For a long period, the financing conditions for young innovative companies have been a research area of the ZEW research department “Economics of Innovation and Industrial Dynamics” in various studies. These studies lay a special focus on the financing of start-up projects through venture capital. This includes the engagement of private investors and business angels in young companies. The ZEW has already conducted several studies in cooperation with the BMWi on the extent of business angel activities in the early phase of companies, their distribution and the involved investment sums. Since those studies, the business angel environment has developed further. It is highly interesting to identify and evaluate the changes that have taken place in distribution, scope and structure. Therefore, a company survey is to take place in 2019 as part of the IAB/ZEW start-up panel.
Berger, Marius, Jürgen Egeln and Sandra Gottschalk (2020), Finanzierung von Unternehmensgründungen durch Privatinvestoren , Bundesministerium für Wirtschaft und Energie, Mannheim. Download