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

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Gauger, F., Pfnür, A. Determinants of Entrepreneurial ­Success: Insights from the PropTech Sector in the DACH Region. ZfKE - Journal for SMEs and Entrepreneurship, 73(1–2), 45-69. https://doi.org/10.3790/ZfKE.2025.1470704
Gauger, Felix and Pfnür, Andreas "Determinants of Entrepreneurial ­Success: Insights from the PropTech Sector in the DACH Region" ZfKE - Journal for SMEs and Entrepreneurship 73.1–2, 2025, 45-69. https://doi.org/10.3790/ZfKE.2025.1470704
Gauger, Felix/Pfnür, Andreas (2025): Determinants of Entrepreneurial ­Success: Insights from the PropTech Sector in the DACH Region, in: ZfKE - Journal for SMEs and Entrepreneurship, vol. 73, iss. 1–2, 45-69, [online] https://doi.org/10.3790/ZfKE.2025.1470704
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Determinants of Entrepreneurial ­Success: Insights from the PropTech Sector in the DACH Region

Gauger, Felix | Pfnür, Andreas

ZfKE - Journal for SMEs and Entrepreneurship, Vol. 73(2025), Iss. 1–2 : pp. 45–69 | First published online: December 03, 2025

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ZfKE.2025.1470704
Language
German
Pages
25

Gauger, Felix

  • Dr. Felix Gauger is Manager at Deloitte in real estate consulting. He obtained his PhD from the Department of Real Estate and Construction Management at the Technical University of Darmstadt.
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Pfnür, Andreas

  • Prof. Dr. Andreas Pfnür is the head of the Department of Real Estate and Construction Management at the Technical University of Darmstadt. His areas of expertise include housing management, corporate real estate management, and real estate investments.
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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.

Table of Contents

Section Title Page Action Price
Felix Gauger / Andreas Pfnür: Determinants of Entrepreneurial ­Success: Insights from the PropTech Sector in the DACH Region 45
Abstract 45
I. Introduction 46
II. Success Factors and the Entrepreneurial Ecosystem 49
1. Human Capital and the Influence of Founders on the Success of Proptechs 50
2. The Influence of Digital Networks on the Success of PropTechs 51
3. The Influence of External Capital on the Success of PropTechs 52
4. Success of PropTechs 53
III. Data, Variables and Methodology 54
1. Dataset 54
2. Dependent Variables 54
3. Independent Variables 55
4. Control Variables 56
IV. Results 57
1. Descriptive Analysis 57
2. Regression Results 60
V. Discussion 62
VI. Limitations 63
References 65

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