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Darstellung und kritische Würdigung der Formen der Beteiligungsfinanzierung innovativer Start-ups mit Fokus auf die Wagniskapitalfinanzierung – am Beispiel einer Analyse des deutschen Wagniskapitalmarkts

  • Funding is the key to success for a start-up. Since start-ups are often operating in innovative industries, they rarely receive loans from traditional debt lenders such as banks. However, start-ups do have the option of acquiring money for company growth through equity financing. One possibility for this is venture capital. In this scope, Germany is significantly behind the United States of America due to various aspects. This problem shows the relevance of the topic and justifies the critical examination of this subject. This work aims to analyze the German venture capital market, its development over the last 20 years, its advantages on the one hand and its disadvantages on the other hand as well as its future perspectives. Beyond that, the differences between the German and the American venture capital market and its success factors are presented. To answer all research questions, a broad literature review in combi-nation with several conducted expert interviews, which are evaluated on the principle of the qualitative content analysis according to Mayring, is applied. The results of the analysis indicate that there are mainly three fields that are crucial for a successful venture capital market: Political actions, attitudes of the society, and the economic situation. Within these fields, some aspects of Germany are considered worse than in the U.S. In the United States of America politics often intervenes to create better conditions for investments via venture capital. Besides, the risk affinity of society in the U.S. is a major advantage compared to the risk-averse society in Germany. This is complemented by a pronounced start-up mentality in the U.S. and the positive attitude of society towards the failure of a new start-up. In Germany, the opposite can be found in both aspects. Nevertheless, the German venture capital market has developed positively in recent years and has some advantages, such as a wide range of government grants for start-ups and the opportunity for investors to earn high returns on the initial investment. All experts that were interviewed are very confident that venture capital in Germany will continue to develop positively. They identified the reasons for this evolution in an increasing number of start-ups and better skills among the founders, which increases a start-ups' chances of success. For this reason, the experts forecast rising yield expectations, as well as an increasing number of venture capital providers, and venture capital takers. This research also indicates that the volumes of venture capital funds will rise, and the COVID-19-pandemic will accelerate the development of venture capital in Germany. The results of the research clearly show that despite some weaknesses, the German venture capital market has been on a good path for several years, and that there is a high probability that the growth will continue in the future.

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  • Darstellung und kritische Würdigung der Formen der Beteiligungsfinanzierung innovativer Start-ups

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Author:Tilo Renz
Advisor:Michael Lederer
Document Type:Bachelor Thesis
Year of Completion:2020
Granting Institution:Hochschule Furtwangen
Date of final exam:2020/12/22
Release Date:2021/03/08
Tag:Start-up-Finanzierung; Venture Capital; Wagniskapital
Degree Program:IBW - Internationale Betriebswirtschaft
Functional area:Finance & Accounting
Open-Access-Status: Closed Access 
Licence (German):License LogoUrheberrechtlich geschützt