Conference Paper
Startups’ Performance: Evidence from Tunisia
No.
ERF_31_MIC30
Publisher
ERF
Date
March, 2025
Topic
D. Microeconomics
The objective of this study is to investigate the impact of intrinsic characteristics of startups, mainly, founders' characteristics (such as education, professional experience, and network) and business-related characteristics (such as product category and industry), on their performance. The study uses data from a portfolio of 51 startups belonging to a Tunisian Venture Capital firm to analyze the aforementioned impact. Performance is measured by revenue, raised funds, survival, and the firm's team assessment. The study deploys Multiple Linear Regression, Binary Logistic Regression, and Proportional Odds Logistic Regression to analyze the data. The findings contribute to the development of a framework for evidence-based investment decisions within the Venture Capital industry. The results highlight the importance of factors such as the quality of the university attended by founders, the repeat entrepreneur status, and the founder’s being full-time on the startup in predicting performance.
Authors
Achraf Khallouli
Investment Associate, Flat6Labs Tunisia
Research Fellows
Rim Mouelhi
Full Professor, Institut Supérieur de Comptabilité et...