recall and accuracy.
and accuracy.
Here, precision measures the number of texts automatically predicted correctly (both
correct and incorrect) and categorized according to their feeling and category. Recall ac-
counts for the number of texts correctly predicted within the same category (against the
total number of texts in the same category). Accuracy reflects the number of correctly pre-
dicted texts, including both those within and outside of a category. In sum, while precision
and recall are measurements used to evaluate the performance quality of the algorithm,
accuracy helps to evaluate predictability [52].
However, the limitation of the algorithms that work with machine learning is that
such algorithms cannot correctly determine feelings related to sarcasm, irony or polarity
of theDirichlet
Figure 3. Latent contents. In our training
Allocation of the algorithm,
(LDA) process: (a) LDA model we represented
took this limitation into account.
by plate notation; (b) LDALike-
with Dirichlet-
Figure
distributed wise, the3. contents
topic-word Latent Dirichlet
distributions. Allocation
that did (LDA)
not Adapted
Source: achieve a process:
Saura(a)
credibility
from andLDA model
ofBennett
0.667 of represented
positive
[52]. by plate notation;
or negative senti-
(b) LDA with Dirichlet-distributed topic-word distributions. Source: Adapted from Saura and Ben-
ment according to KAV were classified as neutral feelings. This was accomplished to in-
nett [52].
crease the precision Here, precisionofmeasures
and reliability the positivethe and
number of texts
negative automatically
feelings predicted correctly (both
and, consequently,
correct and incorrect)
the effectiveness of the insights obtained. and categorized according to their feeling and category. Recall
Figure 3 accounts
shows thefor Latent DirichletofAllocation
the number (LDA)
texts correctly process. within
predicted In Figure
the2a, α and
same β
category (against
are the parameter of the Dirichlet prior and parameter of the Dirichlet prior on the
the total number of texts in the same category). Accuracy reflects the number of correctly per-
topic word distribution, respectively.
predicted texts, includingø_M is the
both topicwithin
those distribution for document
and outside M, whileIn sum, while
of a category.
φ_Κ is the word distribution
precision for topic
and recall k. Z_mn is theused
are measurements topictofor each word
evaluate the in the dataset.quality of the
performance
Finally, M is the specific word. Figure 2b shows the notation
algorithm, accuracy helps to evaluate predictability [52]. for this model. In Figure 2b,
k refers to the number of topics, while φ_1, …, φ_Κ are V dimensional vectors
However, the limitation of the algorithms that work with machine learning storing the is that such
parameters ofalgorithms
the Dirichlet-distributed
cannot correctly determine feelings related to sarcasm, irony orbypolarity of the
topic-word distributions. Entities represented
ø and φ are matrices used
contents. In ourto decompose
training ofthe theoriginal
algorithm,samples
we tookof the
thisrepresented matrix
limitation into to
account. Likewise,
be modeled [4]. theIn Figure that
contents 2b, ødid
refers
notto the number
achieve of linesof(defined
a credibility 0.667 ofin columns
positive or by the sentiment
negative
documents inaccording
the sample),to while
KAV wereφ refers to different
classified topics.feelings.
as neutral φ_1, …,Thisφ_Κ was
are aaccomplished
set of rows, to increase
or vectors, composed of the words within different topics. Finally, ø_1… ø_M indicate the
set of rows that define each topic [52].
The LDA is divided into two processes, the first of which detects words and their
connectors in the proposed database or documents. In the second step, based on the layers
that make up the sample, this model develops a distribution to see how the words are
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1936

the precision and reliability of the positive and negative feelings and, consequently, the
effectiveness of the insights obtained.

