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Financing and Business Model Archetypes as Predictors of Early Survival in European Sustainable Startups

Author

Listed:
  • Agnieszka Skala-Gosk

    (Faculty of Management, Warsaw University of Technology, 00-661 Warsaw, Poland)

  • Hubert Dyba

    (Department in Szczecin, West Pomeranian Business School, 71-210 Szczecin, Poland)

  • Milena Gołofit-Stawińska

    (Faculty of Transport, Warsaw University of Technology, 00-661 Warsaw, Poland)

  • Bartłomiej Gładysz

    (Faculty of Mechanical and Industrial Engineering, Warsaw University of Technology, 00-661 Warsaw, Poland)

  • Tim van Erp

    (College of Science and Engineering, Flinders University, Adelaide 5001, Australia)

Abstract

Early survival is critical for sustainable startups to deliver environmental and social value, yet evidence on its predictors is limited. Drawing on resource-based and institutional perspectives, this study examines 140 university-affiliated green startups from 24 European countries in the “Stage Two” finals (2021–2023). Exploratory logistic regression links survival to financing structure, sustainable business-model archetypes, and public visibility. Non-equity grants and awards emerge as the strongest predictor, with equity capital and a Crunchbase profile adding smaller benefits. Economic-value archetypes outperform purely environmental or social ones, while technology-intensive B2B firms show the highest resilience. By combining resource sufficiency with legitimacy signaling, the study advances sustainable entrepreneurship theory and offers practical levers: mission-aligned grants, credible digital footprints, and archetype-specific funding strategies to support founders, investors, and policymakers in strengthening Europe’s sustainability-driven startup ecosystem.

Suggested Citation

  • Agnieszka Skala-Gosk & Hubert Dyba & Milena Gołofit-Stawińska & Bartłomiej Gładysz & Tim van Erp, 2025. "Financing and Business Model Archetypes as Predictors of Early Survival in European Sustainable Startups," Sustainability, MDPI, vol. 17(21), pages 1-26, October.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:21:p:9618-:d:1782322
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