Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.Nghiên cứu các yếu tố ảnh hưởng đến hoạt động huy động vốn của doanh nghiệp khởi nghiệp sáng tạo Việt Nam.
MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY ********* SUMMARY OF DOCTORAL THESIS RESEARCH ON FACTORS AFFECTING FUNDRAISING ACTIVITIES OF VIETNAMESE START-UPS Major: Business Administration Code: 9340101 NGUYEN THI HANH Hanoi – 2022 The thesis is completed at: Foreign Trade University Science instructor: Prof., Dr Le Thai Phong Reviewer 1: Reviewer 2: Reviewer 3: The research will be protected in front of the council meeting at ……….……….……….……….……….……….……….……… The thesis could be read at National Library and Foreign Trade University Library LIST OF PUBLICATIONS Nguyễn Thị Hạnh (2020), “A comparative analysis of startups financing in Vietnam”, Journal of International Economics and Management, 20(1), 65-79 Nguyễn Thị Hạnh (2019), “Kinh nghiệm quốc tế tài trợ vốn cho doanh nghiệp khởi nghiệp số đề xuất cho Việt Nam”, Tạp chí Kinh tế Dự báo, Số 32(11/2019) 91-95 Nguyễn Thị Hạnh Lê Thái Phong (2017), “Khởi nghiệp tinh gọn tư thiết kế: Hai phương pháp hỗ trợ doanh nghiệp khởi nghiệp Việt Nam”, Tạp chí Những đề Kinh tế Chính trị giới, Số 10(258), 24-36 Nguyễn Thị Hạnh Lê Thái Phong (2017), “Determinants of Fund Raising for Vietnames Startups”, International conference for young researchers in economics and busines 2017 Proceedings, Đà Nẵng CHAPTER INTRODUCTION 1.1 Introduction Start-ups also contribute to economic dynamism by creating new industries and businesses (Decker et al., 2014) Even in the face of failure, these businesses still have certain contributions Because, entrepreneurs participating in failed businesses can draw lessons learned and apply them to future projects to build a more successful business It can be seen that start-ups really need external financial support, especially innovative start-ups (DNKNST) because their characteristics are fast acceleration, so they need capital for these stages , even with good models and products, businesses can receive capital sooner Despite their great potential, innovative startups often face many challenges in mobilizing resources for development and growth, especially financial resources (Praag et al., 2005) The biggest obstacle for startups to approach investors is asymmetric information between the two parties In the context of Vietnam, the startup ecosystem has similarities with the world, that is, with the participation of all components in the ecosystem, especially an indispensable part of the business community venture capital fund The participation of venture capital funds in fundraising rounds has brought about a great step forward in the capital market in Vietnam, businesses are not only dependent on loans from banks or other credit institutions In addition, the role of clarifying the factors that can affect the capital attraction activities of innovative startups has not been paid attention If clarified, it will help businesses, investors and supporting organizations have a basis to improve the efficiency of this capital mobilization Simultaneously with the new and dynamic capital market characteristics, the research and implementation also make great contributions to the theoretical system of capital mobilization for SMEs in the world Therefore, the thesis with the topic "Research on factors affecting fundraising activities of Vietnamese start-ups" wants to focus on research and analysis of factors affecting business activities capital mobilization of NST, applied to analyze the current situation of capital mobilization activities of NSTs in Vietnam, thereby proposing recommendations for NSTs, investors and the government 1.2 Literature review Research related to innovative venture: Research in this field also dates back to the earliest times when the theory of entrepreneurship and entrepreneurship appeared Research topics focusing on this type of business are very diverse, which can be summarized in three main groups: (i) Formation of new businesses; (ii) Awareness of the concept and characteristics of the new enterprise; (iii) Survival, success and failure as well as business performance, the role of attracting resources; (iv) Environmental and ecosystem factors Research related to raising capital for startups: Theory of startup capital has witnessed a strong growth in the number and content of research topics over the past 60 years (Vuong, 2020) There are many scholars who have made great contributions to this field, mainly researchers from Europe and North America, including prominent and influential researchers in the industry through the number of articles cited (Nguyen et al., 2021) Headed by Zahra, his research has broadened readers' understanding of the factors that can evaluate a business startup, or its relationship to business performance (Zahra, 1991, 1993; Zahra) and Covin, 1995) In general, the research on raising capital for startups by the above authors began to appear after the 1990s, which was also the boom period of "Dot-com" technology companies and was backed by large corporations private equity funds grew and brought in