Staatliche Gründungsfinanzierung: Stand der Forschung und offene Fragen

Der Beitrag gibt einen Überblick über den Stand der Forschung zur staatlichen Gründungsfinanzierung, speziell in Deutschland. Dabei steht die Frage im Vordergrund, ob eine öffentliche Gründungsfinanzierung aus wirtschaftspolitischer Sicht zu rechtfertigen ist. Konkret werden vier Forschungsfragen untersucht. Die erste Frage lautet, ob Unternehmensgründungen für eine Wirtschaft überhaupt Nutzen stiften. Die zweite Frage lautet, ob auf dem Markt der Finanzierung von Gründungsunternehmen Unvollkommenheiten bzw. Marktversagen feststellbar sind. Die dritte Frage lautet, ob staatliche Maßnahmen der Gründungsfinanzierung einzelwirtschaftlich effektiv sind, dass sich also geförderte Unternehmen als erfolgreicher erweisen als nicht geförderte. Die vierte Frage lautet, ob eine staatliche Gründungsfinanzierung die angestrebten wirtschaftspolitischen Ziele zu den niedrigstmöglichen Kosten erreicht, also effizient ist. Die Antworten sind durchweg negativ und zeigen, dass die bisherige Forschung keine ausreichende Rechtfertigung für eine staatliche Gründungsfinanzierung bieten kann.

Definición de un nuevo modelo de negocio sostenible y aplicable a la nueva realidad de negocios y social para la convergencia de operadores de telecomunicación e Internet

La presente tesis analiza la integración del sector de las telecomunicaciones con los de TI y medios que conforman el actual hiper-sector de las TIC, para abordar una propuesta de valor que se plantea a dos niveles. Se expone de un lado, la iniciativa WIMS 2.0, que aborda los aspectos tecnológicos y estratégicos de la convergencia telco e Internet para, posteriormente, definir un nuevo modelo de negocio, que adaptado al nuevo sector integrado y siguiendo paradigmas inéditos como los que plantea la innovación abierta, permita generar nuevos flujos de ingresos en áreas no habituales para los operadores de telecomunicaciones. A lo largo del capítulo 2, el lector encontrará la contextualización del entorno de las comunicaciones de banda ancha desde tres vertientes: los aspectos tecnológicos, los económicos y el mercado actual, todo ello enfocado en una dimensión nacional, europea y mundial. Se establece de esta manera las bases para el desarrollo de los siguientes capítulos al demostrar cómo la penetración de la banda ancha ha potenciado el desarrollo de un nuevo sistema de valor en el sector integrado de las TIC, alrededor del cual surgen propuestas de modelos de negocio originales que se catalogan en una taxonomía propia. En el tercer capítulo se detalla la propuesta de valor de la iniciativa WIMS 2.0, fundada y liderada por el autor de esta tesis. WIMS 2.0, como iniciativa abierta, se dirige a la comunidad como una propuesta de un nuevo ecosistema y como un modelo de referencia integrado sobre el que desplegar servicios convergentes. Adicionalmente, sobre el planteamiento teórico definido se aporta el enfoque práctico que supone el despliegue del modelo de referencia dentro de la arquitectura de un operador como Telefónica. El capítulo 4 muestra el modelo de negocio Innovación 2.0, basado en la innovación abierta con el objetivo de capturar nuevos flujos de ingresos incrementando el portfolio de servicios innovadores gracias a las ideas frescas y brillantes de start-ups. Innovación 2.0 lejos de quedarse en una mera propuesta teórica, muestra sus bondades en el éxito práctico en el mercado que ha validado las hipótesis planteadas. El último capítulo plantea las líneas futuras de investigación tanto en el ámbito de la iniciativa WIMS 2.0 como en el modelo de Innovación 2.0, algunas de las cuales se están comenzando a abordar. 3 Abstract This thesis examines the integration of telecommunications sector with IT and media that make up the current hyper-ICT sector, to address a value proposition that arises at two levels. On one side, WIMS 2.0 initiative, which addresses the technological and strategic aspects of the telco and Internet convergence to later define a new business model, adapted to the new integrated sector and following original paradigms such as those posed by open innovation, which generates new revenue streams in areas not typical for telecom operators. Throughout Chapter 2, the reader will find the contextualization of the broadband communications environment from three aspects: technological, economic and the current market all focused on a national, European and world scale. Thus it establishes the basis for the development of the following chapters by demonstrating how the penetration of broadband has led to the development of a new value system in the integrated sector of the ICT, around which arise proposals of originals business models, which are categorized in a own taxonomy. The third chapter outlines the value proposition of the WIMS 2.0 initiative, founded and led by the author of this thesis. WIMS 2.0, as open initiative, presents to the community a proposal for a new ecosystem and an integrated reference model on which to deploy converged services. Additionally, above the theoretical approach defined, WIMS 2.0 provides the practical approach is provided which is the deployment of the reference model into the architecture of an operator such as Telefónica. Chapter 4 shows the Innovation 2.0 business model, based on open innovation with the goal of capturing new revenue streams by increasing the portfolio of innovative services thanks to the fresh and brilliant ideas from start-ups. Innovation 2.0, far from being a mere theoretical proposition, shows its benefits in the successful deployment in the market, which has validated the hypotheses. The last chapter sets out the future research at both the WIMS 2.0 initiative and Innovation 2.0 model, some of which are beginning to be addressed.

