Karam Sina - Associate Professor of Imam Muhammad Bagher Technical University, Sari, Iran
Hassanali Aghajani - Professor, Department of Industrial Management, Mazandaran University, Babolsar, Iran.

In this article, the authors try to design a strategic decision-making model for venture capitalists in selecting start-up businesses in Iran, with the emphasis on sanctions against Mazandaran University graduate students. The research method is exploratory (qualitative-quantitative). The statistical population in the qualitative section was ۳۰ university professors and executive elites in the fields of management and in the quantitative section was ۱۵۰ people and investment elites. In the qualitative part, using the snowball method of dreading theoretical saturation with ۱۶ experts, in-depth interviews were conducted and in the quantitative part, to evaluate the model, a researcher-made questionnaire was distributed among ۹۰ samples by relative cluster sampling method. The validity of the questionnaire was confirmed by the face-content method and its reliability by Cronbach's alpha method. Data were analyzed by heuristic and confirmatory factor analysis using SPSS and AMOS software. In Iran, during the Sanctions period, it has ۱۶ dimensions as follows: causal variables (factor of continuous improvement and development of venture capital investment, investment, operation, and support of smart business structure, structure, and accumulation of venture capital companies and operation and support of private centers), variables Background (market and customer analysis, analysis and segmentation of stable dynamic digital market, development, and maintenance of customer relationship, skills and management of the organization), intervention variables (policy setting and maintenance to overcome limitations, forecasting the formation of knowledge-based organization, manpower Efficient and development of production process), strategic variables (optimal analysis and development of products, identification of threats and challenges, innovative strategies, recognition and financing) and outcome (increase of investments, improvement of employment, comprehensive development) Innovative paths and the realization of development).

Venture capitalists, making decisions, Startups, sanctions