What IQ Leads to Success? The Relationship between Innovation Quantity (IQ) and Success of Early-stage Start-ups

Nikolaos Vasileios Kouimitzis

Student thesis: Master thesis


The present study attempts to extend the current state of knowledge on the relationship between innovation and success of early-stage start-ups in terms of funding security. Innovation cannot be measured ex ante and the prevailing view about its positive role for firms is disputed by recent studies in start-ups. Moreover, innovation seems not to be a distinct investment criterion for startups’ investors. Therefore, a quantitative study has been carried out using CrunchBase data for the selection of the targeted start-ups and the Innovation Risk Cube framework for their classification. Based on the findings there are indications that there is a sweet spot of innovation quantity which can lead start-ups to investment security, whereas, excessive innovation quantity, accumulated by the use of multiple, simultaneous types of innovation can lead to failure.

EducationsMSc in Finance and Strategic Management, (Graduate Programme) Final Thesis
Publication date2020
Number of pages48
SupervisorsMadeleine Rauch