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... Since the establishment of the first FPIs in Germany in the late '90s, the FPI industry in Germany has grown into an inscrutable market with a high volume of newly founded and failing companies (Achleitner and Engel, 2001;Röttger, 2013). In particular, the past three years have been referred to as a 'flood of incubators' or an 'accelerator glut' by some newspapers (Finette, 2013;Wirminghaus, 2013) with the majority concentrated in big cities such as Berlin, Cologne, Hamburg and Munich (Fuhrmans, 2012;Müller, 2012). ...
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