1EntrepreneurshipSession 5Funding for Entrepreneurial Vent.docx

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Entrepreneurship
Session 5
Funding for Entrepreneurial Ventures
(Chapter 14 and early part of Chapter 5)
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Louis Geneste
Lecturer
School of Management
Curtin Business School
Tel: 9266-7987
Fax: 9266-7897
E-mail: [email protected]
2
By the end of this session, you should be able to:
Identify and distinguish between the main sources of
entrepreneurial finance;
Discuss the advantages and disadvantages of debt and equity
financing;
Explain how informal (angels) and formal venture capitalists
differ from each other;
Explain how venture capitalists assess venture funding
proposals;
Explain the role of venture capitalists in financing
entrepreneurial ventures.
Session Learning Outcomes

But first
Where does the money for new start-ups usually come from?
What about later as the company grows?
Can you think of some creative ways to raise funds?
Has anyone ever used crowdfunding?
Have you ever tried to raise money from your family?
?
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PowerPoints to accompany Frederick, HH. et al.
Entrepreneurship: Theory Process Practice (4th Asia-Pacific
ed.), Melbourne: Cengage Learning Australia 2016.
Instructor:
Class:
The times,
they are a-changin’
Funding in the new era is not simply thrown at companies in the
hope that one in 10 is wildly successful.
Today, funding goes only to entrepreneurs who thoroughly
understand their customers’ requirements and who can ensure
the funder from the beginning that every product delivers on its
value.
Henrik Moltke, licensed under CC Attribution 2.0
creativecommons.org/licenses/by/2.0/
There was a time when an entrepreneur with a bright idea could
just walk into a venture capitalist’s office in Silicon Valley or
Shanghai and get a heap of money to develop that idea.

The venture capitalist (VC) would take a slice of the company
and the entrepreneur would take the money and make something
of it – or not.
Now those days are gone. However, like all change, this
situation has created its own opportunity, one that can benefit
both the funding community and the start-up venturer.
Funding in the new era will not simply be thrown at companies
in the hope that one in 10 is wildly successful.
Today, funding goes only to entrepreneurs who thoroughly
understand their customers’ requirements and who can ensure
the funder from the beginning that every product delivers on its
value.
VC1: Work found at
https://www.flickr.com/photos/henrikmoltke/5587199796 /
Henrik Moltke / Attribution 2.0 Generic (CC BY 2.0)
4
a
Sources of
financial capital
Entrepreneurs have a number of sources of financial capital as
their ventures develop.
Notice that the level of risk and the stage of the firm’s
development should determine the appropriate source of
financing for the entrepreneurial ventures.
‘Successful Angel Investing’, Indiana Venture Center, © 2008.
Studies have investigated the various sources of finance
preferred by entrepreneurs.
As illustrated in Figure 14.2, entrepreneurs have a number of
sources of financial capital as their ventures develop.
Notice that the level of risk and the stage of the firm’s

development should determine the appropriate source of
financing for the entrepreneurial ventures.
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Sources of Entrepreneurial Capital
Sources of capital:
1. “Bootstrap” and Informal
- personal savings
- family & friends
- working capital
2. Debt
- bank loans
3. Equity
- private and public
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Andy Lamb’s (guest entrepreneur S1-2016) Sources of Finance
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Bootstrapping
‘Highly creative acquisition’.
Using other people’s resources.

Relies on:
networks, trust and cooperation
wise use of existing resources.
No debt / don’t give away equity.
Look for ‘low-hanging fruit’.
Use a copycat idea.
Find quick, break-even, cash-generating products.
Keep growth in check.
Focus on cash for healthy, immediate returns.
Avoid loss-making strategies.
See the dozens of bootstrapping ideas in Chapter 5.
Chris Potter, licensed under CC Attribution 2.0
Note: Tall boots may have a tab, loop or handle at the top
known as a bootstrap, allowing one to use fingers or a boot
hook tool to help with pulling the boots on. The saying ‘to pull
oneself up by one's bootstraps’ (Wikipedia).
One common pathway trod by many prospective entrepreneurs
is bootstrap entrepreneurship.
Bootstrapping is a means of starting a new venture through
highly creative acquisition and the use of (sometimes other
people's) resources.
Some people say that bootstrapping means starting a new
business without financing.
Bootstrapping relies greatly on networks, trust, cooperation and
the wise use of existing resources, rather than going into debt or
giving away equity.
Point to ‘How to Bootstrap a Business’ on p. 159.
Pathway: Work found at:
https://farm9.staticflickr.com/8057/8226451812_e197931e26_o
_d.jpg / Cropped / Creator: Chris Potter / Attribution 2.0

Generic (CC BY 2.0)
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Informal
investing
Informal investors are often from the 4Fs:
Friends, family, founders and ‘foolhardy investors’
Neighbours, work colleagues and even strangers
Expected returns are affected by altruism
Strangers expect higher returns than parents
Men expect higher returns than women
Older persons expect lower returns than younger
Entrepreneurs expect higher returns than non-entrepreneurs
TaxCredits.net, licensed under CC Attribution 2.0
creativecommons.org/licenses/by/2.0/ text changed and cropped
from original
A lot of the start-up capital comes from informal investors, or
the 4Fs – friends, family, founders and other ‘foolhardy
investors’ (to that we could also add neighbours, work
colleagues and even strangers).
Venture capital is simply not on most companies’ radars – ever.
In the home of VC, the USA, for example, less than one in
10,000 companies receives classic venture capital.

VC flows only to companies with superstar potential, while
informal investment flows to companies in all segments.
GEM found that as many as 4 per cent of adults around the
world could be counted as informal investors
What financial return do informal investors expect? GEM found
that expected returns are affected by altruism. The closer the
relationship between an entrepreneur and an investor, the lower
the expected return. In putting money into relatives’ and
friends’ businesses, more than 50 per cent expected to lose
money or at best break even. It confirms a common piece of
advice given to entrepreneurs who are seeking informal
investments: make sure that your investors, family and friends
in particular, can afford to lose all their investment without
having to change their lifestyle!
Jar: Work found at
https://www.flickr.com/photos/[email protected]/7027601297 /
Cropped and altered / Creator: Tax Credits
(https://creativecommons.org/licenses/by/2.0/)
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Debt versus equity?
Equity financing is best in the early start-up stages.
Use of debt to finance a new venture involves a payback of the
funds plus a fee (interest) for the use of the money (for
example, to a bank).