many successful deals after these businesses were listed Until now, research has continued to develop, mainly focusing on four main groups of topics, which are: (i) Sources of capital to support start-ups; (ii) Issues related to the investment deal, (iii) Issues related to public policy; (iv) Results of investment deals Studies on factors affecting mobilizing creative start-up capital: Research on factors affecting creative startup capital mobilization is of interest to many scholars and is also the main branch of research Research on raising capital for startups Researches in this field usually have three approaches, the first is from the investor side and the second is from the start-up business side, and the third is the factors belonging to the supporting environment for startups In Vietnam, research on mobilizing activities for startups, especially factors that can affect the ability of startups to raise capital, has also begun to be active with many internal and external publications country The main research groups are: (i) Supporting policies and laws for raising capital of start-ups; (ii) Introduction to the forms of capital mobilization of start-ups; (iii) The general situation of capital mobilization activities of start-ups; (iv) Valuation and factors affecting capital mobilization activities It can be seen that, research on capital raising activities for startups in general and factors affecting capital mobilization of startups in particular have attracted a large number of authors around the world and Vietnam However, compared with the development of research in the world, research in Vietnam still has many limitations, opening up research opportunities for scholars At the same time, it also adds to the urgency of the thesis topic Research gap From the overview analysis of the research situation above, it can be seen that the topic of finance for start-ups, especially the factors that affect the finance for start-up enterprises, still have many issues that need to be discussed Firstly, theoretical research on innovative start-ups is still a new field in the world and in Vietnam, so the conceptual and theoretical system related to this topic still has much to be explored Second, about the approach to research on factors affecting capital mobilization activities of NSTs in the world, mainly the number of studies focuses on the aspect of investors, there are few studies on approaching these factors from the business side Third, the role of entrepreneurs in the ability of SMEs to raise capital is also a topic that needs to be further studied Previous studies have not had high consensus among researchers, because some believe that human capital of entrepreneurs greatly affects the ability of enterprises to mobilize financial capital from outside Fourth, the role of social capital in mobilizing financial capital of NST Research on start-up finance in emerging markets also shows that SMEs with small business history and collaterals are very difficult to access financial capital from credit institutions Fifth, with the current research context when the whole world is facing difficulties from the Covid-19 pandemic, the group of innovative start-ups is the object of great influence Sixth, research related to start-up finance is mainly concentrated in the United States and some European countries, while emerging Asian countries except China have not yet attracted much attention study Seventh, is the research data The scarcity of research data on SME's is one of the main reasons why the volume of research on this topic is still limited compared to other research topics in finance and startups Research questions What is the theoretical basis of capital mobilization activities of innovative start-up enterprises and factors affecting capital mobilization activities of creative start-up enterprises? What are the influencing factors and the degree of influence of the factors from the side of the NST to the capital mobilization activities of the NST? What are the factors affecting the capital mobilization activities of NSTs in the context of the Covid-19 pandemic? How is the capital mobilization of DNKNST going in Vietnam, is there any difference with the world? 1.3 Research objectives General objective: The objective of the thesis is to study the factors affecting capital mobilization activities of NSTs in order to propose solutions to improve the ability and value of capital mobilization of enterprises Specific objectives: (i) Theoretical basis system related to capital mobilization activities of DNKNST; (ii) Research on the influence of factors on capital mobilization activities of NSTs; (iii) Proposing a number of recommendations to related parties to enhance capital mobilization activities of DNKNST 1.4 Research subject and research scope The research subject of the thesis is the factors affecting capital mobilization activities of Vietnamese start-ups Research scope: Regarding content: Firstly, the word "activity" in the thesis implies the "results" related to the mobilization of financial capital of the enterprise, excluding the description of the process of raising