{"id":55065,"date":"2025-06-19T18:09:46","date_gmt":"2025-06-19T17:09:46","guid":{"rendered":"https:\/\/valuesque.com\/en\/?page_id=55065"},"modified":"2025-06-26T17:55:54","modified_gmt":"2025-06-26T16:55:54","slug":"start_up_valuation","status":"publish","type":"page","link":"https:\/\/valuesque.com\/en\/cases-stories\/start_up_valuation\/","title":{"rendered":"Cases & Stories_Valuation of start-ups and intangibles"},"content":{"rendered":"

[vc_row row_height_percent=”80″ override_padding=”yes” h_padding=”2″ top_padding=”4″ bottom_padding=”4″ back_image=”54077″ back_repeat=”no-repeat” back_attachment=”scroll” back_position=”center top” parallax=”yes” overlay_color=”color-190198″ overlay_alpha=”75″ equal_height=”yes” gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″][vc_column column_width_percent=”100″ position_vertical=”bottom” gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_width=”0″ width=”1\/1″][vc_custom_heading heading_semantic=”h1″ text_size=”h1″ text_color=”color-xsdn”]Valuation of start-ups and intangibles<\/span><\/span>[\/vc_custom_heading][vc_empty_space empty_h=”2″][vc_separator sep_color=”color-429748″][\/vc_column][\/vc_row][vc_row unlock_row_content=”yes” row_height_percent=”0″ override_padding=”yes” h_padding=”5″ top_padding=”3″ bottom_padding=”2″ overlay_alpha=”50″ gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″][vc_column width=”1\/1″][vc_custom_heading heading_semantic=”h3″ text_size=”h3″]Case: Valuation of a start-up<\/span><\/span>\u00a0<\/span>[\/vc_custom_heading][vc_separator el_width=”22%” el_height=”2px”][vc_column_text]We were commissioned to evaluate a start-up in the tech sector that was developing a new type of climate-neutral power plant technology. At the time of the assignment, the company was at an advanced stage of prototype development and already had several launch customers who had signalled a strong interest in testing the system. The evaluation was embedded in an upcoming financing round, which was necessary to enable the completion of the prototype and the transition to early commercialisation.<\/span>\u00a0<\/span><\/p>\n

The initial situation was characterised by a high degree of uncertainty: Operationally and financially, the company was in the critical area of the so-called “Valley of Death” – a phase in which development time and funding requirements had exceeded original expectations. The first investors became increasingly impatient, and the launch customers also increased the communicative pressure with regard to a reliable test date.\u00a0<\/span>\u00a0<\/span><\/p>\n

A key problem was that the future performance of the product – and therefore the success of the business model – depended heavily on the actual functionality of the prototype. Although initial functional tests were positive, the long-term performance had not yet been proven. At the same time, there was the challenge of properly recognising the risks and uncertainties inherent in the business model, particularly with regard to regulatory requirements, scalability and the capital intensity of subsequent production.<\/span>\u00a0<\/span><\/p>\n

We therefore paid particular attention to modelling alternative development paths, even in the event that the prototype does not perform as originally intended – but still has commercial application potential. The aim was to develop a valuation that not only focussed on a best-case scenario, but also took realistic, differentiated perspectives into account and offered investors a clear basis for decision-making. To this end, we actively expanded the management’s originally narrower scope of analysis in order to achieve an optimal investor approach.<\/span>\u00a0<\/span><\/p>\n

We then developed a holistic valuation model that integrated a wide variety of approaches: from simulation models and VC methods to real option models for technological and commercial milestones. The underlying risk parameters were derived on the basis of extensive benchmarks from capital market analyses, comparable transactions and option pricing models and adapted to the specific company context.<\/span>\u00a0<\/span><\/p>\n

The decisive factor was the target group-orientated presentation of the analysis, which was deliberately geared towards a clear investment perspective. The presentation emphasised the critical variables, uncertainties and dependencies – and enabled potential investors to make a well-founded risk\/reward assessment. The valuation document was prepared in the form of a visually clearly structured presentation that focussed on key economic and strategic aspects. As a result, the company was able to conclude a successful financing round despite the difficult starting position. Our valuation was a central component in gaining the necessary trust of potential investors – through a fact-based, transparent analysis that visualised values and built a credible bridge from today’s uncertainty to potential future growth options (of course taking all risks into account), thereby making a significant contribution to overcoming the “Valley of Death”.<\/span>\u00a0<\/span>[\/vc_column_text][vc_accordion][vc_accordion_tab gutter_size=”2″ column_padding=”2″ title=”Critical points:” tab_id=”1680012399-1-3″][vc_column_text]<\/p>\n