Estudio Empírico de los Factores Relevantes en la Metodología de Valuación de Startups

Enrique Higuera

doi:10.29105/revin19.37-392

Authors

Enrique Higuera Externo

DOI:

https://doi.org/10.29105/revin19.37-392

Keywords:

startups, valuation, venture capital

Abstract

Startups present a challenge in valuation because they usually do not have financial or operational history and have characteristics that are unique. This study is focused on developing a comprehensive valuation model for startups that still do not generate income that includes qualitative factors that help venture capital investors to assign a value to them. For the development of the model, the most relevant qualitative factors of existing methodologies are taken into account, with the aim of comparing the results obtained with the different methods. It is concluded that the existing methodologies contain a high level of subjectivity, and the proposed model manages to reduce this through the incorporation of a greater number of factors

Downloads

Download data is not yet available.

References

Barry, C. (1994). New Directions in Research on Venture Capital Finance. Financial Management, 23(3), 3. https://doi.org/10.2307/3665617 DOI: https://doi.org/10.2307/3665617

Bednár, R. and Tarišková, N., 2017. Indicators of Startup Failure. International Scientific Journal "Industry 4.0", (5), pp.239-240.

Berger, E. S. C., & Köhn, A. (2020). Exploring the differences in early-stage start-up valuation across countries: an institutional perspective. International Entrepreneurship & Management Journal, 16(1), 327–344. DOI: https://doi.org/10.1007/s11365-018-0534-3

Berkus, D. (2016). After 20 years: Updating the Berkus Method of valuation. BERKONOMICS. https://berkonomics.com/?p=2752.

Brealey, R., S. Myers, and F. Allen. 2007. Principles of corporate finance. New York: McGraw Hill Higher Education.

Cohen, L., Diether, K., & Malloy, C. (2013). Misvaluing innovation. The Review of Financial Studies, 26(3), 635-666. https://doi.org/10.1093/rfs/hhs183. DOI: https://doi.org/10.1093/rfs/hhs183

Damodaran, A. (2001). The dark side of valuation: valuing old tech, new tech, and new economy companies (pp. 9 - 11). Estados Unidos: Prentice Hall PTR.

Damodaran, A. (2002). Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. John Wiley & Sons, 2002.

Damodaran, A. (2009). Valuing Young, Start-Up and Growth Companies: Estimation Issues and Valuation Challenges. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1418687 DOI: https://doi.org/10.2139/ssrn.1418687

Deloitte México. (2020). El fantástico ascenso de las startups. https://www2.deloitte.com/mx/es/pages/dnoticias/articles/unicornios-en-mexico-ascenso-de-startups.html.

Dhochak, M., & Doliya, P. (2019). Valuation of a startup: Moving towards strategic approaches. Journal Of Multi-Criteria Decision Analysis, 27(1-2), 39-49. https://doi.org/10.1002/mcda.1703 DOI: https://doi.org/10.1002/mcda.1703

Escartin, D., Marimon, À., Rius, A., Vilaseca, X., & Vives, À. (2020). Startup: Concepto y ciclo de vida. Contabilidad y Dirección, 30, 13–21.

Escobar-Pérez, J., & Cuervo-Martínez, Á. (2008). Validez de contenido y juicio de expertos: una aproximación a su utilización. Avances en medición, 6(1), 27-36.

Ferraz Cabrera, E. (2019). Venture Capital Valuation Methods: Challenges and Opportunities to Current Trends and Landscape (Master’s Degree). Universidad Pontificia Comillas - ICADE Business School, 6.

Ge, D., Mahoney, J.., & Mahoney, J. (2005). New Venture Valuation by Venture Capitalists: An Integrative Approach. University of Illinois at Urbana-Champaign, College of Business. http://citeseerx.ist.psu.edu/viewdoc/download;jsessionid=E025F466CB2565EFB88222E68B4777FF?doi=10.1.1.110.4282&rep=rep1&type=pdf

Gornall, W., & Strebulaev, I. A. (2017). Squaring venture capital valuations with reality. Journal of Financial Economics, 135(1), 120-143. https://doi.org/10.1016/j.jfineco.2018.04.015 DOI: https://doi.org/10.1016/j.jfineco.2018.04.015

Hongzhu Yao, Sulin Pang, Feiqi Deng, & Yongqing Liu. (2005). On the Development of American Venture Capital Industry: A Dynamic Evolutionary Process. Journal of Systems Science & Information, 3(2), 239–251.