Entrepreneurs need both debt financing and equity financing –
all at the right time.
Equity financing is best in the early start-up stages, especially
during research and development and during product
development.
The use of debt to finance a new venture involves a payback of
the funds plus a fee (interest) for the use of the money (for
example, to a bank).
Equity financing involves the sale of some of the ownership
(shares) in the venture.
Debt places a burden of repayment and interest on the
entrepreneurs, whereas equity financing forces the entrepreneur
to relinquish some degree of control.
Shopping cart: Work found at https://pixabay.com/en/shopping-
cart-basket-604007/ Public domain
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Debt financing through banks
Short-term borrowing for working capital.
Long-term debt to finance the purchase of property or
equipment.
Banks will ask:
What do you plan to do with the money?
How much do you need?
When do you need it?
How long will you need it for?
How will you repay the loan?

Commercial banks are the major source of debt financing for
small business.
Short-term borrowing for working capital. Long-term debt to
finance the purchase of property or equipment.
Bank loans are secured by fixed assets (such as your house),
receivables (amount owed to you by customers) and inventories
in stock or other assets.
Banks will ask:
What do you plan to do with the money? Do not plan to use
funds for a high-risk venture. Banks seek the most secure
venture possible.
How much do you need? Some entrepreneurs go to their bank
with no clear idea of how much money they need. All they know
is that they want money.
When do you need it? Never rush to the bank with immediate
requests for money with no plan. Such a strategy shows that the
entrepreneur is a poor planner and most lenders will not want to
get involved.
How long will you need it for? The shorter the period of time
the entrepreneur needs the money, the more likely they are to
get the loan.
How will you repay the loan? This is the most important
question.
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Other forms
of debt

financing
Banks are not the only source of debt financing.
Sometimes a new venturer can obtain long-term financing for a
particular piece of equipment from the manufacturer, who will
take a portion of the purchase price in the form of a long-term
note.
New ventures sometimes can obtain short-term debt financing
by negotiating extending credit terms with suppliers.
Other debt-financing sources include trade credit, accounts
receivable factoring, finance companies, leasing companies,
mutual savings banks, savings and loan associations, and
insurance companies.
Table 14.2 provides a summary of these sources, the business
types they often finance and their financing terms.
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Table 14.1 shows a summary of the differences between equity
and debt financing.

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Equity financing
What kinds of people or organisations might buy ownership in a
new venture and why?
Can you sell shares in your business before you make money?
?
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Equity financing
No obligation to repay
But, the entrepreneur gives up part ownership
Equity capital can be raised in two ways:
Public stock offerings, called initial public offering (IPO)
Private placements, which involves private investors purchasing
shares or sometimes bonds
Equity financing is money invested in the venture with no legal

obligation for entrepreneurs to repay the principal amount or
pay interest on it.
The use of equity funding thus requires no repayment in the
form of debt.
It does, however, require sharing the ownership and profits with
the funding source.
Since no repayment is required, equity capital can be much
safer for new ventures than debt financing.
Yet the entrepreneur must consciously decide to give up part of
the ownership in return for this funding.
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Equity financing
Loan with warrants provide the investor with the right to buy
shares at a fixed price at some future date.
Convertible debentures are unsecured loans that can be
converted into shares. The conversion price, the interest rate
and the provisions of the loan agreement are all areas for
negotiation.
Preferred shares are equity that give investors a preferred place

among the creditors in the event the venture is dissolved. These
shares also pay a dividend and can increase in price, thus giving
investors an even greater return.
Common shares are the most basic form of ownership. These
shares usually carry the right to vote for the board of directors.
If a new venture does well, common-share investors often make
a large return on their investment. These shares issues often are
sold through public or private offerings.
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Public stock offering (by IPO)
‘Initial public offering’ (IPO)
First-ever sale of shares to the public
‘Going public’ or ‘floating’
The IPO market has been a rollercoaster since the late 1990s
Equity capital can be raised through two major sources: public
share offerings and private placements.
The term initial public offering (IPO) means a company’s
securities are offered for the first time. Going public is a term
used to refer to a corporation raising capital through the sale of
securities on the public markets. Here are the advantages and
disadvantages:
Size of capital amount: Selling securities is one of the fastest

ways to raise large sums of capital in a short period.
Liquidity: The public market provides liquidity for owners since
they can readily sell their shares.
Value: The marketplace puts a value on the company’s shares,
which in turn allows value to be placed on the corporation.
Image: The image of a publicly traded corporation often is
stronger in the eyes of suppliers, financiers and customers.
Costs: The expenses involved with a public offering are
significantly higher than for other sources of capital.
Disclosure: Detailed disclosures of the company’s affairs must
be made public. New-venture firms often prefer to keep such
information private.
Requirements: The paperwork involved with government
regulations, as well as continuing performance information,
drains large amounts of time, energy and money from
management.
Shareholder pressure: Management decisions are sometimes
short term in nature in order to maintain a good performance
record for earnings and dividends to the shareholders.
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Private placements
The ideal small-business candidate for private placement is a
company looking for growth or expansion funding.
A private placement is suitable when you need an injection of
capital to jump to the next level of growth and you have a
proven track record of profitability.

