Final discussion and implications
The theoretical framework proposed the greentech financial innovation growth cycle as a way to integrate three distinct bodies of literature, in addition to political considerations. The framework was shown to clearly present the collected data. However, comparative analysis reveals a number of lessons to be learned. First, capital provided by friends and family seems to play a more important role than was originally anticipated. Second, inside finance remains the most important financing means throughout all phases, not only in the early days when a firm is becoming established. Third, the distinctions drawn between types of innovation did not yield sufficient insights. It does, however, appear that overall (incremental and non- incremental) innovation output increases up to the expansion state and diminishes thereafter. Fourth, firms in the early growth state and start-up firms experience the strongest firm growth. And lastly, government funds not only support early-state firms, but are also extensively used by expanding and even mature firms.
KeywordsVenture Capital Financial Constraint Innovative Firm Innovation Output Capital Endowment
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