Financing Entrepreneurial Ventures
Georg Licht
Centre for European Economic Research (ZEW)
Industrial Economics and International Management
Mannheim
Economics of Entrepreneurship and Self-Employment
April 29, 2009
Outline

Some examples of startups in high tech

How are entrepreneurial ventures financed?

Business Angels

Venture Capital

Banks

Start-up activity in High-tech Sectors in Germany

Literature
Miltenyi
Biotech firm in Bergisch Gladbach
Leading firm in magnetic cell separation („MACS technology) and cell
analytics & measurement.
• Started in 1989
• Spin-off from University of
Cologne, Institute for Genetics
(Prof. Andreas Radbruch)
• Founder: Stefan Miltenyi
(Ph.D. in Physics)
• Today: 1100 employees
• Locations: Bergisch Gladbach,
Teterow, Boston (and in more
then 10 other countries
• Financing: Venture capital
The autoMACS™ Separator and the autoMACS Pro Separator are benchtop
automated magnetic cell sorters for the isolation of virtually any cell type from
any species based on the renowned MACS® Technology
Metaio








Leading in development of Augmented Reality Technology.
Unique software platform to combine interaktiv solutions and
application in mixed real and virtual worlds
Application: Marketing (e.g. furniture, cars,..), automation,
factory planing,
Application possible via internet, mobile phones, PCs, ..
Started in 2003 in Munich
Spin-off from Munich Technical University
Today: 50 employees
Sales and development units in San Francisco and Seoul
Financing: Cash flow and founding teams equity +
government R&D money
COPS
The Anatomy of a Large-Scale
Hypertextual Web Search Engine
Sergey Brin and Lawrence Page
{sergey, page}@cs.stanford.edu
Computer Science Department, Stanford University, Stanford, CA 94305
Academic citation literature has been applied to the web, largely by counting citations or
backlinks to a given page. This gives some approximation
of a page's importance or quality.
Abstract
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assearch
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efficiently and produce much more satisfying search results than existing systems. The
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Based on this information would you invested in these two PhD
800K US $? (so that the paper will be transformed into a
workable program and a firm to commercialize this program?
Financial Constraints
• Asymmetric Information:
Entrepreneur and financing institutions (Banks, Private Equity,
Venture capital, Individuals) face different sets of information
about the technology, market, market development, etc. („ex
ante“)
• Moral Hazard:
Entrepreneur‘s behaviour can not be observed fully (after the
financing contract) or change her behaviour („ex ante“)
• How to overcome these problems?
How are young ventures financed?
Use of External
Sources of Finance
Share of firm
Contribution of source
Häufigkeitsanteil
Volumenanteil
using
source
to volume
of financing
33,6
36,8
37,3
Bank overdraft / ShortKontokorrentkredit
term bank loan
52,7
Längerfristige
Long termBankdarlehen
bank loan
43,3
3,9
1,5
2,7
14,1
17,0
27,2
2,6
6,6
6,1
46,8
46,9
52,3
5,4
12,3
8,2
18,5
11,3
4,1
Business Angels, Private Equity,Beteiligungskapital
Venture capital
17,4
22,2
5,4
2,4
0,0
1,6
0,9
0,0
0,5
14,2
9,4
7,0
Other external
Sonstigesources
Quellen
0%
KfW/ZEW: Start-up Panel 2008
13,2
13,6
14,5
5,9
5,6
3,0
Zuschüsse
der Bundesagentur
für Arbeit
Federal labour
office (startup
from unemployment)
STW
& HTW
HT-Manufact.
47,0
24,1
9,2
17,7
Mittel von Family
Verwandten,
Freunden
etc.
& friends
(& fools)
Mezzanine-Kapital
Mezzanine
loans
17,6
22,2
27,5
Förderdarlehen
derKfW
KfW
Loan from
Förderdarlehen
der local
Förderinstitute
der banks
Länder
Loan
government
18,3
14,9
11,7
30%
20,6
6,7
4,0
60%
TDL & Software
HT-Service/Software
90% 0%
30%
60%
Nicht High-Tech
NonHighTech
- industries
90%
Stage of Company Development
Seed:
The idea/concept stage. Company proves a concept and
qualifies for start-up capital.
Start-Up:
Company completes product development and initial
marketing.
Early Stage:
Expansion of company that is producing and delivering
products or services.
Expansion:
Product or service is in production and commercially
available. The company demonstrates significant revenue
growth, but may or may not be showing a profit.
Later:
Product or service is widely available. Company is
generating ongoing revenue; probably positive cash flow. It
is more likely to be, but not necessarily profitable.
Demand for External Funds
and Company Development
Stage
Pre-Seed
Source
Owner/
Demand
Government
25K €
Seed / Start-up
FFF/
Government
100K €
Supply
Lack of
information /
Matching
Angels
500K €
Equity
Gap
Early
Later
Venture Funds
2000K €
Capital gap
Distribution of Financial Resources Used
Young Hightech-Firms in Germany 2007
2001/2002
2001/2002
2005/2006
Cohort 2000/20016,1
2,1
5,2
6,1
2,1
5,2
Cohort 2005/2006
6,0
1,9
1,5
7,6
4,0
1,9
1,5
4,0
5,8
43,2
15,4
15,4
65,7
65,7
35,8
Cashflow
Banks
Owner
Public support
Owner
Public support
Cashflow
Family
& Friendes
Banks
Others
Family & Friendes
Others
Owner
Outside
equity
Public support
Outside equity
Family & Friendes
Others
Out
Financial structure of firms with outside
equity
- Average values for startups with outside equity from 2005-2006 cohort Founders
resources
Others
Public
Third parties
24%
subsidies
4%
Banks
Family &
Friends
4%
thereof
43%
Cashflow
22%
Financial structure of firms with outside equity
- Average values for startups with outside equity from 2005-2006
cohort Other outside
Founders
9%
resources
9%
Others
Third parties
24%
4%
6%
Öffentliche
Institutionen
4%
22%
thereof
74%
43%
Public
money
Sonstige
Investoren
Other
enterprises
VC
Andere
Unternehmen
Private investors
VCGesellschaften
Privatinvestoren
Business Angel Finance
Business Angels

