ISSN 2306-546X e-ISSN 2414-3774 UDC 37
Submit an article

University Economic Bulletin

Article

Technological infrastructure and connectivity on startup sustainability: A study of selected fintech industries

Oluwayomi Omotayo Olota
Retrieved from Vol. 20, No. 1, 2025 Pages 61–72
Received
30.12.2024
Revised
16.04.2025
Accepted
15.05.2025
Views
404

Abstract

Economic growth and personal well-being have been greatly affected by the spread of digital financial services, especially in emerging nations. The purpose of this study was to investigate the impact of technological infrastructure and connectivity on startup sustainability of selected fintech industries. Specifically, the study examined the effects of cybersecurity measures, 5G and beyond, and Internet of Things (IoT) on startup sustainability. A survey research design was selected, involving a population of 10,896 workers from 15 different fintech businesses. Using Krejcie and Morgan’s formula, the final sample size was determined to be 386 individuals. Data collected was analysed using PLS-SEM. Findings revealed that 5G and beyond had the strongest effect on startup sustainability (β = 0.363, t = 6.005, p < 0.000), followed by cybersecurity measures (β = 0.252, t = 4.262, p < 0.000), and Internet of Things (β = 0.223, t = 3.862, p = 0.000). It was concluded that technological infrastructure and connectivity were crucial for startup sustainability of selected fintech industries. It is therefore strongly recommended that a manager of a fintech startup concentrate on ensuring that the fundamental components of the behavioural fintech ecosystem, such as the Internet of Things, 5G and beyond, and cybersecurity measures, are suitably implemented and practised within the company to increase the sustainability of fintech startups. The practical value of this study lies in providing actionable insights for fintech startup managers to prioritise investments in technological infrastructure and connectivity, such as 5G, IoT, and cybersecurity, thereby enhancing their companies’ long-term sustainability and competitiveness in the rapidly evolving digital financial landscape

Keywords

cybersecurity measures; 5G; Internet of Things; digital connectivity; emerging markets; financial technology

