Startups’ Valuation: A Bibliometric Analysis and Systematic Literature Review

Abstract

This study maps and analyzes the academic literature regarding the main startups’ valuation methods by means of a bibliometric analysis and systematic review. The adoption of both methods requires the use of software such as RStudio, VOSViewer or Rank Words. In bibliometric analysis, the verification of its main laws—Zipf, Bradford and Lotka is also adopted. As a bibliometric analysis result, the most frequent keywords appear to be performance, innovation, entrepreneurship and venture capital. Most of the authors are associated with institutions located in Germany and in the United States. Concerning the systematic review results, the topic of identifying funding sources is urgent, considering the fact that startups are companies with high levels of uncertainty and risk. Another concern refers to the way of obtaining the types of data for inputs in the valuation models. Regarding the valuation methods, the ones of multiples are highlighted. As for future paths for further research, the authors emphasize the analysis of determinants influencing their value at different stages of maturity, as well as the adoption of unconventional valuation methods.