After the Handshake: Longitudinal Analysis of Startups Funded on Die Höhle der Löwen

Details

Supervisors

Janssen, Frank

Faculty

Louvain School of Management

Degree label

Master [120] : ingénieur de gestion, à finalité spécialisée

Abstract

enThis thesis investigates the long-term commercial outcomes of startups that received investment across the first twelve seasons of Die Höhle der Löwen, the German adaptation of the televised investment show. The study examines survival rates, industry-level patterns, and the organisational development of funded companies through a longitudinal quantitative analysis. The results reveal that the majority of ventures that secured business angel support achieved a positive commercial outcome by remaining independently active or through acquisition. However, a closer examination sheds light on the difference between legal survival and genuine commercial vitality, as most surviving firms showed little evidence of active market engagement. The timing of business failures was heavily concentrated in the early years of operation. Although most venture-level characteristics proved largely irrelevant to survival outcomes, employee headcount emerged as the strongest predictor of post-investment commercial development. The study concludes that participation in Die Höhle der Löwen does not guarantee long-term commercial viability, despite the combination of angel capital and national media exposure. What differentiates thriving ventures from those that merely survive, is post-investment organisational growth. The findings contribute to the angel investment performance literature, the stepping stone debate, and the broader discussion on survival determinants in early-stage ventures.