The Evolution of Entrepreneurs` Fund-Raising Intentions

1. Front Matter

   Pages I-XV

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2. Outline of problem and overview

   Pages 1-15

3. Epistemological concept: entrepreneurs as human agents

   Pages 17-45

4. New ventures: definition, financing needs, and legitimacy

   Pages 47-100

5. Financiers’ legitimacy demands and the evolution of entrepreneurs’ fund-raising intentions

   Pages 101-196

6. Multiple case studies of fund-raising processes in new ventures

   Pages 197-314

7. Conclusions and implications for research and practice

   Pages 315-330

8. Back Matter

   Pages 331-368

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Recent entrepreneurship research discusses numerous potential obstacles on the path towards business formation. The acquisition of resources, especially external finance, constitutesaformidablechallengefoundershavetomeet.Substantialrejectionratesof potential investors create external selection pressures on new ventures in that they contributetofailuresorinfluencethegrowthofsurvivingyoungcompanies.However, the founders themselves take an active role in the search for financial resources by addressing various potential financiers and taking decisions on the direction and continuation of their search for investors. Similarly, the results of the large US Panel Study of Entrepreneurial Dynamics point at the importance of adjustments in founders’ fund-raising intentions in the course of early stage financial development of new ventures. The work at hand focuses on this process of solving problems during the search for external funding in emerging new ventures. The author explicitly does not analyze which factors of success will allow to convince potential investors with certainty. Regarding the search for funding as an open-ended process for epistemological reasons,heratheraimsatthereconstructionofsearchprocessesandthederivationof explanatorypatternsfortheactionsofventurefoundersinsearchofexternalfunding.

• Financing
• Gründungsfinanzierung
• Gründungsneigung
• Kapitalbeschaffung
• Kapitalgebersuche
• Organisationale Legitimität

Dr. Marc Grünhagen ist wissenschaftlicher Mitarbeiter von Prof. Dr. Lambert T. Koch am Lehrstuhl für Unternehmensgründung und Wirtschaftsentwicklung an der Universität Wuppertal.

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