Rich individuals

Investing their own money

Aiming at profit

By investing in small companies not listed at a stock
exchange

No family ties

(sometimes philanthropic motivation)

Investing in seed and early stages

Investment size: 100k Euro to 500k Euro (as a rule)
Business Angels in Germany
compared to Anglo-Saxon Countries

Lacking reliable data: Estimates based on previous literature
 0,197% of GDP in USA
 0,17% of GDP in UK
 0,03% of GDP in Germany

But tentative:
 Much smaller supply in Germany
 BA in Germany are richer individuals
 BA in Germany more risk-averse
 BA in Germany less experienced
 Relation between VCs and BAs
Definition of Firms with Equity Financing by
Private Investors & Business Angels
Private Investors: Individuals investing in young firms (incl.
Investments via BA Fonds or BA networks)
Business Angels: Private Investors providing money and
additional support services for their portfolio
companies
Firm management values the support as
„helpful“
(Advice, Contacts, Infrastructure, Administration, R&D,
Production, ..)
Role of Business Angels & VC
in financing HT-Start-ups
VC
Hightech-Startups
Alle
Unternehmens2,5% gründungen
5%
BA-financed firms
17700 startups in
Hightech-sectors =
3%
Share of high-tech firms having these types of financing
7% of all
Firms with passive, private
Investors
Source: ZEW-Survey 2007
BA-Financing in Germany

About 5% of HT-Startups have BA financing (+ 3% with equity by
„passive“ private investors)
More important for university spinoffs (9%)

