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Use of financial bootstrapping in new businesses: a question of last resort?
Halmstad University, School of Business and Engineering (SET), Centre for Innovation, Entrepreneurship and Learning Research (CIEL).
2009 (English)In: Venture Capital: an International Journal of Entrepreneurial Finance, ISSN 1369-1066, E-ISSN 1464-5343, Vol. 11, no 1, p. 71-83Article in journal (Refereed) Published
Abstract [en]

This study examines motives for using financial bootstrapping in new businesses. First, it identifies and labels groups of new business founders based on their motives for using bootstrapping. Second, it examines the relation between variables referring to the founder and the business and the motives. The data were collected in a questionnaire sent by post to 120 new business founders in Swedish business incubators. The results show that 'lower costs' is the most important motive, followed by 'lack of capital', and, surprisingly, 'fun helping others and getting help from others'. On the basis of a cluster analysis three groups of founders were identified, based on differences in their motives for using bootstrapping. The groups were labeled cost-reducing bootstrappers, capital-constrained bootstrappers and risk-reducing bootstrappers. The relative experience of the founder is the most significant influence for using bootstrapping. As experience is gained the new business founder learns more about the advantages and motives for using bootstrapping. The resource acquisition behavior changes from initially focusing on reducing costs towards a proactive focus on reducing the risk in the business.

Place, publisher, year, edition, pages
London: Routledge, 2009. Vol. 11, no 1, p. 71-83
Keywords [en]
financial bootstrapping, motives, new businesses, business incubators, quantitative study
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:hh:diva-2962DOI: 10.1080/13691060802351248Scopus ID: 2-s2.0-61449245572Local ID: 2082/3365OAI: oai:DiVA.org:hh-2962DiVA, id: diva2:240180
Available from: 2009-09-14 Created: 2009-09-14 Last updated: 2018-03-23Bibliographically approved

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Winborg, Joakim

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf