Analysis of the determining factors in the financing of start-ups

Identifier:  TFG:7596

Handle: https://hdl.handle.net/20.500.11797/TFG7596

Authors:  Garcia Torregrosa, Marc

Abstract:
This study investigates several factors that influence the attraction of funding in start-ups, including the impact of specific technologies, the type of sector, the company's market focus, size, geographic location or link with institutions. Data from 735 start-ups are analyzed to confirm whether these factors affect the probability and amount of funding received. The two-stage Heckman model is used for the econometric analysis. The results indicate that start-ups focused on consumers and those with a greater number of workers tend to be more attractive to investors. In addition, those located in Barcelona show a greater ease of attracting financing compared to other regions, especially Tarragona. In the technological and sectoral context, it has not been possible to demonstrate clear evidence on determining characteristics. On the other hand, spin-off companies linked to universities significantly increase the probability of receiving investment, although this does not necessarily translate into a greater amount of funding. These findings suggest that there are factors that can have a significant impact on attracting funding