References

  1. American Sociological Association (ASA). (2018). Code of ethics. Retrieved from https://surl.lt/hnmqmj.
  2. Asoba, S.N., & Mefi, N.P. (2023). A digital infrastructure perspective for accelerated rural entrepreneurship. Bali: GCBSS. doi: 10.35609/GCBSSPROCEEDING.2023.1(178).
  3. Autio, E., et al. (2024). Adoption of digital technologies, business model innovation, and financial and sustainability performance in startup firms. Mandaluyong: ADB. doi: 10.22617/WPS240356-2.
  4. Bigliardi, B., Dolci, V., Filippelli, S., Petroni, A., & Pini, B. (2025). The role of digitalization in startups: A keyword-based literature review. Procedia Computer Science, 253, 2665-2673. doi: 10.1016/j.procs.2025.01.326.
  5. Chen, K., Wang, F., & Wei, Z. (2023). Hardware and software infrastructure driven by big data: Challenges and prospects. In ACM international conference proceeding series (pp. 625-631). Chengdu: Association for Computing Machinery. doi: 10.1145/3656766.3656871.
  6. Chinedu, A.E., Aniekan, A.U., Valentine, I.I., & Abimbola, O.A. (2024). Telecommunications energy efficiency: Optimizing network infrastructure for sustainability. Computer Science & IT Research Journal, 5(1), 26-40. doi: 10.51594/CSITRJ.V5I1.700.
  7. Dahri, A.S., Memon, S.B., & Syed, S. (2024). Digital infrastructure and connectivity: The backbone of modern civilization. In E. Shaikh (Ed.), Corporate social responsibility approaches to ethical AI in business (pp. 225-246). Hershey: IGI Global Scientific Publishing. doi: 10.4018/979-8-3693-3478-2.CH012.
  8. Danchuk, V., & Danchuk, M. (2024). Integration of blockchain technologies into cybersecurity systems for critical infrastructure facilities: Prospects and challenges. Bulletin of Cherkasy State Technological University, 29(4), 43-52. doi: 10.62660/bcstu/4.2024.43.
  9. Dzakiy, U.N. (2018). Technology-based startup: A formula to become sustainable company in Indonesia, a case study from UAVINDO Nusantara. STI Policy and Management Journal, 3(2), 137-144. doi: 10.14203/STIPM.2018.152.
  10. Ezeigweneme, C.A., Nwasike, C.N., Adekoya, O.O., Biu, P.W., & Gidiagba, J. (2024). Wireless communication in electro-mechanical systems: Investigating the rise and implications of cordless interfaces for system enhancement. Engineering Science & Technology Journal, 5(1), 21-42. doi: 10.51594/estj.v5i1.720.
  11. Hadizadeh, M., Ghaffari Feyzabadi, J., Fardi, Z., Mortazavi, S.M., Braga, V., & Salamzadeh, A. (2024). Digital platforms as a fertile ground for the economic sustainability of startups: Assaying scenarios, actions, plans, and players. Sustainability, 16(16), article number 7139. doi: 10.3390/SU16167139.
  12. Hajoary, P.K., Jennifer, D.S., & Pathak, M. (2024). Digital technology adoption in circular startups: An integrated framework. Business Strategy and Development, 7(3), article number e425. doi: 10.1002/BSD2.425.
  13. Han, D., Zhu, Y., Diao, Y., Liu, M., & Shi, Z. (2024). The impact of new digital infrastructure construction on substantive green innovation. Managerial and Decision Economics, 45(6), 4072-4083. doi: 10.1002/MDE.4236.
  14. Hercheui, M.D., & Cornford, T. (2025). Digital infrastructures for business innovation. London: Routledge. doi: 10.4324/9781003385578.
  15. Hernández, V., Revilla, A., & Rodríguez, A. (2024). Digital data-driven technologies and the environmental sustainability of micro, small, and medium enterprises: Does size matter? Business Strategy and the Environment, 33(6), 5563-5582. doi: 10.1002/BSE.3765.
  16. Khimani, M., & Singhal, A. (2024). From digital deserts to tech havens: The role of digital infrastructure in MSME competitiveness. EPRA International Journal of Economic and Business Review, 12(11), 47-55. doi: 10.36713/EPRA19143.
  17. Lammers, T., Rashid, L., Kratzer, J., & Voinov, A. (2022). An analysis of the sustainability goals of digital technology startups in Berlin. Technological Forecasting and Social Change, 185, article number 122096. doi: 10.1016/j.techfore.2022.122096.
  18. Li, W., Du, W., & Yin, J. (2017). Digital entrepreneurship ecosystem as a new form of organizing: The case of Zhongguancun. Frontiers of Business Research in China, 11, article number 5. doi: 10.1186/S11782-017-0004-8.
  19. Ndofirepi, T.M., & Steyn, R. (2024). Unravelling the digital thread: How access, protection, and adoption drive technological entrepreneurship. Administrative Sciences, 14(8), article number 185. doi: 10.3390/ADMSCI14080185.
  20. Odegbesan, O.A., Ayo, C.K., & Salau, O. (2023). SEM-ANN-based approach to understanding ICT adoption for SME sustainability in Nigeria. In 2023 International conference on science, engineering and business for sustainable development goals (pp. 1-21). Omu-Aran: IEEE. doi: 10.1109/SEB-SDG57117.2023.10124585.
  21. Ossen, S., Musser, J., Dalessandro, L., & Swany, M. (2023). INDIANA – in-network distributed infrastructure for advanced network applications. International Journal of High Performance Computing Applications, 37(3-4), 442-461. doi: 10.1177/10943420231179662.
  22. Prasetyo, M.L., Peranginangin, R.A., Martinovic, N., Ichsan, M., & Wicaksono, H. (2025). Artificial intelligence in open innovation project management: A systematic literature review on technologies, applications, and integration requirements. Journal of Open Innovation: Technology, Market, and Complexity, 11(1), article number 100445. doi: 10.1016/j.joitmc.2024.100445.
  23. Rathi, K. (2023). Analysis of the genesis and growth of digital startup ecosystem in India and its influence on facilitating e-governance and nurturing of digital entrepreneurship in India. International Journal of Transformations in Business Management, 13(1), 136-149. doi: 10.37648/IJTBM.V13I01.012.
  24. Robertsone, G., & Lapiņa, I. (2023). Digital transformation as a catalyst for sustainability and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 9(1), article number 100017. doi: 10.1016/j.joitmc.2023.100017.
  25. Sekhar, K.S.V. (2024). Digital infrastructure challenges for techno-entrepreneurs in rural areas: The need for capacity building. In M. Albakri (Ed.), Digital transformation and innovation in emerging markets (pp. 127-156). Hyderabad: IGI Global Scientific Publishing. doi: 10.4018/979-8-3373-0086-3.CH007.
  26. Tan, Z., & Miller, N.G. (2023). Connecting digitalization and sustainability: Proptech in the real estate operations and management. Journal of Sustainable Real Estate, 15(1), article number 2203292. doi: 10.1080/19498276.2023.2203292.
  27. Wu, W., Wang, S., Jiang, X., & Zhou, J. (2023). Regional digital infrastructure, enterprise digital transformation and entrepreneurial orientation: Empirical evidence based on the broadband China strategy. Information Processing and Management, 60(5), article number 103419. doi: 10.1016/J.IPM.2023.103419.
  28. Yong, C., Firdousi, S.F., Afzal, A., Florjančič, V., & Awais, M. (2022). The influence of internal and external stakeholder mechanisms on entrepreneurial success: The moderating role of digital technology adoption. Frontiers in Psychology, 12, article number 821725. doi: 10.3389/fpsyg.2021.821725.
  29. Zhang, Y., & Ji, Z. (2024). Has China’s new infrastructure promoted sustainable economic development? Evidence based on information infrastructure and entrepreneurship. Sustainability, 16(7), article number 3024. doi: 10.3390/SU16073024.

Suggested citation

Olota, O.O. (2025). Technological infrastructure and connectivity on startup sustainability: A study of selected fintech industries. University Economic Bulletin, 20(1), 61-72. https://doi.org/10.69587/ueb/1.2025.61