At the outset, startups need to choose a strategy that will enable them to operate in the long term. A proper strategy for startups ensures the development and overall viability of their products or services. The present research was conducted to identify the most suitable development strategies for startups in the Baltic States. Accordingly, the research aims to evaluate alternative startup strategies, considering external and internal factors. Research methods: monographic, SWOT analysis, and the quantitative strategic planning matrix (QSPM). Experts were selected using the targeted sampling method, based on the following selection criteria: experience in startup management or active involvement in the startup ecosystem in the Baltic States. The research involved 12 experts from Latvia, Lithuania, and Estonia. The research was conducted between November 2025 and January 2026. The geographical coverage was Latvia, Lithuania, and Estonia. First limitation of the research was that it provided insight into the five proposed startup strategies for the Baltic States, while other alternative strategies were not considered, given the limited scope and the need for in-depth analysis. The second limitation was that the sample includes 12 experts, including representatives from all three Baltic ecosystems, but they are not in the same numerical ratio. The main conclusion was that the intensive strategy was the most significant one. The second most important alternative strategy was the financial strategy. The least important alternative strategy was the sustainability strategy. The results showed that startups in the Baltic States focused on intensive market entry and product development, as well as strategic financial management, to develop in the long term.

The research aims to perform a complex analysis of startups to identify external and internal factors in the development of startups in Latvia, the strategic positions of startups and future action strategies thereof. The research employed various methods, including monographic and descriptive; graphic; expert interviewing and pairwise analysis for identifying the main factors included in a startup survey questionnaire; surveying that gives insight into self assessments of the situation by startups and the Strategic Position and Action Evaluation Matrix (SPACE) that helps to identify the strategic position and identify future action strategies for startups. The research analysed in detail only two fields of economic activity of startups: fintech and healthtech. The research revealed that the main problems for startups involved insufficient market research, a lack of financial resources and improper strategic planning. The strategies proposed by the research are aimed at diversifying product and service development by startups, optimizing costs and increasing competitiveness, focusing on digital transformation and innovation. An effective communication strategy is one of the most essential prerequisites for successful business for startups. The research contributes to an assessment of external and internal factors in the performance of startups in Latvia and to the identification of strategic positions, thereby suggesting strategies for national startups to improve their strategic positions and actions in the market. The research results are important for both current startups and those individuals who plan to start their businesses.