Study | What is their X factor? The three ingredients of success (or failure) for start-ups in 2024

By analysing more than 1,700 startup profiles from more than 100 countries, this study dives into the entrepreneurship experience and identifies the most pressing challenges. Entitled, ‘What is their X factor? The three ingredients of success (or failure) of startups in 2024’, this extensive analysis offers valuable insight to entrepreneurs, investors and sector observers.

Conducted by a team of experts from the Forvis Mazars XFactory, a startup accelerator committed to promoting female entrepreneurship, this study uses data collected from the Female Founder Challenge, a major award from VivaTech, over the last four years. It examines trends, patterns and common practices among startups, identifying the main pitfalls they encounter at different development stages and focusing on three key areas. The publication also features exclusive interviews with entrepreneurs, investment funds, business angels, incubators and key ecosystem players.

Three challenges for startups in 2024:

Startup or not startup, that’s not the question

The diversity of projects claiming startup status is striking. The study distinguishes between buzzwords and substantive companies addressing the common confusion surrounding the concept of a startup. It illustrates the diversity of startups in terms of sector, size and duration of existence, deconstructing stereotypes to underscore the projects and teams behind them. It also denounces gender stereotypes associated with startups, inviting a revaluation of the qualities necessary for successful entrepreneurial projects.

No to fundraising (at any price)

Further, it questions the importance and impact of fundraising, often seen as a holy grail in the startup world, demonstrating that fundraising is beneficial only if done thoughtfully: at the right time, for the right reasons and with the right partner. Insights from investment funds and investors confirm the importance of making informed decisions.

Startups, modern-day superheroes

Trends in industries heavily invested by startups show that startups are addressing the world’s most pressing challenges. From the emergence of health tech during the pandemic to the growth of impact startups and the rise of cyber tech and defence tech in response to geopolitical tensions, startups showcase incredible energy in solving global problems. The publication highlights entrepreneurship in Ukraine, a country undergoing massive reconstruction, through portraits of female entrepreneurs exhibiting the vision and determination of startups.

Our forerunners:

Eleonore Crespo, co-founder and CEO, Pigment
Louisa Mesnard, Chief Marketing Officer, Elaia Partners
Véronique Beaumont, General Manager, L’Escalator (Publicis Groupe)
Caroline Ramade, Founder & CEO, 50inTech
Catherine Abonnenc, President, Women Business Angels
Anne Sophie Gervais, Co-Head, RAISE Sherpas Accelerator
Anaelle Guez, Co-Founder & Vice-President, Women In Web3
Olivia Hervy, Chief Ecosystem Officer, Vivatech
Kate Kallot, Founder, Amini
Sandrine Joseph, Head of Innovation & CSR programs, Orange; Global Programme Director, Femmes Entrepreuses (Orange)

Forvis Mazars’ XFactory

A new type of accelerator, Forvis Mazars XFactory leverages Forvis Mazars’ multidisciplinary expertise to support entrepreneurial dynamics. For five months, Forvis Mazars employees provide time, strategic advice, and connections to ten startups in each cohort, without financial compensation.

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