Financing Options for Entrepreneurial Ventures

Sonja Markova () and Tatjana Petkovska-Mircevska ()
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Sonja Markova: MBA, Keiretsuforum, San Francisko, USA
Tatjana Petkovska-Mircevska: Institute of Economics, Skopje, Makedonia

The AMFITEATRU ECONOMIC journal, 2009, vol. 11, issue 26, pages 597-604

Abstract: Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. The classic entrepreneurship is the “Start-Up”, where a raw idea develops into a highgrowth company and the success involves strong main entrepreneur and a team with complimentary talents. Start-ups are the engine for job creation and economic growth. The lifecycle of a new venture includes seed stage, start-up stage, early stage, and later stage. Securing funding for a start-up in its early stages is from internal sources. The funder provides the initial capital, along with funds from family and fiends (3Fs), and the firm also relies on bootstrapping & business alliances. As the firm grows and needs additional capital, it will require external sources of funding: business loan from a bank, governmentsponsored programs/grants, professional investors (angel investors, venture capitalists, and corporate investors), initial public offering (IPO) and the equity markets. This article provides an overview of the funding options for start-up ventures with special emphasis on business angels and venture capital.

Keywords: entrepreneurship; start-up venture; innovation; angel investors; venture capital (search for similar items in EconPapers)
JEL-codes: L M (search for similar items in EconPapers)
Date: 2009
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