How Factors in Capital Ecosystems are Perceived: A Case Study of Groningen

Papo, Max (2021) How Factors in Capital Ecosystems are Perceived: A Case Study of Groningen. Master thesis, Sustainable Entrepreneurship (SE).

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Abstract

The capital ecosystem in Groningen is underperforming, that is why we ask the question: Why is Groningen as a capital ecosystem underperforming according to startups and investors? We build on the capital ecosystem theory of Lerner, Leamon & Garcia-Roble, where different factors are embedded in the capital ecosystem. The factors (startups, investors, networks, partners, the legal and regulatory framework and exit sources) determine the extent to which the intensity and prevalence of investment are performing well. We apply a single case study in the capital ecosystem of Groningen. With semi structured interviews we gathered data among 8 startups and 8 investors. We found that the capital ecosystem of Groningen lacks three factors. First, there is a lack of diversity and quantity of capital. Most capital is coming from the same sources, there are few private investors, investor teams are not diverse and there are no investors with a sustainability-oriented focus. Our second finding is the lack of transparency. Startups want to know what to do, at which moment of growth. And our last finding is that the current style of investing is conservative. This means that investors are risk-averse, taking lots of equity or keeping startups in suspense.

Item Type:	Thesis (Master)
Name supervisor:	Kaus, J.
Date Deposited:	16 Sep 2021 08:25
Last Modified:	16 Sep 2021 08:25
URI:	https://campus-fryslan.studenttheses.ub.rug.nl/id/eprint/55

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