The failure to obtain VC financing in the pre-start-up phase: evidence from the Portuguese context

In this paper, we contribute to the literature on access to venture capital during the pre-start-up phase of innovative firms by identifying the reasons for failing to obtaining formal VC according to nascent entrepreneurs. The main reasons cited for not obtaining venture financing were the small size of the VC market and limited public policies to support venture capital participation. The sub-sample of nascent entrepreneurs who based their financing proposals on more complete business plans included "lack of interest of the venture capitalists in pre start-up phase investments" as the number one reason

Ertrag und Futterqualität der Schmalblättrigen Süßlupine (L. angustifolius) in Reinsaat und im Gemengeanbau

Im Zusammenhang mit der angestrebten Fütterung von ausschließlich ökologisch erzeugtem Futter in der ökologischen Tierhaltung erlangt der Anbau der Schmalblättrigen Süßlupine größere Aufmerksamkeit. Sie weist einen hohen Anteil hochverdaulichen Rohproteins auf. Aus pflanzenbaulicher Sicht bietet die Schmalblättrige Süßlupine als Stickstoff fixierende Leguminose die Möglichkeit des N-Inputs in den Betriebskreislauf ökologisch wirtschaftender Betriebe. Sie ist damit eine Alternative zu Körnererbsen, um die hier notwendigen Anbaupausen von 6 Jahren einzuhalten. Die vorliegenden Versuche sollen neben der Bewertung der unterschiedlichen Leguminosenarten vor allem einen Beitrag über die Möglichkeiten eines Gemengeanbaus der Schmalblättrigen Lupine mit anderen Leguminosen oder mit Getreide leisten. Hierzu liegen bislang nur wenige Untersuchungen wie z.B. von Wichmann (2004) zum Gemengeanbau mit Getreide vo

Financing innovative start-ups in Portuguese context: what is the role of business angels networks?

Business angels provide both financing and managerial experience, which increase the likelihood of the survival of innovative start-ups. Over the last years, European countries with developing informal venture capital markets have seen governments support the creation of business angels networks (BANs) to increase and consolidate these markets. Using the Portuguese context to carry out the empirical work, this paper provides an assessment of value added provided by angels’ networks. A total of 88 useable responses were received and analysed using non-parametric statistical techniques. This paper demonstrates that is evidence of positive contribution of BANs in terms of bringing together investors and linking them with entrepreneur’s seeking finance. BANs played an important role in financing innovative start-ups also in peripheral regions. Results lead us to conclude that government support BANs would appear to be an effective mechanism to stimulate the angel market in developing informal venture capital markets. The conclusions of this paper are likely to have relevance for countries where there is growing interest in the potential of business angels as a means of financing innovative start-ups

Creation of innovative firms: a human capital perspective

The aims underlying this study are to analyse to what extent the generic human capital and specific human capital of the nascent entrepreneur influences the creation of the innovative firm. The results obtained through logistic regression show the first evidence, with regard to the creation of innovative firms, that more than a higher level of education or professional experience it is education in certain areas ("technical-scientific" and "managerial education areas") and industry experience that positively influences the creation of the firm. The use of the qualitative approach of human capital complements and refines previous research on the influence of the nascent entrepreneur's human capital on the creation of the firm

Initial capital structure of portuguese innovative firms : the role of nascent entrepreneurs' human capital

The aim of this study is to analyse whether the human capital of the nascent entrepreneur influences the initial capital structure of Portuguese innovative firms. The research model used includes a dependent binary variable devised to check the initial capital structure, two groups of independent variables referring to the human capital and a group of control variables. The results obtained through logistic regression show that "heterogeneity of professional experience" positively influences the initial capital structure. These results contribute to the scientific knowledge by showing that generic human capital influences the initial capital structure of the innovative firm. Our study also makes a contribution to the literature on entrepreneurial finance in terms of methodology

Unkrautunterdrückende Wirkung von Mischfruchtbeständen mit Blauer Süßlupine (L. angustifolius) im Ökologischen Landbau

Im Ökologischen Landbau trägt der Anbau der Blauen Süßlupine dazu bei, eine proteinreiche Futtermittelkomponente zur Verfügung zu stellen, die Fruchtfolge vielfältig zu gestalten und Stickstoffeinträge in das System zu erhöhen. Ein Problem im Körnerleguminosenanbau ist die Kontrolle der Unkräuter. Um den Unkräutern in Pflanzenbeständen die Wachstumsressourcen wie z.B. Licht zu entziehen, ist es wichtig, einen möglichst schnellen und dichten Bestandesschluss zu erreichen. Mischfruchtanbausysteme können gegenüber Reinsaaten eine bessere Bodenbedeckung und somit Unkrautunterdrückung erzeugen. Zum Anbau der Schmalblättrigen Lupine in Mischfrucht liegen bislang nur wenige Ergebnisse vor. Verschiedene Lupinenmischfruchtbestände wurden daher hinsichtlich ihrer Unkraut unterdrückenden Wirkung untersucht

ŠTO POKREĆE USPJEH KAMPANJA SKUPNOG FINANCIRANJA TEMELJENOG NA NAGRADI?

