The Evolution of Entrepreneurs’ Fund-Raising Intentions

A Multiple Case Study of Financing Processes in New Ventures

  • Authors
  • Marc Grünhagen

About this book


Acquiring the necessary funding from discerning investors and lenders is regarded as a notorious problem for new ventures in Germany. Entrepreneurs’ deciding to adjust capital requirements or terminate the fund-raising struggle altogether affect the sustainable growth of new ventures. Yet, entrepreneurship research knows relatively little about the actual course of entrepreneurs’ fund-raising attempts during the start-up process.

Marc Grünhagen examines the evolution of fund-raising struggles in eleven in-depth case studies of seed and early stage ventures. In particular, the book zooms in on potential influence factors triggering changes in entrepreneurs’ fund-raising intentions over time. The empirical analysis offers a novel model of task-specific entrepreneurial intentions and their cognitive antecedents in the context of investors’ demands for new venture legitimacy. The findings suggest two core recommendations for supporting growth-oriented fund-raising processes: a) to build legitimizing potential and b) to ensure sufficient financial scope for flexible adaptations throughout the financing struggle.


Financing Gründungsfinanzierung Gründungsneigung Kapitalbeschaffung Kapitalgebersuche Organisationale Legitimität

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