Linfocitos T: Tipos y mecanismo de activación

USAGE OF

PHASE INTERNAL

ONLY EXTERNAL ONLY INTERNAL & EXTERNAL FINANCINGNO TOTAL

SEED 6 (16%) 10 (26%) 13 (34%) 9 (24%) 38

STARTUP 5 (11%) 18 (40%) 15 (33%) 7 (16%) 45

EARLY 14 (19%) 13 (18%) 21 (29%) 25 (34%) 73

EXPANSION 11 (20%) 3 (5%) 12 (21%) 30 (54%) 56

institutions ranked last. The following sections will elaborate upon the frequency and amount of each funding type in greater depth.

Figure 4.3. Invested amount and source use. Average amount only for firms using the specific source. Percentage of all sample firms using the specific source during the most recent year. N=212.

4.2.2 Funding sources across phases

Figures 4.4a to 4.4e below depict the sources of funding that have been used in each phase of development during the most recent year. The number of firms that have used a specific funding source is reported as percentages of all ventures in that particular developmental phase. Figure 4.4a shows that seed companies are funded primarily by governmental grants, which were received by 50 percent of the firms. This is followed by founders’ own investments, public debt and business angels. However, financing from family or friends, debt from commercial institutions such as banks or other credit providers, and venture capitalists are all non-existent in this phase. The high reliance on government grants differs from the situation in other countries, including the U.S. market, where government funding is considerably scar- cer (see discussion in Chapter 3). The absence of venture capital and, to some extent, commercial debt is not surprising in such an early phase. However, the lack of funding from family and friends is more unexpected, particularly when comparing these results with the U.S. situation.

The funding sources used in the startup phase are similar to those used by seed ventures, although business angels enter the scene to a larger extent in this phase,

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as indicated by the fact that 20 percent of these firms made use of business-angel funding (see Figure 4.4b). In this phase, 11 percent of the firms received venture capital. Family and friend funding is still very scarce; only two percent of the firms report having been financed by this group.

Figures 4.4a-e: Sources used in the various phases. Percentage of firms using each source reported. NSeed = 38, NStartup= 45, NEarly= 73, NExpansion = 56, NAll = 212.

In the early development phase, the situation changes slightly, as depicted in Figure 4.4c. The founders now become the most common source of funding, with 40 percent of the firms reporting having been funded by their founders in this phase, in the

4.4a 4.4b

4.4c

4.4e

form of either equity or debt. In general, all funding sources were used to a lesser extent compared with the previous phase. This may be because more of the ven- tures in this phase can survive on own-generated profits that are reinvested in the firm, or it may be because external funding is even more scarce compared to the situation in previous phases. This pattern is even stronger in the expansion phase, as illustrated in Figure 4.4d, where the use of funding decreases even more. When innovative firms in their expansion phase did use financing, 38 percent of the com- panies report having been funded by their founders, and 11 percent report having taken on commercial debt, which includes loans and lines of credits from banks and other commercial financial institutions. Less than 10 percent of the firms in the expansion phase received grants, government loans, or funding from business angels or venture capitalists.

Taken together (see Figure 4.4e), for all firms, founders are the most common providers of funding to young innovative ventures, providing funding to close to 40 percent of the firms, followed by grants, primarily governmental, which were used by about 30 percent of the firms. Public debt was used as a funding source by 18 percent of the firms, while business angel funding was used by 13 percent. The other funding sources were used by less than 10 percent of the ventures.

4.2.3 Invested amount

It is also interesting to investigate the amounts of money that are invested in inno- vative startup firms from the seed to the expansion phase. Figure 4.5 provides an overview of the average amount of capital that was invested in the firms in each phase. The average seed venture received about 500 tSEK from various sources during its first year of establishment. However, as depicted in Figure 4.6a, there is a large spread among the seed firms; 63 percent received less than 500 tSEK, while 24 percent received more than one million SEK. Significantly more money is on average invested in the startup phase, amounting to around 1.2 million SEK. The spread is also large for this group, with a vast majority, 67 percent, receiving less than one million SEK (see Figure 4.6b). Interestingly, the average level of capital invested during the early development phase is less than in the previous phase, amounting to about one million SEK. This average is further reduced in the expansion phase, during which the firms on average received less than 600 tSEK in the most recent year. For both of these two latter phases, the spread between ventures that did not receive any funding and those that received relatively high amounts is large: most firms received fairly small amounts of funding (see Figures 4.6c and 4.6d).

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Figure 4.5. Average invested amount in each phase. The mean in tSEK for the respective sources for all firms in the particular phase is reported. NSeed = 38,

NStartup= 45, NEarly= 73, NExpansion = 56, NAll = 212.

Figures 4.6a.-d: Invested amount distribution in tSEK for all investments in the various phases. NSeed = 38, NStartup= 45, NEarly= 73, NExpansion = 56, NAll = 212.

4.6a 4.6b

4.6c 4.6d