Identify Reasons for the Non-development of Venture Capital in Iran

Venture capital has a direct effect in qualitative and quantitative growth of knowledge-based products and national and international entrepreneurship. Iranian Innovation ecosystems will not be successful without the right financing. The main objective of this study was to identify factors affecting the underdevelopment of venture capital in Iran. In the first stage using a library method and the most important factors in the venture capital development were identified.Then, using the Delphi method and implemented a three-stage agreement. The results indicate that the reasons for the venture capital investment industry underdevelopment are the low number of patents based on market demand, the timing of the process of establishment and dissolution of companies, the lack of familiarity with the indicators of due diligence, Absence of arbitration mechanism, non-professional contracts, exit strategy restrictions, lack of scientific and executive policies of this industry in the government, lack of financial and legal incentives, administrative bureaucracy, grants and low-interest facilities are ongoing and also Developing : the country's economic system, the country's financial system, the innovative business environment, the cultural system and the weakness in the index of human resources include the migration of elites and knowledge holders, the shortage of quality workforce and professional advice, less familiarity with supervisory and executive organizations involved with the venture capital investment literature, knowledge holders and entrepreneurs less familiarity with finance literature.