Geography, Open Innovation and Entrepreneurship
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Geography, Open Innovation and Entrepreneurship

Edited by Urban Gråsjö, Charlie Karlsson and Iréne Bernhard

Developed countries must be incredibly innovative to secure incomes and welfare so that they may successfully compete against international rivals. This book focuses on two specific but interrelated aspects of innovation by incumbent firms and entrepreneurs, the role of geography and of open innovation.
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Chapter 10: Startups, financing and geography – findings from a survey

Per-Olof Bjuggren and Michel Elmoznino Laufer

Abstract

This chapter investigates the importance of bank loans for the financing of startups and how location matters for expansion plans and financing. The two main questions posed are: what does the financing of Swedish corporate startups look like, and how does location matter for expansion plans and financing? To provide answers to these questions, both survey data and registry data have been used. The survey data are from a questionnaire sent out to startups listed in the files of the Swedish Jobs and Society Foundation. We looked at corporations founded during the period 2009–2013 that are family firms in terms of ownership structure. The survey indicated that bank loans are rare. Essentially, the entrepreneur personally takes most of the business risk. Combining registry data with the qualitative data from the survey, we used regression analysis to study differences due to location. The regression analysis showed that the degree of urbanization matters for plans for expansion. In the three most urbanized areas, the startup firms had plans to expand their business both at home and abroad. In the other urbanized areas, the focus was on expansion at home.

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