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High-growth entrepreneurial firm funding: a qualitative study of native-born and immigrant entrepreneurs

Author

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  • Kaveh Moghaddam
  • Alexandre Aidov
  • Charles DuVal
  • Sara Azarpanah

Abstract

This qualitative study explores the financing choices of high-growth entrepreneurial firms established by native-born and immigrant entrepreneurs. Native-born and immigrant entrepreneurs are shown to pursue different financing approaches and strategies. Native-born entrepreneurs pursue multiple sources of financing, while immigrant entrepreneurs tend to rely on a single source of funding. In contrast to immigrant entrepreneurs who suggest bootstrapping as their preferred choice of financing, native-born entrepreneurs recommend bootstrapping as an initial source of funding, to be supplemented later by other external financing sources (e.g. banks, VC funds, business angels). Furthermore, native-born entrepreneurs solicit loans from large banks, while immigrant entrepreneurs seek loans from small local (community) banks. Finally, native-born entrepreneurs actively seek equity-based financing such as venture capital and business angel financing, while immigrant entrepreneurs avoid equity financing.

Suggested Citation

  • Kaveh Moghaddam & Alexandre Aidov & Charles DuVal & Sara Azarpanah, 2017. "High-growth entrepreneurial firm funding: a qualitative study of native-born and immigrant entrepreneurs," Venture Capital, Taylor & Francis Journals, vol. 19(1-2), pages 75-94, January.
    • Handle: RePEc:taf:veecee:v:19:y:2017:i:1-2:p:75-94
    DOI: 10.1080/13691066.2016.1256295
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    Cited by:

    1. Bryan Malki & Timur Uman & Daniel Pittino, 2022. "The entrepreneurial financing of the immigrant entrepreneurs: a literature review," Small Business Economics, Springer, vol. 58(3), pages 1337-1365, March.
    2. Paige Clayton, 2024. "Different outcomes for different founders? Local organizational sponsorship and entrepreneurial finance," Small Business Economics, Springer, vol. 62(1), pages 23-62, January.

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