Venture capital (VC) plays an increasing role as part of the private equity asset class and the general investment continuum. The lack of transparency due to limited reportings and market data obstructs a concise view on VC investment value and performance. This thesis aims to shed some light on VC investment peculiarities and their effect in valuation terms. It primarily reflects on the implications of contractual rights on the investment value. In the first chapter, I present an approach to integrate the multi-perspective of VC investment and analyze the interaction effects of control and cash flow rights on the feasibility of follow-on funding based on the value position of investors. In the second chapter, I present a joint study by Prof. Dr. Schwetzler, Dr. Schreiter, Dr. Lodowicks and myself where we propose a valuation framework that is applied to a sample of primarily European ventures to derive investment level values and assess misvaluation when using simple heuristics instead. In the third chapter, a joint work by Dr. Schreiter, Dr. Lodowicks and myself is presented where we develop a prediction model that allows to derive more accurate estimates of VC investments.

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The Free-to-play (F2P) model is the primary business model applied in indie mobile games nowadays. However, the fact that less than 5% of players are paying is still a big problem for developers. There is a theoretical gap in understandings of how to increase revenue without lowering the quality of the game and deliver more valuable and better gaming experience for players. Some assumptions and empirical methods need to be verified. The aim of this research is to understand a series of specific design and development questions of F2P games, including game inner mechanics, game structures, and monetization strategies. We attempted to find consensus between developers and players. In addition, this research also sought to find out how F2P mobile game can provide as a comprehensive service in order. It sought to find a sustainable and profitable business model for each game by integrating monetization organically inside of the game without sacrificing players’ enjoyment. We used a mixed methods research approach, including both interviews and surveys, to examine the opinions and behavior of developers and players based on the Acquisition-Retention-Monetization funnel.