Human capital effects on fundraising for necessity- and opportunity-based entrepreneurs

Abstract

Abstract This paper examines the effects of human capital on fundraising problems for necessity- and opportunity-based entrepreneurs by using a survey of 3974 new firms in Japan. The major findings of this paper are as follows. First, necessity-based entrepreneurs are more likely to have fundraising problems than opportunity-based entrepreneurs. Second, industry-specific experience contributes to solving fundraising problems for both necessity- and opportunity-based entrepreneurs. Third, necessity-based entrepreneurs with industry-specific experience are less likely to have fundraising problems than opportunity-based entrepreneurs without such experience.

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