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Startups Performance: Evidence from Tunisia

Author

Listed:
  • Achraf Khallouli

    (University of La Manouba)

  • Rim Mouelhi

    (University of La Manouba)

Abstract

The objective of this study is to investigate the impact of intrinsic characteristics of startups, mainly, founders' characteristics (such as education, professional experience, and network) and business-related characteristics (such as product category and industry), on their performance. The study uses data from a portfolio of 51 startups belonging to a Tunisian Venture Capital firm to analyze the aforementioned impact. Performance is measured by revenue, raised funds, survival, and the firm's team assessment. The study deploys Multiple Linear Regression, Binary Logistic Regression, and Proportional Odds Logistic Regression to analyze the data. The findings contribute to the development of a framework for evidence-based investment decisions within the Venture Capital industry. The results highlight the importance of factors such as the quality of the university attended by founders, the repeat entrepreneur status, and the founder’s being full-time on the startup in predicting performance.

Suggested Citation

  • Achraf Khallouli & Rim Mouelhi, 2025. "Startups Performance: Evidence from Tunisia," Working Papers 1812, Economic Research Forum, revised 10 Dec 2025.
    • Handle: RePEc:erg:wpaper:1812
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    References listed on IDEAS

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