Private placement is money invested in a company usually from
private investors in the form of shares or sometimes bonds.
The ideal small-business candidate for private placement is a
company looking for growth or expansion funding.
A private placement is suitable when you need an injection of
capital to jump to the next level of growth and you have a
proven track record of profitability.
A private placement memorandum (PPM) is the document that
discloses everything the investors need to know to make an
informed investment decision about the direct public offering
(DPO) being considered. This includes:
the offering structure
the share structure of the company
disclosures about the securities being purchased
company information
information on company operations
risks involved with the investment
management information
use of proceeds
information on certain transactions that could affect the investor
and investor suitability data.
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Venture capital in the new era
Shanghai and get a heap of money to develop that idea.
Now those days are gone.
But we are still building the same innovative and world-

changing products.
Mike Licht NotionsCapital.com, licensed under CC Attribution
2.0 creativecommons.org/licenses/by/2.0/
Shanghai and get a heap of money to develop that idea. The
venture capitalist (VC) would take a slice of the company and
the entrepreneur would take the money and make something of
it – or not.
Now those days are gone. Today, Indian, Chinese and many
other diverse entrepreneurs are still flooding to knowledge
clusters around the world. They have similar pedigrees and the
same fantastic depth and business acumen, but their attitudes
differ.
They are willing to live in cramped apartments and work day
and night. These guys and gals are happy with $10,000 in
funding from individuals rather than $10 million from VC firms.
Meanwhile, they are building the same innovative and world-
changing products as their earlier colleagues. In this chapter, we
examine the sources of capital available to new ventures, with
some insights into the approach required of the entrepreneur.
Work found at
https://www.flickr.com/photos/notionscapital/9460888437 /
Creator: Mike Licht /
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Venture capital in the new era
Venture capitalists can provide:
capital for start-ups and expansion
market research and strategy
management consulting functions
contacts with prospective customers and suppliers
assistance in negotiating technical agreements
help in management and accounting controls
help in employee recruitment
help in risk management
guidance with government regulations.
Mike Licht NotionsCapital.com, licensed under CC Attribution
2.0 creativecommons.org/licenses/by/2.0/
Venture capitalists are a valuable and powerful source of equity
funding for some (a small minority of) new ventures. These
experienced professionals provide a full range of financial
services for new or growing ventures, including the following:
capital for start-ups and expansion
market research and strategy for businesses that do not have
their own marketing departments
management-consulting functions and management audit and
evaluation
contacts with prospective customers, suppliers and other
important businesspeople
assistance in negotiating technical agreements
help in establishing management and accounting controls
help in employee recruitment and development of employee
agreements
help in risk management and the establishment of an effective
insurance program
counselling and guidance in complying with a myriad of

government regulations.
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Funding
stages with VCs
Seed financing provides the initial funds for a business concept
to be developed. This may involve additional research, product
development and initial marketing to reach out to early-adopter
customers. The companies receiving funding at this stage may
be in the process of just being incorporated or may have been in
operation for a while.
Start-up financing is where product development is completed
and the market is trial-tested. Sales are still low and the
company needs one year or less of expense money.
Early stage financing is provided to companies that have
completed the product development stage and test marketing as
well, but require additional financing to expand commercial
manufacturing and sales.
Expansion financing is provided when the start-up company is
poised to grow rapidly. The business is viable and is reaching
break-even point. The funds may be used to increase production

capacity, market or product development and/or provide
additional working capital.
Late-stage funding refers to the pre-initial public offering
investments in a company for strengthening the positioning of
the company and gaining endorsements from the top venture
capital firms as the company prepares for its listing.
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Myths about VC
Venture capital firms want to own control of your company and
tell you how to run the business.
Venture capitalists are satisfied with a reasonable return on
investments.
Venture capitalists are quick to invest.
Venture capitalists are interested in backing new ideas or high-
technology inventions – management is a secondary
consideration.
Venture capitalists need only basic summary information before
they make an investment.
Andrew McCluskey, licensed under CC Attribution 2.0
Myth 1: Venture capital firms want to own control of your
company and tell you how to run the business. No venture
capital firm intentionally sets out to own control of a small
business. VCs have no desire to run the business.
Myth 2: Venture capitalists are satisfied with a reasonable

return on investments. VCs expect very high, exorbitant,
unreasonable returns.
Myth 3: Venture capitalists are quick to invest. It takes a long
time to raise venture capital.
Myth 4: Venture capitalists are interested in backing new ideas
or high-technology inventions – management is a secondary
consideration. VCs back only good management.
Myth 5: Venture capitalists need only basic summary
information before they make an investment. A detailed and
well-organised business plan is the only way to gain a venture
capital investor’s attention and obtain funding.
Doh: Work found at
https://upload.wikimedia.org/wikipedia/commons/e/e1/Doh.jpg /
Creator: hobviassudoneighm / Creative Commons Attribution
2.0 Generic
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Venture
capitalists’
objectives
Different objectives from other capital lenders.
Interested in security and return on investment (ROI).
Best advice: delay outside investment as long as possible and to
build as much value as you can into your business before you
seek VC.
Table 14.3 provides some commonly sought targets.
20–30% ROI would not be considered too high.

Venture capitalists have different objectives from other capital
lenders.
They are interested in security and payback.
Most are concerned with return on investment (ROI).
The best advice is to delay outside investment as long as
possible and to build as much value as you can into your
business before you seek it, because venture capitalists are
interested in making a large ROI.
Table 14.3 provides some commonly sought targets.
However, an annual goal of 20 to 30 per cent ROI would not be
considered too high, regardless of the risks involved.
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Top factors VCs use to
evaluate your proposal
Timing of entry
Key success factor stability
Educational capability
Lead time
Competitive rivalry
Entry wedge imitation
Scope
Industry-related competence
See Table 14.4: Factors in venture capitalists’ evaluation
process

In addition to the evaluation of product ideas and management
strength, numerous criteria are used to evaluate new-venture
proposals. Shepherd developed a list of eight critical factors
that VCs use in the evaluation of new ventures, as follows:
1. Timing of entry
2. Key success factor stability
3. Educational capability
4. Lead time
5. Competitive rivalry
6. Entry wedge imitation
7. Scope
8. Industry-related competence.
Each factor was defined from the high/low perspective (see
Table 14.4 for definitions).
https://pixabay.com/en/checklist-action-check-list-153371/
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A Summary of ABS Key Findings for Venture Capital 2012-13
(ABS 2014, p. 4 -5)
In 2012-13, 6, 604 potential new investments; 850 further
analysed; 76 sponsored = 1.2%
Venture Capital and Later Stage
Private Equity
$19.8b committed

$13.8b drawn down
$6b uncalled
$8.2b invested
231 vehicles
720 investee companies
Direct investment
Pool of funds
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Venture Capital
What do the figures on the previous slide indicate?
Despite the attraction of venture capital to entrepreneurs, few
actually access it;
While there is a lot of attention paid to venture capital, it is
relatively unimportant to start-up entrepreneurs;
Investment is made in stages, dependent on satisfactory
business outcomes.
Business
angels
Wealthy people looking for investment opportunities.
Range from passive (backing others’ judgements) through to
hands-on.
Angels invest as individuals (often as part of a group) whereas
venture capital generally comes via a company

