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Essays on Finance for Start-ups

PublicationBook
Entreprenörskap, Financing of Innovations, Företagandets villkor, Företagsfinansiering, Handelshögskolan Stockholm, Michel Elmoznino Laufer, Start-ups

Abstract

Entrepreneurs play a crucial role for innovation, economic growth, and job creation. The lack of start-up capital has been identified as a major obstacle for entrepreneurs who want to start a new business or expand a current business. Founders of new ventures might be liquidity constrained and have to turn to external financiers for debt and equity capital. There is an asymmetric information between the entrepreneur and potential financier in which the entrepreneur is more informed about the true risks of the firm.

The dissertation contains three papers which aim to examine three different aspects of finance for start-ups. I use mixed-methods in which each study uses a different methodological approach and examine a different type of finance: crowdfunding, bank financing, and start-up subsidies. Each study makes a different contribution to research and policy on finance for start-ups, and together, they highlight the challenges that entrepreneurs face in obtaining necessary financial resources for new venture survival.

Elmoznino Laufer, M. (2017). Essays on Finance for Start-ups. (Licentiate dissertation, Stockholm School of Economics, Stockholm, Sweden).

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Essays on Finance for Start-ups
BokPublication
Elmoznino Laufer, M.
Publication year

2017

Published in

Stockholm School of Economics

Abstract

Entrepreneurs play a crucial role for innovation, economic growth, and job creation. The lack of start-up capital has been identified as a major obstacle for entrepreneurs who want to start a new business or expand a current business. Founders of new ventures might be liquidity constrained and have to turn to external financiers for debt and equity capital. There is an asymmetric information between the entrepreneur and potential financier in which the entrepreneur is more informed about the true risks of the firm.

The dissertation contains three papers which aim to examine three different aspects of finance for start-ups. I use mixed-methods in which each study uses a different methodological approach and examine a different type of finance: crowdfunding, bank financing, and start-up subsidies. Each study makes a different contribution to research and policy on finance for start-ups, and together, they highlight the challenges that entrepreneurs face in obtaining necessary financial resources for new venture survival.

Mer för mindre? Tillväxt och hållbarhet i Sverige
BookPublication
Grafström, J. & Sandström, C.
Publication year

2020

Published in
Abstract

Går det att förena ekonomisk tillväxt med hållbar
utveckling? Den här boken beskriver hur miljöskadliga utsläpp och användningen av naturresurser i
Sverige har förändrats över tid.
Sedan 1990 har Sveriges befolkning ökat med drygt
1,6 miljoner och ekonomin nästan fördubblats. Samtidigt har koldioxidutsläppen minskat med 27 procent mellan åren 1990 och 2018, konsumtionen av
el, vatten och energi har stått still vilket innebär att
ekonomin är nästan dubbelt så effektiv. Av de 26
luftföroreningar Naturvårdsverket mätt sedan 1990
har 24 gått ner fram till 2017. I många fall har det
skett mer än en halvering.

Bureaucrats or Markets in Innovation Policy?
BookPublication
Sandström, C., Wennberg, K. & Karlson, N.
Publication year

2019

Published in
Abstract

How can innovation best be promoted? Based on a major interdisciplinary research program
with a special focus on Sweden, paired with international research, this book shows that targeted
interventions and firm subsidies do not have the intended effects but instead creates policy failures,
government waste and rent-seeking.

Instead, innovation policy should focus on supplying the right competencies and on improving the
institutions of the market economy and the general
conditions for enterprise.

Markets rather than bureaucrats are decisive for
innovation, industrial development and growth.

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