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Sources of Financing For New Technology Firms: Evidence From the Kauffman Foundation Firm Survey

This article uses data from the Kauffman Firm Survey to explore the financing sources
and strategies of new technology-based firms. Findings reveal that technology-based
firms, and particularly high tech firms, raise larger amounts of capital at startup than
firms on average. These findings also suggest that, contrary to the Pecking Order and
Life Cycle theories, owners of high tech firms are both willing and able to use external
equity as a financing source.

By:
Susan Coleman
Barney School of Business
University of Hartford

Alicia M. Robb
Kauffman Foundation &
University of California, Santa Cruz

Full Report: http://sbaer.uca.edu/research/usasbe/2010/PaperID5.pdf

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