Many wealthy people are looking for investment opportunities.
They are referred to as business angels or informal risk
capitalists.
Here we distinguish business angels from the 4F informal
investors – friends, family, founders and other ‘foolhardy’
investors – which we looked at earlier.
Business angels tend not to have any previous relationship with
the entrepreneur and take a more objective approach to
determining whether to invest.
Angel investors range from those taking a passive approach
(backing others’ judgements) through to hands-on investors
providing advice or direct management input to help the
business become established.
A key difference between angel and venture investors is that
angels tend to invest as individuals (often as part of a group)
operating part-time, whereas venture capital generally comes
via a company or fund with full-time managers and a board of
directors, using formal analysis and investment procedures (see
Figure 14.4).
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Types of angel investors

Corporate angels: Typically, senior managers who have been
laid off with generous severances.
Entrepreneurial angels: The most prevalent type of investors,
most of these individuals own and operate highly successful
businesses.
Enthusiast angels: Most enthusiast angels are aged 65 or older,
are independently wealthy from success in a business they
started, and have abbreviated work schedules. For them,
investing is a hobby.
Micro-management angels: Micro-managers are very serious
investors. Some of them were born wealthy, but the majority
attained wealth through their own efforts.
Professional angels: The term ‘professional’ in this context
refers to the investor’s occupation, such as doctor, lawyer and,
in rare instances, accountant. Professional angels like to invest
in companies that offer a product or service with which they
have some experience.
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Michelle Fernandez was very pleased with the success of her
firm, Fitness Gurus, which catered to organisations wishing to
provide their employees with a weekly hourly break out of their
busy schedules. Michelle initially funded the business from her
own savings. Family members had also pitched in a few
thousand dollars to help Michelle on her way to entrepreneurial
success. To help her business develop, Michelle also offered her

business services to other firms in exchange for expertise such
as website development and marketing advice. Once, to help
obtain badly needed funds, Michelle sold her accounts
receivable to a firm that offered 80% of the amount that was
owed to her. Her business credit card also helped make some
initial exercise equipment purchases. However, her business
would not have grown as quickly as it had if not for the help of
a wealthy, retired owner of a global fitness chain who
frequently invested in promising young ventures in the fitness
industry.
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Read the following case and identify the different sources of
funds Michelle used for her business – this is an example of
what to expect in the exam
29
Example of Angel Financing
View the following You Tube film clip from the UK version of
Dragons Den
https://www.youtube.com/watch?v=6quOgmJ7EiY
http://www.youtube.com/watch?v=s8d5wxGEGc8
What’s the difference between the two?
What are questions commonly asked by the investors?
30
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New forms of
entrepreneurial capital
Most textbooks stop here, but we carry on!
There’s more to capital-raising than venture capital or bank
loans.
Islamic finance
Finding an ‘impact investor’
Micro-credit
Peer-to-peer lending
Crowdfunding
Raising natural capital
Most entrepreneurship textbooks stop here in their discussions
about capital needs.
For them, entrepreneurial capital is simply financial capital.
As entrepreneurs move into the new millennium, however, it is
important to realise that there is more to capital-raising than
venture capital or bank loans.
Yes, there are the creative sides of bootstrapping and the 4Fs,
but there are also new modalities of funding that are emerging
in our fast-changing world.
Here we cover some amazing topics, from Islamic finance and
social lending to micro-credit and natural capital.
They are all part of the mix of entrepreneurial capital.
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Islamic finance

Engaging in entrepreneurial endeavours is encouraged and even
demanded in the teachings of Islam.
See detail in Chapter 14, pp. 517–19.
About one in four people in the world is Muslim and the study
of Muslim entrepreneurship has deepened our knowledge about
the cultural aspects of our field.
Engaging in entrepreneurial endeavours is encouraged and even
demanded in the teachings of Islam.
Muslim entrepreneurs perceive themselves to be committed
Muslims who consider entrepreneurship a religious and
economic duty intended to generate halal (lawful) income to
meet their financial obligations and to contribute to the falah
(wellbeing) of the Muslim ummah (nation) in this life and
hereafter.
Muslims are taking advantage of a form of ethical investment
with ancient roots but greatly accelerated in the past 20 years in
places such as Malaysia and Dubai.
The Koran’s passages are often written using business and trade
metaphors. Life is likened to a business venture, where one
earns profits to gain entry into heaven – profits meaning faith
and good deeds to others.
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Impact investing
Impact investing that prevents future market meltdowns and
avoids climate change.
Investing in recycling, solar, wind, water and biofuels, greener
transportation.
Formerly called socially responsible investing (SRI),
sustainable investing or ethical investing.
Centres on the Principles for Responsible Investment (PRI).
Some investors look for ways to make an impact that prevents
future market meltdowns and avoids catastrophic climate
change.
There could be millions of jobs in recycling, solar, wind, water
and biofuels, as well as in energy conservation (homes and
buildings) and greener transportation. Investors are looking for
companies that pursue a clear sustainability agenda alongside a
traditional financial return.
Entering now to centre stage are the impact investors who seek
to produce beneficial social outcomes that would not occur but
for their investments in social enterprises.
Formerly called socially responsible investing (SRI),
sustainable investing or ethical investing.
Fund environmental protection, energy conservation, wind
power, conservation of natural resources, advantageous labour
conditions, leadership, women at work, improvement of
education, and social equality.
SRI movement has centred on the Principles for Responsible
Investment (PRI), which provide a framework for incorporating
environmental, social and governance (ESG) into investment
decision-making and ownership practices.
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Micro-credit
Very small loans to entrepreneurs who lack collateral
Informal financial service providers
Member-owned organisations
Non-governmental organisation (NGOs)
Banks servicing ‘pre-banking customers’
Micro-enterprise development programs give very small loans
(micro-loans) to aspiring entrepreneurs who lack collateral to
offer as security to a bank, who usually are not steadily
employed, or who have no credit history.
Helms distinguishes between four types of micro-finance
providers:
Informal financial service providers: moneylenders,
pawnbrokers, savings collectors and money-guard services can
also be costly. Many people lose their money.
Member-owned organisations: self-help groups, credit unions
and a variety of hybrid organisations such as financial service
associations.
Non-governmental organisation (NGOs): innovative, pioneering
banking techniques like solidarity lending, village banking and
mobile banking that have overcome barriers to serving poor
populations.
Formal financial institutions: commercial banks, state banks,
agricultural development banks, savings banks, rural banks and
non-bank financial institutions. The banks now see the poor as
well as start-up entrepreneurs as valuable ‘pre-banking
customers’ who can be cultivated to become more affluent
customers.

