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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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This paper takes stock of recent suggestions that the state apparatus is a central and underappreciated actor in the generation, diffusion and exploitation of innovations enhancing growth and social welfare. We contrast such a view of “the entrepreneurial state” with theories and empirical evidence of the microeconomic processes of innovation in the modern economy which focus on well-functioning markets, free entry and competition among firms, and independent entrepreneurship as central mechanisms in the creation and dissemination of innovations. In doing so, we identify several deficiencies in the notion of an entrepreneurial state by showing that (i) there is weak empirical support in the many hundreds empirical studies and related meta analyses evaluating the effectiveness of active industrial and innovative policies, that (ii) these policies do not take account of the presence of information and incentive problems which together explain why attempts to address purported market failures often result in policy failures, and that (iii) the exclusive focus on knowledge creation through R&D and different forms of firm subsidies ignores the equally important mechanisms of knowledge dissemination and creation through commercial exploitation in markets. We discuss how a more theoretically well-founded focus on the state as investing in knowledge generation and securing the conditions of free and competitive markets will lead to a more innovative economy.

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