Valuation of Early Stage High-tech Start-up Companies

被引:0
作者
Festel, Gunter [1 ,2 ]
Wuermseher, Martin [1 ]
Cattaneo, Giacomo [1 ]
机构
[1] Swiss Fed Inst Technol Zurich, Zurich, Switzerland
[2] Festel Capital, Fuerigen, Switzerland
来源
INTERNATIONAL JOURNAL OF BUSINESS | 2013年 / 18卷 / 03期
关键词
business valuation; discounted cash flow method; capitalisation rate; beta coefficient; venture capital; business angels;
D O I
暂无
中图分类号
F [经济];
学科分类号
02 ;
摘要
Valuating start-ups, especially at early stages, is a challenge given the lack of historical data and many uncertain factors about the future. This article presents a methodology for the valuation of early stage start-ups that we have proven in practice. The risk linked to a start-up is expressed through an individual beta coefficient as important component of the discounting factor within a discounted cash flow (DCF) valuation based on the data in a business plan. Core of this methodology is the development of an evaluation framework for the individual adjustment of the beta coefficient that is applicable to early stage start-ups. This was shown by applying the methodology to 16 early stage start-ups in the fields of biotechnology, nanotechnology, medical technology and clean technology, which provided an easy-to-handle and comprehensible comparison of different investment options for early stage investors.
引用
收藏
页码:216 / 231
页数:16
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