Cultural Entrepreneurship and Money: Start-Up Financing Structures in the Creative Industries

Elmar D. Konrad

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Cultural Industries and Urban Development Entrepreneurship Studies and Influences Private Equity and Venture Capital

Abstract

Cultural and creative industries belong to the fastest growing sectors. About two-thirds of all new businesses in the creative and cultural industries need financial resources, but currently there are no findings regarding the financial structure and the very complex structure of this sector. For the first time this paper combines specifically the research on cultural and creative industries and start-up financing to examine the entrepreneurial factors inhibiting or stimulating the influence on capital acquisition. Based on a large empirical study, the funding structure for start-ups involving factors of orientation at the individual, corporate and social level is described by means of a multivariate regression model. Individual and entrepreneurial orientation of the actors plays a significant decisive role in the choice of forms of financing and the degree of diversification of financial structures. Start-up-related characteristics such as size and counseling or support inclination give also information on the structure of start-up financing. The ascertained findings thus identified important decision-making tools for the financing and funding practices in and for cultural and creative industries.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1996Clarifying the Entrepreneurial Orientation Construct and Linking It To Performance 1995What Do We Know about Capital Structure? Some Evidence from International Data 1983The Correlates of Entrepreneurship in Three Types of Firms 2001Linking two dimensions of entrepreneurial orientation to firm performance 1999Testing static tradeoff against pecking order models of capital structure1This paper has benefited from comments by seminar participants at Boston College, Boston Unsiversity, Dartmouth College, Massachusetts Institute of Technology, University of Massachusetts, Ohio State University, University of California at Los Angeles and the NBER, especially Eugene Fama and Robert Gertner. The usual disclaimers apply. Funding from MIT and the Tuck School at Dartmouth College is gratefuly acknowledged. We also thank two reviewers, Richard S. Ruback and Clifford W. Smith, Jr., for helpful comments.1 2003The financing of business start-ups 2003Entrepreneurial finance: an overview of the issues and evidence

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