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Economics - Industrial Organization |

Special Issue of Economia e Politica Industriale - Journal of Industrial and Business Economics
Entrepreneurial finance: new trends, theories and methods
Guest Editors:
Joern Block, University of Trier, Germany, block@uni-trier.de
Douglas J. Cumming, Schulich School of Business, York University, Canada, douglas.cumming@gmail.com
Silvio Vismara, University of Bergamo, Italy and University of Augsburg, Germany, silvio.vismara@unibg.it
Financing of new ventures and the financing of innovation differ from the financing of large firms. Early stage financing in innovative new ventures is often supplied by the entrepreneur’s own personal network or venture capital providers in the form of private equity. The traditional corporate finance literature, however, tends to focus on large publicly traded firms and public equity as its main unit of analysis. However, in recent years, this strong distinction between public and private equity has lost disappeared to some extent. New ways to finance entrepreneurial ventures have emerged at the crossroads between private and public equity. As an example consider equity crowdfunding which found its way into entrepreneurial finance, allowing unsophisticated investors to invest directly in young innovative firms. The emergence of new trends in entrepreneurial finance leads to new avenues for research grounded in the disciplines of finance, entrepreneurship, and innovation.
Next to equity crowdfunding, a whole set of other alternative ways of financing have recently emerged in order to support the creation and growth of science and technology based startups, such as startup accelerators, proof-of-concept centers, university-based seed funds, IP-backed financial instruments. In many cases, these alternative financing instruments emerged as a result of the support from public authorities to address the so-called early-stage funding gap, a lack of private funding sources to support the transition of early stage university technology from the lab to the market. Although the diffusion of such types of gap funding schemes has increased in the United States and in Europe over the last decade, we still miss a rigorous empirical assessment of the nature and output of such programs. Relatedly, many governments have also set up programs that seek to foster VC financing, through the establishment of Governmental Venture Capital (GVC) funds. A controversial academic debate about the rationale and the appropriateness of such programs has started to emerge.
The special issue of Economia e Politica Industriale - Journal of Industrial and Business Economics aims to investigate the complex relationship between financial markets and young innovative firms. Papers that embrace different approaches/levels of analysis and adopt an international perspective are especially welcomed. We especially welcome papers focusing on (but are not limited to) the following topics:
• Crowdfunding
• Government Venture Capital
• Exit strategies for investors in young innovative firms (e.g. IPOs, M & As, trade sales)
• Private vs. public equity for innovative young firms
• Policies supporting the financing of young innovative firms
• The provision of finance for young innovative firms
• Finance and technology transfer
Key dates
The deadline for submission of papers to the special issue is January 31, 2016. The special issue will be published in the first issue of 2017.
Papers must be submitted online at the journal webpage, selecting the special issue option. All submissions will be subject to the standard review process followed by Economia e Politica Industriale - Journal of Industrial and Business Economics. All manuscripts must be original, unpublished works that are not concurrently under review for publication elsewhere, and should conform to the journal manuscript submission guidelines available at http://www.springer.com/economics/industrial+organization/journal/40812.