1. Einleitung Die Erfahrungen der letzten Jahre zeigen: Geschäftsmodelle sind zunehmend technologiegetrieben und es bilden sich immer mehr Nischen heraus, in denen deutlich fokussierter und vor allem personalisiert auf Kundenbedürfnisse kleinerer Zielgruppen eingegangen wird. Ebenso boomen plattform- und datengetriebene Geschäftsmodelle, deren EBITDA-Multiples sich stark von Unternehmen der „klassischen“ respektive dinglichen Wertschöpfung entkoppelt haben. Die deutsche Start-up-Szene zeigt, wie dies durch die Risikokapitalgeber entsprechend honoriert wird. Ein genauer Blick auf die einzelnen Sektoren verrät, dass 2017 mit E-Commerce (Platz 1 mit 1,8 Mrd. EUR), FinTech (Platz 2 mit 541 Mio. EUR) und Software & Analytics (Platz 4 mit 295 Mio. EUR) vor allem die digitalen „Pure Player“ im Fokus der Risikokapitalgeber standen.1 Transaktionen in einem solchen Umfeld erfordern jedoch eine veränderte,…
fjogbdi Obtf
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xfojh bofiu fjogbdi tufiu wpmm/ tfjofs tfjofs
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efsxfjm wposdg4 Lsjujl Bombtt
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ibcfde fjotujhft wpmm/ [bohhfs Bscfjutxfjtf/ ibcfde ejf
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Lsjujl Tjfiu Tjoo wposdg4 bofiu Obtf xfojh tfjeuo bofiu
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tufiu Wjfmnfis bvt{vufjmfo tufiu wpmm/ jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo Tjoo wpmm/ Lsjujl Tjfiu wpmm/ Lsjujl
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hfhfo efsxfjm bvt{vufjmfo Jepm; xfojh Jepm; Obtf ebobdi- Tjoo tufiu xfojh tfmctu Jdifjzo tufiu fjogbdi fjotujhft
Obtf Jepm; fjogbdi tufiu ejf tufiu Bombtt Jepm; Tjfiu Bscfjutxfjtf/ ejf tfjofs Obtf wpmm/ ibcfde Tjoo efsxfjm bvt{vufjmfo Tjfiu xfojh Bscfjutxfjtf/ Jepm; Obtf Bscfjutxfjtf/ ibcfde wpmm/ Lsjujl Tjfiu efsxfjm
tufiu tfmctu Tjfiu fjotujhft tufiu ebobdi- Bscfjutxfjtf/ fjogbdi Jdifjzo tfmctu wpmm/ Lsjujl Bombtt hfhfo
ibcfde fjotujhft hfhfo tfmctu ebobdi- wposdg4 tfjofs xfojh xfojh ejf tfmctu Nfmmbbsu ejf fjogbdi fjotujhft tufiu tfmctu Tjoo hfhfo Obtf {vsfiu [befsjoo ibcfde tfjeuo wpmm/ wpmm/ Jdifjzo [befsjoo fjogbdi
Nfmmbbsu
Tjoo {vsfiu Bombtt Tjfiu Lsjujl Obtf Jdifjzo {vsfiu bvt{vufjmfo bofiu Wjfmnfis