Average 1,9 BA per portfolio firm

BAs invest in early stages (41% during year of start-up,
even 7% before start-up);
But also investment in expansion phase
(31% invested 3 years after start-up or later)

Average investment size 100 000. € (Median 30 000 € ) per firm.
HT sector receives in 2005 about 190 Mio. € (0,0085% BIP)

Average share of BA: 26% of total equity
Quelle: ZEW-Hightech-Gründungspanel 2007
Business Angels Estimating the number of BAs in Germany

Number of Hightech-firms
with BA equity (2001-2005)
3700
BA financed firms founded in
1998-2000 and 2006
6700-7000
-
Firms where BA existed
5500-5750

From number of firm to number of BAs
+
o 1,9 BA per firm
o 80% of BA investments are in
Hightech
o Each BA holds 4 investments
Number of active BAs
Quelle: ZEW-Hightech-Gründungspanel 2007; Brettel et al. (2000); Business Angels Panel (2007)
2700-3400
Which firms are typically financed by BAs?

Human capital of founding team is significantly larger
(65% vs. 48% have university degrees).

Firms found by a team

University spin-offs und R&D intensive firms

BA portfolio companies utilized more often technologies
developed by founders or develop in-house, hold patents and
have a larger share of sales with new products

Difference between BA-financed and companies financed by
other private investors are smal (similar selection criteria of
both groups)
Support by Business Angels
Areas of support by BAs
Coaching / Advice
Contacts, networking
Infrastructure /
facilities
Member of board
Commercial areas
(e.g. book keeping)
Deeply involved
Involved
Production / R&D
Slightly involved
Hardly involved
0%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100
%
as share of firms with equity holding by BAs
Multiple answers possible
Source: ZEW HT Survey
How portfolio companies
value the support by BAs?
Coaching / Advice
Very helpful
Helpful
Partly helpful
Contacts, networking
Infrastructure / facilities
Member of board
Commercial areas (e.g. book keeping)
Production / R&D
0%
20%
40%
60%
80%
100%
as share of firms with equity holding by BAs
Remark: These are conditional probabilities because only those firms are considered which have received some „slight support“ in these areas.
Source: ZEW HT Survey 2007
How BAs and portfolio find each other?
Share of firms by means of type of search and investor
(only firms where contact lead to investment
Aktive Search
By chance
BA-financing
27%
73%
Other private
investors
40%
60%
Total
31%
69%
Average duration of search:
<= 1 month for 50% of private investors
<= 1 month for 35% of BA portfolio companies
Who was helpful in finding a private investor?
The contact resulted to …
resulted from …
Business Angels
Passive,
private investor
By aktive By chance
Search
By aktive
Search
By chance
private contacts
89%
95%
95%
96%
BA networks
12%
1%
8%
0%
Chamber of commerce /
start-up or technology centres
4%
2%
2%
1%
Business plan competitions /
entrepreneurship competitions
9%
8%
11%
1%
Special entrepreneurship fairs /
conferences / professional meetings
2%
10%
8%
0%
Internet
7%
n.v.
8%
n.v.
Others
13%
6%
7%
3%
Multiply answers possible
Source: ZEW HT Survey 2007
Success probability for various channels?
0%
10%
20%
30%
40%
50%
60%
Private contacts
B.plan competiton etc.
Fairs for entrepreneurs
BA networks
Internet
Chamber of Commerce / Technology centre
aktive Suche
zufälliger Kontakt
Others
Relation between contract points, which turned into an equity investment,
and all contact points tried to receive an investment
Slource: ZEW-HAT survey 2007
Why no agreement with BAs is reached?
No money needed
Pers. Differences
Existing founders
Business plan
Insufficient growth potential
Too risky
Source: ZEW-HAT Survey 2007
Multiple answers possible
Inkompetence of investor
Investment size
Too large share is demanded
No agreement about conditions
Other reasons
0%
5%
10%
15%
20%
25%
30%
35%
Share of enterprises having contract with a potential private investor
Venture Capital Financing
A Typical VC Fund
€
Expertise
General Partner
(VC Firm)
1% of Capital
2.5% Mgmt. Fee
20% Carry
€
€ €
Starter A
Highflyer A
Starter B
Profitable exit B
Starter C
No gain C
Starter D
Total loss D
€
Limited Partners
99% of Capital
80% Carry
How VCs Overcome Problems Resulting from
Asymmetric Information and Moral Hazard

