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Market Potential of a Venture Capital Matching Platform in Germany

  • The German startup landscape consists of 75% early-stage startups (Kollmann et al. 2020. Especially young startups face challenges to tap into traditional sources of funding, such as bank loans, because they have little securities to offer and often lack a sufficient business model, as re-occurring inflows are uncertain (Carpenter and Petersen, 2002; Hall, 2002). Venture capitalists are willing to take on higher risk in return for a share of the company and its profits (Caselli and Negri 2018). Additionally, they offer a variety of benefits like network, experience and advice, which is especially interesting for young startups. Since two out of three startups fail to generate a positive return (Eisenmann 2021) venture capitalists have thorough screening procedures before investing. Hence equity investing in early-stage startups has long been an exclusive activity to potent players on the capital market. Crowd investing platforms like Companisto and Seedmatch have started to change the venture capital landscape, as they allow private persons to invest in startups like a VC in form of equity (Companisto 2021d). This means, that private persons can profit from startup success as soon as they create revenues or when the company is sold. There are some platforms that aim to match startups and venture capitalists, but little is known about which criteria enable an optimal match. Thus, this thesis went on an endeavor to identify critical success factors, that foster high-quality matchmaking between startups and venture capital investors. Key factors can be divided into two categories. Firstly, soft factors like trust, sympathy and leadership, which are difficult to depict on a platform. Secondly, hard factors like investment target, number of customers, positioning and market relevance. If a platform understands the principles that drive the decision making of startups and venture capitalists, it can facilitate the deal making and could profit greatly from the expected network effects. Because startups and venture capitalists would benefit from a higher matching quality and thus promote the platform’s success.

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Metadaten
Author:Maximilian Sandrock
Document Type:Master's Thesis
Language:English
Date of first Publication:2021/09/16
Publishing Institution:Hochschulbibliothek HWR Berlin
Granting Institution:Hochschule für Wirtschaft und Recht Berlin
Release Date:2022/05/03
Tag:Venture Capital, Platform, Startup, Matching
Page Number:72
Institutes:Berlin Professional School (BPS) / Master of Business Administration MBA
Licence (German):License LogoUrheberrechtsschutz