Title: Determinants affecting start-up funding: evidence from Greece

Authors: Christos Ziakis; Maro Vlachopoulou; Konstantinos Fouskas

Addresses: Department of Economic Sciences, International Hellenic University, Magnisias, Serres, 621 24, Greece ' Department of Applied Informatics, University of Macedonia, Egnatia 156, Thessaloniki, 546 36, Greece ' Department of Applied Informatics, University of Macedonia, Egnatia 156, Thessaloniki, 546 36, Greece

Abstract: Start-up funding has been identified as a significant factor determining operational viability. Since start-up viability is ethnocentric and culture-specific, the factors that propel sufficient funding vary significantly between different countries. This research aims to examine the implications of each determinant of funding and to identify any similarities in characteristics shared by start-ups funded by similar sources. A literature review was conducted to assess the diverse categories of start-up funding and the factors influencing it. Moreover, 240 start-ups founded by Greek start-uppers were surveyed. According to the results, information and communications technology (ICT) related start-ups with intellectual properties, a complete business plan, and tax residency outside of Greece were more likely to receive funding from venture capitals. The study's findings have significant implications for policymakers who wish to develop a national entrepreneurship strategy that will actively enhance entrepreneurial actions and can lead to national economic growth.

Keywords: start-up; funding; venture capital; angel investors; bootstrapping; entrepreneurial policy.

DOI: 10.1504/IJTTC.2022.127596

International Journal of Technology Transfer and Commercialisation, 2022 Vol.19 No.4, pp.468 - 492

Received: 15 Jan 2022
Received in revised form: 05 Apr 2022
Accepted: 05 Apr 2022
Published online: 12 Dec 2022 *

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