Start-Ups and Coworking Spaces: Empirical Evidence from Founding and Funding Activities

48 Pages Posted: 8 Feb 2020

See all articles by Felix Gauger

Felix Gauger

Darmstadt University of Technology - Department of Business Administration, Economic and Law

Andreas Pfnür

Independent

Jan-Oliver Strych

Karlsruhe Institute of Technology - Institute for Finance

Date Written: January 18, 2020

Abstract

We explore how coworking spaces are involved in the entrepreneurial ecosystem of start-ups contingent on the lifecycle stage of the firm and the coworking space market itself. Our study is based on a hand-collected detailed sample of coworking spaces in the seven largest regions in Germany. We find a hump-shaped relation of coworking space supply and founding activity, reflecting maturity effects of the corresponding coworking space market. In addition, we find a positive relation between the coworking space supply and funding activity of start-ups. A European study with WeWork data supports our findings and a difference-in-differences approach mitigates endogeneity concerns.

Keywords: coworking space, start-ups, entrepreneurial finance, entrepreneurial ecosystem, venture capital

JEL Classification: M13, R11, R33, E22, G32

Suggested Citation

Gauger, Felix and Pfnür, Andreas and Strych, Jan-Oliver, Start-Ups and Coworking Spaces: Empirical Evidence from Founding and Funding Activities (January 18, 2020). Available at SSRN: https://ssrn.com/abstract=3521296 or http://dx.doi.org/10.2139/ssrn.3521296

Felix Gauger

Darmstadt University of Technology - Department of Business Administration, Economic and Law ( email )

Universitaets- und Landesbibliothek Darmstadt
Magdalenenstrasse 8
Darmstadt, Hesse D-64289
Germany

Andreas Pfnür

Independent ( email )

No Address Available
United States

Jan-Oliver Strych (Contact Author)

Karlsruhe Institute of Technology - Institute for Finance ( email )

Kaiserstraße 12
Karlsruhe, Baden Württemberg 76131
Germany

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