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Determinants of Valuation

Determinants of Valuation of Early-Stage High-Growth Start-ups
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Welcome!

You, as a practitioner, are invited to participate in this survey of determinants of early-stage high-growth start-up valuation. Approximately 200 people will be asked to rate the proposed value drivers in their level of impact to the value of an early-stage start-up, and weigh the categories against each other. It will take approximately 10 minutes to complete the questionnaire.

The determinants have been grouped in four Categories:
- People
- Technology
- Market dynamics
- Cash Flow


This questionnaire is part of a research project to understand valuation of early-stage high-grow start-ups. The findings from these questionnaires will be used as the main data set for my dissertation for the degree of Master in Business Administration at Henley Business School.

Your privacy is valued and respected:

Your survey responses will be strictly confidential and data from this research will be reported only in the aggregate. Your information will be coded and will remain confidential. If you have questions at any time about the survey or the procedures, you may contact Konstantin Prinz at +49 172 6103899 or by email at the email address specified below.

Your participation in this study is completely voluntary. There are no foreseeable risks associated with this project. However, if you feel uncomfortable answering any questions, you can withdraw from the survey at any point. Your responses are important in enabling me to obtain as full as an understanding as possible on this issue.

Thank you very much for your time and support. Please start with the survey now by clicking on the Continue button below.

[The project has been subject to ethical review in accordance with the procedures specified by the University of Reading Research Ethics Committee and has been given a favorable ethical opinion for conduct.]
 
 
 
 
Definitions
 
 
 
For the purpose this survey:

Early-Stage is referring to the NVCA's definition of seed-stage and early-stage combined:

“Seed stage – the state of a company when it has just been incorporated and its founders are developing their product or service.

“Early stage – the state of a company after the seed (formation) stage but before middle stage (generating revenues). Typically, a company in early stage will have a core management team and a proven concept or product, but no positive cash flow.”

(Source: NVCA Yearbook 2013)

Value refers to the total enterprise value for financial investment purposes.

Positive impact relates to how much this determinant is a driver of value
Negative impact relates to how much this determinant lessens value.
 
 
 
Category: People
 
 
In your professional opinion: How much positive impact does each of these determinants have on your valuation of an early-stage high-growth start-up?
very low low medium high very high no impact/not considered
* 1.1: founders' education
* 1.2: founders' past professional experience
* 1.3: founders' past start-up experience
* 1.5: founders' personality and values
* 1.6: co-founders' functional heterogeneity (difference in backgrounds)
* 1.7: co-founders' social heterogeneity (difference in backgrounds)
* 1.8: co-founders' prior professional relationships
* 1.11: clear co-founders' decision roles
* 1.12: at least one female co-founder
* 1.13: strategy for talent acquisistion
* 1.14: location in a regional cluster
* 1.15: interest aligned co-investors
 
 
In your professional opinion: How much negative impact does each of these determinants have on your valuation of an early-stage high-growth start-up
?
(very low would mean it lessens the value minimally, very high would mean it lessens the value considerably)
very low low medium high very high no impact/not considered
* 1.4: founders' high optimism
* 1.9: co-founders' prior social (not professional) relationships
* 1.10: co-founders' equal equity distribution
 
 
 
Category: Technology
 
 
In your professional opinion: How much positive impact does each of these determinants have on your valuation of an early-stage high-growth start-up?
very low low medium high very high no impact/not considered
* 2.1: disruptive technology
* 2.3: product/market fit
* 2.4: existing prototype
* 2.5: ease of use
* 2.6: go-to-market strategy
* 2.7: existing first customer
* 2.8: customer satisfaction
* 2.9: network effect
* 2.10: user generated data
 
 
In your professional opinion: How much negative impact does each of these determinants have on your valuation of an early-stage high-growth start-up?
very low low medium high very high no impact/not considered
* 2.2: difficulty of execution
 
 
 
Category: Market dynamics
 
 
In your professional opinion: How much positive impact does each of these determinants have on your valuation of an early-stage high-growth start-up?
very low low medium high very high no impact/not considered
* 3.1: market size
* 3.2: market momentum
* 3.3: market margins
* 3.4: identified window of opportunity
* 3.5: high barriers to entry
* 3.6: market underserved by incumbents
* 3.8: general economic cycle
 
 
In your professional opinion: How much negative impact does each of these determinants have on your valuation of an early-stage high-growth start-up?
very low low medium high very high no impact/not applicable
* 3.7: many new entrants
 
 
 
Category: Cash flow
 
 
In your professional opinion: How much positive impact does each of these determinants have on your valuation of an early-stage high-growth start-up?
very low low medium high very high no impact/not considered
* 4.2: existing assets
* 4.3: revenue model
* 4.5: high probability of a a liquidity event
* 4.6: Investors' control rights
 
 
In your professional opinion: How much negative impact does each of these determinants have on your valuation of an early-stage high-growth start-up?
very low low medium high very high no impact/not considered
* 4.1: burn rate
* 4.4: need for future financing
 
 
 
Weighing the Categories as contributors to total financial enterprise value
 
 
 
* In your professional opinion: How would you weigh the four categories against each other to determine the value of an early-stage high-growth start-up?
People
Technology
Market dynamics
Cash Flow
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Values must add up to 100
 
 
 
Optional statistical data to control for selection bias
 
 
 
For statistical reasons, please provide your Country:
   
 
Please state the company you work for and your name.
If you would like to get the results of this survey, please provide your email address.
Your personal data will neither be shared, nor published.
If you do not want to fill in these fields, just leave them empty and click continue to the end.
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Survey conducted for the MBA dissertation "Determinants of Valuation of Early-Stage High-Growth Start-ups" by Konstantin F. Prinz, Student at Henley Business School at University of Reading - [email protected]