3.3. Application of LDA Model for Topic-Modeling

The LDA model was developed in Python and can be found in the Python library
LDA 1.0.5 using Gibbs sampling. LDA is a mathematical model that divides a series of
samples (e.g., documents, texts, comments, reviews, etc.). The analysis of topics is based on
the importance of the layers or insights that exist in the sample. To this end, we measured
the frequency of repetition of words and their associations in topics. An example of the
LDA process is shown in Figure 3.
Figure 3 shows the Latent Dirichlet Allocation (LDA) process. In Figure 2a, α and β
are the parameter of the Dirichlet prior and parameter of the Dirichlet prior on the per-
topic word distribution, respectively. ø_M is the topic distribution for document M, while
ϕ_K is the word distribution for topic k. Z_mn is the topic for each word in the dataset.
Finally, M is the specific word. Figure 2b shows the notation for this model. In Figure 2b, k
refers to the number of topics, while ϕ_1, . . . , ϕ_K are V dimensional vectors storing the
parameters of the Dirichlet-distributed topic-word distributions. Entities represented by
ø and ϕ are matrices used to decompose the original samples of the represented matrix
to be modeled [4]. In Figure 2b, ø refers to the number of lines (defined in columns by
the documents in the sample), while ϕ refers to different topics. ϕ_1, . . . , ϕ_K are a set
of rows, or vectors, composed of the words within different topics. Finally, ø_1 . . . ø_M
indicate the set of rows that define each topic [52].
The LDA is divided into two processes, the first of which detects words and their
connectors in the proposed database or documents. In the second step, based on the layers
that make up the sample, this model develops a distribution to see how the words are
repeated and how they create the topics. Equation (1) describes how this is accomplished
and shows the importance of the hidden and observed variables in the joint distribution.

K D
ρ( β 1:k , θ1:D , Z1:D , ω1:D ) = ∏ ρ( βi )( β1 ) × ∏ ρ(θd )
i =1 d =1

N  
∑ ρ( Zd,n θd ) ρ Z
 
× Wd,n  β1:K, d,n (1)
n =1

Of note, in the LDA development process, the names of the topics are proposed by the
researcher using the words that are most frequent in the data. Furthermore, in Equation (2),
β1 is the distribution of a word in topic I (of the total K of topics); θ1d is the ratio of topics
in document d (of the total of D documents); z1:D is the topic assignment in document d;
z1:D is the topic assignment for the nth word in document d (with the total of N words);
w1:D is the number of words in document d; and w1:D is the word in document d.
Accordingly, Equation (2) is used to identify topics for Gibbs sampling.

ρ( β 1:K , θ1:D , z1:D ω1:D )

ρ( β 1:k , θ1:D , Z1:D | ω1:D ) = (2)
p(w1 : D )

3.4. Textual Analysis

The TA is a technique used to obtain indicators and key variables by analyzing a
textual database. TA measures variables that determine the relevance of an indicator within
the text. TA techniques can give meaning to each variable and help determine quality
indicators related to a specific topic.
As discussed by Korreck [47], LDA and SA show the steps of textual analysis (see
Figure 4). Here, the values of T1p, T2x and T3n which stand for topics with positive
sentiment (p), neutral feeling (x) and negative sentiment (n), respectively, are identified.
On identification and classification of the text samples that subdivide the topics by feelings,
the TA process, classifying the samples into categories known as nodes. Therefore, N1, N2
 and N3 correspond to T1p, T2x and T3n, respectively. After the classification of ea
with the feeling it expresses into the corresponding nodes, the text mining proce
This process involves subdividing the main category into sub-nodes so that sub-n
and16 Ny belonging to N1 are created. These sub-nodes contain sub-topics
J. Theor. Appl. Electron. Commer. Res. 2021, 1937 or featu
are relevant for the topic under investigation [52].
In essence, the categorization approach outlined above based on two factor
weight
and of repeated
N3 correspond words
to T1p, andT3n,
T2x and phrases and (2)
respectively. accuracy,
After i.e., theofevaluation
the classification each topic of the
with
of repetitions of each word. Upon division of all samples into nodesstarts.
the feeling it expresses into the corresponding nodes, the text mining process and sub-n
This process involves subdividing the main category into sub-nodes so that sub-nodes Nx
key indicators have to be analyzed and defined. As a final step, the average we
and Ny belonging to N1 are created. These sub-nodes contain sub-topics or features that
accuracy
are relevantofforthe
the established key indicators
topic under investigation [52]. can be summarized in tables.

