Innovation finance ecosystems for entrepreneurial firms: A conceptual model and research propositions

Farzad Haider Alvi, Klaus Ulrich

Research output: Contribution to journalJournal Articlepeer-review

9 Citations (Scopus)


This paper presents a conceptual model for examining the matching of entrepreneurial firms and sources of finance under conditions of innovation. The model applies to entrepreneurial ecosystems, typically the site for studying venture capital investment in technology start-ups. By delimiting ecosystems along sectoral and temporal dimensions, the model considers a diversity of industry sectors and a diversity of funders, across the early, growth, and mature stages of a firm. The conceptual model suggests that where there might appear to be funding gaps, there could instead be overlaps. Based on the sectoral and temporal dimensions, research propositions are formulated. These propositions outline a research agenda that examines the relationship between innovation and sectoral and temporal dimensions, the impact of innovation on firms and funders, the role of reinvestment into the ecosystem as the lifeblood for a self-reproducing healthy ecosystem, and the possible geographic limitations of ecosystem models.

Original languageEnglish
Article number113450
JournalJournal of Business Research
Publication statusPublished - Feb. 2023


  • Accelerators
  • Entrepreneurial ecosystems
  • Entrepreneurial finance
  • Incubators
  • Innovation finance


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