Bachelorarbeit, 2021
61 Seiten, Note: 1.3
Index of Abbreviations
Index of Figures
Index of Tables
1 Introduction
1.1 Research Objectives
1.2 Structure and Proceedings
2 Theoretical Basics for Digital Start-ups
2.1 Entrepreneurship vs. E-Entrepreneurship
2.2 Start-up: Definition and Characteristics
2.3 Digital Business Model: E-Business Start-ups
2.4 Financial Barriers for Young Digital Start-ups
3 Public and Private Financing Recourses of Digital Start-ups in Germany
3.1 Early-stage Digital Start-up Financing
3.2 Private Financing Sources
3.2.1 Bootstrapping and FFF
3.2.2 Business Angels
3.2.3 Crowdfunding
3.2.4 Incubators/Accelerators
3.2.5 Venture Capital
3.3 Public financing sources
3.3.1 Incubators/Accelerators
3.3.2 Public Loans
3.3.3 Grants
3.3.4 Governmental Venture Capital
4 Conclusion and Outlook
5 References
Abbildung in dieser Leseprobe nicht enthalten
Figure 1: Start-up life cycle
Figure 2: Financing stages of digital ventures
Figure 3: Informal investors
Figure 4: Profile of German business angels
Figure 5: Crowdfunding process via platforms
Figure 6: Key differences between incubators and accelerators
Table 1:Entrepreneurship definitions. Source: own design
Table 2: E-Business types
Table 3: Genreral overview on funding sources.
Start-ups play a key role in the economic development and the competitiveness of every country.1 They represent an essential driving force of a dynamic economy by generating new jobs that ensure technical progress through innovations.2 The German Startup Monitor (2020) has shown that overall, there has been a positive development of the start-up ecosystem in Germany in recent years. Two-thirds of the examined German startups categorize themselves as a digital business model.3 This trend reflects the market transformation in the context of the ongoing digitization and has shown an overall increase in demand for electronic goods and services.
The electronic business models and processes associated with digital start-ups also have a tremendous influence on the current economic ecosystem and social development in Germany. This transformation process tends to displace traditional business models and, in turn, leads to healthy competition in the creation of new and innovative ventures based on digital business models. However, a high proportion of these digital ventures fail to survive the early stages since most of the entrepreneurs start with limited financial resources and generate little or no sales in the beginning. High investments in technology and company development are required, especially in the early stages of a start-up, in order to achieve its potential. One of the core challenges for every founding team is, therefore, to ensure solvency at all times and to optimize the company's financing structure according to the phase of the company's life cycle.4
Consequently, it is important to identify the type of financing that not only fits the business model of the start-up, but also takes into account the respective development and financing phase of the start-up.5 The aim of this thesis is, therefore, to make a contribution to the entrepreneurial research on identifying the suitable financing programs and investors for each financial phase of an early-stage digital start-up.
The financing challenge described in the previous chapter emphasizes the need for scientific research on private and public funding for young digital start-ups in Germany. Given that digital start-ups have different goals and financial needs, this work aims to identify and evaluate the benefits and drawbacks of different sources of financing, ranging from lower investment funding to high-volume funding. In addition, this thesis is intended to provide an overview of the distinction between financing programs that will facilitate the decision of the entrepreneur when selecting the right mix of financing instruments for their digital start-up.
Therefore, the motivation of this thesis is to present and critically assess different types of funding sources for early-stage digital start-ups in Germany and compare all relevant factors when choosing a particular financing instrument.
The present work is based on an integrated approach to literature research on the public and private financial resources of early-stage digital startups in Germany. The first chapter describes the research objectives and the structure of the work. The second chapter defines some basic terms such as “e-entrepreneurship” and “start-up”, which set a foundation for a better understanding of further concepts in this thesis. In addition, this chapter provides an overview of the financial obstacles that German start-ups are faced with. The third chapter represents the main part of this thesis and deals with the presentation of the public and private financing recourses suitable for German digital start-ups in the early stages. The last chapter contains a summary of the key finding from each individual chapter. In addition, the relevant factors as well as the advantages and disadvantages of each financing instrument are determined and presented in a table.
In order to fully understand the details of the financing instruments for German early- stage digital start-ups that are going to be discussed later in Chapter 3, some theoretical basics need to be highlighted beforehand. In this chapter, the term “E-Entrepreurship” is defined and set as a theoretical frame in which start-ups with a digital business model can be distinguished from the traditional start-ups. In the following, the financing challenges that young digital start-ups are faced with will be discussed.
For an explanation of the term “E-entrepreneurship”, the analogous version “entrepreneurship” must first be explained.
The term “entrepreneurship” can be traced back to the French word “entreprendre”, which means undertaking actions for a cause or taking the matter into your own hands.6 Based on the literature, this concept is a multi-faceted phenomenon that has had a wide range of definitions depending on its purpose and theoretical perspective.7 According to Gartner (1988) the entrepreneur's traits and abilities are the key explanations to entrepreneurship as a phenomenon, rather than focusing on the entire organizational process.8 However, considering the definition only in terms of the person who sets up an organization could be a problem as it neglects the quality of the opportunities that various people discover.9 Another approach for this scenario describes the creation of a new venture10 as well as the discovery, evaluation, and exploitation of entrepreneurial fields of action to create new goods and services.11 These framework conditions for founding a new company are supplemented by the founder's ability to recognize and use the opportunities for successful development of the emerging venture.
The concept of entrepreneurship can be viewed from different perspectives and in contrasting frameworks. However, most of the above definitions have some theoretical aspects in common: newness, resource use, organization, wealth creation, and risk-taking.12 In order to provide an overview of the definition discrepancy, Table 1 provides a short selection of definitions that have evolved over time.
Abbildung in dieser Leseprobe nicht enthalten
Table 1:Entrepreneurship definitions. Source: own design13 14 15 16 17
For the continuation of this chapter a unified definition developed by Gartner (1990) is used as a basis: Entrepreneurship is the sum of the qualities and activities of an entrepreneur with a long-term vision who establishes and takes on the risk of a new or innovative business enterprise.18
E-Entrepreneurship
Considering the fundamental definitions of entrepreneurship, a radical change in entrepreneurial behavior and the global market has been observed in recent years due to innovations and the associated uncertainty. According to Kollmann (2019), “E-Entrepreneurship” or “Digital Entrepreneurship” defines the creation of an independent and original legal economic unit in the digital economy (E-Venture), within which an independent founder with a specific online offer as a product or service wants to meet someone else's needs.19
It is now widely recognized that technologies like the Internet are at the core of the new economy and have the potential to transform the competitive landscape of established practices and new business methods.20 “[...] new forms of entrepreneurship have begun to emerge from the synergies between Information and Communication Technology (ICT) developments and changing paradigms of economic transactions.”21 Moreover, the constant and rapid development of digital technology has significantly influenced the opportunities of developing innovative business concepts based on electronic information and communication networks and their application through the establishment of a new ventures.22
In conclusion, given the fact that entrepreneurship consists of the process of creating a new venture while taking risks under uncertainties, e-entrepreneurship is characterized by the creation of a new business in a digital economy that uses the Internet as a platform for all entrepreneurial activity.23
As mentioned in the previous subsection, the entrepreneur is the key element in starting and developing a start-up. But what exactly is a start-up?
In view of the large number of synonyms used in the literature, there is no uniform definition for the start-up term, so the definition must be precisely delimited in accordance with the framework of this thesis.24 According to Eisenmann et al. (2012) “Start-ups are new organizations created by entrepreneurs to launch new products.”25 The organization of a start-up is usually informal and without a clear internal structure, as the main focus is on the time of entry into the market under limited resources.26 For this work, the general definition of start-ups, according to Deutscher Startup Monitor (2020), is used. The definition names three main characteristics:
- Start-ups are younger than ten years,
- have a planned employee/ sales growth and/or
- are (highly) innovative in their products/services, business models and/or technologies.27
The research and development orientation, as well as the technological level of the innovation activities, are of central importance for a start-up, especially when looking for external investments.28 The entrepreneurs who set up a start-up typically face significant resource constraints and significant uncertainties about the feasibility of their proposed business model.29 Therefore, the main goals of a start-up, within the first years, are to define and validate the business concept, which consists of the following factors: market opportunity, offer, business model and market strategies that are required to deliver the product to the target customer at a profit.30
In this context, it should be mentioned that not all newly founded ventures that are following the same market strategies as mentioned above are start-ups. There is a clear distinction between the characteristics of these two terms, which are frequently misused in day-to-day business practices. Start-ups rely on innovative business models, while traditional ventures focus on a business model that is already established on the market without an innovative approach. A classic example of a traditional company is the takeover or continuation of a craft business (e.g. a bakery) without significant changes to the business model, while a start-up works with an innovative business model that is more focused on knowledge and know-how.31
In continuation of the start-up concept, there are corresponding market strategies and financing approaches for the product or service, depending on the phase of the start-up's life cycle. An example of an idealized four-phase life cycle model is shown based onthe following diagram, which corresponds to the development of a start-up from the time of formation to the decline phase.32
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Figure 1: Start-up life cycle 33
In the launch phase, a lean organization is built, which has one main task -the search for and development of a repeatable and scalable business model.34 The start-up's challenges in this phase are limited resources and technologies, market uncertainties and organizational barriers.35
After the product or service has been launched on the market, the second phase of an ideal start-up life cycle begins. The aim of the growth phase is to survive and to generate enough cash flow to stay in business.36 This phase is characterized by strong growth and demanding competition when there is positive development.37 Once the start-up breaks even, profits grow due to exponential demand and sales.
