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Determinants of early-stage technology venture valuation by business angels and venture capitalists

Wessendorf, Christoph Philipp 1; Kegelmann, Jens 1; Terzidis, Orestis ORCID iD icon 1
1 Institut für Entrepreneurship, Technologiemanagement und Innovation (ENTECHNON), Karlsruher Institut für Technologie (KIT)

Abstract (englisch):

The valuation of early-stage ventures represents a difficult and often subjective process and is characterised by risk and uncertainty. This can be further stressed for technology-driven ventures, having substantial technological risks. We therefore approached existing research on the determinants of early-stage technology venture valuation in a structured way through means of a systematic literature review (SLR). Whereas general valuation determinants strongly focus on personality and experience of the founders as well as market potential, technology venture valuation is strongly influenced by the existence and quality of alliances with corporations and investors as well as patents. We consider these determinants as crucial in technology venture valuation to ensure market access, to signal a strong belief in the technology and to provide proof of a high degree of innovation, thereby noticeably reducing technology-specific complexity and uncertainty.

DOI: 10.1504/IJEV.2019.102259
Zitationen: 9
Zitationen: 13
Zugehörige Institution(en) am KIT Institut für Entrepreneurship, Technologiemanagement und Innovation (ENTECHNON)
Publikationstyp Zeitschriftenaufsatz
Publikationsjahr 2019
Sprache Englisch
Identifikator ISSN: 1742-5360, 1742-5379
KITopen-ID: 1000099282
Erschienen in International journal of entrepreneurial venturing
Verlag Inderscience
Band 11
Heft 5
Seiten 489-520
Externe Relationen Siehe auch
Schlagwörter start-up, NTBF, technology venture, valuation, valuation determinants, venture capital, business angel, entrepreneurial finance, systematic literature review, SLR
Nachgewiesen in Scopus
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