부산대학교 도서관

The funding landscape for startups has recently changed significantly. Not only have new funding partners emerged but established funding partners have also changed their behaviors. Startups can choose among different sources and regularly ask for more than monetary investment such as guidance and coaching. While numerous studies investigate the multitude of funding partners, offered funding instruments, and startups’ needs, the combination and integration of those perspectives have been under-researched in the entrepreneurial finance literature. To address this issue, we conduct a systematic literature review of 149 articles on startup funding. We find that startups possess different monetary and non-monetary needs depending on their life cycle stage, which influences their search for and selection of appropriate investors. In addition, we find numerous established and newly emerged equity and debt providers and their respective offerings. Based on our review, we propose a framework for allocating suitable investors to a startup’s life cycle stage and specific needs. We therefore extend the current dominant startup funding logics to incorporate a complementary view rather than understanding investors as substitutes. Hence, we contribute theoretically to the entrepreneurial finance literature and provide practical guidance for startups and investors.