The third phase is the most profitable and is characterized by a solid place in the market and stable clientele. However, due to increasing competition in general and, for the startup, growth can stagnate.38 Accordingly, the goal of the maturity phase is to consolidate and control the financial profit through rapid growth and, secondly, to maintain the advantages of a small-size business including the flexibility of reaction, the drive of innovation, and entrepreneurship.39
In this final part of a company's life cycle, it is decided whether the company will continue to grow through the implementation of new technologies and innovations or whether it will shrink to the point that it will go out of business.40 An alternative to eliminating the unprofitable business area is also offered by the relaunch of the existing technology with fresh impetus through a modification that would keep the company alive.41
It is important to note that life cycle concepts are viewed critically in the entrepreneurial and economic literature. According to Kemminer (1999), there are several points of criticism that can be classified as follows:
- The curve course regarded as typical has not yet been proven empirically, so that its existence appears doubtful.
- Due to the lack of independence from the actions of market participants, the explanatory nature of the concept is doubtful.
- Depending on the selected aggregation level of the product or service, different life cycles can result.
- Due to different market variables, the length of the phases is different, as are the phase delimitation and position determination.42
These criticisms account (in part) for the vague boundaries between the life stages of a start-up. Therefore, the general plausibility of a start-up's life cycle model should be questioned, and all the above factors should be taken into account.
The digital revolution is fundamentally reshaping the traditional start-up landscape by generating new market opportunities and innovative business models.43 An example of an innovative business model is the digital business model concept based on complex information and communication technologies that are used by digital start-ups, in contrast to the traditional business world, which is characterized by stability and a low level of competition.44 Another distinguishing character of a digital business model from the traditional one is the coordination and implementation of new technologies along the supply chain.45 Due to the fact that digital technologies are constantly evolving, competition between new ventures is increasing, forcing traditional start-ups to adapt to new market conditions by implementing innovative technologies to face the challenges of the new economy. Therefore, electronic business models and processes associated with digital start-ups have a tremendous influence on the economic ecosystem and social development on a global level.
In the framework of the digital transformation of business models, technological instruments that enable digitization are playing an important role in creating value for e-business start-ups.46 The growth of the Internet has undoubtedly created greater opportunities for digital businesses, accelerated fundamental changes on a global scale along with competition, and triggered the pace of technological change.47 Thus, the underlying technology instruments (Internet, mobile communication, ITV) and digital platforms (e-shop, e-marketplace, etc.) contribute to the digital transformation of the economic ecosystem and promote the competitiveness of digital start-ups in the field of innovation.48
Following the characteristics of a digital business model, one can specify that an e-business start-up is a founded and thus young company with an innovative business model within the digital economy, which offers its products and/or services based on purely electronic value creation via an electronic platform.49 This leads to the integration of innovative ICT to link individual business services with the aim of creating virtual cooperation between ventures via digital networks.50
E-business start-ups are mainly based on a combination of four elements: cutting-edge technologies, long-term business strategies, the entrepreneurial ability to implement these strategies through technology, and the ability of employees to discover new opportunities surrounding the company.51 Securing a digital start-up with these trivial elements will lead to creating a stable basis for innovation and an added value for the economy. On the other hand, the required technologies for innovative e-business start-up's demand high investments for the initial development. Information technologies are also subject to constant change and further development and therefore require follow-up investments.52 Another important aspect regarding an e-business start-up is the conformation to the mix of different company cultures and principals. The number of international suppliers, customers, and intercultural business relationships increases, especially in the digital economy, thus allowing different management concepts, legal regulations, cultural and social characteristics to come together.53
Since e-business includes transacting with suppliers and customers via electronic platforms, there is an overlap in activities with electronic commerce (e-commerce).54 Although these two terms complete each other, one can distinguish that e-commerce is an optimized tool designed to implement marketing strategies, buy, and sell products or services via electronic networks. Besides e-commerce, one can distinguish various other building blocks of the e-business concept, which are presented in Table 2.
