Strategic entrepreneurship can be described as simultaneous opportunity seeking and advantage seeking. Younger firms are generally more flexible and therefore enjoy 'discovery advantages', whereas established firms tend to be resource rich and more experienced and consequently enjoy...

This paper investigates the decision by Small and Medium Enterprises (SMEs) to raise funding via the sale of equity. Prior theoretical and empirical work on the ‘pecking order’ of funding has indicated that we should not expect SMEs to prefer equity funding over internal funding and external...