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Explaining the success of a young gaming start-up: a case study of Warhorse Studios

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  • Michal Novák
  • Pavel Svačina

Abstract

The survival of early-stage companies is uncertain. Their survival and success are often linked to obtaining a substantial financial investment. This in-depth case study examines how and why an early-stage start-up from the video game industry obtains investment from an independent equity investor and offers deeper and more comprehensive insights into the success mechanism of gaming start-ups. The study: 1) generally confirms the previous findings that certain theoretical factors increase the likelihood of success; 2) argues that accumulating these factors, rather than their presence, is essential for a start-up to be substantially funded; 3) shows that the expected market response is crucial and significantly outweighs the other factors; 4) conceptualise the reasons for start-ups' success as a reduction of two main types of risk - development risk and sales risk; 5) confirms the catalytic role of crowdfunding in obtaining significant equity funding.

Suggested Citation

  • Michal Novák & Pavel Svačina, 2023. "Explaining the success of a young gaming start-up: a case study of Warhorse Studios," International Journal of Entrepreneurial Venturing, Inderscience Enterprises Ltd, vol. 15(4), pages 346-380.
    • Handle: RePEc:ids:ijeven:v:15:y:2023:i:4:p:346-380
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