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Abstract
The number of start-ups in Germany has been at a historically low level for a decade. While there was an annual average of 240,000 new start-ups between 1995 and 2004, the number has fallen significantly in the following years to around 165,000. One explanation is demographic change, but another is the shortage of skilled workers and labour, which makes other forms of employment attractive for potential founders. However, the significant slump in 2022 has other causes. After the turbulence of the coronavirus pandemic, the war in Ukraine led to uncertainty, which resulted in a sharp decline in the number of start-ups in many sectors. The decline in the high-tech sector is particularly noticeable. The energy sector, on the other hand, stands out due to its increasing dynamism.

In recent years governments around the world have introduced policies to stimulate investments in early stage entrepreneurial companies, in particular investments by Angel investors. In this paper we study whether introducing subsidies to Angel investors has effects on startups' access to financial and managerial resources provided by Angel investors. Using data for a representative sample of entrepreneurial companies in Germany, we analyze the effect of the introduction of a major subsidy program for Angel investors in Germany. Having data before and after the introduction of the program allows us to use a difference-in-differences framework to examine the effect of the program on eligible companies. Our findings indicate that subsidies for Angel investors both increase the chances to receive financing from Angel investors (+36-67%), as well as the amount of financing received (+70-82%). In terms of managerial resources, we find no effects that are significantly different from zero. This result is in contrast to theoretical predictions suggesting negative effects of investment subsidies on the level of managerial support that companies receive. Exploring the mechanisms behind our results, we find that the policy stimulated entry by inexperienced investors, but also increased syndicate sizes of Angel investors in entrepreneurial companies.

Die demografische Entwicklung in Deutschland wird auf mittlere Sicht zu einer nennenswerten Absenkung der bisher für das Gründungsgeschehen bedeutsamen Alterskohorten führen. Diese Studie zeigt durch eine Projektion der gegenwärtigen Strukturen in die Zukunft, dass die demografische Bevölkerungsentwicklung in Deutschland langfristig zu einer Absenkung des Unternehmensgründungsgeschehens führen würde, wenn die Abnahme des Gründerpotenzials, das sich hauptsächlich aus der Gruppe der 30 bis 45-jährigen speist, nicht kompensiert werden würde.

This paper examines empirically the relationship between innovation and market structure within a simultaneous framework at the industry level of aggregation. We use a model in which R&D affects both, demand and cost conditions. An optimization process leads to optimal industry R&D expenditure and market structure in a symmetric equilibrium. The model is applied to a newly constructed panel for Germany. Generalized Method of Moments (GMM) estimation techniques for dynamic panel data systems are used to estimate the parameters of interest. We found a positive long-run effect of R&D on markets' sales concentration. In contrast, competition enforces innovation, i.e. sales concentration has a negative impact on R&D.

New ventures stemming from universities and public research institutions have attracted increasing amounts of interest in the field of innovation politics over the last few years. Significant contributions to knowledge and technology transfer is expected from academic spin-offs, who are seen as transfer hubs, quickly creating exceptional products or processes and methods for economic use out of the newest scientific research results. Regions that are sites for research facilities are hoping that the new spin-offs will result in a strengthening of their own venture's innovative capabilities. First and foremost, this paper outlines representative empirical results of the founding of new academic spin-off ventures stemming from universities and public research institutions in germany. The main points of discussion will be the following: 1.) Presentation of the methods used to identify academic spin-offs, whose involvement with significant new research results, led to the establishment of the new venture. 2.) Relevance analysis of the regional proximity of scientific research institutions and their influence in the launch and continued relationship with new ventures. A geographical distance analysis is used. 3.) Identification of spin-off intensities in different industries, regions and categories of incubator institutions. 4.) Econometric analysis of the influence of success factors on spin-offs in comparison to other ventures with a corresponding business segment. This is performed with help of a semi-parametric control-group. 5.) Discussion on the usefulness of technology transfer hubs resulting from new spin-off ventures in the innovative development of regions. The data pool that is being presented here, consists of empirical results from a 1996 to 2000 ZEW survey of about 20,000 new ventures in technology or knowledge based industries and service sectors.

Der vorliegende Beitrag liefert eine Zusammenfassung der Ergebnisse der Evaluation der Einführung des Mindestlohnes in der Abfallwirtschaft zum 01.01.2010. Die Evaluation setzt sich aus einem Branchenbild sowie einer kausalen Wirkungsanalyse des Mindestlohnes auf Basis einer Unternehmensbefragung zusammen. Auf Basis der Befragungsdaten zeigt sich, dass die Betroffenheit der Branche vom Mindestlohn mit ca. 23% der Unternehmen und 6% der Beschäftigten als gering einzustufen ist. Die Resultate der Wirkungsanalyse mit Hilfe verschiedener Kontrollgruppenansätze deuten darauf hin, dass die Einführung des Mindestlohnes innerhalb der bisherigen Geltungsdauer auf die Beschäftigung keine messbaren Effekte entfaltet hat. Bezogen auf den Arbeitnehmerschutz lässt sich als Folge des Mindestlohnes eine Tendenz zur Verdichtung der Arbeit sowie zur Zunahme ungeschützter Beschäftigungsverhältnisse feststellen.