A proposal for a Business Framework targeted at emerging business services and applications

Un Service Business Framework consiste en una serie de componentes interrelacionados que permiten la gestión de servicios de negocio a través de su ciclo de vida, desde su creación, descubrimiento y comparación, hasta su monetización (incluyendo un posible reparto de beneficios). De esta manera, el denominado FIWARE Business Framework trata de permitir a los usuarios de la plataforma FIWARE mejorar sus productos con funcionalidades de búsqueda, describrimiento, comparación, monetización y reparto de beneficios. Para lograr este objetivo, el Business Framework de FIWARE proporciona la especificación abierta y las APIs de una serie de components (denominados \Generic Enablers" en terminología FIWARE), junto con una implementación de referencia de las mismas pueden ser facilmente integradas en los sitemas existentes para conseguir aplicaciones con valor a~nadido. Al comienzo de este trabajo de fin de master, el Business Framework de FIWARE no era lo suficientemente maduro como para cubrir los requisitos de sus usuarios, ya que ofrecía modelos demasiado generales y dejaba algunas funcionalidades clave para ser implementadas por los usuarios. Para solucionar estos problemas, el principal objectivo desarrollado en el contexto de este trabajo de fin de master ha consistido en mejorar y evolucionar el Business Framework de FIWARE para dar respuesta a las demandas de sus usuarios. Para alcanzar el pricipal objetivo propuesto, el Business Framework de FIWARE ha sido evaluado usando la información proporcionada por los usuarios de la plataforma, principalmente PyMEs y start-ups que usan este framework en sus soluciones, con el objetivo de obtener una lista de requisitos y de dise~nar a partir de éstos un roadmap de evolución a 6 meses. Después, los diferentes problemas identificados se han tratado uno por uno dando en cada caso una solución capaz de cubrir los requisitos de los usuarios. Finalmente, se han evaluado los resultados obtenidos en el proyecto integrando el Business Framework desarrollado con un sistema existente para la gestión de datos de consusmo energético, construyendo lo que se ha denominado Mercado de Datos de Consumo Energético. Esto además ha permitido demostrar la utilidad del framework propuesto para evolucionar una plataforma de datos abiertos bien conocida como es CKAN a un verdadero mercado de datos.---ABSTRACT---Service Business Frameworks consist on a number of interrelated components that support the management of business services across their whole lifecycle, from their creation, publication, discovery and comparison, to their monetization (possibly including revenue settlement and sharing). In this regard, the FIWARE Business Framework aims at allowing FIWARE users to enhance their solutions with search, discovery, comparison, monetization and revenue settlement and sharing features. To achieve this objective, the FIWARE Business Framework provides the open specification and APIs of a comprehensive set of components (called Generic Enablers in FIWARE terminology), along with a reference implementation of these APIs,, that can be easily integrated with existing systems in order to create value added applications. At the beginning of the current Master's Thesis, the FIWARE Business Framework was not mature enough to cover the requirements of the its users, since it provided too general models and leaved some key functionality to be implemented by those users. To deal with these issues, the main objective carried out in the context of this Master's Thesis have been enhancing and evolving the FIWARE Business Framework to accomplish with the demands of its users. For achieving the main objective of this Master's Thesis, the FWARE Business Framework has been evaluated using the feedback provided by FIWARE users, mainly SMEs and start-ups, actually using the framework in their solutions, in order to determine a list of requirements and to design a roadmap for the evolution and improvement of the existing framework in the next 6 months. Then, the diferent issues detected have been tackle one by one enhancing them, and trying to give a solution able to cover users requirements. Finally, the results of the project have been evaluated by integrating the evolved FIWARE Business Framework with an existing system in charge of the management of energy consumption data, building what has been called the Energy Consumption Data Market. This has also allowed demonstrating the usefulness of the proposed business framework to evolve CKAN, a renowned open data platform, into an actual, fully- edged data market.

