Startups Performance: Evidence from Tunisia

Achraf Khallouli () and Rim Mouelhi ()
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Achraf Khallouli: University of La Manouba
Rim Mouelhi: University of La Manouba

No 1812, Working Papers from Economic Research Forum

Abstract: 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.

Pages: 33
Date: 2025-12-10, Revised 2025-12-10
New Economics Papers: this item is included in nep-ara, nep-cfn and nep-sbm
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