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Start-ups’ challenges and success factors

Samara Maria

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Summary

Start-ups in Greece are key factors for the development of growth and competitiveness. Greece over the last eight years, following the European Union debt crisis, has an unsustainable growth model. This dissertation aims to explore the challenges and key determinants affecting the growth of start-ups, with a particular focus on funding. Start-ups play a pivotal role in innovation and economic development, but their success is often hindered by various challenges. This study investigates the relationship between funding and start-up growth, identifying the factors that may influence the financing of businesses at different growth stages. This dissertation provides an overview of key characteristics of Greek start-ups and presents the main sources of funding as well as actors and determinants in the innovation ecosystem supporting their growth. An online questionnaire addressed to Greek start-ups is part of the survey, with the primary aim of exploring the characteristics and challenges of start- ups especially as to the funding sources and determinants of their growth.The analysis of results demonstrates that the most important determinant of growth is access to funding followed by access to talent, collaboration and networking with the start-up ecosystem and training of founders and employees. The analysis shows that start-ups with co-founders with prior experience tend to have a higher total amount of funding raised. Furthermore, the analysis confirms the correlation between challenges, determinants of funding and start-up growth and provides feedback as to the funding sources used at different growth stages, confirming entrepreneurial finance literature. The results highlight that the main barrier is associated with the government policy support for grants and credit and government regulations as to taxation and bureaucracy. Training and mentoring are the most important strategies of support for start-ups. Governments could organize pitching and information sessions for start-ups and investors in order to facilitate their collaboration and further financial development and supporting their sustainability and growth. European Digital Innovation Hubs and European Networks support start-ups in their early steps through mentoring and counseling. Further research may also provide insights as to the policy measures required to support start-up growth and the innovation ecosystem as a whole.

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