Success Factors for Startups

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Source: dreamstime

The five factors determining the success rate for obtaining funding for a startup:

Qualitative CriteriaDetails
Innovativeness of the projectHow original a startup is. The innovation can be in the nature of an offer (a totally new product), technical (a novel production process), marketing (new business model) and/or a geographical innovation (copycat in a new market).
Complementarity in skill setsHow much the skill sets of the various team members complement each other. The more variety there is in the team’s capabilities, the easier it is for the startup to perform well in different aspects of its activities (product development, go-to-market strategy, etc.).
Influence in the press and social mediaHow many followers a startup has on social media and how many mentions in the press (different thresholds apply to different maturity stages and sectors).
Speed of executionHow fast a startup can bring a product to market. This can be affected by the skills of the team members as well as the regulatory environment or even the complexity of the product.
Financial management skillsHow experienced and skilled the team is in managing and monitoring the company’s finances.
Source: EarlyMetrics – Whitepaper – Valuing Brilliance: A guide to fair startup valuation (Analysis of impactful qualitative criteria, based on 469 startups and 180 funding rounds)

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