Abstract

BARONA ZULUAGA, Bernardo; RIVERA GODOY, Jorge Alberto  and  AGUILERA CIFUENTES, Carlos Iván. Analysis of the relation between entrepreneurial innovation and finance in Colombia. Cuad. Adm. [online]. 2015, vol.28, n.50, pp.11-37. ISSN 0120-3592.  https://doi.org/10.11144/Javeriana.cao28-50.arie.

This study examines whether innovative companies have a different financing pattern compared to that of non-innovative enterprises, and it analyzes the relation between innovation activities and specific sources of funding within the scope of economic theory. Statistical tests conducted using the World Bank Enterprise Survey 2010 as a source suggest that innovative companies make use of certain sources of funding (internal resources, bank financing and credit from suppliers to finance working capital) that are absent in non-innovative enterprises. Moreover, the main financing sources of innovative companies are own resources and bank debt. Further surveys and studies are suggested to deepen the reported findings.

Keywords : Financing innovation; innovative companies; financing for entrepreneurs.

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