This study examines the perspective of German venture investors on the success factors of digital start-ups at the micro- (entrepreneurial personality), macro- (contextual factors), and meso- (business model) levels and derives
an integrated, evidence-based working model of entrepreneurial success. This study follows a mixed-methods design, using theory-driven semi-structured expert interviews to collect quantitative and qualitative data.
Triangulation of the data ensures that the results are unbiased. The study shows that the business model and single components of the business model are the least relevant success factors of digital start-ups from the perspective of
German venture capitalists. Moreover, this study has some evidence of the relevance of venture capital availability as a contextual factor. Instead, the results show, in line with the literature, that personality factors in general and
team leadership skills, in particular, seem to have a significant impact on the success of digital start-ups from the perspective of German venture capitalists.