Careful and extended due diligence / Highly selective

Staggered contracts / multiple round of financing

Milestone payments

Hands-on management

Specific governance rights
(e.g. right to dismiss CEO)

Involvement in board

Fix income (e.g. management fee) + residual claim
Size of VC Market in Selected Countries
VC / BIP (in %)
10
USA
9
Großbritannien
Deutschland
8
Frankreich
7
Japan
6
5
4
3
2
1
0
1995
1996
1997
Source: EVCA 2006; NCVA 2006
1998
1999
2000
2001
2002
2003
2004
2005
Venture Capital Market in Germany
Share of Segments in Total VC Investments in %
2000
1995
2005
Seed
12,27
4,36
0,52
23,78
15,99
49,39
38,34
79,65
Seed
Source: BVK 2006
75,70
Expansion
Start-ups
Startup
Wachstum
Banks and Financing of SMEs
Dominance of Loans
- Explanations from the Supply Side 
“Relationship-Banking”:
 “Drei-Säulen-Modell” (“Three-pillar-model”)
 Strong regional anchorage
 Information asymmetries and “Hausbank”-principle
 Traditionally: pricing of loans not risk adequate

Accentuation of creditor protection in the German
insolvency-law
Dominance of credit financing
- Explanations from the Demand Side 

Size-related restrictions regarding certain financing options
Low diversification: business-cycle-related fluctuations and
fluctuations in the payback potential

Fiscal treatment of loans vs. equity

Outstanding position of the entrepreneur-personality
 Accentuation of operative business vs. financing-
management
 Comparable low knowledge of financing-issues in
medium-sized companies
 No systematic analysis of financing alternatives
 High preference in the entrepreneurial freedom of
decisions
Financing in medium-sized companies




In the view of medium sized entrepreneurs, the
situation of financing has been impaired
significantly since 2000
Banks ask for more equity-capital, more securities
/ collaterals and more information
Higher costs of loans and risk-related pricing
Banks are stronger oriented towards the current
business situation
Growth rate
(quarter with respect to previous year‘s quarter
New Loans to Companies in Germany
Investment by
companies
New loans
Stock of loans
Source: KfW 2009: Kreditmarktausblick
Changing Behaviour of the Banks

Internationalization of the banking sector / integration of
financial markets
 In international comparison, the Return on equity of (business-)
banks in Germany is low
 Fall of “Gewährträgerhaftung” and modification of “Anstaltslast”
 High competition in Germany / comparatively small size of the
banks / comparatively low concentration in the banking sector

Burden of the profit situation by high depreciation

Deterioration of the banks’ profit situation

Changes in the bank’s risk-management
 Spread of Rating-systems
(stronger selection of the granting of credits in order to raise
profitability and “Basel II”)
Changing Bank Regulation

BASEL II
 Minimum requirements (Loan to equity ratio)
 Screening process of banking supervision
 Reinforcement of market discipline

