Determinants of Entrepreneurial ­Success: Insights from the PropTech Sector in the DACH Region

Felix Gauger and Andreas Pfnür

Publications of Darmstadt Technical University, Institute for Business Studies (BWL) from Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL)

Abstract: This study introduces PropTechs to the entrepreneurial literature. Real estate start-ups have recently seen high levels of investment from venture capital and have significant potential in the nascent digitalisation of the real estate industry. Little is known about their dynamics so far. This study provides an overview of the German-speaking PropTech market and examines their success determinants. The results show that some factors are similar to those of other start-ups in entrepreneurship and corporate finance literature while others are specific to the PropTech context. In particular, the role of the founder’s digital networking (operationalised as LinkedIn contacts) appears to have a high impact on funding and employment while the founder’s education level and heterogeneity of the founding team are not related to firm success. The findings help founders in the process of growth and reduce uncertainty for investors seeking to make informed financing decisions.

Date: 2025-12-03
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Published in Zeitschrift für KMU & Entrepreneurship 1–2 (2025-12-03) : pp. 45-69

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Persistent link: https://EconPapers.repec.org/RePEc:dar:wpaper:159127

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