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The purpose of this study is to showcase that the valuation of startups is still considered to be more “art than science”. Moreover, such non-rigorous approaches often lead to valuations, which turn out to be too high, which in turn has become a well-known phenomenon to a broader audience due to shining examples such as We Work. This is reason enough to revisit the important topic of where we stand today with startup valuation procedures and methodologies.

Literature synthesis and exploratory analysis.

While some studies describe sound results about how to assess startups, what the authors found was that many questions remain open or have not been covered at all. This is the reason why the authors needed to apply a substantial amount of reasoning in the analysis of studies, which do not exactly deal with startup companies. The authors provided some interesting impulses for future research.

Based on an original overview of the current state of research about the valuation of startup companies, this paper makes the following principal contribution to both the literature and practice: on the one hand, the authors assess four impact factors on startup values critically; on the other, the authors provide an outlook on promising future research avenues.

The debriefing is a procedure based on intra-team feedback, which has frequently been applied in university formation in health but has been less used in business. The aim of this research is to analyse best practices in the actual implementation of debriefing in organisations, based on criteria the guidelines for carrying out each stage established in the procedure.

To achieve these goals, working teams from different organisations carried out 19 group-debriefing sessions on an authentic work problem. These sessions were observed and analysed following a qualitative approach.

After observing a debriefing session in 19 organisations, four categories related to its implementation have been identified: Self-analysis, information, planning and orientation of the development of the team.

It is important to mention some limitations to this work. The major limitation was the lack of published literature related to the debriefing in the area of organisational management. The qualitative and exploratory nature of the study limits the generalisation of the results.

The research has practical implications as the characterisation and description of each phase favours the transfer to implement the debriefing technique adequately in different types of organisations.

It has been observed that all forms of debriefing have a common purpose in learning and, team and employee development, due to the powerful transferability and usefulness of debriefing in different contexts. Therefore, knowing the correct use of debriefing is a breakthrough in this area. In addition, including this type of practice will not just facilitate a better performance, it will also help teams to learn to work in a team from their own experiences.

It has been characterised by the process of debriefing from the correct implementation of each phase through the analysis of the narratives that arise in the debriefing sessions carried out.

匯報是一個基於團隊內部回饋的程序, 它常見於大學組建的醫療衛生方面, 在商業上則較少使用。本研究擬基於匯報程序中所建立的每個階段, 來分析在組織內實際進行匯報的典範實務。

為達至研究目標, 來自不同組織的工作團隊, 就一個真實的工作問題進行了19個匯報會議。研究人員觀察這些會議, 並以定性研究法進行探討和分析。

研究人員觀察於19個組織進行的匯報會議後, 找出了四個進行匯報會議的範疇, 自我分析、資料、計劃和團隊發展的取向。

本研究提供了實務方面的啟示, 因研究結果確認了匯報每個階段的特徵的描述, 以及每個階段的描述, 這會幫助在不同種類的組織內進行匯報會議時, 舉行匯報使用之技巧得以靈活調動, 以發揮各技巧的最佳效果。

研究人員分析有關的匯報會議內的敘述, 並從會議每個階段的正確執行, 找出了匯報程序的各個特徵。

After completion of this case study, students will be able to describe the funding path for start-ups, including the amounts and profiles of the usual investors or sources of funds, according to the moment in their life cycle and the characteristics of the initiative; highlight the challenges faced by start-up founders in weak entrepreneurial ecosystems and risky institutional environments; and argue in favor of or against different modes and typical instruments of venture capital (VC) investments in the early stages of new businesses, each of them different regarding dilutions, valuation potential, depth of negotiations and term sheets.

Asistensi, a technology and telemedicine start-up founded in 2020 in Venezuela by three entrepreneurs (Andrés Simón González-Silén, Luis Enrique Velásquez and Armando Baquero), raised US$3m in less than a year in a seed round in which it attracted the attention of professional VC funds such as Mountain Nazca, Alma Mundi Ventures and 468 Capital. Everything was set for launching operations in Mexico and the Dominican Republic in April 2021. However, a series of difficulties led to higher expenditure than planned, prompting the entrepreneurs to seek additional capital. The decision on the financial instrument to be associated with the potential valuation and shareholder dilution figures has been posed as a dilemma.

The case study focuses on understanding the start-up financing process. It can be used effectively in management- and finance-related subjects for graduate students taking introductory topics in entrepreneurship and entrepreneurial finance, as well as introductory executive education courses in entrepreneurship, entrepreneurial finance and VC.

