About us

The Chair of Entrepreneurial Finance was established in 2001 by the DtA (today: KfW-Bankengruppe) as the first and for a long time the sole chair of entrepreneurial finance in Germany. Prof. Dr. Dr. Ann-Kristin Achleitner held the chair from its establishment until 2020. Prof. Dr. Reiner Braun has held the Chair of Entrepreneurial Finance 2 since 2015. The focus of our research and education is the financing of start-ups and entrepreneurial firms. Special emphasis is placed on private capital markets, for example business angels, venture capital, and private equity.

Our research covers a broad spectrum of topics such as the relationship between companies and their financing as well as the relationship between the funds provided and the investors. In support of the research activities, the staff of the Chairs of Entrepreneurial Finance is integrated in the Center for Entrepreneurial and Financial Studies (CEFS). This research institute, established in cooperation with the Chair of Financial Management and Capital Markets of Prof. Dr. Christoph Kaserer, combines the research on young, innovative and medium-sized companies with that on public and private capital markets.

During recent years, the chair and the CEFS staff successfully conducted some widely-cited projects and studies together with renowned partners like European Venture Capital Association (EVCA), Deutsche Börse, Apax Partners, KfW Mittelstandsbank, Harvard Business School, London Business School, or Saïd Business School. Research of the chair and the CEFS have been published in leading journals, such as Journal of Financial Economics, Journal of Business Venturing, and Research Policy.

On the teaching side, the Chairs of Entrepreneurial Finance offer courses and seminars covering different aspects of Entrepreneurial Finance for two different courses of study: First, for the new and so far unique course of Technology and Management oriented Business Administration (TUM-BWL), which focuses on a modern business administration education and a well-founded knowledge of technical and natural sciences. Second, postgraduate Master of Business Administration (MBA) programs are offered for graduates of natural-sciences and engineering courses. Moreover, some courses are open to and highly frequented by students of other departments and their courses of studies, such as biotechnology.

A wide range of courses and seminars equips students with holistic knowledge in the fields of finance, entrepreneurship, and the management of entrepreneurial firms. The aim is to provide students with a sound knowledge of science and industry. The strong practical orientation in the courses is achieved in particular through the involvement of industry partners and founders as well as the increased use of case studies.