While the crowdfunding phenomenon has attracted considerable practitioner and scholarly attention, existing research does not allow us to fully understand the determinants of crowdfunding campaigns performance. Th is is a key question within crowdfunding research to date. Using the most popular crowdfunding platform in Portugal (PPL crowdfunding), we constructed a data set to capture campaign characteristics and funding outcomes. We focused on 347 PPL campaigns initiated and ended in 2017 to test our hypotheses. Data were compiled from campaign descriptions and fi nal result appearing on the PPL platform. Th is platform uses a rewards-based model where founders receive tangible, nonmonetary rewards for their contributions, oft en in the form of products /services, or tokens of appreciation such as thank you notes. Using a binary logistic regression model this paper investigates the factors driving a campaign’s success. Such factors include project goal (euros), duration of campaign, Facebook shares, geographic distance, project comments, communication quality, type of founders and number of backers. Th e dependent variable is a dichotomous variable (0/1) that indicates whether a project has received the full target amount. We use this success indicator to assess whether projects that received full funding generally diff er signifi cantly from projects that did not. Our results highlight the importance of some variables related to the project and the role of social networks on funding success rewards-based crowdfunding. Th ese conclusions off er new insights into the dynamics of rewards-based crowdfunding.Iako je fenomen skupnog financiranja privukao priličnu pozornost praktičara i znanstvenika, postojeća istraživanja ne omogućuju potpuno razumijevanje odrednica uspješnosti kampanja skupnog financirana. To je ključno pitanje u dosadašnjem istraživanju o skupnom financiranju. Koristeći se najpopularnijim platformama za skupno financiranje u Portugalu (PPL crowdfunding) izradili smo set podataka koji obuhvaća karakteristike kampanja i ishode financiranja. Kako bismo testirali hipoteze, usredotočili smo se na 357 PPL kampanja koje su započele i završile u 2017. Podaci su prikupljeni iz opisa kampanja te konačnih rezultata koji su objavljeni na PPL platformi. Ta platforma upotrebljava model temeljen na nagradi u kojem osnivači primaju opipljive, nenovčane nagrade za svoje doprinose, često u obliku proizvoda/usluga ili znakova pažnje poput zahvalnica. U ovom se radu istražuju čimbenici koji pokreću uspjeh kampanje, i to koristeći se modelom binarne logističke regresije. Čimbenici uključuju cilj projekta (u eurima), trajanje kampanje, broj dijeljenja na Facebooku, zemljopisnu udaljenost, komentare projekta, kvalitetu komunikacije, vrste osnivača i broj podupiratelja. Zavisna varijabla je dihotomna varijabla (0/1) koja pokazuje je li projekt prikupio puni ciljani iznos. Koristimo ovaj pokazatelj uspjeha kako bismo procijenili razlikuju li se u značajnoj mjeri projekti koji su primili puni iznos financiranja od projekata koji nisu. Naši rezultati naglašavaju važnost određenih varijabli povezanih s projektom i ulogu društvenih mreža za uspjeh skupnog financiranja temeljenog na nagradi. Zaključci nude novi uvid u dinamiku skupnog financiranja temeljenog na nagradi

Do anchor infrastructures matter for regional Smart Specialisation Strategy? The case of Alentejo

Do anchor infrastructures matter for regional Smart Specialisation Strategy (RIS3)? This paper investigates the potential of anchor infrastructures to leverage RIS3. An exploratory case study approach is employed. The data are derived from a huge infrastructure project in the Portuguese region of the Alentejo. The study reveals the effectiveness of investment in anchor infrastructure and its contribution to leveraging RIS3. The findings provide insights into the contribution of large public investments in RIS3, identifying key impacts along several important dimensions, shedding a light on one important dimension in Smart Specialisation studies hitherto ignored

Angel investing in an austerity economy – the take-up of government policies in Portugal

Business angels (BAs) are recognized as playing a significant role in stimulating entrepreneurial activity. With the decline in both bank lending and venture capital investment since the onset of the global economic crisis, government efforts to stimulate BA activity have become a more significant component in strategies to increase the level of entrepreneurial activity. This paper examines the responsiveness of angels to such initiatives in so-called austerity economies – countries that were hardest hit by the financial crisis of 2008 and subsequent global recession and, as a consequence, had to take extreme economic and fiscal measures to reduce their budget deficits. We examine this question in Portugal which experienced one of the deepest recessions in the European Union following the implementation of severe austerity measures. This study confirms that government intervention to support angel investing can have a positive impact. However, the different types of intervention have varied in take-up rates. Other countries can learn from the Portuguese experience in three ways: the types of interventions that have the highest and lowest levels of take-up, the link between the design and the take-up of incentives, and types of intervention that should be considered but have not been implemented in Portugal