{"id":86146,"date":"2022-09-30T13:08:00","date_gmt":"2022-09-30T11:08:00","guid":{"rendered":"https:\/\/cms.munich-startup.net\/?p=86146"},"modified":"2022-09-30T11:44:41","modified_gmt":"2022-09-30T09:44:41","slug":"investors-rely-on-robust-business-models","status":"publish","type":"post","link":"https:\/\/cms.munich-startup.net\/en\/86146\/investors-rely-on-robust-business-models\/","title":{"rendered":"Investors rely on robust business models"},"content":{"rendered":"<div class=\"entry-content\">\n<p>After recent record years, the business climate on the German venture capital market is cooling significantly. Although investors are acting more cautiously in light of the changed market environment, there is still &quot;plenty of free capital&quot; in the market, according to one <a href=\"http:\/\/Noch im letzten Jahr befand sich der Venture Capital (VC) Markt in einer beispiellosen Boom-Phase. Investoren beteiligten sich mit einer Rekordsumme von rund 18 Mrd. EUR an deutschen Start-ups. Das war etwa das Dreifache des Vorjahres. Mit dem gro\u00dfen Angebot an privatem Beteiligungskapital waren die Finanzierungsbedingungen ausgesprochen start-up-freundlich.  VC-Investoren werden vorsichtiger \u2026 Seit Beginn des Jahres hat sich das Blatt jedoch gewendet. Ein steigendes Zinsumfeld verringert die Attraktivit\u00e4t der Assetklasse VC f\u00fcr Anleger und hat zudem Technologiewerte an den \u00f6ffentlichen M\u00e4rkten bereits deutlich belastet. Zwar verf\u00fcgen bestehende Fonds noch \u00fcber reichlich freie Mittel, die investiert werden m\u00fcssen. Insgesamt f\u00fchrt das eingetr\u00fcbte makro\u00f6konomische Umfeld aber zu einer gesteigerten Unsicherheit, die auch im VC-Markt sp\u00fcrbar wird, und zu einer geringeren Risikoneigung bei Investoren.  \u2026 und der Fokus bei Investitionsentscheidungen verschiebt sich Es ist davon auszugehen, dass Investoren nun vorsichtiger agieren und m\u00f6gliche Beteiligungen im Rahmen der \u201eDue Diligence\u201c noch st\u00e4rker pr\u00fcfen werden. Eine gemeinsame Befragung von KfW Research, BVK und DBVN zeigt, dass VC-Investoren in Deutschland dabei auch die Priorit\u00e4ten bei ihren Investitionsentscheidungen der aktuellen Lage anpassen (Grafik 1). Aufgrund der geringen Kapitalkosten konnte in den vergangenen Jahren ein schnelles Unternehmenswachstum g\u00fcnstig finanziert werden. F\u00fcr das aktuelle Jahr ist die Wachstumsgeschwindigkeit hingegen das Investitionsmerkmal mit der schw\u00e4chsten Bedeutungsentwicklung. Statt Wachstumsaussichten r\u00fccken Wirtschaftlichkeit und Robustheit der Start-ups st\u00e4rker in den Mittelpunkt. Die Cash-burn-rate, also die Geschwindigkeit mit der Start-ups das bereitgestellte Kapital verbrauchen, ist die Kennzahl, auf die Investoren nun besonders achten. Denn je h\u00f6her die Unsicherheit \u00fcber die zuk\u00fcnftigen Fundraising-Bedingungen der Start-ups, desto wichtiger ist es, einen langen \u201eRunway\u201c zwischen zwei Finanzierungsrunden \u00fcberbr\u00fccken zu k\u00f6nnen. Auch ein solides Gesch\u00e4ftsmodell, der Kapitalbedarf und der bereits generierte Cashflow gewinnen im schwierigeren Finanzierungsumfeld besonders stark an Bedeutung. Die Umfrageergebnisse zeigen jedoch auch, dass keine radikalen \u00c4nderungen der Investitionsstrategien zu erwarten sind. F\u00fcr die allermeisten Investitionsmerkmale sehen \u00fcber die H\u00e4lfte der Investoren eine gleichbleibende Bedeutung f\u00fcr ihre Finanzierungsentscheidungen. Grafik 1: Bedeutung von Start-up-Merkmalen f\u00fcr die Investitionsentscheidung  Wie wird sich die Bedeutung der folgenden Unternehmensmerkmale bei Investitionsentscheidungen im weiteren Verlauf des Jahres 2022 entwickeln? (in Prozent der Angaben) 6 6 3 9 3 11 6 6 3 6 3 21 69 62 59 56 44 41 49 40 47 32 32 37 37 31 20 15 24 25 38 35 39 53 59 43 57 42 68 68 57 57 66 74 82 56 Cash-burn-rate Gesch\u00e4ftsmodell Kapitalbedarf Cashflow Skalierbarkeit Unternehmerpers\u00f6nlichkeit Exitperspektive Product-market-fit Unternehmensbewertung Marktpotenzial Technologiereife Ums\u00e4tze