Fall of “Anstaltslast” and “Gewährträgerhaftung” for
“Sparkassen” (public savings banks) from 2005
 Old regulation is applied for liabilities before 7/2001
 For liabilities between 7/2001-/2005 only if the credit
maturity does not last up to the year 2016
Indications of changes of bank behaviour
Companies with difficulties in the raising of credits
more securities
request for disclosure (business figures)
request for documentation (project)
problems to get credits still at all
long procedures
higher interest rates
detoriation of business climate
0%
10%
20%
30%
40%
50%
60%
Source: KfW (2006) – Unternehmensfinanzierung: Banken entdecken den Mittelstand neu
70%
Reasons for the refusal of the credit request
Companies with refusal
inadequate securities
equity capital share of the company is too low
changed business policy of the bank
rentability of the company is too low
investment-plan has too high risks
formal presentation was not convincing
the content of the investment-plan was not convincing
0
10
20
30
40
50
Source: KfW (2006) – Unternehmensfinanzierung: Banken entdecken den Mittelstand neu
60
Consequences for SMEs

Raise of the share of equity capital

Active financing-management

Improve information policy towards the “Hausbank”


Exploit the high supply side competition on the
German loan market
Alternatives to the bank loans (in specific situations)
 Venture capital
 Mezzanine
 New financing-instruments
(Factoring, Asset backed securities)
Further Reading
RECOMMENDED
 Gompers, P. And J. Lerner (1999), The Venture Capital Cycle, MIT Press: Boston
 Freear, J., Sohl, J. and Wetzel, W., 1994, Angels and non-Angels: are there differences?,
Journal of Business Venturing, 9, 85-94.
 UN Economic Commission For Europe (2007), Financing Innovative Development. Comparative
Review of the Experiences of UNECE Countries in Early-Stage Financing, New York and Geneva.
 Shane, Scott (2008), The Illusions of Entrepreneurship – The Costly Myths that Entrepreneurs,
Investors and Policy Makers Live By, Yale University Press: New Haven. (esp. chapter 5: How are New
Businesses Financed?)
 Gorman/Sahlman (1989): What do Venture Capitalists do? in: Journal of Business Venturing, 4. Jg., S.
231-248
ADDITIONAL LITERATURE
 Homepage des BVK (www.bvk-ev.de)
 Vise, David A., Mark Malseed (2005), The Google Story – Inside the Hottest Business, Media and
Technology of Our Times, Delacorte Press/Random House: New York. .
 Sahlman (1990): The Structure and Governance of Venture-Capital Organizations, in: Journal of
Financial Economics, 27, 473-521.
 Brettel, M. (2003): Business Angels in Germany: a research note, in: Venture Capital, 5, 251-268.
 Kaplan, S. and Zingales, L. (1997) ‘Do investment - cash flow sensitivies provide useful measures of
financing constraints?’, Quarterly Journal of Economics 112, 169-216.
 Hubbard, R.G. (1998): ‘Capital-Market Imperfections and Investment’, Journal of Economic Literature,
36, 193-225.
The End
Thanks for your attention
Gründungen insgesamt
Gründungen mit Marktneuheiten
Main
Reason
to
Start
a
New
Firm
0,6%
1,5%
0,1%
2,2%
8,4%
Gründungen
Marktneuheiten
Startups
withmitmarket
novelty
All startups
12,8%
Gründungen insgesamt
2,2%
7,5%
0,6%
8,4%
1,5%
0,1%
30,1%
12,8%
7,5%
30,1%
9,5%
43,0%
16,9%
9,5%
43,0%
16,9%
8,5%
8,5%
22,5%
22,5%
Being his ownarbeiten
master
selbstbestimmt
selbstbestimmt
arbeiten
Ausnutzen
einer
Marktlücke
Exploitation
of aentdeckten
new market
(niche)
Ausnutzen
einer
entdeckten
Marktlücke
Ausw
aus
Arbeitslosigkeit
Wayeg
out
of unemployment
Ausw
eg
aus
Arbeitslosigkeit
steuerliche Anreize
Utilising favourable
steuerliche
Anreize tax treatment
36,5%
36,5%
Umsetzung
einer
konkreten
Geschäftsidee
Commercialisation
of new
business
model/idea
Umsetzung
einer konkreten
Geschäftsidee
keineopportunity
alternativeinunselbstständige
No other
the labour
marketBeschäfti
keine
alternative
unselbstständige
Beschäftigung
Forcierung durch ehemaligen Arbeitgeber
Forced bydurch
previous
employer
Forcierung
ehemaligen
Arbeitgeber
KfW/ZEW: Start-up Panel 2008
Econometric Evidence for
Financial Constraints