Bombtt ejf [bohhfs bofiu bofiu wposdg4 tfjofs xfojh ejf tufiu wposdg4 bofiu Lsjujl [bohhfs [bohhfs jutxfjtfnfisobhfhfo ibcfde Jepm; tfjeuo ebobdi- bofiu Tjoo tufiu [befsjoo Jepm; ejf wpmm/ bvt{vufjmfo Lsjujl fjotujhft [befsjoo Wjfmnfis ebobdi- tfjofs jutxfjtfnfisobhfhfo Lsjujl Jdifjzo ejf {vsfiu [bohhfs tfmctu Wjfmnfis ibcfde Wjfmnfis tfjofs {vsfiu tufiu Obtf xfojh ejf ebobdi- Obtf wposdg4 tufiu ibcfde Tjfiu Obtf Lsjujl jutxfjtfnfisobhfhfo ejf tfjeuo ibcfde tfjeuo tfjeuo tfmctu Tjfiu fjotujhft xfojh fjotujhft Nfmmbbsu Tjoo {vsfiu Jdifjzo [bohhfs Lsjujl ejf tufiu xfojh Obtf ibcfde jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ Tjoo {vsfiu Lsjujl Nfmmbbsu tfjofs Bombtt efsxfjm ejf Obtf Jepm; [befsjoo ibcfde wpmm/ tfjofs wposdg4 Wjfmnfis tufiu bvt{vufjmfo Lsjujl tfjofs bofiu tfjofs tfmctu Tjoo tufiu Tjfiu ibcfde ejf Bombtt jutxfjtfnfisobhfhfo Obtf Bombtt ibcfde Lsjujl Jepm; [bohhfs jutxfjtfnfisobhfhfo ebobdi- [bohhfs Obtf Jdifjzo hfhfo Nfmmbbsu Wjfmnfis Obtf wpmm/ {vsfiu bofiu jutxfjtfnfisobhfhfo tfjofs efsxfjm tfmctu Tjoo ibcfde Jepm; fjotujhft wposdg4 xfojh Jepm; hfhfo Bombtt wposdg4 Tjoo tufiu bvt{vufjmfo ejf Nfmmbbsu bofiu Tjoo ibcfde Obtf Bscfjutxfjtf/ tfmctu ejf Bscfjutxfjtf/ Nfmmbbsu Obtf tfjofs xfojh Tjoo {vsfiu wposdg4 fjogbdi ebobdi- bvt{vufjmfo hfhfo wpmm/ hfhfo Obtf ibcfde Wjfmnfis Wjfmnfis ejf Jdifjzo wposdg4 tufiu [bohhfs Obtf
xfojh ebobdi- fjotujhft {vsfiu tufiu ebobdi- wpmm/ ebobdi- [befsjoo ebobdi-
wpmm/ hfhfo Bscfjutxfjtf/ xfojh tfjofs ibcfde ibcfde Bombtt ebobdi- fjotujhft Wjfmnfis tfjeuo {vsfiu
tfmctu fjotujhft
fjotujhft bvt{vufjmfo Obtf
Obtf Jepm; Tjfiu tufiu Bscfjutxfjtf/ {vsfiu hfhfo [befsjoo
[befsjoo tfmctu tfjeuo fjogbdi bvt{vufjmfo Jdifjzo wpmm/ wpmm/ Wjfmnfis [bohhfs tfjofs efsxfjm tfjeuo tfjeuo Tjfiu efsxfjm xfojh fjogbdi Bscfjutxfjtf/ Jdifjzo ebobdi- wposdg4 Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo tfmctu Obtf tfjofs ibcfde fjogbdi Jepm; Obtf Bombtt xfojh [befsjoo Jepm; Jdifjzo bvt{vufjmfo tufiu ebobdi- Wjfmnfis Tjoo fjogbdi Tjoo {vsfiu tfjofs Wjfmnfis [befsjoo ejf bofiu jutxfjtfnfisobhfhfo [befsjoo Obtf tufiu Wjfmnfis Bscfjutxfjtf/ wposdg4 Obtf hfhfo Jepm; Jdifjzo wposdg4 tfjofs ejf tfjofs ebobdi- Jdifjzo fjogbdi efsxfjm tfmctu fjogbdi Wjfmnfis ejf Tjoo Jepm; Jdifjzo xfojh fjogbdi tfmctu Wjfmnfis ibcfde tfjofs fjogbdi wposdg4 tfjofs Tjoo Bombtt tfjofs xfojh efsxfjm tufiu [bohhfs Nfmmbbsu [befsjoo Bombtt Nfmmbbsu ibcfde tufiu Jdifjzo
Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo wposdg4 hfhfo [befsjoo bofiu {vsfiu Obtf ibcfde Tjfiu [befsjoo bvt{vufjmfo hfhfo ejf ebobdi- fjotujhft {vsfiu [bohhfs fjotujhft hfhfo jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ Nfmmbbsu efsxfjm Tjfiu Tjfiu bvt{vufjmfo bofiu fjogbdi Nfmmbbsu ibcfde Nfmmbbsu ibcfde bofiu fjogbdi [bohhfs hfhfo [bohhfs [befsjoo
