Series editor(s): Ray Oakey, Aard Groen, Peter van der Sijde and Gary Cook
Subject Area: Enterprise and Innovation
|Title:||Chapter 7 Financing New Ventures: Attitudes Towards Public Innovation Support|
|Author(s):||Charlotte Norrman, Magnus Klofsten|
|Volume:||8 Editor(s): Ray Oakey, Aard Groen, Gary Cook, Peter Van Der Sijde ISBN: 978-0-85724-373-7 eISBN: 978-0-85724-374-4|
|Citation:||Charlotte Norrman, Magnus Klofsten (2010), Chapter 7 Financing New Ventures: Attitudes Towards Public Innovation Support, in Ray Oakey, Aard Groen, Gary Cook, Peter Van Der Sijde (ed.) New Technology-Based Firms in the New Millennium (New Technology-Based Firms in the New Millenium, Volume 8), Emerald Group Publishing Limited, pp.89-110|
|DOI:||10.1108/S1876-0228(2010)0000008009 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
|Article type:||Chapter Item|
In the international arena, there is an ongoing debate over the lack of newly started businesses in general and over how to obtain sustainable growth in these businesses in particular. Policy-makers in Europe have sought to ease this problem of paucity of new firm's start-ups, which is mainly caused by a lack of financial resources for new innovative ideas as problematic (European Commission (2007–2013); Groen, Jenniskens, & van der Sijde, 2005). Consequently, during the latest decade, there has been an increase in the number of public sector financial schemes designed to promote entrepreneurship in very early-stage businesses (COM, 2005, 2006). These efforts have, however, escaped criticism. Those who promote public financing believe that with the right tools and governance this type of support is an important complement to the private sector financial market (Oakey, 2003). However, bankers and venture capitalists often state that the main issue is not the lack of available capital but the inability of entrepreneurs to convince investors of the merits of their business ideas (Mason & Harrison, 2002). There have also been arguments against the socioeconomic efficiency (Storey, 1994).
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