Spatio-dynamic assessment of key performance indicators (KPIs) for strategic startup valuation

Abstract

The modern entrepreneurial landscape is characterised by high dynamics and significant market uncertainty. The object of the study is the spatial-dynamic assessment of key performance indicators (KPIs) based on integral metrics. These indicators are crucial for an objective assessment of the viability and investment attractiveness of early-stage start-ups, requiring a shift from retrospective financial analysis to metrics focused on forecasting, primarily customer lifetime value.

Problem statement. Traditional methods of corporate financial valuation, in particular discounted cash flow models, are of little use to startups due to a lack of historical financial data, high growth rates, and significant operating losses during the expansion phase. There is an urgent need to develop a unified but contextually adapted system of metrics that would allow founders and investors to objectively assess internal efficiency and make comparisons with relevant market benchmarks.

Unresolved aspects of the problem. Scientific literature demonstrates a high degree of variability in approaches to startup valuation, resulting in significant subjectivity and a wide range of estimated values. There are significant methodological gaps in the use of integral indicators, in particular the ratio of LTV to CAC (customer acquisition cost), which is often incorrectly calculated or interpreted outside the context of industry benchmarks and business development stages, which can lead to wrong investment decisions.

Purpose of the article. The main purpose of the study is to systematise key performance indicators for start-ups by functional blocks. The key task is to scientifically substantiate the decisive role of the LTV/CAC integrated indicator for assessing viability, as well as to develop methodological recommendations for the application of spatial-dynamic benchmarking to improve the objectivity of strategic planning and evaluation of startups.

Presentation of the main material. The study is based on the application of general scientific methods of systematisation, structural-logical modelling, comparative and systematic analysis. A comprehensive KPI taxonomy covering marketing, sales, and financial metrics is presented. The central element of the analysis is the LTV/CAC ratio, its critical threshold values, and its spatial-dynamic interpretation using the example of a case study of three start-ups with different business models.

Conclusions. The developed systematisation provides a structured basis for monitoring key startup parameters, confirming that the LTV/CAC ratio is the quintessence of business model quality assessment. The practical significance lies in providing founders and investors with a validated toolkit for informed spatial-dynamic benchmarking, which contributes to a more efficient allocation of venture capital.