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Peer-to-peer lending
Social lending removes costly intermediaries known as banks.
Bringing pools of borrowers together with individual investors.
Loan of $1000 to a specific borrower is often funded by $25
investments from 40 different lenders.
Social lending sites charge fees of 2–4%
Lending Club is the world’s largest online
marketplace connecting borrowers and investors.
Simon Cunningham, Lendingmemo.com, licensed under CC
Attribution 2.0 creativecommons.org/licenses/by/2.0/ cropped
from original
Social lending can do away with costly intermediaries known as
banks by bringing pools of borrowers together with individual
investors.
Peer-to-peer lending (P2P) loans are typically funded by
specific individuals lending their own money on a fractional
basis at interest to specific borrowers.
For example, a loan of $1000 to a specific borrower is often
funded by $25 investments from 40 different lenders.
Social lending sites charge fees for brokering and servicing
loans (around 1 per cent from the lender and 2 to 4 per cent
from the borrower) and collect penalties for late payments as
well. Loan sizes are generally under $25,000. Loan terms are
generally three years, and rates range from 9 to 18 per cent. The
relatively small loan amounts and the ease with which people

can submit their ideas has led many individuals – who otherwise
would have avoided pursuing their business venture due to a
lack of confidence in their ability to obtain a commercial loan –
to view social lending as a low-risk mechanism for getting
started.
P2P Lending: Work found at
https://www.flickr.com/photos/lendingmemo/9526218147/ /
Cropped / Creator: Simon Cunningham
Instructor:
Class:
9/3/2017
35
Kickstarter $1b+ since 2009.
Entrepreneurs collect funds through the Internet by ‘open
invitation’ to finance their projects/ventures.
Usually there is a reward given to the funding community for
success.
Crowdfunding
Kickstarter: more than $1 billion pledged since 2009.
Crowdfunding makes it possible for entrepreneurs to collect
funds through the Internet by ‘open invitation’ to finance their
projects/ventures.
Usually there is a reward to the funding community for success,
such as pre-buy or quantity discounts, public recognition, or
access to the entrepreneur and the production team.
Instructor:
Class:
9/3/2017

36
Example of Crowdfunding
Here’s an example of a crowdfunding business –
http://www.kickstarter.com/
Have a look at the Brakeboard option
http://www.kickstarter.com/projects/1130221580/disc-brakes-
for-longboard-skateboards?ref=city
https://www.kickstarter.com/projects/rosscurrie/squishy-forts-
pillow-fort-construction-kits
Would you be part of this with the rewards on offer? (rewards
are at the right hand side of the page)
37
Read the following on Oculus Rift and its acquisition by
Facebook
http://www.gamasutra.com/view/news/213983/For_better_or_wo
rse_Your_guide_to_Oculus_internet_arguments.php?utm_source
=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+
GamasutraNews
Do you agree with the author’s arguments?
38
39
End of Presentation
39
References:
ABS, 2005, Venture Capital Australia, Australian Bureau of
Statistics, AGPS, Canberra.

Frederick, H. H. & D.F. Kurakto. 2010. Entrepreneurship:
Theory, process and practice, 2nd Asia-Pacific edition.
Melbourne, Australia: Cengage Learning.
Frederick, H. H., D.F. Kurakto & R. M. Hodgetts 2007.
Entrepreneurship: Theory, process and practice, 2nd Asia-
Pacific edition. Melbourne, Australia: Cengage Learning.
Mariotti, S. 2007, Entrepreneurship: Starting and Operating a
Small Business, Pearson Prentice Hall, Upple Saddle River,
New Jersey.
Osnabrugge, M. V. & Robinson, R. J. 2000, Matching startup
funds with startup companies – the guide for entrepreneurs and
individual investors, Jossey-Bass, Boston.
Stemler. A. R. 2013, “The JOBS Act and crowdfunding:
Harnessing the power – and money – of the masses” Business
Horizons (in press), 1-5.
Elizabeth
Ian

Troy
Ian
Elizabeth
Ian
Elizabeth
Ian
So I guess we’ll start off with how you started the company
initially?
So how did I start up. So basically I did an apprenticeship in
refrigeration and airconditioning. I
basically did an apprenticeship at Charlie Gardener Hospital,
which in high insight has been a really
good learning place to learn. Then I worked for a private
business in Perth for about, I think it was 11
years after I finished my apprenticeship, and I got to a point in
my life where I thought, there's a lot

of opportunity that I could see and mistakes I could see that I
thought they were making in customer
relationships and so on. And to be honest with you, I started to
think without sounding too bold,
that I could probably do it better. But I was in my comfort
zone, I didn't really want to change. My
role was never defined because as I started off in tools and as I
moved to engineering, it was kind of
a growth in the company and no one ever said “you are not this
person you are now this person” and
my role was never changed. So I kind of felt lost in the position
and then basically there was a wage
issue that came up and I felt that I wasn't getting paid enough,
so I started considering my options.
I’m one of those people that love work, always loves work, and
then one day I was driving into work
and I felt like “you know what, I really don't want to go into
work today” and I went in and handed in
my notice. I thought they were going to say “Oh, we're really
sorry to see you go, please we will give
you more money” but they said “okay” (laughs). Which floored
me and after that I had to give him
four weeks notice, no one mentioned I was leaving, they just
kept putting the work onto me like
nothing happened and on the last day I said “You guys realise
I’m leaving today” and they said “Oh
yeah yeah okay, that's fine” and I left, basically with nothing in
mind with what to do. I didn't really
leave with the intention of starting my own business, I just left
because I wanted to look for
something else and I found that I was static and stagnant in the
company. So I borrowed $20,000
from the bank, bought myself a vehicle and some tools, I had
most of my tools, some ladders and bits
and pieces that you need for this and that in the market. So
that’s how i decided to start which was

