This book synthesises current knowledge on entrepreneurial finance. It provides a comprehensive and up-to-date overview of the state-of-the-art in entrepreneurial finance, with a focus on its ecosystem and main players. It analyses different channels of funding for young and growing ventures, namely debt financing, venture capital, business angels, and new forms of alternative finance, highlighting their advantages and disadvantages from an entrepreneur's perspective. It further discusses the characteristics of financial markets in entrepreneurial finance, examining financial gaps and public policies.
This book is ideal for students in entrepreneurship, innovation, finance and business at the graduate and post-graduate levels. Entrepreneurs and policymakers interested in financial issues related to start-ups and new ventures will also find this book interesting.
Sample Chapter(s)
Chapter 1: Introduction
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Contents:
- About the Authors
- Introduction
- The Entrepreneurial Finance Ecosystem
- Theoretical Background
- Debt Financing
- Equity Financing
- Startup Valuation
- Incubators
- Glossary
- Index
Readership: Advanced undergraduate and graduate students, researchers and practitioners in the fields of entrepreneurial finance.
Francesca Tenca is Assistant Professor at the School of Management, Politecnico di Milano. She is specialized in seed and informal financing and has research and teaching experience in entrepreneurial finance and start-ups creation and scaling up. Francesca has been a visiting scholar at Vlerick Business School (Belgium) and Imperial College of London. She is member of the Italian Association of Managerial Engineering (AiIG) and of the Academy of Management. Her primary research interests are Entrepreneurial Finance, including Business Angels, Venture Capital financing, and Alternative Finance. Her research focus has particularly been on investors' decision-making in the Crowdfunding phenomenon, its drivers of success and its linkages with "traditional" sources of entrepreneurial finance.
Vincenzo Butticè is Assistant Professor at the School of Management of Politecnico di Milano. His main research interest is entrepreneurship and entrepreneurial finance. His research has appeared in several journals, such as Entrepreneurship Theory & Practice, International Small Business Journal, and Research Policy, among others. Vincenzo has been actively involved in a number of projects funded by the EU and other public and private institutions. Vincenzo is Vice-Director of the Observatory on Climate Finance and Senior researcher of the Observatory on Drones at Politecnico di Milano. He is a member of the Italian Association of Management Engineering (AiIG), the Entrepreneurial Finance Association, and the Academy of Management Association (AoM). Vincenzo teaches Energy Economics in the M.Sc. in energy engineering at Politecnico di Milano and is also lecturer of entrepreneurial finance at the MIP school of management.
Massimo Gaetano Colombo is full professor of Entrepreneurship, Entrepreneurial Finance and Innovation Economics, at Politecnico di Milano. He is also the Vice-Dean for Research & Rankings of Politecnico di Milano School of Management. His main research interests are organization, financing and growth of high-tech entrepreneurial ventures, strategic alliances, acquisitions and open innovation. Prof. Colombo is author (or co-author) of numerous books and articles in leading scientific journals including Science, the Strategic Management Journal, the Strategic Entrepreneurship Journal, Entrepreneurship Theory & Practice, the Journal of Business Venturing, the Journal of Industrial Economics, Research Policy, Small Business Economics, and many others. He has acted as the scientific coordinator of several research projects funded by public institutions such as the European Commission and the Italian Ministry of Education, University and Research, and private firms. Presently, he is a member of the scientific board of the Horizon 2020 RISIS project. He provided scientific advice to prominent governmental institutions, like the European Court of Auditors, the European Investment Fund and ANVUR, the regulatory agency of Italian universities and public research organizations. He has advised the japan government and co-chaired the T20 tracks on promoting SME R&D and Innovation and promoting support for startup.
Annalisa Croce is Associate Professor of Business Organization at Politecnico di Milano. Her research activity has concerned several major research areas, spanning topics that include corporate and entrepreneurial finance, corporate governance and economics of innovation. She has studied these topics mainly empirically, making use of a wide range of empirical methodologies. She is co-author of more than 30 publications in international scientific journals, among which the Journal of Business Venturing, Research Policy, Entrepreneurship Theory and Practice, Journal of Corporate Finance, Small Business Economics and Journal of Product Innovation Management among others. She is Associate Editor of Journal of Small Business Management. She has participated in numerous research projects, promoted by the European Commission, the Italian Ministry of Research (MIUR), and various private and public institutions. In particular, she participated to the FP7 VICO research project on "Financing entrepreneurial ventures in Europe: Impact on innovation, employment growth, and competitiveness" (Scientific coordinator: Prof. Massimo G Colombo) and to the FP 7 RISIS project on "Research infrastructure for research and innovation policy studies". She is Director of EMBA Part Time at MIP, Politecnico di Milano and Member of the Scientific Committee of the Observatory on Climate Finance.
Giancarlo Giudici is Associate Professor of corporate finance at MIP School of Management, Politecnico di Milano. He has had publications on domestic and international journals on entrepreneurship, corporate financing, listings and IPOs, venture capital and crowdfunding. He is the director of the Italian Observatories on Mini-Bond and Crowdinvesting at Politecnico di Milano, School of Management. He led several projects finances by public and private entities on the topics of competitiveness and firm financing. He is adjunct professor at the Ton Duc Thang University in Ho Chi Minh City (Vietnam).
Massimiliano Guerini is Assistant Professor at the Politecnico di Milano since 2015. Much of Massimiliano's research focuses on the role of entrepreneurial finance in supporting entrepreneurial activity and the performance of entrepreneurial ventures. He has studied whether and how different financing sources for start-ups (e.g., venture capital, angel financing, crowdfunding) contribute to the removal of innovative start-ups' financial constraints, as well as the implications for entrepreneurial activity of governmental initiatives. He has published in Journal of Business Venturing, California Management Review, Journal of Corporate Finance, Research Policy, and Small Business Economics, and other journals. Massimiliano has participated in numerous research projects, promoted by the European Commission and various private and public institutions. He is member of the Italian Association of Management Engineering (AiIG). He regularly teaches Industrial Economics and Entrepreneurial Finance at MIP School of Management, Politecnico di Milano.
