The global financial crisis of 2007-2008 changed the landscape of financing a business, affecting all projects that are looking for growth based on access to capital. Non-bank finance and new forms of equity access started to emerge not only for attractive born-global start-ups but also for smaller SME´s with sound and sustainable business plans, creating a stronger link between capital and knowledge. This article aims to open a reflection on the future of the sources of financing for an entrepreneur, focusing on three main premises: (i) debt and short term payback, (ii) capital and knowledge acquisition for a sustainable business model (iii) new forms of – debt free - payback to fit the business ability to grow and to focus the financial support primarily on the business model and not on the entrepreneur.
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- Robert Cull & Lance E. Davis & Naomi R. Lamoreaux & Jean-Laurent Rosenthal, 2005.
"Historical Financing of Small- and Medium-Sized Enterprises,"
NBER Working Papers
11695, National Bureau of Economic Research, Inc.
- Cull, Robert & Davis, Lance E. & Lamoreaux, Naomi R. & Rosenthal, Jean-Laurent, 2006. "Historical financing of small- and medium-size enterprises," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 3017-3042, November.
- Rodrigo Canales & Ramana Nanda, 2008.
"A Darker Side to Decentralized Banks: Market Power and Credit Rationing in SME Lending,"
Harvard Business School Working Papers
08-101, Harvard Business School, revised Aug 2011.
- Canales, Rodrigo & Nanda, Ramana, 2012. "A darker side to decentralized banks: Market power and credit rationing in SME lending," Journal of Financial Economics, Elsevier, vol. 105(2), pages 353-366.
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