The Timing of Initial External Financing for Entrepreneurial Ventures

Academic Article


  • Entrepreneurial ventures require various forms of funding to fulfill their growth aspirations such as angel funding, venture capital and private equity. In addition to the type of funding, an important feature is the timing of the first funding which has not been previously studied in the entrepreneurship literature. In this paper, we study the timing of the first funding for entrepreneurial ventures and investigate the factors affecting it. In doing so, we make use of models that are capable of handling the non-standard behavior exhibited by such ventures.
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  • access to capital
  • angel capital
  • seed stage funding
  • start-up ventures
  • venture capital