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News from 2022-09-28 / KfW Research

KfW Start-up Report 2022

After coronavirus slump, number of start-ups recovered in 2021

The number of innovation- or growth-driven young enterprises in Germany has bounced back again. After the coronavirus-induced downturn in 2020, the number of start-ups grew to 61,000 in 2021. It has been found that entrepreneurs wishing to use venture capital are more likely to have characteristics that make it easier for them to access VC. They are more likely to combine an orientation towards innovation and growth, more likely to have an academic background and much more likely to have digital offerings, internet-based business models and international target markets. At the same time, however, female start-up entrepreneurs are less likely to seek VC finance.

KfW Start-up Report 2022


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Economic development in Germany and around the world, studies on topics relevant to society such as environmental and climate protection, demography, globalisation, innovation and sustainability, impact of KfW promotional programmes.

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