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Early-stage company valuation: How to value pre-revenue, pre-money start-ups?
Jönköping University, Jönköping International Business School, JIBS, Business Administration. (Lorenz & Schnabel)
Jönköping University, Jönköping International Business School, JIBS, Business Administration. (Lorenz & Schnabel)
2015 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

This study identifies the flaws in current company valuation methods in regard to their usability for pre-revenue, pre-money start-ups. To counter the problem of simplistic valuation methods, using the network approach, a comprehensive set of company-value influencing factors is identified. Semi-structured interviews with six business angel investors deliver the set of 33 factors which are clustered to six themes (Team, Market, Product, Business Model, Competition, and Location), covering all internal and external value drivers of an early-stage company. Using an online-administered questionnaire surveying 99 business angel investors, an importance weighting for each theme is identified, showing that the team of a firm is by far the most important factor for investors when valuing early-stage start-ups. Combining the themes, their respective importance weighting and a monetary multiplicator provides a multi-angular valuation method for pre-revenue, pre-money start-ups that composes a comprehensive picture of the value drivers of early-stage start-ups and enhances the knowledge and understanding of start-up valuation.

Place, publisher, year, edition, pages
2015. , 85 p.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-26507ISRN: JU-IHH-FÖA-2-20150025OAI: oai:DiVA.org:hj-26507DiVA: diva2:811330
Subject / course
IHH, Business Administration
Supervisors
Available from: 2015-07-10 Created: 2015-05-11 Last updated: 2015-07-10Bibliographically approved

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Citation style
  • apa
  • harvard1
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  • modern-language-association-8th-edition
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  • de-DE
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  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
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  • Other locale
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Output format
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  • asciidoc
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