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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.
When scaling, startups face managerial challenges and a downfall in innovation. A growing team and the resulting increased communication and organizational complexity bring issues previously not existing. Accountability Systems can assist startups overcome the mentioned issues and maintain their essence of innovation, vital for their success.
This paper discusses the relevance and benefits of implementing formal managerial systems in a growing startup. By mapping out the interdependence of culture, innovation and growth, it is demonstrated how Accountability Systems can support the preservation of an innovative culture when scaling a startup.
In a time when innovation is often disregarded due to a focus on process efficiency, Accountability Systems can provide a valuable tool for managing transition. This thesis serves as a general evaluation of Accountability Systems and their benefits. It is important to note that this paper is not intended to serve as a directly adaptable guide for startups.
This thesis talks about the relation between investor sentiment, stock return and trading volume in the German stock market. Six Granger causality tests were performed in order to determine, whether one of the above mentioned factors is indicative of the others. The results imply that investor sentiment is indicative of both, stock return and trading volume in the specified time period. However, there is no further significant evidence for other relations among the variables. The results are mostly in line with the literature available on this topic and back up the importance of the concept of investor sentiment as investor sentiment delivers an attempt to explain why investors behave irrationally on the stock market. Hence, the factors influencing investor sentiment should be subject to further research in order to gain a broader understanding of the topic.
Given the increasing diversity in today’s business environment and workforce, having the right skills and abilities to manage intercultural interactions become increasingly important. Universities and business schools try to equip their students with the right capabilities by sending them abroad for a study semester or internship.
Within this thesis, the multidimensional construct of Cultural Intelligence, which is defined as being effective in intercultural interactions will be introduced and how students’ international experiences are influencing it.
Using quantitative data from a self-conducted survey which includes the widely used and validated Cultural Intelligence Scale is going to demonstrate if both a study semester and an internship abroad influence Cultural Intelligence more than just one kind of international student experience. The study also tries to find out if previous international experience and Cultural Distance have a significant impact on Cultural Intelligence.
The results indicate that both kinds of international student experiences are not enhancing Cultural Intelligence more than just one type of student experience abroad. There is also no significant influence to be found from prior international experience and Cultural Distance. Although the survey results are not going to provide significant findings, internal and external factors which are enhancing this intelligence are going to be identified theoretically, as well as the positive effects of Cultural Intelligence on the business environment.
Artificial Intelligence (AI) is often said to increase efficiency which is why it is especially interesting to companies seeking possibilities to improve existing processes. Consequently, this thesis, written in cooperation with the Corporate Communications and Marketing / Public Affairs department at Marquardt GmbH, explores opportunities in this field by determining prerequisites that should be met when considering working with AI as well as risks that should be taken care of. In order to determine the department’s level and progress in the field of AI, the employees involved in the existing tasks and processes completed a questionnaire, resulting in the department being at the lowest level. Moreover, providers of tools within the fields of social bots, document classification, content marketing, media planning and sentiment analysis are compared with the help of utility analyses, allowing for a recommendation regarding what the next steps of the department should be. The fields were chosen premised on the emplyoees’ current tasks while information required for the analyses was obtained by contacting the providers as well as their websites. Based on findings of the thesis, the department is recommended not to follow the trend of AI immediately as the effort required would be disproportionate to the return.
In the past years, the German pension system has been experiencing severe pressure. Demographic changes and the resulting implications for the German labor market have forced various pension reforms and reduced overall pension benefits.
In recent years, researchers have developed various approaches to improve retirement schemes around the world. Apart from pension reforms, many of those approaches are based on recent findings within behavioral science – namely the nudge theory, which briefly stated holds that behavior of individuals can be influenced in a positive way without restricting freedom of choice. Within this thesis, findings and approaches have been applied to various parts of the German pension system, giving suggestions on how to overcome issues of insufficient participation and savings and unfavorable investments.
Next to the hypothetical benefit of applying nudging to the German pension system, the approaches are discussed with perspective to their controversy. In the context of cultural research, theoretical and practical approaches are assessed for applicability in Germany. Although they might provide a foundation for improvement, the approaches are critically examined regarding their acceptance and effectiveness within the German culture.
This Thesis is aimed at showing the extent to which the efficient functioning of a country’s financial system is important for the development of its economy. One of the main determinants of economic development is economic growth. The research focuses on the functions of the main actors of the financial system, and how these functions impact on the GDP which in turn impacts on economic growth.
Data from Books, Articles, and the Internet which show historical evidence of a positive correlation that exists between “the development and stability of a country’s financial system” and “the development of its economy” has been gathered to come up with an answer to this research question.
The German economy is used as a case study to establish this evidence. In the course of this research, data showing the development of the German financial markets and Banking sector from the period - pre and post 2008 financial crisis was gathered. As well, data showing the growth of its GDP through the same time span was gathered.
Following these data showing evidence of a positive correlation between the state of Germany’s Financial System and the state of its economy, it can be concluded that the efficient functioning of a country’s Financial System is to a greater extent, very important for the development of its Economy.
We introduce an algorithm that performs road background segmentation on video material from pedestrian perspective using machine learning methods. As there are no annotated data sets providing training data for machine learning, we develop a method that automatically extracts road respectively background blocks from the first frames of a sequence by analyzing weights based on mean gray value, mean saturation, and y coordinate of the block’s middle pixel. For each block labeled either road or background, several feature vectors are computed by considering smaller overlapping blocks within each block. Together with the x coordinate of a block’s middle pixel, mean gray value, mean saturation, and y coordinate form a block’s feature vector. All feature vectors and their labels are passed to a machine learning method. The resulting model is then applied to the remaining frames of the video sequence in order to separate road and background. In tests, the accuracy of the training data passed to the machine learning methods was 99.84 %. For the complete algorithm, we reached hit rates of 99.41 % when using a support vector machine and 99.87 % when using a neural network.