Teaching notes are available for educators only.

CSS3: Entrepreneurship

This study aims to investigate key aspects of public ownership of land, expropriation and compensation laws and practices in Ethiopia with special reference to Burayu Town.

A mixed research technique of descriptive and analytic approach is applied in the research. This study used a purposive sampling technique to select case study counties and a systematic method for sampling households. Questionnaire surveys, focus group discussions, interviews and observations were used to collect empirical data. Average, percentage and paired-sample t-test analyses are used for quantitative data analysis.

Significant discrepancies exist between the expropriation laws and how property valuation and compensation are practiced in Ethiopia. The findings include the arbitrariness in designating public interest status to projects; unfair property valuation practice that neglects location factor to determine market value due to a skewed understanding of public ownership of land; and the assignment of property valuators who have no valuation expertise and proper knowledge of expropriation related laws. Findings revealed the socio-economic status of expropriated households has deteriorated due to the expropriation of their landholding.

It was difficult to locate the relocated persons as they were resettled in different localities. Furthermore, the town officers were not forthcoming to provide complete information on the expropriation and compensation procedures they followed. However, this study overcame the limitations through persistent requests and availing time for the data gathering.

The findings indicated the need to redefine relationships between public ownership of land, public interest and expropriation of landholding. A proper understanding of the triad will pave the way for better expropriation practice in Ethiopia and in countries where land is under public ownership.

The social implication of the study revealed that the socio-economic situation of relocated persons was adversely affected due to the poor implementation of laws.

The disparity between public ownership of land and the rights of citizens on landholding is misunderstood by policymakers. Research has shown for the first time the root cause for the discontent of expropriated persons in Ethiopia.

The purpose of this study is to use design thinking principles to understand the failure of the ‘new’ European Super League, and also understand how it could be redesigned.

This case has been developed from secondary sources, including news reports, social media sites, annual reports and websites of the Union of European Football Associations and the European football clubs. This case was classroom-tested with post-graduate management students in a design thinking course in May 2021 at an Indian business school, S.P. Jain Institute of Management & Research, in Mumbai, India.

In April 2021, a new football league – the European Super League, is announced as a breakaway rebel league, in direct competition with United European Footballers Association's Champions League. It is backed by the top 12 European clubs and officials in European football, besides the US investment bank, JP Morgan. The new league is touted as one intended to save football. It is, however, denounced by fans and shunned almost universally. The league, which has been planned for the past three and half years, faces collapse. Why did the European Super League fail? How could the founders design a new league?

This case could be used in an undergraduate or MBA classroom or an executive education programme in a design thinking course. It can also be used to teach marketing courses such as marketing strategy, new product development and consumer behaviour.

Several studies have examined the impact of market fundamentals on house prices. However, the effect of economic sectors on housing prices is limited despite the existence of two-speed economies in some countries, such as South Africa. Therefore, this study aims to examine the impact of mining activities on house prices. This intends to understand the direction of house price spreads and their duration so policymakers can provide remediation to the housing market disturbance swiftly.

This study investigated the effect of mining activities on house prices in South Africa, using quarterly data from 2000Q1 to 2019Q1 and deploying an auto-regressive distributed lag model.

In the short run, we found that changes in mining activities, as measured by the contribution of this sector to gross domestic product, impact the housing price of mining towns directly after the first quarter and after the second quarter in the non-mining cities. Second, we found that inflationary pressure is instantaneous and impacts house prices in mining towns only in the short run but not in the long run, while increasing housing supply will help cushion house prices in both submarkets. This study extended the analysis by examining a possible spillover in house prices between mining and non-mining towns. This study found evidence of spillover in housing prices from mining towns to non-mining towns without any reciprocity. In the long run, a mortgage lending rate and housing supply are significant, while all the explanatory variables in the non-mining towns are insignificant.

These results reveal that enhanced mining activities will increase housing prices in mining towns after the first quarter, which is expected to spill over to non-mining towns in the next quarter. These findings will inform housing policymakers about stabilising the housing market in mining and non-mining towns. To the best of the authors’ knowledge, this study is the first to measure the contribution of mining to house price spillover.

From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop a decision-oriented approach for the valuation of football players that could theoretically help clubs determine the subjective value of investing in a player to assess its potential economic advantage.