not a long term thought out plan.
Was there a large layoff between when you finished or did you
just jump straight into it?
Straight into it basically.
How were you getting your clients? Where did you start?
This is what surprised me, so what I did was, I went to the
clients that I had relations within the
company. I didn't actually poach them I just basically said I’m
no longer with the company,
¿Whitechurch¿ Refrigeration at the time, and then I said if you
ever need me, because I have
relationships with them and you just don't walk away because
you build relationship, I said “Look,
I've left, this is where I am”. And I was blown away by the
number of clients that have moved straight
away within months. Basically I had more than I could handle
so within two months I had to take in
someone else, then three months, and six months I had three
people working for me so. I think that's
the reflection that if you deliver service and you have
relationships with people then people like
working with people rather than working with companies, it’s a
relationship thing.
Early life, did you have a mentor or someone who was in your
business that you were sort of close
to?
Well, when we’re apprentices, one of the reasons I got into
refrigeration in the first place was my
older brother, who was in refrigeration, so I kind of knew the
industry so that's how I got into it. But I

remember being asked in TAFE “what did you want to do
eventually?” Most people wanted to be a
supervisor or something, but I said at that point I wanted to
have my own business. My mentor’s
basically my brother who was in the industry, and maybe my
Dad. I didn't really have a mentor in
business as such, I knew very little about business and that was
one of the scary things about
business for me was I had a hands on experience and I had an
engineering experience in the office
from design and stuff but I had no business experience as such,
so that was daunting but I think you
Elizabeth
Ian
Elizabeth
Ian
Elizabeth
Ian

Elizabeth
Ian
learn pretty quickly and you talk to people and you know you
can kind of stumble your way through
it if you asked the right questions to people.
For sure. Okay, so I'll move on to, do you think there was any
luck involved?
There's always luck There's a big part of luck and even today
luck still plays a part on it. It’s very
difficult to even today, when we were in work, we do fairly well
and you don't know how much it is
luck, how much it is relationships , because you don't know how
much you’re drawing on your own
experience to steer you through the obstacles. You don't know
how much your experiences are
guiding you to make those decisions or whether luck comes
into play and you're going down this
path of luck so I think luck is a fairly a big part in a business.
Were you just pushed to grow because of the market or whether
you actually really wanted to
grow?
Well, I've tried to manage growth. Growth is something you
can't stop, because if you provide a good
service or a good product you can't help it, the snowball will
grow because people want to use you.
The difficulties is managing that growth, because in my
opinion, growth is not necessarily the

ultimate. A lot of people have different ways of driving a
business. We have always focused on profit,
and my belief is if you're not doing it to make money then the
effort you got to put in to make it
happen is not worth it. So my philosophy has always been profit
related. So if we pick a job, we will
very rarely pick up a job just to pick up a job, there has to be
enough profit on the job for us to pick
up. There are other companies out there that might work on
growth because they try to build the
asset of their company. I'm not really worried about the asset of
the company, I'm more worried
about me being able to take enough money home at the end of
every year to justify the amount of
effort we're putting in.
Have you reached a point where you're more compelled to
manage rather than innovate because
you came up with the idea of the business and you know,
entrepreneurs are more likely to innovate
rather than manage, did you find that you struggled in between
the two?
I do struggle between the two. I struggle for a number of
reasons and it depends on the type of
business.. We are a very service oriented business as oppose to
someone selling a product, if you
sell a product the brand is sold itself. If you're selling a service
then you’ve, got to sell a relationship
service and you got to give a reliable service. So the the
difficulty is to build relationships, clients
want a one-to-one communication with yourself and the
difficulties as you grow you can't have
one-to-one communication with your clients because you have
too many clients to have that
one-to-one relationships with. So that's the difficult juggling act

of trying to manage the growth and
keep those relationships. Secondly, trying to take on second tier
management which is difficult
because that becomes a two fold thing. If you allow them full
access to your client base to say ”go off
to have those relations with client” the reality is these days
people just last in companies 3 to 5
years, the next thing you've allowed them to take a portion of
your clients with them and they will
do exactly what I did which is relationship. But if you
understand the reasons people have clients,
then the difficulty is allowing sub-managers to deal with them
because then there is just this risk of
losing your clients because they will go wherever that person
goes because you've built
relationships and that's how your business works. It's a difficult
one.
Do you still find now that you're coming out with new ideas?
We do, as I said, its difficult to judge whether you're doing that
based on experience, because you
know market changes. So what was a ¿appliable¿ market, and I
will give you for instance, probably 5
to 7 years ago, we were focusing a lot on air conditioning data
rooms and computer rooms, because
there was only a small group of people doing that, so we were
picking up ¿enlargement¿ for work.
Then again, as people see that market and see companies doing
well in that market more and more
Elizabeth

Ian
Elizabeth
Ian
Elizabeth
Ian
Elizabeth
Ian
become involved in the market you end up with more
competitors. So the company has probably
shifted a number of times . We are in the business 27 years now
and it's probably shifted focus so

many times in the related industry, so we did a lot of marine
refrigeration and air conditioning, all
those boats that had the wrong refrigeration and we had to
change it so we spent a lot of our effort
doing that, as I said we’ve done computer rooms and these days
we're finding because of the
downturn of the market in property, a lot of the property in
Perth and the change in the mining
market, a lot of those office spaces within the CBD area has
now run out of business or downsized,
so there's a lot of vacancy space for tenants in Perth or we
found that the tenants in West Perth are
now able to afford leases in Perth so a lot of the West Perth
market are buildings that are 30 to 35
years old, they're all getting tired with no tenants and look
pretty run down so they've got to spend
money on it and they've got to put in new carpets, new air
conditioning so we're picking up a whole
new market in a new area. So as I said, you find that you change
where your market is based on. Like
I said earlier it's hard whether you're based on experience or
whether that's luck or you know.
A lot of business owners find they have a loss of control, you
start off as a one man show and slowly
as you get more and more employees you lose your sense of
control. Is there anything that you've
put in place that helps manage that?
There is, obviously one of the things we've done is managed the
size of the company, so it goes back
to what I said earlier, we're focused on profit rather than
growth. And then the difficulty is managing
the next level of management, so you have to basically bring
them into the office and I don't think it's
that hard, if you don't have this type of employee-employer

