理解创业价值及其对创业生态系统的影响

Q4 Economics, Econometrics and Finance Journal of Business Valuation and Economic Loss Analysis Pub Date : 2022-02-01 DOI:10.1515/jbvela-2022-0020
Ramesh Menon, Leena James
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引用次数: 1

摘要

摘要初创企业通过引入新技术、突破性创新、创造就业机会等,在一个国家的经济增长中发挥着重要作用。几十年前,创业极其困难,但今天,世界各地每天都有新企业涌现。认识到创业公司的重要性,全球各国政府都在尽最大努力为创业公司提供一个蓬勃发展的氛围。尽管它的重要性和所有的支持,但启动失败率为90%;大约10%的创业公司在第一年失败,70%在两到五年内失败。创业热潮中出现了其他资金来源,如风险资本家、天使投资者等。这些投资者(风险资本家、Angel Investors等)通过提供方便的资金渠道,在创业成功中发挥了至关重要的作用,而资金对任何创始人来说都是关键和稀缺的资源。传统上,企业的成功与可持续盈利能力有关,但在初创企业界,定义成功的最常用方法是估值。根据CB Insights的研究,截至2022年1月,全球有900多家独角兽(估值超过10亿美元的初创公司),其中盈利的独角兽不到10%。很难解释/理解那些既不盈利也没有预见到在不久的将来盈利的初创公司如何比盈利稳定的传统企业估值更高。目前的估值方法已经影响了创业生态系统。如今,创始人在创业时考虑到了退出,创始人的重点是增长/规模,而不是盈利能力。有一种学派认为,这样的估值将很快导致创业泡沫的破灭,就像20世纪90年代末的网络泡沫一样。本文的重点是调查投资者用于初创企业估值的技术,以及这些技术如何影响初创企业生态系统及其创始人。本文着眼于投资周期的各个阶段,从种子到IPO或收购,了解每个阶段的估值过程,以及它如何影响生态系统中的所有利益相关者。
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Understanding Startup Valuation and its Impact on Startup Ecosystem
Abstract Startups play a substantial role in the economic growth of a nation, by introducing new technologies, ground-breaking innovation, creating jobs, etc. A couple of decades back, it was extremely difficult to start a business, but today new businesses pop up every day, all around the world. Recognizing the importance of a startup, governments across the globe are doing their best to provide an atmosphere where startups can bloom. Despite its importance and all the support, the startup failure rate is at 90%; about 10% of startups fail in the first year and 70% fail in two to five years. The startup boom saw the emergence of alternative sources of funding like Venture Capitalist, Angel Investors, etc. These investors (Venture Capitalist, Angel Investors, etc.) played a crucial role in startup success by providing easy access to funds which is a critical and scarce resource for any founder. Traditionally business success is linked with sustainable profitability but in the startup world most used method to define success is valuation. Based on CB Insights research, as of January 2022, there are more than 900 unicorns (startup with a valuation of over $1 billion) around the world and of these unicorns less than 10% are profitable. It’s difficult to explain/comprehend how startups’ which are neither profitable nor foresee profitability in near future are valued higher than traditional business with stable profitability. Current valuation methods have impacted the startup ecosystem. Today, founders start their business with exit in mind, the focus of founders is on growth/scale rather than profitability. There is a school of thought that believes that such valuations will soon result in the bursting of the startup bubble just like the dotcom bubble seen in late 1990s. The focus of this paper is to investigate the techniques used by investors for startup valuation and how these techniques are impacting the startup ecosystem and its founders. The paper looks at all stages of the investment cycle, from seed to IPO or takeover and understands the process of valuation at each stage and how it impacts all stakeholders in the ecosystem.
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来源期刊
Journal of Business Valuation and Economic Loss Analysis
Journal of Business Valuation and Economic Loss Analysis Economics, Econometrics and Finance-Finance
CiteScore
0.40
自引率
0.00%
发文量
3
期刊介绍: The Journal of Business Valuation and Economic Loss Analysis (JBVELA) is a refereed academic journal that publishes continuously throughout the year and is co-edited by Bradley Ewing and James Hoffman. The mission of the Journal of Business Valuation and Economic Loss Analysis is to improve the practice of business valuation, economic loss analysis, and risk management by helping to inform academics, practitioners, and attorneys about theoretical and practical developments in these fields.
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