Valuing start-ups – selected approaches and their modification based on external factors

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dc.contributor.authorSkalická, Martinacs
dc.contributor.authorZinecker, Marekcs
dc.coverage.issue4cs
dc.coverage.volume17cs
dc.date.issued2016-11-30cs
dc.description.abstractThe recent methods of start-up valuation seek to compensate for the lack of data necessary for a standard company valuation with additional information on the person of the entrepreneur and business project. None of the existing approaches, however, takes into consideration information about the environment in which the venture capitalists conduct their investments. Therefore, the aim of this paper is to develop an approach considering factors of the investee companies’ environment. Such a modification will allow a more accurate estimate of the value of the projects investigated. The nature of this study is explorative. It relies on secondary data that was collected using interviews and semi-structured questionnaires in previous empirical studies. During the course of the modelling process, information on the quality of the investee companies’ environment expressed is incorporated into the established start-up project valuations. Our original proposal consists of the modification of the coefficient calculation for a given type of projects. An essential part of this modification is also a proposal for the extension of the project scoring characteristics to include expert estimates and, in the case of regression analysis, the inclusion of explanatory variables expressing the suitability of the environment for venture capital investments.en
dc.formattextcs
dc.format.extent335-344cs
dc.format.mimetypeapplication/pdfcs
dc.identifier.citationBusiness: Theory and Practice. 2016, vol. 17, issue 4, p. 335-344.en
dc.identifier.doi10.3846/btp.17.11129cs
dc.identifier.issn1648-0627cs
dc.identifier.orcid0000-0003-1764-0904cs
dc.identifier.other130271cs
dc.identifier.researcheridAAL-5760-2021cs
dc.identifier.scopus36976830900cs
dc.identifier.urihttp://hdl.handle.net/11012/204291
dc.language.isoencs
dc.publisherVGTU Presscs
dc.relation.ispartofBusiness: Theory and Practicecs
dc.relation.urihttps://journals.vilniustech.lt/index.php/BTP/article/view/8236cs
dc.rightsCreative Commons Attribution 4.0 Internationalcs
dc.rights.accessopenAccesscs
dc.rights.sherpahttp://www.sherpa.ac.uk/romeo/issn/1648-0627/cs
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/cs
dc.subjectventure capitalen
dc.subjectbusiness angelsen
dc.subjectstart-upsen
dc.subjectvaluationen
dc.subjectmodelen
dc.subjectbeta coefficienten
dc.subjectexternal determinantsen
dc.subjectmacroeconomic determinantsen
dc.titleValuing start-ups – selected approaches and their modification based on external factorsen
dc.type.driverarticleen
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen
sync.item.dbidVAV-130271en
sync.item.dbtypeVAVen
sync.item.insts2025.02.03 15:43:08en
sync.item.modts2025.01.17 18:45:42en
thesis.grantorVysoké učení technické v Brně. Fakulta podnikatelská. Ústav ekonomikycs
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