The relation between key events in the development phase and the financial structure of NTBFs in the software sector |
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Authors: | Teresa Hogan Elaine Hutson |
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Institution: | (1) Dublin City University Business School, Glasnevin, Dublin 9, Ireland;(2) UCD Michael Smurfit School of Business, Blackrock Co., Dublin, Ireland |
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Abstract: | The study is based on a questionnaire survey of 117 Irish software firms. It finds no systematic relation between product
lead time and acquisition of first external funds in new technology-based firms (NTBFs). Contrary to the stage model’s predictions,
these firms are just as likely to secure finance in advance of producing their first product beta as they are to receive funds
subsequently. Product lead times in this sector are short. Firms produced their first product beta in a median of 12 months
and acquire their first external funds a median of 3 months later. The timing of these two events, however, is not significantly
different. There is a significant difference in the mean time to receipt of consulting revenues and the development of first
beta, suggesting that most software product companies use consulting revenues to fund product development. |
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Keywords: | Stage model Capital structure Product lead time NTBF Soft starts |
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