Figure 4. Textual analysis process. Source: Adapted from Saura and Bennett [52].
Figure 4. Textual analysis process. Source: Adapted from Saura and Bennett [52].
In essence, the categorization approach outlined above based on two factors: (1) the
weight of repeated words and phrases and (2) accuracy, i.e., the evaluation of the number
For the correct development of this step, a structure of nodes should be cr
of repetitions of each word. Upon division of all samples into nodes and sub-nodes, all
software forhave
key indicators textual
to beanalysis.
analyzed In
andthe present
defined. As astudy, the the
final step, NVivo software
average was used.
weight and
stop words
accuracy of the(e.g., connectors,
established prepositions,
key indicators articles and
can be summarized plural forms) was applied.
in tables.
inate repeated
For the correctwords, Equation
development (3)step,
of this wasaused in NVivo.
structure of nodes should be created in
software for textual analysis. In the present study, the NVivo software was used. A list
Κ=
of stop words (e.g., connectors, prepositions, = and
articles 1, …plural
, = was
forms) 1, applied. To
eliminate repeated words, Equation (3) was used in NVivo.
where K is an empirical approximation constant [15,52]. This constant K is used t
all mechanical repetitions i = {1,
K = k i /nof words . , n}
in. .the n = {1,data.
analyzed x } To determine K, (3)a query
that allows
where the program
K is an empirical to search
approximation the databases.
constant [15,52]. ThisEstablishing K forto each
constant K is used deletesample
according
all mechanical to repetitions
the feelingofitwords
expresses,
in the should
analyzedbe followed
data. by a comparison
To determine K, a query iswith the
der ofthat
made theallows
sample so that to
the program to compute the average
search the databases. value ofKKfor
Establishing for all sample
each topics orand to ob
topic according to the feeling it expresses,
global weight of X, i.e., the number of topics. should be followed by a comparison with the
remainder of the sample so that to compute the average value of K for all topics and to
The nodes are, in essence, data containers grouped according to their charac
obtain the global weight of X, i.e., the number of topics.
TheThe
structure
nodes are,and design data
in essence, of new nodesgrouped
containers is usedaccording
to maximally accurately group ra
to their characteristics.
The structure and design of new nodes is used to maximally accurately group raw data.
To this end, the Weighted Percentage (WP), shows the number of times a node repeats its
content in the database is used and is computed as shown in Equation (4) [52].

K= ∑ ki /ni = {1, . . . , n} n = [1, 25] (4)

Finally, using the NVivo software and a word repetition filter, we calculated which
words were linked to a node. This was accomplished using the Total Count (TC) indicator.

4. Analysis of Results
The processes outlined in Section 3 led to the identification of 9 topics that characterize
Indian startups. The words were automatically organized in topics, and each topic was
named after a discussion among the present authors. The naming of topics followed the
standardized approximation used in interpreting the results of LDA models.
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1938

To determine the name of a topic, words classified in the top 10 of a specific topic were
used. In the present study, all topics were grouped into positive, negative and neutral (see
Table 3 for a summary of the results).

Table 3. Identified topics related to startups according to sentiment.

Topic Name Topic Description Sentiment

Fintech Startups (FS) The topic composed by Indian startups Positive
that develop projects based on the
improvement of financial processes
using technology and innovation
Innovative Startups (IS) Characteristics related to startups and Positive
their business models based on
innovation using technologies
Crowdfunding Startups (CS) Startups that apply crowdfunding or Positive
seek funding through crowdfunding
platforms
Indian Hardware (CH) The characteristics and use of Indian Negative
hardware in the technology sector
Startups Funds (SF) Investment rounds for Indian startups Neutral
and amount of investment received
Startups Competitions (SC) High competition among startups in Negative
the Indian ecosystem and the
characteristics providing added value
Artificial Intelligence (AI) The base technology of the Indian Positive
startup sector which defines the main
developments of models based on
artificial intelligence applied by Indian
startups
Augmented Reality (AR) Topic that identifies the importance of Positive
augmented reality for the development
of Indian startups as a business model
and technological innovation
Electronic Commerce (EC) Business models around startups based Neutral
on e-commerce models and strategies

