Sixth “Conference on the Dynamics of Entrepreneurship” at ZEW
Conferences
20.10.2025
International Researchers Discuss Current Findings on Entrepreneurial Dynamics and Innovations by Start-Ups
On 9 and 10 October 2025, the ZEW Research Unit “Economics of Innovation and Industrial Dynamics” hosted the sixth “Conference on the Dynamics of Entrepreneurship (CoDE)”. Three international keynote speakers from Harvard, Bristol and Turin universities, as well as four panellists provided exciting insights. A total of 50 international scientists presented and discussed their latest research findings. The conference, organised under the guidance of Professor Hanna Hottenrott, is among the most important academic gatherings in the research fields of entrepreneurship and business dynamics.
A great variety of topics were discussed in the 18 conference sessions organised. This included work on corporate dynamics and the performance of start-ups, digital transformation, financing young companies, regional aspects of entrepreneurship, and innovation activities. During breaks between sessions and at the conference dinner, researchers had the opportunity to exchange thoughts on their ongoing research projects.
Innovation and Survival Chances of Start-Ups
On the first day, Professor Orietta Marsili from the University of Bristol Business School, delivered a keynote on the development and survival chances of innovative start-ups. She referred to the groundbreaking insights of Schumpeter, who highlighted the need for the continuous renewal of economies through innovation in the corporate sector, also driven by start-ups. Orietta Marsili’s research demonstrates that introducing innovations increases the survival chances of start-ups, particularly during economic crises.
The Importance of Venture Capital Investors for Start-Ups
The second keynote was given by Professor Elisa Ughetto from the Politecnico di Turino. She discussed the significance of venture capital and business angel activities for the growth and success of start-ups. Her focus lay on the networking function of business angels, which helps innovative young firms gain access to additional financiers, customers and cooperation partners. Her research has also shown that social and sustainability considerations still receive too little attention in private investment decisions to have any substantial effect. Furthermore, Elisa Ughetto pointed out that the venture capital market remains dominated by men; women are not generally perceived as business angels and their expertise is often underestimated.
Successful, Fast-Growing Start-Ups: The Persistent Gap between the USA and Europe
In the third keynote, Professor Josh Lerner from Harvard Business School spoke on venture capital investments. He examined why Europe continues to lag behind the US and produces fewer fast-growing start-ups. Lerner argued that Europe still lacks the willingness of private actors to invest large sums in ambitious start-ups. Current EU funding programmes for growth finance were insufficient to attract the necessary venture capital. In the USA, institutional frameworks and tax incentives encouraged large, well-capitalised companies to support start-ups with radical innovation ideas. Lerner noted that Europe should adapt its market conditions to create stronger incentives for private investment in venture capital.
Panel Discussion on Academic Spin-Offs
The conference concluded with a panel discussion featuring perspectives from politics, business and research on the theme “Prospects and challenges for academic spin-offs in Germany”. Moderated by Hanna Hottenrott, the panel included Eva-Maria Markutzik (Mannheim Department of Economic Development), who presented the perspective of the Mafinex start-up centre. Kathrin Khadra (RYVER.AI) and Robert Dehghan (ISTARI.AI) shared their personal experiences and challenges as founders of new businesses. Jan Adam (KHAN Funds) provided insights into the difficulties of designing venture capital funding schemes for young businesses. The panellists emphasised the need to provide more venture capital for fast-growing start-ups in Germany. They highlighted the importance of networking with investors and fellow (potential) entrepreneurs and called for the topic of entrepreneurship to be introduced early to young people at school and university level.
