Financing and Business Model Archetypes as Predictors of Early Survival in European Sustainable Startups

Agnieszka Skala-Gosk (), Hubert Dyba, Milena Gołofit-Stawińska, Bartłomiej Gładysz and Tim van Erp
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Agnieszka Skala-Gosk: Faculty of Management, Warsaw University of Technology, 00-661 Warsaw, Poland
Hubert Dyba: Department in Szczecin, West Pomeranian Business School, 71-210 Szczecin, Poland
Milena Gołofit-Stawińska: Faculty of Transport, Warsaw University of Technology, 00-661 Warsaw, Poland
Bartłomiej Gładysz: Faculty of Mechanical and Industrial Engineering, Warsaw University of Technology, 00-661 Warsaw, Poland
Tim van Erp: College of Science and Engineering, Flinders University, Adelaide 5001, Australia

Sustainability, 2025, vol. 17, issue 21, 1-26

Abstract: Early survival is critical for sustainable startups to deliver environmental and social value, yet evidence on its predictors is limited. Drawing on resource-based and institutional perspectives, this study examines 140 university-affiliated green startups from 24 European countries in the “Stage Two” finals (2021–2023). Exploratory logistic regression links survival to financing structure, sustainable business-model archetypes, and public visibility. Non-equity grants and awards emerge as the strongest predictor, with equity capital and a Crunchbase profile adding smaller benefits. Economic-value archetypes outperform purely environmental or social ones, while technology-intensive B2B firms show the highest resilience. By combining resource sufficiency with legitimacy signaling, the study advances sustainable entrepreneurship theory and offers practical levers: mission-aligned grants, credible digital footprints, and archetype-specific funding strategies to support founders, investors, and policymakers in strengthening Europe’s sustainability-driven startup ecosystem.

Keywords: sustainable startup; non-equity funding; equity capital; business-model archetype; survival; university startup (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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