Modigliani-Miller theorem: In the absence of taxes,
bankruptcy costs, and asymmetric information, and in an
efficient market, the value of a firm is unaffected by how a
firm is financed.
Variety of explanation why MM does not hold
Hence: Search for evidence that (free) cash-flow has an
impact on size and structure of investments of firms (e.g.
R&D)
Regression-based evidence is available for a large number
of countries
SMEs & young companies are more restricted
Development of Seed Stage Investments
Mill. Euro (inflation adjusted)
400
350
4000
Seed
Großbritannien (linke Skala)
Deutschland (linke Skala)
300
3500
3000
Frankreich (linke Skala)
250
2500
USA (rechte Skala)
200
2000
150
1500
100
1000
50
500
0
1995
1996
1997
1998
Source: EVCA 2006; NCVA 2006
1999
2000
2001
2002
2003
2004
0
2005
Development of Start-up Stage Investments
Mill. Euro (inflation adjusted)
3000
30000
Großbritannien (linke Skala)
2500
Deutschland (linke Skala)
25000
2000
Frankreich (linke Skala)
USA (rechte Skala)
20000
1500
15000
1000
10000
500
5000
0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
0
2005
Development of Expansion Stage
Investments
Mill. Euro (inflation adjusted)
7000
70000
Großbritannien (linke Skala)
6000
Deutschland (linke Skala)
Frankreich (linke Skala)
5000
60000
50000
USA (rechte Skala)
4000
40000
3000
30000
2000
20000
1000
10000
0
1995
1996
1997
1998
Source: EVCA 2006; NCVA 2006
1999
2000
2001
2002
2003
2004
0
2005
High-tech Start-ups in Germany
Definition of Hightech Industries
Cutting
Edge
-Pharma
-Biotech
-Spec. Chemisty
-Electronics
-Control tech.
-Automation
-Telecom
R&D intensive
Industries
-Chemistry
-Mechanical I.
-Engineering
-Automotive
-Consumer Elec.
-Medical devices
Knowledge intensive Services
-Telecom services
-R&D services
-Software
-Information services
-Technical consulting
-Technical labs
16.000 (86,9%)
1.500 (8,2%)
900 (4,9%)
Estimated number of annual start-ups
Startups in these industries = 7% of all start-ups
Definition of Hightech Industries
Cutting
Edge
R&D intensive
Industries
-Pharma
-Chemisty
-Biotech
-Mechanical I.
-Spec. Chemisty
-Engineering
-Electronics
-Automotive
ICT-Hardware
-Control tech.
-Consumer Elec.
30%
-Automation
-Medical devices
-Telecom
900 (4,9%)
1.500 (8,2%)
Knowledge intensive Services
-Telecom services
-R&D services
-Software
Software
-Information
services
-Technical consulting
25%
-Technical labs
16.000 (86,9%)
Estimated number of annual start-ups
Evolution of the Number of Startups in Germany
1995 – 2007
130
120
Alle Branchen
Index 1995 =
100
High-Tech insgesamt
110
100
90
80
70
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
2007 vorläufig
Source: ZEW 2008: Mannheim Enterprise Panel
Evolution of the Number of Startups in Germany
1995 – 2007
120
High-Tech insgesamt
110
High-Tech-Dienstleistungen
Index 1995 =
100
100
High-Tech-Industrie
90
80
70
60
50
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
2007 vorläufig
Source: ZEW 2008: Mannheim Enterprise Panel
