Venture Capital: An International Journal of Entrepreneurial Finance ?· Venture Capital: An International…

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<ul><li><p>CALL FOR PAPERS </p><p>Venture Capital: An International Journal of Entrepreneurial Finance </p><p>Special Issue: Embracing entrepreneurial funding innovations </p><p>!Cristiano Bellavitis, Higher School of Economics, National Research University, Russia </p><p> </p><p>Igor Filatotchev, Cass Business School, City University London, UK and Vienna University of Economics and Business, Austria </p><p> !Dzidziso Samuel Kamuriwo, Cass Business School, City University London, UK </p><p> </p><p>Tom Vanacker, Ghent University, Belgium Tom !</p><p>!!!!!!!!!!!</p><p>!1</p><p></p></li><li><p>Entrepreneurial firms are the backbone of economies and drivers of both economic development and </p><p>employment. Young and innovative entrepreneurial firms are germane to the creation, development and </p><p>growth of new technologies, industries and markets and create the most jobs. Yet, these firms often need </p><p>considerable amounts of financial capital to sustain their growth. Over the last decades, the en-</p><p>trepreneurial finance literature emphasized the importance of business angels and venture capital in-</p><p>vestors. </p><p> However, despite the relevance of angel and venture capital financing, in recent years, a whole </p><p>set of relatively new sources of financing have emerged (e.g., Bruton, Khavul, Siegel and Wright, </p><p>2014). Entrepreneurs in science and technology start-ups can raise financing from numerous sources, </p><p>such as accelerators and incubators, proof-of-concept centers, university-based seed funds, crowdfund-</p><p>ing platforms, and IP-backed financial instruments. Moreover, contrary to common accounts of startup </p><p>activity, research further shows that new entrepreneurial firms heavily rely on external debt sources, </p><p>including bank financing (e.g., Robb and Robinson, 2014). Others argue that entrepreneurs can create </p><p>and grow flourishing firms without raising the external financing that other firms consider to be essen-</p><p>tial, for instance, through financial bootstrapping and bricolage (e.g., Baker and Nelson, 2005; Winborg </p><p>and Landstrm, 2001). </p><p> Considering the importance of entrepreneurial firms for the overall economic system, there is a </p><p>need for research on these distinct sources of financing to understand how they impact start-ups (Fras-</p><p>er, Bhaumik and Wright, 2015). Extant research has only skimmed the surface in terms of exploring </p><p>how: (a) entrepreneurs rely on these relatively new sources of financing (such as crowdfunding), (b) </p><p>entrepreneurs use more traditional sources of financing (such as bank debt), which are typically as-</p><p>sumed to be unavailable to early stage entrepreneurial firms, and (c) entrepreneurs use creative strate-</p><p>gies to realize more with less. </p><p>!2</p></li><li><p> Furthermore, the entrepreneurial finance literature is largely segmented by the source of financ-</p><p>ing from which entrepreneurs obtain their financing. As highlighted by Cosh, Cumming and Hughes </p><p>(2009) entrepreneurial finance studies focus, almost exclusively, on a single source of financing. Large-</p><p>ly separate streams of literature have emerged in bank finance, lease finance, business angel finance, </p><p>venture capital, private equity, supplier finance and more recently, crowdfunding. However, in practice, </p><p>entrepreneurs often raise financing from a multitude of sources. Hence, we need a better understanding </p><p>of how these various sources of financing interact and how different combinations support (or harm) </p><p>entrepreneurial firms (Hanssens, Deloof and Vanacker, 2015). </p><p>!Research topics </p><p>The special issue intends to further our knowledge of the latest trends in entrepreneurial finance, in-</p><p>cluding the emergence of relatively new sources of finance, generally ignored sources of financing and </p><p>strategies entrepreneurs can implement to realize more with less need for external financing. We also </p><p>would like to explore how distinct sources of financing interrelate with each other and with more clas-</p><p>sic sources of entrepreneurial financing. We welcome papers adopting a multitude of methods, both </p><p>empirical and theoretical contributions. Topics of interest include but are not restricted to the following: </p><p>- What is the effect of being embedded in multiple funding networks to firm outcomes? </p><p>- Are new sources of entrepreneurial financing going to replace or complement venture capital and </p><p>angel finance? If so, how? </p><p>- For which firms each funding source is more accessible? </p><p>- What can firms do to increase the probability of raising new sources of entrepreneurial financing? </p><p>- When and for which type of companies is each funding source more advantageous in boosting per-</p><p>formance (e.g. survival, growth, M&amp;A, IPO)? </p><p>- And what is the ideal combination of funding sources for entrepreneurial firms performance? </p><p>- How can entrepreneurs grow their firms without raising additional external financing? </p><p>!3</p></li><li><p>- Are there geographical differences in relation to entrepreneurial financing? </p><p>- What sources of financing are available in developing countries? </p><p>!Paper submission procedure </p><p>All submissions will be subject to the standard review process followed by Venture Capital: An In-</p><p>ternational Journal of Entrepreneurial Finance. All manuscripts must be original, unpublished works </p><p>that are not under review for publication elsewhere. Papers for the Special Issue should be prepared and </p><p>formatted according to the Journals Instructions to Contributors [</p><p>authorSubmission?journalCode=tvec20&amp;page=instructions] and should be sent as a Word file to Cris-</p><p>tiano Bellavitis at </p><p>!Key dates </p><p>The deadline for the submission of papers is 31 December 2015. We expect the following timing in </p><p>between initial submission and publication of the Special Issue: </p><p>- 31st of March 2016: Completion of first round reviews </p><p>- 30th of April 2016: Decisions notified to authors </p><p>- 30th of September 2016: Revised submissions due </p><p>The Special Issue is scheduled for publication in early 2017. To support the development of papers, the </p><p>editorial team will be available at EURAM (Warsaw), AOM (Vancouver) and EGOS (Athens). </p><p>!!!!</p><p>!4</p><p>;page=instructions</p></li><li><p>References </p><p>Baker, T., &amp; Nelson, R. E. (2005). Creating something from nothing: Resource construction through entrepreneurial bricolage. Administrative Science Quarterly, 50(3), 329-366. </p><p>Bruton, G., Khavul, S., Siegel, D. and Wright, M. (2015), New financial alternatives in seeding entre-preneurship: Microfinance, crowdfunding, and peer-to-peer innovations. Entrepreneurship Theory and Practice, 39: 926. </p><p>Cosh, A., Cumming, D., &amp; Hughes, A. (2009). Outside entrepreneurial capital. The Economic Journal, 119(540), 1494-1533. </p><p>Fraser, S., Bhaumik, S. K., &amp; Wright, M. (2015). What do we know about entrepreneurial finance and its relationship with growth? International Small Business Journal, 33(1), 70-88. </p><p>Hanssens, J., Deloof M., &amp; Vanacker, T. (2015). Underexplored issues in entrepreneurial finance. In D. B. Audretsch, C. S. Hayter, &amp; A. N. Link (Eds.), The Concise Guide to Entrepreneurship, Technology and Innovation. New York, NY: Edward Elgar. </p><p>Robb, A. M., &amp; Robinson, D. T. (2014). The capital structure decisions of new firms. Review of Finan-cial Studies, 27(1), 153-179. </p><p>Winborg, J., &amp; Landstrm, H. (2001). Financial bootstrapping in small businesses: examining small business managers' resource acquisition behaviors. Journal of Business Venturing, 16(3), 235-254.</p><p>!5</p></li></ul>


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