relationships and have a team
relationship, that I find is more effective. If everyone becomes
part of a team rather than “I’m a boss
and you're this person and you're that person” we have
structure, but if everyone feels like “You can
talk to me and I can talk to you” at the same level, then that's an
easier thing to control, and as long
as they're happy in their environment then it kind of works.
That's good. So, also in that do you find it difficult to tolerate
mistakes made by your staff members?
I don't, because as long as they don't hide their mistake. I know
I make mistakes and I think everyone
makes mistakes. I think as a team on how do we fix that
mistake. So the first thing you gotta do to
manage customer perception of that mistake because obviously
it has a cost impact on us. I'm not
saying we don't lie to customers, we try to control mistakes so
first we don't affect the business or
customer, which is ¿paramount¿ to us and then secondly it's
obviously a financial backlash on us if it
is a mistake that's going to cost some money they are going to
try recover that money for us, so we
look at how we are going to manage that in the end. So I'm not
hard on mistakes, if someone comes
to me “Oh I've made a mistake” that's fine , if someone kind of
hides the mistake and creates a bigger
problem then I kind of take a deep view on that.
Sure, so you're more of being openly communicating with each
other in that way.
Yeah, I don't see myself as a boss, I never see a structure, I
never see a hierarchy of management, I
always sort of say “This is what we got to achieve as a group of

people” and my job is to say “you
need to go to this job or you need to go to that job or you need
to do this” and your job is to do it.
And then if we ¿____________¿ my then it all works.
Are you planning for more growth? Or are you happy with
where you are at the moment.
I guess the honest answer is no, because you get to an age
which I am, I'm at 57 now, so growth is not
necessarily a good thing, because you obviously now get to a
point where financially I'm okay, you
then start to manage lifestyle right? So lifestyle becomes a big
focus on an individual like myself so
then by getting larger then you're creating it more difficult
situation trying to control your private
lifestyle. I'm not planning growth because of that, because of
my age. If I was younger, I probably
would.
Troy
Ian

When you started, what was your rough vision for the
company?
It's kind of odd, because I really didn't have a vision, I didn't
have a vision to say “in five years I'm
going to do this or in 10 years I want to be in this position”. I
still don't have a budget to work with,
like other companies will say, “these are my budgets”. Because
I'm pretty much set in a position
where I can pretty much control it and I guess the fact that we
have been reasonably profitable and
successful then that's the model that kind of works. I don't do a
lot of advertising, so the reality is,
we've been lucky because we've establish a relationship with
our clients that has continued to grow.
So what happens is, is we find luck, a client that's from one
company then moves to another
company then he will introduce us to that company and the next
thing we still do work for the
original company and now that that new company and that
creates the growth. So I keep going back
to the same thing, I believe that relationships have the most
important thing you can build in the
business because that just keeps giving, because as people grow
the company grows because they
move out and if you don't do the right thing by the original
company you don't suddenly lose
something you keep that and then you got this new opportunity
and that's really what prompted our
growth.
So, you've put a major focus on profits and personal service,
how would you say that's changed over
the 25 years? Or has it mainly remained the same?

No, to me that is the ultimate key. It's a very easy thing to do to
provide service and I think so many
people don't do that. If you say “I'm going to come tomorrow”
then you go tomorrow. If you say “can
you give me a quote by wednesday” I’ll give you a quote by
Wednesday. That is to me the most
important thing. If people can rely on you and don't have to
make a phone call “Oh Ian you said you
were going to do this” to me that's the catalyst of growth. It
does put a lot of pressure on you
because these days as technology changes, emails change, and
the amount of emails you get, so the
information coming to you wants responses back, it's becoming
harder and harder because of the
communication we have these days. All people want is to take it
off their desk and have it dealt with
you know what I mean? Just about communication, to me, is the
most important thing and that's
what I do, I try to respond all my emails that day if not the next
day to say “thanks I've got your email,
I'll have your answer in two days or a week or month, whatever
it is”, you just let them know what's
going on. Communication and relationships is the key.
How have your previous experiences helped you plan for the
future as you better understand the
market?
It's a hard one because as I said you don't really know if you're
drawing on experience because
experience is something you have within and I don't know if my
experiences are going to say “do
this” you just have a gut feeling that this is the way you should
do it. So it's very hard to put that to
words, how do you do it, how do you contemplate it. You’ve got

to have a level of self-belief, I think
that's one of the main things, you’ve got to sit yourself in a
meeting and have the confidence to say
“this is how we do it” or people will feed off your
professionalism and your self-belief I guess and if
you sit in the meeting and you don't give definite answers, but
if you say “this is how you do it, what
you're doing is wrong” you’ve got to be able to say it in a way
that you're not offending anyone, you
have to say “this is not going to work because of these reasons
from my experience, what it's worth
it's worth” this is just what I think. You just have to be open
with communication.
So what approach do you take when it comes to strategic
planning?
We're very cautious as a business because there's litigation all
around us and that's changing these
days. So I guess the first thing that would cross my mind in an
opportunity or in a contract or
anything is what is my risk, and as I said, I've gotten to an age,
the reason why i'm ¿_________¿ So the
first thing I'm going to do is “what is my impact?”. “If this goes
pear-shaped, how is this going to affect
Troy
Ian

