FINANCIACION DEL PROCESO EMPRENDEDOR: PARTICULARIDADES EN LAS NUEVAS INICIATIVAS DE BASE INNOVADORA

Abstract

Considering the undeniable relevance of the access to funding during the early stages of the entrepreneurial process, this paper attempts to provide answers about the specifics surrounding the Innovate-Based Start-Ups (<3 months) (IBSU) because, according to the literature, uncertainty, the greater risk and the intangibility of their assets, hamper their access to traditional bank financing. Using a sample of 80 Spanish IBSU and 159 not IBSU, the statistical analysis confirms that the IBSUs require more seed capital for its establishment, they resort to a lesser extent external funding sources and have received or expect to receive further public aids and funding from business angels. By contrast, no statistically significant differences in their expectation to resort to 3Fs (Family, Friends and Fools), bank financing and venture capital contributions.