According to the results of sentiment analysis, the KAV value of 0.769 was obtained for
the tweets identified as positive; for the tweets classified as negative and neutral, the KAV
values were 0.719 and 0.80, respectively. Textual analysis was used to identify key indicators
related to within the identified topics. Using the NVivo software, the sample was classified
into 3 different nodes. Each node had an associated feeling. Then, an approximation was
made based on the identification and classification of the most important factors according
to their weight within the selected topic.
To this end, we grouped words according to the number of times they appeared in a
topic and analyzed similar terms. Once the text samples were grouped into independent
nodes, a qualitative approximation was made to determine the factor of each indicator.
Consequently, N1 , N2 and N3 aggregated factors related to positive, neutral and negative
factors, respectively. The results for N1 , N2 and N3 corresponding to positive, neutral and
negative indicators for investors are summarized in Tables 4–6. As can be seen in Table 4,
the following five topics have positive key indicators for investors: FS, AI, CS, AR and
IS. As can be seen in Table 4, two topics (SF, EC) have neutral key indicators for investors.
Finally, two topics (CH, SC) have negative key indicators for investors.
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1939

Table 4. Results for N1 for startups positive key indicators for investors.

N1 Description WP TC
FS Indian startups that develop projects based on Fintech have 3.60 401
established themselves as a safe investment in India.
Fintech-type startups using artificial intelligence in their
projects are linked to large rounds of risk capital injection.
AI AI is the technology developed by most Indian startups. 4.72 430
Indian startups that have more capital injection and impact on
social networks have extensively used AI.
CS Indian startups that develop models based on crowdfunding 2.05 249
are linked to solidarity initiatives and social purposes.
Digital reputation and brand value of Indian startups that
develop models based on crowdfunding are superior to those
of other startups.
AR AR technology in Indian startups is linked to the impact they 2.02 221
produce on changes in user habits and behavior.
Indian startups link the videogame sector to AR technology,
which has an impact on millennials and digital natives.
IS The innovation in Indian startups is the factor that determines 1.05 98
the added value of their projects.
Indian startups stand out for their ability to innovate
traditional business models.
Note: WC = weighted percentage; TC = total count.

Table 5. Results for N2 for startups neutral key indicators for investors.

N2 Description WP TC
SF The investment in Indian startups during the last 5 years 2.63 315
has had an exponential increase worth millions of invested
USD.
Investments in Indian startups are an opportunity for
profitability in the medium- and long term.
EC Indian startups that develop eCommerce projects focus on 0.95 138
logistics protocols and strategies.
Indian startups that develop eCommerce projects
specialize in low-cost shipping and suppliers.
Note: WC = weighted percentage; TC = total count.

Table 6. Results for N3 for startups negative key indicators for investors.

N3 Description WP TC
CH Startups that develop products containing Indian 1.97 261
hardware are linked to medium- or low quality and do
not receive large injections of capital.
SC Competition in the Indian startup sector is a hallmark 1.51 227
of this ecosystem and is sometimes linked to the
prestige of investment programs for obtaining a higher
number of investments.
Note: WC = weighted percentage; TC = total count.