Köhn, A. (2018). The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research. Management Review Quarterly: Systematic Literature Reviews, Meta-Analyses, and Replication Studies, 68(1), 3. https://doi.org/10.1007/s11301-017-0131-5 DOI: https://doi.org/10.1007/s11301-017-0131-5

Lee, A. (2013). Welcome to the Unicorn Club: Learning From Billion-Dollar Startups. https://techcrunch.com/2013/11/02/welcome-to-the-unicorn-club/

Marom, S., & Lussier, R. N. (2014). A business success versus failure prediction model for small businesses in Israel. Business and Economic Research, 4(2), 63. https://doi.org/10.5296/ber.v4i2.5997 DOI: https://doi.org/10.5296/ber.v4i2.5997

Miloud, T., Aspelund, A., & Cabrol, M. (2012). Startup valuation by venture capitalists: an empirical study. Venture Capital, 14(2-3), 151-169. https://doi.org/10.1080/13691066.2012.667907 DOI: https://doi.org/10.1080/13691066.2012.667907

Mongrut, S., & Juárez, N. (2018). Valuation of Start-ups: A Behavioral and Strategic Perspective. Revista Mexicana De Economía Y Finanzas, 13(3), 419-439. https://doi.org/10.21919/remef.v13i3.314 DOI: https://doi.org/10.21919/remef.v13i3.314

Montani, D., Gervasio, D., & Pulcini, A. (2020). Startup Company Valuation: The State of Art and Future Trends. International Business Research, 13(9), 31-40. https://doi.org/10.5539/ibr.v13n9p31 DOI: https://doi.org/10.5539/ibr.v13n9p31

Naranjo, G. F. (2009). La financiación empresarial y la industria del capital de riesgo: estructura y conceptos. Revista Escuela de Administración de Negocios, (66), 31-65. DOI: https://doi.org/10.21158/01208160.n66.2009.472

Ohio TechAngels (2013). http://www.ohiotechangels.com/.

Payne, B. (2019). Scorecard Valuation Methodology (Rev 2019): Establishing the Valuation of Pre-revenue, Start-up Companies. Angelcapitalassociation.org. https://www.angelcapitalassociation.org/blog/scorecard-valuation-methodology-rev-2019-establishing-the-valuation-of-pre-revenue-start-up-companies/.

Prinz, Konstantin, Determinants of Valuation of Early-Stage High-Growth Start-Ups (October 23, 2013). http://dx.doi.org/10.2139/ssrn.2398567 DOI: https://doi.org/10.2139/ssrn.2398567

Rahardjo, D., & Sugiarto, M. (2019, March). Valuation model using a mixed real options method: a review on Singapore and Indonesia digital startups. In 16th International Symposium on Management (INSYMA 2019) (pp. 9-12). Atlantis Press. https://doi.org/10.2991/insyma-19.2019.3 DOI: https://doi.org/10.2991/insyma-19.2019.3

Rismadhanti, R. (2019). Seed Capital Financing Valuation of Data Analyst Start-Up Case Study: SMART.

Ruhnka, J., & Young, J. (1991). Some hypotheses about risk in venture capital investing. Journal Of Business Venturing, 6(2), 115-116. https://doi.org/10.1016/0883-9026(91)90014-5 DOI: https://doi.org/10.1016/0883-9026(91)90014-5

Saaty, T. L. (2008). Decision making with the analytic hierarchy process. International Journal Of Services Sciences, 1(1), 83. https://doi.org/10.1504/ijssci.2008.017590 DOI: https://doi.org/10.1504/IJSSCI.2008.017590

Shehab, M. (2020). Exploring the Determinants of Startup Valuation and Appropriate Valuation Techniques: A Theoretical Approach. http://dspace.uiu.ac.bd/handle/52243/1774

Sivitska, Y. (2018). Features of valuation of startup companies. Economic Scope, 0(132), 163-172. https://doi.org/10.30838/p.es.2224.240418.1 DOI: https://doi.org/10.30838/P.ES.2224.240418.163.60

Skalicka Dusatkova, M., & Zinecker, M. (2016). Valuing start-ups – selected approaches and their modification based on external factors. Verslas: Teorija Ir Praktika, 17(4), 1. https://doi.org/10.3846/btp.17.11129 DOI: https://doi.org/10.3846/btp.17.11129

Sun, K. (2011). In and Around Language: What's Up with "Startup"?. The Harvard Crimson. https://www.thecrimson.com/article/2011/11/17/startup-language-idea/.63.60