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Table 2: E-Business types 55
In conclusion, e-business is a broad term when describing a young innovative venture; nevertheless, it has three main pylons for electronic support of the operational business processes. The synergy between the above-mentioned e-business types allows a digital start-up to expand its network activities by entering new market niches and opening new opportunities in a constantly changing business environment. Also, following up and adapting to the unceasing innovation in technology allows a digital start-up to keep pace in the competitive internet environment and secure a high growth potential.
For the successful implementation of a digital business idea, a start-up needs an operational infrastructure characterized by fields of action such as finance, the main objective of which is to acquire capital and experience from operational cooperation with investors. 56
Consequently, high investments, especially in innovative technology and company development, are required early on in order to be able to implement the start-up project and keep it on a competitive level.57
One of the main challenges for digital start-ups is raising the capital to survive throughout the early stages. A newly founded start-up does not have any loan collateral, which makes outside financing impossible, nor does it have generated sales or cash flow available, so that internal financing is also unachievable.58 Besides the risks that investors are willing to take, entrepreneurs also are exposed to high risks as they typically invest large sums of their private wealth in start-ups.59
For digital start-ups, in particular, know-how is the most important intangible asset, which makes it difficult to attract external investment as it is associated with high risks and uncertainties. Many financial institutions are unwilling to take high risks and are not lending money to start-ups where the main asset is the entrepreneur's intelligence but rather invest in start-ups with tangible collateral.60 Even if a new technology's functionality is guaranteed, there is uncertainty about a possibly required regulatory approval or establishing a technological standard on the market.61 Another aspect causing potential investors to hold back on investing in early-stage digital start-ups is the absence of established entrepreneurial structures and the extremely volatile prospects of success due to the product and market risk.62
In conclusion, it can be stated that young digital start-ups have difficulties in seeking financial support, mainly because of the high risks and uncertainties related to the business model. Accordingly, a rational solution for start-ups to attract investors is to estimate their potential market value and create a customed funding plan with background knowledge of the capital requirements.
As shown earlier in chapter 2.2, the start-up life cycle is divided into four phases: launch phase, growth phase, maturity phase, and decline. This results in three main financing phases: early stages, expansion stages, and later stages.63 Based on the financing phase for digital start-ups, a general overview of the suitable funding recourses shown in Figure 2 can be distinguished. Since the focus of this bachelor thesis is on early stage digital start-ups, the other two phases (expansion and later phase) are not discussed in detail, but only a brief overview for a general idea is given in Figure 2.
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Figure 2: Financing stages of digital ventures64
The early stages of a start-up are mainly characterized by the generation of new ideas and the acquirement of funding sources to develop the prototype. In this phase, a feasibility study should already have been carried out and be part of the business plan, which provides precise information about the idea, the corporate concept and the founding team.65 The early stage is divided into three phases: preseed, seed, and start-up phase.
Pre-Seed and Seed Stages
No company is usually founded in the pre-seed and seed phases; the entrepreneurs are rather looking for innovative ideas and planning their business models' implementation.66 In these phases, a digital start-up's main task is working out an innovative business idea, initial research and development work for the prototype, choosing the suitable legal form, and elaborating a business plan.67 Even if the digital start-up has not yet been founded and no marketable products or services are available, there is still a need for investments. First of all, for the development costs of these digital products or services and their market functionality.68 However, investors usually hold back because the risk is very high at the beginning due to the unforeseeable success of the business idea.69 However, this aboveaverage loss potential is also offset by very high-profit opportunities in the event of a successful start-up.70
In the beginning, usually, the first sources of funding are the founder's own savings with the support of friends and family, also known as the “3 Fs” (Friends, Family and Fools).71 This type of family financing is very flexible and often has a positive effect on performance and company dynamics. However, it can also have a negative effect on personal relationships if the start-up goes bankrupt. Other funding sources suitable for digital early-stage start-ups are accelerators and incubators. Both accelerators and incubators support start-ups at an early stage to help them avoid making typical mistakes, save time and money, and increase survival rates in the first challenging years.72 Public funding plays an important role, especially for start-ups that are in the process of being founded. One advantage for young entrepreneurs is that public funds do not usually have to be paid back but are still subject to certain conditions.73 Another specific source of funding, especially for the seed stage are business angels. In addition to financial support, business angels offer start-ups a personal business network so that relationships with potential customers, cooperation partners or other investors can be simplified.
