Presenting a venture capital model in Iran with a challenges approach

The development of innovation as one of the engines of economic growth requires its own financing. Appropriate markets, institutions and tools for financing innovative activities in any economy are designed according to the institutional structure of that country. In Iran, bold investment (Venture Capital) can be one of these methods of financing and a tool to direct capital towards the growth and development of entrepreneurship and the launch of knowledge-based companies and startups at different stages of their life cycle.In venture capital, investors invest their funds in funds called VCF, and these funds are provided to entrepreneurs under the supervision of venture capital companies (CVC). The research method will be based on the fundamental conceptualization theory (GT) and the Delphi technique will be used. SPSS and SMARTPLS software will be used for data analysis. The statistical population includes capital market experts, university professors in the field of economics and finance, managers of knowledge-based companies and parliamentarians. Finally, by examining the influencing factors and existing challenges in the form of 24 categories and 184 indicators, we arrive at the final model that shows the influence of the indicators on the development of bold investment in Iran.