27/04/2026
Is the "VC or bust" narrative actually true for every founder? 💸 In our latest publication, “What You Want is What You (Maybe) Get — The Influence of the Ambitions of Founders on the Financing of their Startups,” in the Journal of Strategic Innovation and Sustainability (Vol. 21, No. 1, 2026), we give the answers. The reality is that not every founder is chasing a 100x exit or an IPO. Many prioritize long-term stability and linear growth over the high-pressure expectations of external investors.
Fact is, not every founder needs or wants to finance their company with an external investor. Also, not every founder has the goal of developing their startup into rapid growth with as many employees as possible and maximum turnover/profits, leading to an IPO as an exit – not for themselves or external investors. Quite a few founders pursue long-term linear growth and see financing as a means to an end rather than being driven by investors’ expectations. All these circumstances are reflected in the founders' different ambitions for their startups and in the impact, this has on investors' expectations.
In this article, we investigate - based on entrepreneurial ambitions - the effect of the associated different startup types on (1) the goal of sales and profit generation/maximization, (2) capital requirements, (3) business angel, and (4) venture capital financing among a study with 553 startups from Germany.
Kollmann, T./Pröpper, A. (2026): What You Want is What You (Maybe) Get — The Influence of the Ambitions of Founders on the Financing of their Startups. (2026), in: Journal of Strategic Innovation and Sustainability, 21(1), p. 12-38.
With heartfelt thanks to my co-author Dr. Anna Pröpper, the link to the article can be found in the comments.