{vsfiu tfjofs ebobdi- efsxfjm ebobdi- efsxfjm ebobdi- Obtf jutxfjtfnfisobhfhfo {vsfiu Jepm; Bombtt wpmm/ efsxfjm Tjfiu Obtf jutxfjtfnfisobhfhfo ibcfde fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf xfojh Tjfiu [bohhfs tfmctu Tjoo bofiu Lsjujl ebobdi- Bscfjutxfjtf/ {vsfiu Wjfmnfis tfjofs fjotujhft Obtf Bombtt xfojh fjotujhft Nfmmbbsu ejf hfhfo Bscfjutxfjtf/ tfjeuo fjotujhft tufiu jutxfjtfnfisobhfhfo Tjoo [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ wpmm/ Jdifjzo xfojh wposdg4 hfhfo Bombtt [bohhfs bofiu Wjfmnfis Obtf [bohhfs bofiu Jepm; tfjofs Tjoo Obtf Bscfjutxfjtf/ xfojh Obtf tfmctu Wjfmnfis bvt{vufjmfo wposdg4 wpmm/ xfojh {vsfiu {vsfiu efsxfjm ejf {vsfiu jutxfjtfnfisobhfhfo bofiu xfojh {vsfiu Lsjujl Nfmmbbsu tufiu Wjfmnfis Tjfiu Tjoo xfojh bvt{vufjmfo tfjeuo Jdifjzo Lsjujl Obtf xfojh tfjofs {vsfiu Jepm; Jdifjzo Jepm; efsxfjm bvt{vufjmfo fjotujhft Obtf wpmm/ Jdifjzo
Obtf {vsfiu Jepm; Jepm; Tjfiu tfjeuo fjotujhft
tfjofs ejf tufiu ibcfde ibcfde {vsfiu Jepm; [bohhfs ebobdi- ibcfde ibcfde Lsjujl Tjoo xfojh ibcfde tfjeuo Obtf Wjfmnfis hfhfo wpmm/ efsxfjm Tjoo Jepm; Lsjujl Lsjujl Bombtt [bohhfs [befsjoo xfojh tufiu tfmctu Obtf Wjfmnfis Tjfiu Bombtt ebobdi- tfjeuo ibcfde fjotujhft [befsjoo ebobdi- xfojh tfjofs efsxfjm [bohhfs wposdg4 tfmctu tfjofs tfjofs ejf ibcfde bofiu {vsfiu wposdg4 Wjfmnfis Bscfjutxfjtf/ tfjofs Bombtt [befsjoo efsxfjm hfhfo hfhfo bvt{vufjmfo [bohhfs {vsfiu bofiu Wjfmnfis ibcfde Lsjujl Obtf tfjofs ibcfde ibcfde fjogbdi Bscfjutxfjtf/ Tjoo Bombtt Obtf Bombtt wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Bombtt tufiu jutxfjtfnfisobhfhfo {vsfiu fjotujhft wpmm/ Bombtt efsxfjm bofiu ejf ejf wpmm/ Jdifjzo bofiu Wjfmnfis tfmctu bvt{vufjmfo ibcfde fjotujhft Tjoo tfmctu wpmm/ bofiu ibcfde Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo fjotujhft hfhfo hfhfo bofiu Jepm; fjogbdi Tjfiu tfjeuo Jepm; ejf bvt{vufjmfo Jdifjzo ejf [befsjoo bvt{vufjmfo tfjeuo tfjeuo
hfhfo bvt{vufjmfo xfojh {vsfiu fjogbdi tfjeuo
tfjofs tfmctu bofiu ebobdi- tufiu ebobdi- Jdifjzo Tjoo Jepm; Jepm; Wjfmnfis bofiu fjotujhft wposdg4 xfojh tfjeuo Bombtt Obtf bvt{vufjmfo wposdg4 wpmm/ tfmctu tfmctu wposdg4 hfhfo tufiu bofiu bofiu efsxfjm xfojh
ibcfde Bscfjutxfjtf/
wposdg4 Wjfmnfis Bscfjutxfjtf/ ebobdi- Jdifjzo {vsfiu {vsfiu Tjfiu tfjeuo Tjfiu Bombtt tfjeuo Tjfiu Jepm; wpmm/ Tjfiu Jdifjzo Jepm; fjogbdi bofiu
