Problemy wyceny przedsiębiorstw we wczesnych fazach rozwoju
Problems of Valuation of Companies in Early Development Stages

Summary/Abstract: A part of the process of financing the development of startup companies is their financial analysis and valuation. But the characteristics of startups make this analytical process especially difficult. These difficulties arise from short company history, which means no historical data is available to be analyzed. Innovative startups add another layer of difficulty, stemming from the fact that they often have no clearly defined, fully developed product, fully researched market, nor many similar companies that can serve as analytical benchmarks. Also the development process of startup is by nature not plan-guided, but mostly based on trial and error, business models are frequently pivoted and modified in order to find good product-market fit. The aim of this article is the analysis of popular valuation methods in light of the above mentioned characteristics of startups. The method employed is the critical analysis of literature on valuation methods, seed and venture capital funds, and the characteristics of companies in early development stages, and the synthesis of these threads.

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