Improving the role of equity crowdfunding in Europe's capital markets. Bruegel Policy Contribution Issue 2014/09, August 2014

Crowdfunding is a growing phenomenon that encompasses several different models of financing for business or other ventures. Despite the hype, equity crowdfunding is still the smallest part of the crowdfunding market. Because of its legal framework, Europe has been at the forefront of equity crowdfunding market development. Equity crowdfunding is more complex than other forms of crowdfunding and requires proper checks and balances if it is to provide a viable channel for financial intermediation in the seed and early-stage market in Europe. It is important to explore this new channel of funding for young and innovative firms given the critical role these start-ups can play job creation and economic growth in Europe. We assess the potential role of equity crowdfunding in the overall seed and early-stage financing market and highlight the potential risks of equity crowdfunding. We describe the current state of play in this nascent industry, considering both the innovations introduced by market operators and existing regulation. Currently in Europe there is a patchwork of national legal frameworks related to equity crowdfunding and this should be addressed in a harmonised way.

The globalization of angel investments. Bruegel Working Paper 2015/09, 1 September 2015

The last decade has seen a rapid expansion and deepening of the types of vehicles that fund start-up firms in the U.S. and worldwide. In particular, we have seen a growing role of angel groups and other more “individualistic” funding options for start-ups, such as super angels or crowd sourcing platforms. Authors seek to understand the nature and consequences of angel investments across a variety of geographies with varying levels of venture capital markets and other forms of risk capital. They ask whether angel investors improve the outcomes and performance of the start-ups they invest in. Furthermore we want to understand whether and how the types of firms that seek angel funding vary with the overall entrepreneurial ecosystem in a country. Authors examine the records of 13 angel investment groups based in 12 nations and with applicants for financing transactions from 21 nations, examining both the applicants that were considered and rejected and those that were funded. Key findings from the analysis are two-fold. First, angel investors have a positive impact on the growth of the firms they fund, their performance, and survival. Second, they find that the selection of firms that apply for angel funding is different across countries.

Essays on Entrepreneurship and Founder Pre-entry Knowledge

Thesis (Ph.D.)--University of Washington, 2016-06

Watch that space! The county hierarchy in firm births and deaths in the UK, 1980-1999

The paper investigates the relationships between registrations, de-registrations and population density at county level in the UK using VAT data for 20 years over the period 1980–1999. The rationale for this is based on the need to understand how the extent to which, in different parts of the UK, differences in the relationship between birth rates and death rates combine to produce an interpretable pattern in net birth rates. The analysis of the net birth rate shows that a strategy aimed at the net birth rate might, in principle, just as well aim at reducing business failure, rather than raising the birth rate. Indeed this might be more efficient, since it implies that less start-ups are ‘‘wasted’’ as it would avoid the necessity, if targets are to be reached, of encouraging those individuals who are patently unsuited to running their own business into business ownership.

Credit and collateral

Collateral - generally defined as an asset used to provide security for a lender's loan - is an important feature of credit contracts and all the available evidence suggests that its use is getting more pervasive. This informative book builds upon recent research into this topic. Sena analyses three case-studies that revolve around the impact that financial constraints have on economic outcomes. In the first case-study, the relationship between firms' technical efficiency and increasing financial pressure is explored. The author then goes on to show, in the second case study, that under specific circumstances, increasing financial pressure and increasing product market competition can jointly have a positive impact on firms' technical efficiency, while not being true for all types of firms. In the third case, she analyses the impact that finance constraints have on women's start-ups. Unique and revealing, this is the first book to deal so extensively with the topic of collateral, and as such, is a valuable reference to postgraduates and professionals in the fields of macroeconomics, monetary and business economics. © 2008 Vania Sena. All rights reserved.

