NewINTERNATIONAL JOURNAL OF BUSINESS, 18(3), 2013 ISSN: 1083-4346 Valuation of Early Stage High-tech Start-up Companies Gunter Festela , Martin Wuermseherb , Giacomo Cattaneoc a Swiss Federal Institute of Technology Zurich, Switzerland Festel Capital, Fuerigen, Switzerland Mettlenstrasse 14, CH-6363 Fuerigen, Switzerland gunter.festel@festel.com b Swiss Federal Institute of Technology Zurich, Switze