We build on a semi-investment-theoretical risk-value model and elaborate an approach that can be applied in imperfect markets under uncertainty. Furthermore, we illustrate the valuation process with a numerical example based on fictitious data. Due to this explicitly intended decision support, our approach differs fundamentally from a large part of the literature, which is empirically based and attempts to explain observable figures through various influencing factors.

We propose a semi-investment-theoretical valuation approach that is based on a two-step model, namely, a first valuation at the club level and a final calculation to determine the decision value for an individual player. In contrast to the previous literature, we do not rely on an econometric framework that attempts to explain observable past variables but rather present a general, forward-looking decision model that can support managers in their investment decisions.

This approach is the first to show managers how to make an economically rational investment decision by determining the maximum payable price. Nevertheless, there is no normative requirement for the decision-maker. The club will obviously have to supplement the calculus with nonfinancial objectives. Overall, our paper can constitute a first step toward decision-oriented player valuation and for theoretical comparison with practical investment decisions in football clubs, which obviously take into account other specific sports team decisions.

Most college athletics department have not sold corporate naming rights to their athletics facilities. Popp et al. (2016) suggests two primary reasons: (1) difficulty in determining proper valuation and (2) fear of stakeholder backlash. The purpose of the current study is to address both concerns by utilizing a hedonic pricing model predicting collegiate naming rights values and utilizing fixed-effects models to determine if consumer behavior (event attendance and donations) is impacted by a corporate name change.

Data from 110 naming rights agreements among NCAA Division I programs were examined, alongside market-related variables, institution-related variables and venue-related variables. Utilizing hierarchical model building to reduce independent variables and OLS regression modeling, significant relationships with annual value of naming rights agreements were uncovered. Fixed effects models were utilized to determine if naming rights impacted attendance and donations.

A final model explained more than 53% of the variance in average annual value of naming rights agreements, with three significant factors: (1) attendance, (2) all-time winning percentage and (3) venue construction cost. Fixed-effects models revealed no significant differences in attendance or donations after a naming rights deal was signed.

Corporate naming rights agreements for college athletics facilities are a recent phenomenon. While a similar study examining drivers of collegiate sport naming rights was previously conducted, the current study revealed a shifting marketplace. In addition, no prior study has examined the impact of a corporate naming rights agreement on future attendance and donations.

This paper studies the interactive valuation discourses of an online user community (transfermarkt.de) that seeks to determine market values for soccer players. Despite their seemingly casual nature, these values have featured in newspapers, transfer negotiations, academic research, and capital market communication – and have thus become reified.

The paper employs netnographic research methodology to collect and thematically analyze a wide range of user entries on the platform. These entries are studied using theoretical insights from the sociology of quantification and valuation.

The analysis reveals how values are constructed in constant interaction between value-proposing users and value-justifying “experts.” This dynamic form of relational valuation positions players relative to one another as well as to actual transactions on the transfer market. In the absence of authoritative guidelines, it is this possibility and affordance for interaction that enacts a coherent valuation regime. The paper further reveals the platform's response to a disruptive event, which risked bringing the user-expert dynamics to a halt, requiring intervention from the platform to repair its valuation frame.

The paper responds to increased scholarly interests in the valuation of professional athletes. It contributes to the extant literature on valuation, first, by analyzing the dynamic valuation work that feeds into the social construction of values and, second, by studying platform participation and user interaction in a socially engineered online space.

This paper examines gender diversity in the Australian valuation industry from the perspective of valuers in senior management and leadership roles and discusses gender diversity policies and practices in their organisations. Then, it explores the initiatives that can be implemented to improve gender diversity in the Australian valuation industry.

A focus group discussion was conducted with valuers in senior management and leadership roles from selected large valuation firms and government valuation agencies in Melbourne, Australia. Data collected through the focus group discussion was combined with secondary data sourced from journals, online articles and archival materials.

The findings reveal that whilst gender diversity in the Australian valuation industry has improved over the years, females remain underrepresented. Nonetheless, whilst some valuation companies have recognised the need to address the underrepresentation of women and introduced specific gender-focussed human resource policies and practices, these initiatives are not streamlined and implemented across the industry.

The study highlights the need for closer collaboration between key stakeholders such as universities, professional associations, valuation companies and government agencies in devising strategies to attract female talents into the valuation industry.

The paper is the first empirical study to assess gender diversity in the Australian valuation industry from the perspective of valuers in management and leadership roles. The proposed policies can inform future initiatives to improve gender diversity in the valuation industry.