MANAGING INVESTMENT RISKS IN INTERNATIONAL STARTUPS: A PROJECT-BASED APPROACH

Abstract

This article examines the theoretical and methodological foundations of investment risk management in international startups based on a project-based approach. The relevance of the topic is driven by the growing influence of uncertainty factors, digital transformation, and global economic turbulence, necessitating the formation of a comprehensive risk management system adapted to the specificities of startup entrepreneurship. The aim of the article is to provide theoretical and methodological substantiation and to develop conceptual foundations for investment risk management in international startups using a projectbased approach, taking into account contemporary challenges such as digital transformation, global economic instability, and the increasing role of ESG factors in investment decision-making. The study systematises scientific approaches to interpreting the essence of investment risk and risk management, identifying key features of their manifestation in the field of international startup entrepreneurship. A conceptual model for investment risk management in international startups is developed, integrating the project lifecycle, the risk management process, and the strategic context (macroeconomic conditions, digital transformation, ESG requirements, and the international regulatory environment). An original classification of investment risks for international startups is proposed, comprising five groups (macroeconomic, digital, ESG risks, operational-project risks, and market risks), differentiated according to the stages of the project lifecycle. A methodological approach is developed for quantitatively assessing the integral level of investment risk, which accounts for correlations between individual risks and incorporates an ESG adjustment to expected returns. Investment risk management methods are systematised, and the most effective ones for international startups are identified (diversification, scenario planning, stress testing, and cognitive risk management). The necessity of integrating the project-based approach and ESG criteria into the investment risk management system is substantiated, enabling the transformation of risk management from a reactive loss-minimisation tool into a proactive mechanism for preventing financial crises. The practical value of the research lies in its applicability to domestic startup projects aiming to attract foreign investment and enter international markets, as it enhances their investment attractiveness by establishing a transparent risk management system that meets the requirements of international investors. Prospects for further research include empirical verification of the developed model, its adaptation to various industry segments of the startup ecosystem, and the automation of risk management processes using artificial intelligence technologies.