High-tech startups are becoming increasingly prominent in economic development. With high returns, high-tech startups also involve high risks. Scholars have identified and evaluated the risk factors high-tech startups face, but the correlation and interaction between risk factors are rarely discussed. By filling this gap, this paper analyzes the risk factors faced by high-tech startups using the environmental analysis method and constructs a hierarchical structure model to analyze the correlation and interaction between risk factors based on the DEMATEL-ISM method. In addition, some suggestions for risk management are put forward. Our research may give some guidance for high-tech startups on risk management.