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date: 05 March 2021

Abstract and Keywords

This article first discusses the literature on entrepreneurial finance from the perspective of initial financing of new ventures, addressing distinct features of different types of financing. It specifically considers the implications of debt and equity financing and the theoretical and empirical work that pertain to this. This is followed by consideration of the relationship between risk and uncertainty and the financing of new ventures. Finally, the literature on capital structure as it applies to entrepreneurial firms is discussed. The next section presents data from the Kauffman Firm Survey micro data set on the financing of new firms in their first four years of existence.

Keywords: entrepreneurial finance, initial financing, new ventures, equity financing, capital structure, entrepreneurial firms

Sheryl Winston Smith

Sheryl Winston Smith is assistant professor of strategic management at the Fox School of Business at Temple University. Her research elucidates the nexus of strategic management, entrepreneurship, and innovation. Currently, her focus is on the relationship between entrepreneurial strategy and financing in new firms and subsequent performance. She is the recipient of several grants and fellowships, including support from the Ewing Marion Kauffman Foundation for research on new firm performance. She served on the Program Committee of the 2011 Industry Studies Conference and was chair of the Innovation and Entrepreneurship Track. She received the Kauffman Foundation Best Paper Prize at the Strategic Management Society Annual Meeting in Rome in 2010 and the Kauffman Foundation Promising Paper Award in 2011. Prior to teaching at the Fox School of Business, she pursued postdoctoral work at the Sloan School of Management, MIT, and at the Carlson School of Management, University of Minesota. She also was awarded a Rotary Foundation Fellowship to study innovation in the Czech Republic. She received her PhD from Harvard University and her BS from Yale University. At the Fox School of Business she is on the advisory board of Mid-Atlantic Diamond Ventures, a year-round venture forum and entrepreneurship-advisory program. Prior to her PhD work, she served as a research analyst for the U.S. Congress Office of Technology Assessment.

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