Troy
Ian
Troy
Ian
Troy
Ian
Troy
Ian
me?” and there has been situations where I've just walked away
because I think the risk was higher

than what I was going to return. You don't go for it just because
there's an opportunity, and I think
when a lot of people make a mistake they see an opportunity
“that's an opportunity, we got to go
that way”. I think we go to see an opportunity, “okay that's an
opportunity, what's the opportunity?
What is the consequences of the opportunity? What is the risks
and am I willing to take those risks”.
It's a balancing game and there's risk to everything you do.
How did you fund your entrepreneurial ventures? Did you have
any difficulties with this from your
original loan?
It was difficult, because at the time I had a mortgage, it was a
big lump of money for me in those days,
it was twenty-grand it's for the outlay of my business. I had to
buy a vehicle, buy tools and then you
have to be able to put yourself in a position where you can't just
say “here I am” open the door and
nothing comes in. I've always set myself up, for even as a one
man band even when I was that for the
few months that I was as a business, not “here I am trying to
start a business” but “here I am, I am a
business” so I bought myself a mobile phone and in 1990 that
was a big lump of money. So I think the
intent was “here I am, I'm a professional business” I'm not in
here trying to make it through the
difficulties of starting a business. I leased a small showroom in
Osborne Park, so I had a premises,
had a phone, had a vehicle, I could take calls, if I turned back I
could be a professional business.
What did you actually put into towards the bank as you applied,
becuase you wouldn't have any
employment at that point. Did you actually have to put together

a business plan to apply for your
finance?
Luckily, we've always been thought as kids to not to borrow, if
you can't afford it then you can't
afford it. The reality is, I had a house, which was paying off a
mortgage for, but I had a reasonable
amount paid off and I still had savings, so I was able to go to
my bank and say “hey look, this is what I
want to do” but I had a sufficient asset that the risk wasn't with
the bank, the risk was still with
myself. So getting the finance wasn't really a big problem.
Did you get equity financing or debt financing, but I guess with
that it was Equity financing?
It's always has been. We’ve never run an overdrive with my
business at all, so basically we've
managed the cash flow. I knew refrigeration and I knew the
technical side, I didn't know the
administrative side, and to me that was difficult, I had no idea
how to do accounts or books and
that's important. So again, cashflow is the paramount and still is
and that has never changed so you
know we will chase our debt if someone doesn't pay and I will
take action against them if they don't
pay straight away. There's no if’s, but’s or maybe’s.
Was there any other stages of investment or did you take on any
other investors?
I started the business in 1990 and as I said in the first three
months I had to take on someone else
then I took on another two technicians and then Daryl, my
brother, joined me two and a half years
later so that was the difference where my expertise were air-

conditioning, Daryl's expertise were
refrigeration, so Daryl's market is industrial refrigerations so
we do a lot of abattoirs and dairies and
breweries and large refrigeration complex. So when Daryl came
on board we basically had a whole
different client base so we still operated in a way whilst we are
one company, Daryl still operates his
business and his customers which is totally different to my
business and my customers, but the
finances and all that come back to the single point but as a
company there's two quite separate
divisions.
So to launch out on that, were you guys in the financial
position to do that off the company's money
or did you have to take on another round of investments.
Well it was kind of easy because he was my brother, so that
kind of changes the dynamics a little bit.
But he had to buy into the company, so he invested into the
company. I've always had this
professionalism kind of thing, I didn't start off as a sole trader,
I started as ¿_______¿ company, so we
had directors, we had shareholders, if someone wanted to come
in they were shareholders so it
operated as an infrastructure rather than a sole trader or a
partnership arrangement.

This is a group report and my section is Financing
Entrepreneurship Ventures
referring to an interview. Interview transcript attached.
No need for introductions or conclusions, just body paragraphs.
Topics covered that need to be talked about are in the
Powerpoint file attached.
Please use topics in these slides.
1000 words
Chicago 16 referencing
MINIMUM 6 references
You are required in your discussion to link and apply the theory
principles and models
relevant to your respective topics to the findings of the
interview. Your discussion needs to
demonstrate clearly, where “real life” relates to the theory and
where at times, it might

deviate from it. You might make some important observations
that are not covered by the
theory so please state these in your assignment as well. To
highlight where linkages are
made between reality and theory, it is necessary that you cite
the relevant references from
where you found your theory, principles and models
Do not leave it to your instructor to draw the conclusion as to
why the reference you used
applied to your entrepreneur. This is your task. It is expected
that you will refer to at least
five references relevant to each of your topics.
The body contains the main discussion of how your
entrepreneur confirmed or disproved
the theory. Each of the topics your group selected should form
the subheadings in this
section. For each topic, provide the evidence from your
interview summary that
demonstrates how your entrepreneur confirmed or disproved the
theory and concepts you
drew from your research. It is this task that will determine how
well your group performs
in this assignment. Be clear when you demonstrate how and

why the evidence from your
entrepreneur confirms or disproves the theory. Don’t just leave
it to your instructor to
make the connections and hopefully reach the same conclusion
you did. It does not work
that way.
Here’s an example of what we’re looking for:
Example of a discussion (of course, Mr X does not exist and
there are no references by
authors called Xxxx and Yyyy – these are just made up to
provide you an example)
This section will investigate the linkages between the
entrepreneur interviewed, Mr
X, and the research on strategic planning and entrepreneurship.
During the
interview, Mr X advised that when he commenced his business
venture, his
approach to strategic planning was very informal. This was
mainly due to his lack of
knowledge of the strategic planning process. As the business
started to grow, he

realised there was a need for more formal planning to help
engage his employees
with the vision he had for the firm. This transition from
informal to formal strategic
planning links well with Xxxx’s (2008) and Yyyy et al.’s (2012)
research that found that
entrepreneurs find the need to undertake more formal strategic
planning as the
business becomes more complex to run. Entrepreneurs find
formal strategic
planning is necessary to engage key stakeholders with the
business (Yyyy et al.
2012). Mr X’s following statement supports this view:
“When I started the business, I had no clue how to plan
strategically. I had lots of
ideas but I didn’t share them with anyone. As the business grew
and I started
taking on employees, I realised I needed to share my vision and
strategic planning
with my employees if they were to be part of the firm’s future
so I started to put a
plan together”.

Mr X’s transition from informal to formal planning in order to
engage his employees
aligns well with Yyyy et al.’s (2012) research findings since
employees are key
stakeholders of the As you can see from the above example, the
connections
between the theory and the entrepreneur are stated with
segments from the
interview summary used as evidence to support the student’s
analysis.
TOPIC : Funding for Entrepreneurial Ventures
● Identify and distinguish between the main sources of
entrepreneurial finance
● Discuss the advantages and disadvantages of debt and equity
financing
● Explain how informal (angels) and formal venture capitalists
differ from each
other
● Explain how venture capitalists assess venture funding
proposals
● Explain the role of venture capitalists in financing
entrepreneurial ventures.

1EntrepreneurshipSession 5Funding for Entrepreneurial Vent.docx

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