Finance pathways for young innovative small‐ and medium‐size enterprises: a demand‐side examination of finance gaps and policy implications for the post‐global financial crisis finance escalator

Owen, Robyn, Deakins, David and Savic, Maja (2019) Finance pathways for young innovative small‐ and medium‐size enterprises: a demand‐side examination of finance gaps and policy implications for the post‐global financial crisis finance escalator. Strategic Change, 28 (1). pp. 19-36. ISSN 1086-1718 (doi:10.1002/jsc.2243)

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Abstract

The paper addresses the persistent finance gaps facing young, innovative SMEs, by examining the financing pathways of 40 UK businesses in a post global financial crisis (GFC) environment. Using a unique combination of finance escalator and resource-based view theories four propositions are tested by examining: (i) early and growth stage development; (ii) innovation R&D investment horizons; (iii) the management resource base; (iv) finance gaps and their implications. The paper finds that successful financing strategies are emerging, using a mix of bootstrapping, collaboration and new emerging post-GFC finance escalator funding, which is heavily reliant on government interventions. It also pinpoints remaining finance gaps and the need for more cohesive financing and support policy to address these.

Item Type: Article
Additional Information: Special Issue: Blockchain and Other Innovations in Entrepreneurial Finance: Implications for Future Policy
Research Areas: A. > Business School > Centre for Enterprise and Economic Development Research (CEEDR)
Item ID: 26039
Notes on copyright: This is the peer reviewed version of the following article: Owen R, Deakins D, Savic M. Finance pathways for young innovative small‐ and medium‐size enterprises: A demand‐side examination of finance gaps and policy implications for the post‐global financial crisis finance escalator. Strategic Change. 2019;28:19–36, which has been published in final form at https://doi.org/10.1002/jsc.2243. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
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Depositing User: Pamela Macaulay
Date Deposited: 22 Jan 2019 13:35
Last Modified: 05 Apr 2019 23:18
URI: https://eprints.mdx.ac.uk/id/eprint/26039

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