Last but not least, venture capital in this phase represents an occasional funding source for the start-ups under certain conditions. Although venture capitalists generally invest during the start-up stage, some venture funds focus and take a more objective approach to investments already in the seed stages.74
Start-up Stage
The start-up phase is similar to the pre-seed and seed phase in the context of a lack of income and the same high investment risks that represent a poor general condition for investors. During this phase the company's actual legal foundation takes place, i.e., the start-up project is implemented, and the actual establishment of the company as a legally and economically independent entity is implemented.75 The focus during the start-up stage is on the conception of a marketing plan and the further development of the product via a prototype to series production.76
At this stage, the start-up is still consuming cash; income is not yet sufficient to cover its expenses, so the most suitable sources of financing are the business angels and venture capitalists.77 The start-up has to adapt its business plan according to the funding source, as venture capital fund managers and business angels have a completely different approach in emphasizing both market and finance issues.78 In return for an investment, the business angel or venture capitalist will usually request a stake in the start-up as a share- holder.79
Another important funding source for this stage is public funding. Governmental funding programs and grants that go beyond traditional funding and support are of particular interest to innovative small and medium-sized enterprises. Public funding programs usually do not claim ownership stakes in the start-up and offer more attractive conditions for the external capital.80 Along with public funding programs, accelerators and incubators also constitute important financing support in this phase.
Both financing instruments are suitable for this stage; however, accelerators are a faster solution for a digital start-up to succeed on the market because of innovation and the market potential speed-up.81
When financing a company, a basic distinction is made between private and public financing. In the course of private financing, a company finances itself with the entrepreneurs' own funds or external investors in the corporate sector who usually claim an ownership stake in the company for their investment. In the following, the most important private financing instruments for early-stage digital start-ups are presented below.
,,Bootstrapping describes the activity of obtaining capital from one's own savings, personal loans and from close relatives.”82 This form of funding enables early stage startups to take advantage of new opportunities without having to have a substantial resource base and without having to raise external capital.83 Founders usually live on the resources they have saved long before the formal founding and typically invest a large part of their private assets at the founding time in order to credibly signal their trust in their own startup project to potential external investors.84 However, this type of financing quickly reaches its limits, especially in the case of digital start-ups, because complex and therefore expensive product developments are often necessary, and there is a highly competitive market that requires rapid growth.85
One of the main reasons entrepreneurs choose this type of financing is the lack of investors during the early stages. Since a start-up usually has no loan collateral at the beginning and no sales are generated, it is difficult to attract external investment.86 Another argument for choosing this financial instrument is the positive signal effects for external investors when entrepreneurs invest their own funds in the start-up project. Thus, founders are proving the validity and confidence in their business model. In addition to the opportunity for the entrepreneurs to set up their start-up using this private funding method, the prospect and chances of external capital are also improved.87
Bootstrap financing also has the advantage that it is often easy to obtain and typically does not require a business plan or collateral.88 Another plus of this financing method is that it doesn't involve external investors in the company and the entrepreneur still has full decision-making power over the company.89 In the context of digital start-ups, the bootstrapping strategy, implies that the founders finance their venture with very creative means without involving external parties to invest.90 The search engine “google.com” can be cited as a successful example of bootstrapping for a digital start-up, which was initially set up by two Stanford doctoral students without external capital and only with their own resources.91 On the other hand the drawbacks associated with bootstrap funding are the signals of the lack of funding from traditional sources of capital, particularly financial institutions, which may indicate that the proposed business idea has no perspectives; therefore, the start-up has a limited chance for success.92 In addition, digital business models can often fail due to the high risk of innovative technologies and market uncertainties. Entrepreneurs should therefore plan for the real risk of failure and the complete loss of their funds in order to be able to secure their livelihood afterwards.93
In addition to founders themselves, friends, family and fools (FFF) represent another funding source. ,,The distinctive trade of this form is that obtaining the capital is rarely, if at all, related to the business concept but is provided because of entrepreneur's personal means and relationship with the founder.”94 In the case of the family, in particular, funds could be made available without expecting repayment or participation, which is considered as a donation.95 However, there is no formal agreement concluded or start-up participation made, therefore the founder has only the moral obligation to repay regardless of the legal circumstances in the company.96
In addition to the family, funding from friends and fools are another accessible way to gain financial support. According to a study by Bygrave et al. (2003), it was shown that relatives and friends are more likely to invest in the start-up compared to strangers.
