Erfolgsfaktoren in der Early Stage - Equity Finanzierung. Eine empirische Analyse von technologieorientierten Unternehmensgründungen

This doctoral thesis investigates several important success factors for early stage equity financing. The focus of the analysis is on technology based start-ups. They have a significant relevance for the economic development of a national economy, because they contribute to the creation of new jobs and often they become a medium-sized enterprise or they will be integrated into one. Since private investors only invest very selectively in early stage companies, public venture capital companies have been created. These public venture capital investors constitute the majority of investors of early stage start-ups. But nevertheless they also reject a high rate of incoming financing requests.
In this field there is a gap in current knowledge. There are no relevant factors for start-ups defined to obtain a financing like in this framework. However this thesis is not only addressed to start-ups but also to public investment companies to make their financing processes more efficient by considering the right indicators. The methodological examination is based on a qualitative study level, including interviews with German experts defined as successful entrepreneurs in different sectors. In addition, the results are theoretically and practically processed in many variations. The model thereby gains in density and variation and is applicable across all relevant industries.
The results of the investigations show several main and secondary factors, which are important for the financing success. Moreover between those there is a strong interrelationship, so individual factors have not to be viewed in isolation. As a result, various success factors can be identified, which significantly increase the success of a financing inquiry to a public early stage equity investor. Overall the thesis presents a new understanding of which facts are really necessary in the financing process. Finally the results of this analysis are presented in a kind of checklist, from which both founders and public investors can benefit.