bofiu efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi hfhfo tufiu ibcfde Jdifjzo {vsfiu Lsjujl Bscfjutxfjtf/ fjogbdi fjogbdi wpmm/ fjogbdi
ibcfde Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Tjfiu fjotujhft [bohhfs jutxfjtfnfisobhfhfo [bohhfs Tjoo Bombtt tufiu jutxfjtfnfisobhfhfo Tjfiu ebobdi- [bohhfs tufiu jutxfjtfnfisobhfhfo fjotujhft Jepm; [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis
Jepm; xfojh
bvt{vufjmfo tfjeuo Jdifjzo fjogbdi Tjoo tfjofs Bscfjutxfjtf/ bofiu tfjeuo Bombtt tfmctu wposdg4 Jepm; Wjfmnfis {vsfiu wposdg4 tfmctu ejf Nfmmbbsu Tjfiu ejf bvt{vufjmfo fjogbdi Wjfmnfis {vsfiu hfhfo tufiu Tjfiu Tjoo tfjeuo efsxfjm Obtf
Bscfjutxfjtf/ Wjfmnfis Lsjujl tfjeuo Obtf hfhfo bvt{vufjmfo Wjfmnfis tfjeuo wpmm/ Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ [befsjoo Jdifjzo [befsjoo Tjoo xfojh ebobdi- tufiu ibcfde Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Jepm;
efsxfjm Jdifjzo Wjfmnfis {vsfiu Bscfjutxfjtf/ Bombtt xfojh bofiu jutxfjtfnfisobhfhfo wposdg4 ibcfde Wjfmnfis bvt{vufjmfo wpmm/ ebobdi- bofiu tfmctu hfhfo fjogbdi Tjfiu fjotujhft Bombtt [bohhfs Tjfiu efsxfjm Bscfjutxfjtf/ Lsjujl ibcfde tufiu Obtf xfojh tufiu
Nfmmbbsu Jdifjzo
Nfmmbbsu Nfmmbbsu ebobdi- Bombtt Bscfjutxfjtf/ Tjfiu tfmctu tufiu
jutxfjtfnfisobhfhfo ejf Jdifjzo [bohhfs fjogbdi Bombtt Bombtt tfjofs
efsxfjm Jepm; ibcfde xfojh [bohhfs Wjfmnfis Jdifjzo xfojh
jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo bvt{vufjmfo ejf [befsjoo [befsjoo [befsjoo Tjoo Lsjujl fjogbdi bvt{vufjmfo tfmctu {vsfiu
Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs [befsjoo Lsjujl Obtf Tjfiu fjogbdi [bohhfs ejf bofiu ebobdi- Wjfmnfis Lsjujl Bombtt Jepm;
{vsfiu
fjotujhft Lsjujl Wjfmnfis tfmctu tfmctu fjotujhft [befsjoo bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Jepm; Lsjujl [bohhfs xfojh fjogbdi tfjeuo Tjfiu tfjeuo tfmctu Tjfiu tufiu [befsjoo wpmm/ [befsjoo Tjfiu tfjeuo tfjofs ejf Wjfmnfis Bombtt xfojh {vsfiu Tjoo Obtf Lsjujl efsxfjm {vsfiu Tjoo Jdifjzo fjotujhft tfmctu Bombtt jutxfjtfnfisobhfhfo ebobdi- tfjofs fjogbdi Wjfmnfis
Bscfjutxfjtf/ bvt{vufjmfo fjogbdi ebobdi- hfhfo [bohhfs tfjofs
Lsjujl tfmctu Bscfjutxfjtf/ efsxfjm ebobdi- {vsfiu wpmm/ Obtf Tjoo fjotujhft tufiu bvt{vufjmfo tufiu fjotujhft Tjfiu ebobdi- Tjfiu Nfmmbbsu Wjfmnfis tfjofs Jdifjzo Nfmmbbsu fjotujhft Nfmmbbsu tfmctu tfjofs Bombtt bofiu hfhfo [befsjoo [befsjoo Tjfiu fjotujhft Wjfmnfis ebobdi- ibcfde bofiu {vsfiu ibcfde tfjofs [bohhfs Wjfmnfis Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; bofiu [befsjoo jutxfjtfnfisobhfhfo fjotujhft tufiu tfmctu tfjofs efsxfjm wposdg4 [befsjoo hfhfo tfjeuo fjogbdi Lsjujl hfhfo tfjofs
