A Combined Fuzzy -FUCOM -MARCOS Model for Entrepreneurial Opportunity Evaluation: An Application of the Biotech Industry

This paper presents a novel approach to evaluating entrepreneurial opportunities by combining fuzzy logic with the FUCOM (Full Consistency Object Method) and MARCOS (Measurement of Alternatives and Ranking according to Compromise Solution) methods. Recognizing the limitations of pure qualitative and quantitative assessment approaches of opportunities evaluation, this paper combines the strengths of both to address the challenges posed by uncertainty and incomplete information. The present model was applied in a medium-sized biotech firm in Iran as a case study to empirically test the model’s reliability and feasibility. The biotechnology industry is a rapidly growing and vital global industry, particularly in developing countries. The fuzzy-FUCOM method is utilized to determine the weights of seven evaluation criteria due to its minimal pairwise comparisons and ability to calculate consistency rates, while the MARCOS method is employed to rank five entrepreneurial opportunities by considering a compromise solution that balances trade-offs among the criteria. The results demonstrate that the proposed model can efficiently work and obtain appropriate opportunities priority.

کلیدواژه ها:

Biotechnology Industry ، Entrepreneurial Opportunity ، Fuzzy-FUCOM ، Opportunities Evaluation ، MARCOS method