5. Discussion
As shown by the results reported in Section 4, the Indian startup ecosystem is influ-
enced by 9 areas, established in our analyses as topics, that characterize the system and
that may be of interest to investors in the Indian startups industry.
According to Anand Verma and Singhal [48], investment flow in India in the FS nearly
doubled from 1.9 billion dollars in 2018 to 3.7 billion dollars in 2019. This demonstrates the
interest that investors have in Fintech startups and the reason why our findings showed
a positive sentiment in tweets by Twitter users. The results demonstrated that Indian
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1940

startups within the Fintech sector or financial entrepreneurship are positively discussed on
Twitter. Therefore, the startups that base their models on entrepreneurship in the financial
sector offer a great opportunity for investors. Social networks reflect the importance and
impact of this specific area of Indian startups. In this respect, our results are consistent
with those reported by Sindhani [27] too.
Furthermore, our results showed that technologies such as artificial intelligence and
augmented reality were also positively discussed on Twitter. These two technologies in
the Indian startup sector have been heavily invested in by business angels. In fact, AI, a
technology that has experienced an exponential growth in recent years, has been a key
factor for the success of Indian startups. According to Ahlstrom and Ding [37], from 2008 to
2017, the investment in AI by startups in India reached 50 billion dollars and this tendency
still growing. This research confirms our findings regarding the positive feeling users have
regarding AI investment in startups in India.
Similarly, successful has been the technology of augmented reality. Specifically, Indian
startups have effectively developed mobile applications and technologies that link the
use of augmented reality to daily consumption habits and video gaming. As shown by
Korreck [49], there is an increasing in investment in AR in India that can reach 0.5 billion in
2022. This evidence is consistent with our results that revealed a positive sentiment in the
tweets by Twitter users. These conclusions derived in the present study are also coherent
with the results reported by Chakraborty and Gupta [55].
Next, our analysis identified that the business models of Indian startups that high-
light creativity and the so-called crowdfunding startups are also positively evaluated by
Twitter users. This suggests that investors should focus their attention on the projects that
seek financing through specific crowdfunding platforms (see also Shah and Shah [56]).
Moreover, Ashta [57] listed India at the top for raising money in 2015 (27.8 million dollars).
Moreover, the same tendency is expected in the upcoming years. It also confirms the
positive sentiment UGC in Twitter found in our analysis.
With regard to the investment areas that were negatively evaluated in our data, our
results showed that Indian startups that focus on hardware are positioned negatively
in terms of quality. In line with our findings, Gregory [58] concluded this sector has a
long-term exponential evolution in both China and India. Another conclusion comes from
the India—FDI equity inflow amount for computer hardware and software sector 2020 [59],
which presents a graph showing a drop in the investment flow (25 billion dollars) for
computer hardware in India in 2017. The tweets analyzed in our study were collected in
2018, which can explain the negative sentiment in the analyzed tweets. In terms of software
development, however, no such negative feelings were detected. Furthermore, competition
among Indian startups was also perceived negatively. This finding may be due to Indian
startups’ difficulties in finding funding to craft robust marketing and development plans
to acquire funding. As also discussed by Korreck [49] and Rao and Kumar [60], due to the
shortage of investors, it is difficult for startups to acquire these investment rounds.
Finally, in our results, two topics were found to be associated with neutral feelings:
eCommerce projects, which highlight the dynamization of the sector for logistics and low
cost, and startups funds, where the amount of investment received by Indian startups was
found to increase the chances of success of respective projects. Both topics were studied by
Korreck [49] and Snelson [61] who demonstrated that both the eCommerce sector and the
startups funds received by Indian startups largely depend on the problems or opportunities
derived from the logistics and technology used in the development of their products [62].
However, according to PricewaterhouseCoopers [63], India owns important e-commerce
investors such as Amazon, Flipkart and so forth, which could explain the neutral sentiment
found in our research. Here, we assume that users might not have feelings regarding
e-commerce industry because they link their feelings with the investor brands themselves.
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1941