The political economy of industry dynamics in China:a microeconomic investigation

Using a unique firm level data, this paper analyses the role of political connections in the post-entry performance of private start-up companies in China. It documents robust evidence that political affiliation enhances firms’ survival and growth prospects. But interestingly politically neutral start-ups enjoy faster productivity improvements conditional on survival.. We conclude that the close association between the state and a segment of the business community is leading to sub-optimal resource allocation in the economy by interfering with the process of market selection.

Entrepreneurship and the informal economy: a study of Ukraine's hidden enterprise culture

How many entrepreneurs start-up their business ventures conducting some or all of their trade in the informal economy? The aim of this paper is to answer this key question that has been seldom addressed using data from 600 face-to-face structured interviews conducted in Ukraine in late 2005 and early 2006. Analyzing the 331 entrepreneurs identified (i.e., individuals starting-up an enterprise in the past three years), just 10 percent operate on a wholly legitimate basis, while 39 percent have a license to trade and/or have registered their business but conduct a portion of their trade in the informal economy, and 51 percent operate unregistered enterprises and conduct all of their trade on an off-the-books basis. Given that some 90 percent of all business start-ups operate partially or wholly in the informal economy, and that 40 percent of all respondents depend on the informal economy as either their principal or secondary contributor to their livelihoods, the paper concludes by considering the wider implications of these findings both for further research and public policy.

Who creates the jobs?

Small business start-ups create most of the new jobs in our economy. It is an attractive argument to those who want governments to support small businesses. But is it true? Or are large firms the ones that generate most jobs? Michael Anyadike-Danes, Mark Hart and Karen Bonner examine a long-running and acrimonious dispute.

Red capitalists:political connections and firm performance in China

Using a unique firm level data, this paper analyses the role of political connections in the post-entry performance of private start-up companies in China. It documents robust evidence that political affiliation enhances firms' survival and growth prospects. But interestingly politically neutral start-ups enjoy faster productivity improvements conditional on survival. In addition, the benefits of political connections are largely confined to firms associated with local or top level governments, and they are more pronounced in capital-intensive industries. We conclude that the close association between the state and a segment of the business community is leading to sub-optimal resource allocation in the economy by interfering with the process of market selection.

Institutions and female entrepreneurship

This paper compares the impact of institutions on men and women’s decisions to establish new business start-ups between 2001 and 2006. We use data from the Global Entrepreneurship Monitor survey (GEM) which cover at least 2,000 individuals per year in each of up to 55 countries and have merged it with country-level data, from the World Bank, Economist Intelligence Unit, Polity IV and the Heritage Foundation. We find that women are less likely to undertake entrepreneurial activity in countries where the state sector is larger, but the rule of law is not generally found to have gender-specific effects. However, more detailed institutional components of discrimination against women, in particular, restrictions on freedom of movement away from home, make it less likely for women to have high entrepreneurial aspirations in terms of employment growth, even if their entry into entrepreneurial activities, including self-employment, is not affected by this.

Do institutions have a greater effect on female entrepreneurs?

This paper compares the impact of institutions on individual decisions to become entrepreneurs in the form of new business start ups by males and females across 44 developed and developing economies between 1998 and 2004. We test four hypotheses; that women are less likely to undertake entrepreneurial activity in countries where the rule of law is weaker; where the state sector is larger; where the informal financial sector is weaker and where the formal financial sector is weaker. We use data from the Global Enterprise Monitor survey (GEM) which covers at least 2,000 individuals annually in each of up to 44 countries, merged with country-level data, from the WB WDI and Heritage Foundation. We start with a spectrum of institutional variables and by utilizing factor analysis prior to regression estimation models, we are able to obtain results that are more robust and address multicollinearity between the institutional measures. We find that women are less likely to undertake entrepreneurial activity in countries where the state sector is larger, and demonstrate that this result applies to both high aspiration and low aspiration entrepreneurship. We also find that women benefit more from the larger informal financial sector.

Institutional environment, innovative entrepreneurial entry and venture capital financing

We analyse the determinants of high growth expectations entrepreneurial entry (HGE) using individual data drawn on working age population, based on the Global Entrepreneurship Monitor (GEM) surveys for the 1998-2004 period. Individual level explanatory variables are combined with country-level factors. Our results suggest that availability of venture capital and intellectual proper rights protection are strong predictors of HGE. In addition, we also find that innovative start-ups are associated with highest growth expectations in countries with extensive supply of venture capital and strongest intellectual property rights. Once we introduce venture capital, we detect no significant effects of other elements of financial systems on high-powered entry.