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The efficacy of conventional financing strategies such as angel investment and venture capital financing developed in the context of Western economies but applied to Africa remains a subject of interest. This chapter, therefore, examined financing strategies that are indigenously peculiar to Africa and opportunities therein that could lead to entrepreneurial growth. Consequently, based on a number of criteria such as population and gross domestic product, five countries were selected from the five distinct African geographical regions while six different homogenous ethnic groups were selected from the five countries based on numbers (strength) and spread. A study of the financing strategies of these ethnic groups revealed germane customary funding practices based on culture and communal norms. Thus, as a result of the findings, a model was developed to explain the path to rapid entrepreneurship growth. It is emphasised that there are indigenous modes of financing strategies which the world could learn and adopt from Africa, particularly in instances where conventional theories or modes are not quite effective. Africa needs to achieve industrialisation and grow at a very rapid pace, and this could be achieved through indigenous financing strategies for its many unemployed youths. Advice for managers, educators and government officials are discussed.

This paper aims to explore the allocation of the exit value of a start-up company in market equilibrium between an angel investor and an entrepreneur in the very early-stage financing market.

The theoretical model is established based on the two-sided random search theory and the model’s ability to match the empirical data is evaluated via simulation.

The model indicates that the allocation of the final investment outcome is not proportional to the initial investments by the angel investor and the entrepreneur. The simulation results show that the continued investment by the entrepreneur and the private benefit acquired by the angel investor have a more profoundly negative influence on the angel investor’s share of the exit value of the start-up company. Moreover, the market search structure represented by the matching probability of an angel investor to an entrepreneur has a more significant impact on the angel investor’s share than the other model parameters.

The importance of market search friction in the very early-stage financing market is emphasized. The concepts of continued investments and private benefits are introduced and quantified for the first time under the framework of angel investment. The impacts of such model parameters as the matching probability of an angel investor to an entrepreneur, the success rate of a start-up company, the bargaining power of an angel investor and the discount rate on the allocation of the exit value of the start-up company are investigated as well.

The identification, access, and acquisition of financial resources are critical to the growth of any entrepreneurial venture. To perform better, growth-oriented women entrepreneurs need financial resources. Unfortunately, obtaining financial resources is a greater obstacle for women entrepreneurs than for men entrepreneurs. This chapter considers three different options for growth financing: crowdfunding, angel financing, and venture capital. Suggested strategies for women entrepreneurs seeking to raise money are also offered.

The aim of the paper is to analyze quantitatively and qualitatively requirements of Russian micro‐ and small‐firms in financial sources, along with opportunities and restrictions in the mobilization of investment at the different stages of a firm's life cycle.

In this paper the determinants of the propensity to invest and the supply of funding are investigated by using the Global Entrepreneurship Monitor (GEM) data set for Russia in the time period from 2006 to 2011.

The paper provides the analysis of Russian early entrepreneurs' and established business owners' decisions about the preferred structure of financial sources, comprising both statistical and logistic regression approaches for this investigation. The findings indicate that in Russia the structure of financial sources of start‐up entrepreneurs is predominated by “love capital” (mainly private and family savings), meanwhile, the percentage of business angels' financing is low in comparison with innovation‐driven countries. Moreover, there are merely extra‐economic factors, which influence informal investors' decision making on funding: personal relations with a borrower, an optimistic view on macroeconomic perspective and high status of an entrepreneur.

The findings in this paper suggest that this research can help the officials to formulate a program of SMEs' support at different stages of the financial chain in Russia.

In this paper the early and middle stages of a firm's life cycle are examined and some practical advice on a company's development and expansion are given.

The purpose of the paper is to analyse the financial search behaviour of small and medium‐sized enterprises (SMEs) in different regions and the perceived importance of different external financiers for these firms.

A postal survey targeting the chief executive officers (CEOs) of 459 SMEs was distributed in different regions of Sweden.

Large differences exist in the financial search behaviour exhibited by firms in the four different types of regions. In the metropolitan areas, firms are more active in searching for new owners, especially professional investors. In smaller municipalities, banks dominate as the most important financier.

The study might not be generalised for other settings because it was carried out in Sweden. Furthermore, the regional types used might cause some concern as to whether the findings can be generalised.

The study provides evidence that policies need to be tailor‐made for different regions because the predominant type of financier differs greatly between regions. The findings also emphasise the need for policymakers to focus on equity gap issues in regional centres.

The paper fulfils an important role in elaborating on the use and importance of different types of financing in various regions.

We extend theories of the firm to the entrepreneurial finance setting and argue that R&D-focused start-up firms will have a greater likelihood of financing themselves with equity rather than debt. We argue that mechanisms which reduce information asymmetry, including owner work experience and financier reputation, will increase the probability of funding with more debt. We also argue that start-ups that correctly align their financing mix to their R&D focus will perform better than firms that are misaligned. We study these ideas using a large nationally representative dataset on start-up firms in the United States.

The purpose of this paper is to understand women’s approaches to acquiring financial and other resources is essential for closing the entrepreneurship gender gap. In nearly 40% of economies, women’s early-stage entrepreneurial activity is half or less than half of that of men’s.

Even when there is extensive literature on female entrepreneurs, the authors review the findings through a Coronavirus Disease 2019 (COVID-1)9 crisis lens, trying to find new perspectives and solutions. With the approach of a systematic review of 4,520 publications on financing topics related to female entrepreneurs, various sources of financing available to female entrepreneurs are considered: bootstrapping, banks, business angels, venture capital and crowdfunding.

Identifying potential gender bias both on the supply and the demand side of financing, this research highlights new directions in encouraging female entrepreneurship and gives guidelines to public organisations on how to foster advanced forms of financing for female entrepreneurs in COVID-19 times.

The COVID-19 pandemic has posed an unprecedented challenge for economies and companies. Female entrepreneurs are the ones who have been hit harder, as they overcome pre-existing barriers, such as lack of access to finance, lack of networks and mentors and gendered priorities, among others. Without ensuring gender policies to counter these incremental negative effects, the authors face the risk of widening the gender gap.

Regarding previous systematic reviews of literature, this paper focusses on a specific challenge, how women entrepreneurs finance their activity, with a double vision: supply and demand of money.

The purpose of the paper is to analyze the development of business angel networks (BANs) in emerging countries such as Chile and Colombia to understand how institutions affect their development.

This is a qualitative, exploratory, and descriptive study based on a comparative analysis between countries, with the BANs in Chile and Colombia as the unit of observation. The comparative analysis was made in relation with the creation, operation and sustainability of the BANs. The study interviews the partners/managers of the active networks in each of the countries, as well as key informants, totalling 12 interviews.

BAN activity in Chile and Colombia is quite recent, and the countries are on a similar level of development. However, in the long term, depending on how the cultural aspects evolve in both countries and the interest that the State may have in developing business angel activity, the results could be indeed different.

Business angel activity in Latin America is quite recent; nevertheless, this activity is increasing in the region. In that sense, this comparative analysis between Colombia and Chile contributes to a better understanding of business angel markets in Latin America and also to obtain better insights into the core challenges that these markets face in emerging countries due to the existence of institutional voids. This paper is a contribution for further knowledge of BANs in emerging countries’ economies from an institutional perspective.