Entrepreneurship Enterprise finance

Whilst successful entrepreneurs typically create economic value in one form or another through new venture creation, typically as financial returns, they also rely on investment and finance to establish these new ventures. Our work explores the different types of finance that entrepreneurs can draw down, their relative strengths and the times at which these investments are most critical during the lifetime of the start-up.



Matthew Hannon & Iain Cairns

Matthew Hannon and Dr Iain Cairns, through the UK Energy Research Centre’s Community Energy Finance project, have explored how novel combinations of finance (e.g. crowdfunding, community loans/loans), legal structures and business models have enabled communities to deliver their own energy projects without relying exclusively on government funding. Similarly, through his involvement with UKRI’s £10m EnergyREV consortium, Dr Matthew Hannon has explored the financial characteristics and performance of innovative forms of smart, locally led energy projects in the UK.

Suzanne Mawson

Suzanne Mawson’s work has explored a similar focus, examining the use of equity crowdfunding by environmental entrepreneurs, specifically renewable energy generators in the West of France.

Eleanor Shaw

Professor Shaw’s work has focused on both women entrepreneurs. Her research on women’s entrepreneurship has been funded by the ESRC and supported by several retail banks. This work has explored women’s access to finance for start-up and growth and has found that women-led businesses are typically undercapitalised relative to their matched male partner. This initial undercapitalisation has a longer term impact on the growth patterns of women-led ventures.

Collectively, these findings have influenced policy interventions at UK and Scottish Government levels including the introduction of a Women’s Enterprise Strategy and changes to bank practises specifically credit scoring applications for funding to support venture start up and growth.

Anna Spadavecchia

Anna Spadavecchia has examined the political economy of financing small and medium-sized firms (SMEs) (Political Economy) and the relationship between local banks and SMEs, as compared with the relationship between large banks and corporations (Small Businesses and Local Banks), in countries such as Italy.

Veselina Stoyanova

In the last four years, Dr Veselina Stoyanova has been closely engaged with the financial industry in the UK and major international banks such as the Royal Bank of Scotland Group (RBS). Her research in the banking sector has examined RBS strategic journey of renewing their legitimacy with diverse groups of stakeholders and re-focusing their business model into a more sustainable one, requiring change and development in the company’s operational routines and capabilities.