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Financing of startups : a comparative study of Norway and the USA

Andenes, Sondre; Pendegraft, Even Lloyd
Master thesis
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http://hdl.handle.net/11250/2403529
Date
2016
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  • Master Thesis [4207]
Abstract
This thesis aims at gaining an understanding of the mechanisms behind obtaining the

necessary funding for an innovative startup in both Norway and the USA. The main focus is

to identify areas where the two markets differ in terms of accessibility to different sources of

funding, underlying causes for this, and to give some insight into what implications these

differences have in regards to entrepreneurial activity and innovation. Are there clear

differences between the perceived ease of acquiring capital from an entrepreneur's point of

view; how do comparable capital-providing institutions stand towards supporting innovative

startups; and can the accessibility to capital contribute to explaining the difference in the

degree of entrepreneurial activity between two countries that are in many ways very similar?

Hence the research question is: Are there any differences in the accessibility of capital for

innovative startups between Norway and the USA, and what implications may these

differences have? To gain such insight we found it most purposeful to construct a qualitative

research method, using personal interviews with individuals behind innovative startups,

individuals in relevant positions in institutions that support startups financially, and other

individuals possessing expertise on this particular subject. By doing so, we aimed at

obtaining data that could shed light on this research questions from several perspectives,

which was beneficial as it allowed for a nuanced analysis. These data were analyzed up

against relevant theory from several researchers within the academic fields we have found to

be applicable.

A number of interesting findings have been uncovered while examining the research

question of this thesis. Gaps in both capital markets have been identified, where Norway

lacks Series A capital and onwards, while Silicon Valley lacks external capital in the very

earliest stages resulting in a greater reliance on self-financing among entrepreneurs. It is also

evident that the culture of Silicon Valley has shaped their entrepreneurial environment, and

vice versa, resulting in a self-contained ecosystem whose conditions facilitate

entrepreneurial activities. This is particularly evident in how it is simpler for entrepreneurs to

build and maintain their social and human capital in Silicon Valley, which is advantageous

when seeking to obtain external financial capital.

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