6. Conclusions
In this study, we identified the main topics of interest for investors using sentiment
analysis of Twitter-based UGC on Indian startups sector. Using LDA, we identified the
topics in the sample of tweets; then, SA was used to determine the feelings associated
with those topics; finally, TA was applied to derive insights for investors’ decisions in the
startup sector.
Our results provide an exploratory overview of the main areas of investment in Indian
startups, if we consider the feelings about the topics in the UGC on Twitter, are the Fintech-
type startups; startups that develop business models based on innovation; startups that
develop models of crowdfunding or that are advertised on these platforms, as well startups
that develop solutions based on artificial intelligence and augmented reality. In contrast,
the areas of less interest in investors, if we look at the negative sentiment indicator, are the
startups that develop Indian hardware and those that participate in competitive projects
in conferences and seminars to seek investment. Investment areas that did not obtain
results with obvious positive or negative implications are projects based on eCommerce
and startups that have already received an investment.
The results of LDA provide an affirmative answer to RQ1 as to whether there could
be topics in Twitter UGC that generate interest from the point of view of the identification
of insights for investors in Indian startups. Our identification of positive, negative and
neutral feelings in the identified topics also provides an affirmative answer to RQ2. Based
on these results, we also obtained key indicators that can help investors in Indian startups
to make investment decisions. Regarding RQ3, we were able to identify key indicators that
have been classified into sentiments from the investor’s point of view. Our results can be
meaningfully used by investors for better investment decision making.

6.1. Theoretical Contributions

Our results can help to better structure the design of future studies aimed at under-
standing the decisions made by startup investors in their exploratory analysis of a new
market of investment.
Similarly, the results could be taken as variables or indicators in statistical models
elaborated with partial least squares structural equation modeling (PLS-SEM) or AMOS, so
that, through surveys, statistical significance of these variables can be measured by asking
investors’ opinions.
Furthermore, our findings can be used to develop theoretical frameworks to better
understand the functioning of UGC in the ecosystem of startups and its possible informative
impact on investor market research.
Finally, the present study promotes the use of new data mining techniques in re-
search on digital ecosystems to explore different industries. The application of these novel
techniques will hopefully be furthered in future research.

6.2. Practical Implications

The present study has several practical implications. On the one hand, investors can
use the topics identified in the present study to conduct market research on startups in
India. In addition, investors can use the identified sentiments to better understand the
impact of identified Indian startup areas, rather than determine their investments. In
addition, our findings can serve as a complementary source of information for investors
and practitioners to compare with the results obtained using more traditional methods.
Similarly, the present study proposes a new methodological approach to find oppor-
tunities and insights about a specific topic by using UGC from Twitter. In the present
study, this method was applied to investigate Indian business startups; however, it can
also be applied to study other industries. Therefore, marketers, data scientists and other
professionals can benefit from this original and consistent approach when developing
international strategies.
J. Theor. Appl. Electron. Commer. Res. 2021, 16 1942

6.3. Limitations and Future Research

The present study has several limitations. First, the results of the present study provide
descriptive and exploratory information for investors, rather than information that could
determine their investments. Said differently Investors may use the present results to
identify the main investment areas, indicators or variables identified in the present study
are not prescriptive for their decisions to invest in Indian business startups.
Second, the methodology used in three processes is exploratory. In the LDA model,
the name of the topics is selected based on the manual analysis of the results, which is a
standardized process in topic-modelling. Upon training, the machine learning algorithm
can be improved in the future, as more training improves its predictions. The sample size
can be augmented to more thoroughly analyze other variables and indicators. Accordingly,
future research can focus on increasing the sample and understanding the influence of the
identify topics from different theoretical and practical perspectives.

Author Contributions: Conceptualization, J.R.S., A.R.-M., N.d. and M.B.C.; methodology, J.R.S.;
validation, J.R.S., A.R.-M., N.d. and M.B.C.; formal analysis, J.R.S., A.R.-M., N.d. and M.B.C.;
writing—original draft preparation, J.R.S., A.R.-M., N.d. and M.B.C.; writing—review and editing,
J.R.S., A.R.-M., N.d. and M.B.C. All authors have read and agreed to the published version of the
manuscript.
Funding: This research was funded by National Funds provided by FCT—Foundation for Science
and Technology through projects UIDB/04470/2020 and UIDB/04020/2020.
Institutional Review Board Statement: No applicable.
Informed Consent Statement: No applicable.
Conflicts of Interest: The authors declare no conflict of interest.

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