External Factors—When the Market Says “Yes”

Timothy Hor (), Dimo Dimov (), Georges Romme () and James Skinner ()
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Timothy Hor: RMIT University, School of Management
Dimo Dimov: University of Bath, School of Management
Georges Romme: Eindhoven University of Technology, Industrial Engineering & Innovation Sciences
James Skinner: University of Newcastle Australia, Newcastle Business School

Chapter Chapter 7 in Startup Fundraising Decoded, 2026, pp 187-202 from Springer

Abstract: Abstract This chapter examines how external forces—macroeconomic cycles, market sentiment, sector trends, and investor appetite—shape fundraising timing and success beyond internal readiness. It emphasizes that even operationally prepared startups can struggle if market timing is poor, demonstrating through nine case studies how founders navigated varying conditions from blockchain booms to pandemic-era raises and venture capital (VC) winters. The chapter introduces external enablement theory, showing how technological breakthroughs, regulatory changes, and economic shifts create or close opportunity windows, and provides a practitioner playbook with five tactics: mapping market sentiment, engaging investors early without asking, listening to signal decay, leveraging strategic partners, and avoiding raising into resistance. It distinguishes between general market cycles (boom versus contraction) and industry-specific timing patterns, noting that SaaS, fintech, healthtech, and marketplace ventures face different investor expectations and readiness thresholds. The chapter concludes by bridging from the “when” of fundraising readiness to the “how” of execution, instructing founders to prepare comprehensive investor materials including pitch decks, financials, cap tables, and organized data rooms before transitioning from the Reflecting stage to the Enacting stage of the RaiiSE capital raising process.

Date: 2026
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DOI: 10.1007/978-981-95-5597-0_7

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