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Figure 3: Inform al investors97
The main advantages of this source of financing are the uncomplicated and quick contact with the financiers. 98 This category of investors usually is not seeking to pursue a return target but is rather trying to support the entrepreneur's business idea. However, in some cases, there is a fundamental interest in getting back the funds made available along with appropriate interest; still, the amount of the return is likely to be lower than those of institutional financiers or, in some cases, even be waived.99
On the other hand, the drawbacks associated with this kind of funding recourse are that the availability and amount of financing are usually limited. In addition, the founders' risk includes losing friends if the start-up idea fails and the invested money cannot be repaid.100 The risk of failure is particularly high for digital start-ups that are at an early stage and are faced with high levels of competition and market uncertainty. Thus, relying on funding sources from friends and family should be based on a strong conviction of entrepreneurs in their own business idea's success.
In summary, it can be stated that bootstrapping and FFF financing options are suitable for founders, who hold the idea that “being your own boss” and being independent is more important than entrepreneurial growth and an attractive exit.101 Additionally, the business model should be considered when deciding to benefit only from these financial resources as they are very limited, especially for high technology start-ups.
Once personal savings and funds from friends and family reach their limits, and the startup continues to grow from the seed to start-up phase. The companies will focus on external investors such as business angels. These types of investors are usually wealthy individuals who already have extensive entrepreneurial experience and are ready to provide a start-up with know-how and investments as equity in its early stages.102 The image of the “angel” indicates that the added value, especially in the early phase for a start-up, comes from business angel financing, which is carried by these wings.103
Due to their experience in a particular field, these types of investors usually have a good sense of what kind of support is required in the start-up and contribute accordingly. Therefore, their investment interests are often based on the economic sectors in which they have already gained extensive experience.104 Compared to other private funding recourses, a key difference is that business angels invest their own funds, in contrast to VC funds, which are discussed later in subsection 2.3. Venture capitalists primarily invest in funds tied up by other institutional investors. Thus, business angels create a bridge between the first self-financing instruments and ongoing support from institutional investors such as VC investment firms.105
In addition to the financial and coaching aspects, business angels bring their own personal ties to the table, which could lead to further collaborations with the start-up. Most business angels have built up a professional network of contacts during their own careers and thus have connections in individual industries to relevant decision-makers such as lawyers, tax consultants, auditors and banks.106 In Germany, for example, the Business Angel Netzwerk Deutschland (BAND) is one such organization that dedicates its activities to mediation.107 In addition to promoting the connections between business angels and their network, it provides start-ups with experts and investors willing to invest in innovative start-ups.
[...]