Unit Economics Sektor- \/ Technologiefokus Marktanteil Gesch\u00e4ftsidee \/ Story Anmerkung: Sortiert absteigend nach Saldo positiver und negativer Antworten;  Quelle: GVCB Q2 2022. Trotz angespannter Marktlage bisher robuste Finanzierung in der Breite Der gestiegene Kostendruck und die versch\u00e4rften Finanzierungsbedingungen hatten sich zuletzt in Berichten \u00fcber Entlassungswellen und stark sinkende Unternehmensbewertungen in einigen prominenten F\u00e4llen ge\u00e4u\u00dfert. Dies betraf jedoch vor allem im Boom gro\u00dfgewordene Scale-ups, die aufgrund ihres rasanten Wachstums einen besonders hohen Kapitalbedarf hatten. Grafik 2: Entwicklung des Dealvolumens im deutschen VC-Markt 0 2 4 6 8 10 12 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 20152016201720182019202020212022 Mrd. Quelle: Dealroom.co, eigene Berechnung.  In der Breite konnten Start-ups im Jahr 2022 bisher hingegen vielfach erfolgreiche Finanzierungsrunden realisieren. Gemessen am Dealvolumen war das erste Halbjahr das historisch drittst\u00e4rkste des deutschen VC-Marktes (Grafik 2). Und auch wenn Investoren nun selektiver vorgehen, ist ihre Zufriedenheit mit der Qualit\u00e4t der Investmentproposals, die sie erreichen, nach wie vor \u00fcberdurchschnittlich hoch (Grafik 3). Grafik 3: Investorenstimmung zur Qualit\u00e4t des Dealflows -50-25 0 25 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 20202021 Anmerkung: 0=Langfristiger Durchschnitt des Stimmungsindikators; Quelle: GVCB Q2 2022. Beim derzeitigen \u00dcbergang in einen k\u00fchleren Markt m\u00fcssen Start-ups ihre Gesch\u00e4ftsmodelle und Finanzplanung den neuen Bedingungen anpassen. Die Investitionst\u00e4tigkeit in diesem Jahr zeigt, dass solide Gesch\u00e4ftsmodelle trotz einer h\u00f6heren Unsicherheit im Markt bisher gute Finanzierungsbedingungen vorgefunden haben.\" target=\"_blank\" rel=\"noreferrer noopener\">analysis<\/a> of the KfW. The <a href=\"\/en\/day\/kfw\/\">Development Bank<\/a> assumes that investors are increasing due diligence, i.e., the thorough examination of companies before making a potential investment. The evaluation criteria for startups have also shifted, according to a survey conducted by KfW Research, the German Venture Capital Association, and Deutsche B\u00f6rse Venture Network: The cash burn rate, the business model, and capital requirements have become significantly more important in investment decisions. Instead of growth prospects, the focus is increasingly on the profitability and robustness of startups. Investors are clearly worried that they won&#039;t see their money again anytime soon.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Solid business models help through the cooler business climate<\/h2>\n\n\n\n<p>Despite a more tense situation, deal flow in the German VC environment continues at full speed. According to KfW, the first half of 2022 was the third strongest in history for the German VC market. Investor satisfaction with the quality of their investments also remains above average. The development bank nevertheless recommends that startups adapt their business models and financial planning to the new conditions. Longer-term planning and a focus on sound business practices are likely to help startups secure their future financing needs in the coming period.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In the face of rising interest rates and growing uncertainty, investors have become more cautious, and venture capital has become less attractive. This also has an impact on startups seeking capital: Investors are evaluating startups differently than they did recently.<\/p>","protected":false},"author":26,"featured_media":64446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5633,5634,1,5635],"tags":[247,157,34],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Investoren setzen auf robuste Gesch\u00e4ftsmodelle - Munich Startup<\/title>\n<meta name=\"description\" content=\"Angesichts wachsender Unsicherheit sind Geldgeber vorsichtiger. 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