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<p>Venture competitions usually reward winners with a certification of their startup’s quality and a cash prize. We model and estimate the impact of these rewards on startups’ performances using original data on about 1000 startups that have participated in the leading Swiss venture competition. We find that winning in the competition improves startups’ business success on average. However, it does not affect all startups equally. Certification has a long-term positive effect on startups whose quality can be reliably assessed by the competition’s judges. The cash prize, however, only has a short-term impact on startups with low running costs.</p>

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Certification or cash prize: the heterogeneous effect of venture competitions

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年6月30日

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  • Gaétan de Rassenfosse,
  • Matthias van den Heuvel

摘要

Venture competitions usually reward winners with a certification of their startup’s quality and a cash prize. We model and estimate the impact of these rewards on startups’ performances using original data on about 1000 startups that have participated in the leading Swiss venture competition. We find that winning in the competition improves startups’ business success on average. However, it does not affect all startups equally. Certification has a long-term positive effect on startups whose quality can be reliably assessed by the competition’s judges. The cash prize, however, only has a short-term impact on startups with low running costs.