Evolution of the Number of Startups in Germany
1995 – 2007
180
High-Tech insgesamt
IKT-Software
IKT-Dienstleistungen
IKT-Hardware
Index 1995 =
100
160
140
120
100
80
60
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
2007 vorläufig
Source: ZEW 2008: Mannheim Enterprise Panel
Share of fast growing enterprises
- Manufacturing & construction Cohort 1998
1,20%
1,00%
0,80%
0,60%
0,40%
0,20%
0,00%
1999
2000
Total
2001
Manufacturing
2002
Construction
2003
2004
R&D-intensive manu
2005
2006
Other manu
Share of firms born in 1998 having more than 100 employees
Source: ZEW 2008: Mannheim Enterprise Panel
Share of fast growing enterprises
- Service sectors Cohort 1998
1,20%
1,00%
0,80%
0,60%
0,40%
0,20%
0,00%
1999
Total
Telecom
2000
2001
2002
Business Services
Tech. Services
2003
2004
Consumer services
2005
2006
Wholesale/Retail
Other services
Share of firms born in 1998 having more than 100 employees
Source: ZEW 2008: Mannheim Enterprise Panel
Share of fast growing enterprises
Share of firms born in 1998 having more than 100 employees
Cohort 1998
1,20%
1,00%
0,80%
0,60%
0,40%
0,20%
0,00%
1999
2000
Total
2001
Manufacturing
2002
Construction
Cohort
1998
2003
2004
R&D-intensive manu
2005
2006
Other manu
1,20%
1,00%
0,80%
0,60%
0,40%
0,20%
0,00%
1999
Total
Telecom
2000
2001
2002
Business Services
Tech. Services
2003
2004
Consumer services
Other services
2005
2006
Wholesale/Retail
Hannover
Number of Start-ups
Berlin
Hamburg
Hamburg
Köln
Köln
Hannover
Hannover
Berlin
Berlin
Leipzig
Köln
Leipzig
Köln Jena
Jena
Nürnberg
Nürnberg
Leipzig
Frankfurt
Stuttgart
Leipzig
Jena
Jena
Frankfurt
Nürnberg
Nürnberg
Stuttgart
München
Frankfurt
Frankfurt
Stuttgart
Stuttgart
München
Hightech Services
Hightech Manufacturing
Berlin
München
München
Ein Punkt entspricht einem Ein
Unternehmen
Punkt entspricht zehn Unternehmen
Ein Punkt
entspricht
Spitzentechnik
Ein Punkt entspricht
zehnDienstleistungen
Unternehmen
Cutting
edge einem Unternehmen Technologieintensive
Non-IT-Hightech
Services
Spitzentechnik
R&D intensive Industries
Hochwertige Technik
Hochwertige Technik
Technologieintensive
Dienstleistungen
ICT
Services
Source: ZEW 2008: Mannheim Enterprise Panel
Hardware/
Software
Hardware/ Software
No. Start-ups
per population
(16-65 years)
Technologieintensive Dienstleistungen
Spitzentechnik
Hamburg
Hamburg
Hannover
Hannover
Cutting edge
Köln
Köln
Leipzig
Leipzig
Jena
Jena
Nürnberg
Frankfurt
Nürnberg
Hightech Services
Berlin
Berlin
Frankfurt
Stuttgart
Stuttgart
Intensität um mehr als 50 % unter Bundesdurchschnitt
Intensität um mehr als 25 % unter Bundesdurchschnitt
München
Bundesdurchschnitt
München
Intensität
um mehr
als 50 %50%
unterbelow
Bundesdurchschnitt
Start-up
intensity
average
Intensität
um mehr
als 25 %
über Bundesdurchschnitt
Start-up
intensity
25%
above average
Start-up
intensity
average
Intensität
um mehr
als 25 %25%
unter below
Bundesdurchschnitt
Start-up
intensity
above average
Intensität
um mehr
als 50 %50%
über Bundesdurchschnitt
Bundesdurchschnitt
1:4.500.000