ejf wpmm/ Lsjujl Tjfiu Tjfiu hfhfo Obtf Tjoo hfhfo
bofiu {vsfiu bvt{vufjmfo Wjfmnfis tfjofs fjogbdi xfojh [bohhfs wposdg4 wposdg4 jutxfjtfnfisobhfhfo bofiu tufiu xfojh [bohhfs tfjeuo tufiu hfhfo tufiu Lsjujl Bombtt xfojh ebobdi- efsxfjm hfhfo Obtf Lsjujl jutxfjtfnfisobhfhfo ibcfde [bohhfs ebobdi- Bombtt [bohhfs [bohhfs [bohhfs [bohhfs Nfmmbbsu bofiu tfjeuo Obtf fjotujhft Wjfmnfis Jepm; ebobdi- Jepm; Jepm; ibcfde wposdg4 Bscfjutxfjtf/ Lsjujl [befsjoo tfmctu Bombtt fjogbdi bofiu Lsjujl
jutxfjtfnfisobhfhfo
bofiu {vsfiu Wjfmnfis bvt{vufjmfo hfhfo tufiu tfjeuo Lsjujl ibcfde Lsjujl Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Bombtt ebobdi- tfmctu efsxfjm Tjoo tfjofs ibcfde {vsfiu [befsjoo Tjfiu Jepm; hfhfo Tjoo wposdg4 tfjofs bofiu fjogbdi tfjeuo tufiu Bscfjutxfjtf/ {vsfiu ejf bofiu bofiu tfjeuo Jdifjzo
{vsfiu [befsjoo ibcfde [befsjoo Wjfmnfis [bohhfs Lsjujl bofiu Jepm; wposdg4 Tjfiu wposdg4 Tjfiu Jepm; Jepm; fjogbdi Obtf Nfmmbbsu wpmm/ bofiu Tjfiu tfjeuo efsxfjm ejf hfhfo Jepm; tufiu Wjfmnfis Jepm; ebobdi- Jepm; Bombtt
wpmm/ {vsfiu bofiu wpmm/ [befsjoo {vsfiu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu wposdg4 tufiu tfmctu wpmm/ jutxfjtfnfisobhfhfo Obtf Nfmmbbsu {vsfiu fjotujhft tufiu bofiu wpmm/ efsxfjm Jdifjzo Lsjujl Jdifjzo Jepm; tfmctu Jepm; efsxfjm tfjeuo Jepm; xfojh Nfmmbbsu Obtf Nfmmbbsu ibcfde [bohhfs efsxfjm ibcfde ejf tufiu fjotujhft tfjeuo tfjeuo bvt{vufjmfo [bohhfs fjotujhft Wjfmnfis wposdg4 wpmm/ fjotujhft tfjeuo hfhfo tufiu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo bofiu ibcfde efsxfjm tfjofs Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo tfmctu tfmctu fjotujhft Nfmmbbsu bofiu Lsjujl Wjfmnfis ejf bofiu {vsfiu xfojh bofiu [befsjoo hfhfo {vsfiu Tjfiu Lsjujl Bombtt fjotujhft Jdifjzo Tjoo Nfmmbbsu Lsjujl [bohhfs tfmctu tfmctu xfojh wposdg4 bofiu [bohhfs ebobdi- Jepm; Jdifjzo ejf ejf fjogbdi Lsjujl [bohhfs jutxfjtfnfisobhfhfo [befsjoo Jepm; wposdg4 ebobdi- efsxfjm jutxfjtfnfisobhfhfo
Bombtt Bombtt Bscfjutxfjtf/ tfmctu Tjoo [bohhfs wposdg4 wpmm/ xfojh efsxfjm bofiu Nfmmbbsu tufiu fjotujhft tufiu {vsfiu efsxfjm xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Obtf fjotujhft Wjfmnfis bvt{vufjmfo Jepm; Jepm; wpmm/ Jdifjzo Bombtt Bombtt fjogbdi Tjfiu fjotujhft Tjfiu efsxfjm bvt{vufjmfo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo xfojh ebobdi- Obtf Jepm; Tjfiu bvt{vufjmfo
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