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The paper focuses on the legitimacy of introducing the simple joint-stock company (PSA) into the Polish legal order by referring to the financing of the initial phase of business operations. Describes the issue of capital gap, especially significant for capital-intensive innovative enterprises that have a problem obtaining financing due to high operational risk. The work also shows the importance of choosing capital financing sources due to financial risk and development opportunities. It presents an unconventional solution on raising funds for activities through crowdfunding. The paper attempts to answer questions about the legitimacy of introducing a simple joint-stock company into the Polish legal system and potential benefits and threats from the use of this type of company by startups.
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CEL NAUKOWY: Głównym celem artykułu jest ocena zasadności wprowadzenia prostej spółki akcyjnej (PSA) do polskiego porządku prawnego. PROBLEM I METODY BADAWCZE: Podstawową metodę stanowi analiza ustaw dotyczących prostej spółki akcyjnej oraz ich interpretacji prezentowanych przez przedstawicieli doktryny. PROCES WYWODU: Artykuł składa się z trzech zasadniczych części. W pierwszej została zaprezentowana charakterystyka PSA wraz komentarzami ustawodawcy. W drugiej części podjęto próbę uzasadnienia twierdzenia, że ten typ spółki jest atrakcyjny dla start-upów. W szczególności skupiono się na niekonwencjonalnym rozwiązaniu w zakresie pozyskiwania funduszy na działalność biznesową poprzez finansowanie społecznościowe. Trzecia część przedstawia stanowisko ekspertów dotyczące możliwości wykorzystania tego rodzaju formy prawnej w działalności start-upów, skupiając się na deklarowanych przez ustawodawcę ułatwieniach. WYNIKI ANALIZY NAUKOWEJ: Dzięki przeprowadzonej analizie ustaw i literatury przedmiotu wskazano potencjalne zalety i wady z wprowadzenia PSA do polskiego porządku prawnego. Autorzy zajmują stanowisko, że połączenie cech spółki z ograniczoną odpowiedzialnością ze spółką akcyjną może stanowić odpowiedź ustawodawcy na zapotrzebowanie środowiska start-upów. Jednoznaczna ocena będzie jednak możliwa dopiero po przetestowaniu tej formy prawnej w praktyce gospodarczej. WNIOSKI, INNOWACJE, REKOMENDACJE: Wprowadzenie nowej formy prawnej może znacząco wpłynąć na zainteresowanie finansowaniem społecznościowym. Autorzy uważają jednak, że dopełnieniem nowych rozwiązań prawnych dedykowanych start-upom byłoby doprecyzowanie przepisów w zakresie crowdfundingu udziałowego.
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Crowdfunding is a brand new, hence lasting for over a decade, phenomenon on the market, which combines financial, social and marketing aspects. This combination renders features not encountered so far which are particularly significant from the point of view of enterprises at early stages of development. In view of the above, the subject matter of the paper is to present the concept and development of crowdfunding, financing models as well as to indicate features significant from the point of view of start-ups. Furthermore, the paper attempts to determine and assess the role of crowdfunding in financing enterprises at early stages of development. Indispensable analyses and inferences have been conducted based on data and information drawn on source literature, publications of the European Commission and the World Bank, market reports and crowdfunding portforms. Key words: crowdfunding, start up, financing, crowdfunding platforms
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Starting a business can be a mind challenging and mentally torturing. However, understanding common start up problems and key success factors can help entrepreneurs get off the right path. This paper presents an insight into which male and female entrepreneurs differ in terms of motives to start business, key business success factors and the underlying obstacles. A questionnaire was designed to collect information on entrepreneurs’ profile and the respective measurement variables and analyzed using basic descriptive analysis and Chi Square test to capture gender differences in the opinions. Respondents of this study were selected among 150 participants of the Regional Conference on entrepreneurship in Pahang State. Findings indicate women are more likely to engage into business if their family matters are still can be prioritized, which is less likely to be a man issue. Meanwhile, men perceived innovation and risk taking activities are less likely to influence performance of their business than what women thought they should have to be. Further, it seemed more challenging for women to succeed in business without knowledge and skills competency compared to men. However, men found dealing with business malpractice posed a great challenge in business where women are less experienced with it. The findings of this study could serve as baseline information for current and entrepreneurs to be as well as for policy makers for purpose of outlining gender-based entrepreneurship policy and program.
For most entrepreneurship scholars and quite a few policy makers David Birch is well known, even though very few of today's scholars in the field have actually met him. His research in neighborhood and community development in the late seventies paved the way for the work of many of today's entrepreneurship scholars. In essence his findings were simple and easy to understand for policy makers: New and small businesses create the lion's share of new jobs. His finding became the foundation for government initiatives to support growing high-growth small firms-what Birch called "gazelles." To be able to continue research and to build his database in order to analyze the development of businesses, Birch left MIT in 1983 to set up his own research company, Cognetics, Inc. Cognetics was subsequently sold to Publicis 3 years ago and became Arc Analytics. In 1996, David Birch was named the first recipient of the International Award for Entrepreneurship and Small Business Research.
While bootstrapping is widely utilized as a strategic practice of small firms and has been regarded in the entrepreneurship literature as an important topic of study, little has been done to link bootstrapping to organizational theory. This paper presents hypotheses and an empirical study regarding bootstrapping and organizational development for small firms. The results of the study indicate that different types of bootstrapping are utilized at different periods in the life of a small firm, and that the methods utilized coincide to some extent with organizational theory predictions.
This paper presents recent research on access to finance by small and medium-size enterprises (SMEs). SMEs form a large part of private sector in many developed and developing countries. While cross-country research sheds doubt on a causal link between SMEs and economic development, there is substantial evidence that small firms face larger growth constraints and have less access to formal sources of external finance, potentially explaining the lack of SMEs’ contribution to growth. Financial and institutional development helps alleviate SMEs’ growth constraints and increase their access to external finance and thus levels the playing field between firms of different sizes. Specific financing tools such as leasing and factoring can be useful in facilitating greater access to finance even in the absence of well-developed institutions, as can systems of credit information sharing and a more competitive banking structure.
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