1 See Deutscher Startup Monitor (2020), p. 17.
2 See Kollmann (2019b), p. 1.
3 See Deutscher Startup Monitor (2020), p. 24.
4 See Müller, Fueglistaller, Fust, Müller, and Zellweger (2019b), p. 223.
5 See Hahn (2014a), p. 19.
6 See Fust, Fueglistaller, Müller, Müller, and Zellweger (2019), p. 5.
7 See Low and MacMillan (1988), p. 140.
8 See Gartner (1988), p. 12.
9 See Shane and Venkataraman (2000), p. 218.
10 See Gartner (1985), pp. 696-697.
11 See Fallgatter (2002), p. 18.
12 See Hisrich (1992), p. 54.
13 See Stevenson (1983) p.3
14 See Gartner (1990), p. 19.
15 See Morris and Lewis (1991), p. 22.
16 See Shane and Venkataraman (2000), p. 218.
17 See Dollinger (2008), p. 28.
18 See Gartner (1990), p. 19.
19 See Kollmann (2019b), p. 19.
20 See Matlay (2004), p. 409.
21 See Matlay and Westhead (2005), p. 279.
22 See Kollmann (2006), p. 323.
23 See Balachandran and Sakthivelan (2013), p. 54.
24 See Fischer (2004), p. 8.
25 See Eisenmann, Ries, and Dillard (2012), p. 1.
26 See Picken (2017), p.588.
27 See Deutscher Startup Monitor (2020), p. 18.
28 See Fischer (2004), p. 8.
29 See Eisenmann et al. (2012), p. 1.
30 See Picken (2017), p.588.
31 See Kollmann (2019b), pp. 3-4.
32 See Lehmann and Meiste (2017), p.327.
33 Own design based on Lehmann and Meiste (2017), p. 327.
34 See Freiling and Harima (2019), p.173.
35 See Galbraith (1982), p.71.
36 See Churchill and Lewis (1983)
37 See Heupel (2020), p. 14.
38 See Lehmann and Meiste (2017), p. 328.
39 See Churchill and Lewis (1983)
40 See Pott and Pott (2015), p. 282.
41 See Heupel (2020), p. 15.
42 See Kemminer (1999), p. 103.
43 See Guo, Wang, Su, and Wang (2020), p. 352.
44 See Al-Debi, El-Haddadeh, and Avison (2008), p. 1.
45 See Combe (2006), pp. 3-4.
46 See Schallmo (2019), p. 48.
47 See Veit et al., p. 45.
48 See Kollmann (2019b), p. 118.
49 See Kollmann (2019b), p. 20.
50 See Kollmann (2019a), p. 813.
51 See Sharma, Pathak, and Chowhan (2014)
52 See Kollmann (2019b), p. 18.
53 See Scheer, Erbach, and Thomas (2000), p. 23.
54 See Combe (2006), p. 1.
55 Own design based on Kollmann (2014), p. 325.
56 See Neumann (2017), p. 53.
57 See Hahn (2014a), p. 19.
58 See Pott and Pott (2015), p. 235.
59 See Müller, Fueglistaller, Fust, Müller, and Zellweger (2019a), p. 88.
60 See Bachher and Guild (1996), p. 2.
61 See Schwetzler (2005), p. 156.
62 See Hahn and Naumann, p. 130.
63 See Pott and Pott (2015), p. 236.
64 Own design based on Kollmann (2019b), p. 135.
65 See Pott and Pott (2015), p. 237.
66 See Kollmann (2005), pp. 71-72.
67 See Hahn (2014a), p. 28.
68 See Kollmann (2019b), p. 134.
69 See Pott and Pott (2015), p. 237.
70 See Fischer (2004), pp. 19-20.
71 See Alemany and Andreoli (2018b), p. 14.
72 See Bone, Allen, and Haley (2017), p. 7.
73 See Hahn (2014b), p. 63.
74 See Alemany and Andreoli (2018b), p. 14.
75 See Fischer (2004), p. 20.
76 See Schultz (2011), p. 54.
77 See Alemany and Andreoli (2018a), p. 15.
78 See Mason and Stark (2004), p. 227.
79 See Hahn (2014a), p. 29.
80 See Kollmann (2005), p. 72.
81 See Andreoli (2018), pp. 38-40.
82 See Andreoli (2018), p. 26.
83 See Vanacker, Manigart, Meuleman, and Sels (2011), p. 682.
84 See Brettel, Koropp, Mauer, and Grichnik (2017), p. 241.
85 See Kollmann and Kuckertz (2003), pp. 19-20.
86 See Pott and Pott (2015), p. 235.
87 See Schultz (2011), p. 108.
88 See Auken and Neeley (1996), p. 236.
89 See Kollmann (2019b), pp. 225-226.
90 See Kollmann (2019b), p. 226.
91 See Kollmann (2019b), p. 226.
92 See Auken and Neeley (1996), p. 237.
93 See Freiling and Harima (2019), p. 316.
94 See Andreoli (2018), p. 26.
95 See Freiling and Harima (2019), p. 316.
96 See Brettel et al. (2017), p. 241.
97 Own design based on Bygrave, Hay, Ng, and Reynolds (2003), p. 111.
98 See Schultz (2011), p.113.
99 See Schultz (2011), pp.113-114.
100 See Brettel, Rudolf, and Witt (2005), p.44.
101 See Hahn (2014b), p. 45.
102 See Freiling and Harima (2019), p. 320.
103 See Kollmann (2019b), p. 393.
104 See Freiling and Harima (2019), p. 320.
105 See Kollmann (2019b), p. 394.
106 See Brettel, Jaugey, and Rost (2000), pp. 106–107.
107 See Freiling and Harima (2019), p. 321.
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am 21.10.2021