financial capital Secondly, the results of financial capital mobilization that the thesis focuses on the results of raising venture capital from venture capital funds (Venture capital - VC), angel investors (Business Angel - BA) and accelerator funds, and does not include private equity (PE) investments Third, the innovative start-up enterprises within the research scope of the thesis are those that: (i) have registered their business; (ii) has not conducted an initial public offering (IPO); (ii) operating period of less than 10 years; (iv) there is a technology element in the business model Fourthly, due to the limitation of collected data, the thesis only approaches the internal factors of enterprises including entrepreneurs and startups About time: The thesis researches innovative start-ups in the period from 2011 to June 2021 The research documents were collected so far and updated to June 2021 In terms of space: The thesis conducts research with SMEs across the country, collected on the basis of CrunchBase investment data Mainly businesses come from two big cities that are Hanoi and Ho Chi Minh City 1.5 Research methodology The thesis uses a combination of two main research methods, which are qualitative research methods and quantitative research methods With qualitative research, the thesis approaches the desk research method, the expert interview method With quantitative research method, the thesis uses descriptive statistics method, regression method and correlation estimation method as well as difference test method 1.6 Thesis contributions New contributions to the theory: Firstly, the thesis has synthesized an overview of the research situation on start-ups, entrepreneurship and capital mobilization of NSTs in the world and in Vietnam Secondly, the thesis has built and tested a research model on factors affecting the ability to raise capital of innovative start-ups in the context of a developing economy like Vietnam Third, the thesis can update the capital mobilization situation of NSTs in the context of Covid-19, which is an important and timely factor that has a great influence on the start-up activities of businesses around the world as well like in Vietnam Fourth, current research in the world is mainly conducted in developed countries where the economy, culture and society are developed and people are not necessarily looking for a more modern learning environment Fifth, the participation of enterprises in innovative start-up competitions has a positive effect on capital raising activities at an appropriate level - New contributions to practice: The thesis has practical significance as it provides empirical evidence on factors affecting capital mobilization activities for SMEs through data sets The results of the thesis contribute scientific evidence for the development of policies on innovative startups and for capital mobilization of start-up entrepreneurs 1.7 Thesis structure The thesis consists of six chapters, in addition to the list of acronyms, tables and references Includes: Chapter 1: Introduction to the study; Chapter 2: Theoretical basis; Chapter Research model and hypothesis; Chapter Research methods; Chapter Research results and discussion; Chapter Some recommendations and research conclusions CHAPTER THEORETICAL BACKGROUND ON FUNDRAISING AND FACTORS AFFECTING FUNDRAISING ACTIVITIES OF STARUPS 2.1 Overview of start-up Definitions of start-ups: The thesis approaches the concept of startup based on the world's definition of "start-up", so the definitions cited below are all around the study of "start-up" The terms "creative start-up business" and "Start-up" are used with the same connotation to refer to young businesses with high growth potential operating on the exploitation of intellectual property, technology, and technology new technology and/or business model Specifically, the innovative start-up enterprises within the research scope of the thesis are those that: (i) have registered their business; (ii) has not conducted an initial public offering (IPO); (ii) operating period of less than 10 years; (iv) there is an element of technology in the business model Characteristics of start-up: Start-ups have the following main characteristics: (i) Breakthrough and innovation; (ii) Great growth and profit potential; (iii) The business model is iterative; (iv) Technological factors; (v) Young and risky business The system of policies and laws governing start-ups in Vietnam The law to support start-up enterprises is defined as regulations, mechanisms, policies and interventions from the state perspective to support start-up enterprises and thereby promote the development of innovative start-up enterprises The support measures implemented by the Governments of other countries focus on helping to solve the difficulties of start-ups and at the same time creating favorable conditions for start-ups to develop on the basis of socio-economic conditions and strong resources of each country First, develop legislation to support capital Second, develop supporting legislation on credit Third, develop supportive tax legislation Fourth, develop legislation to support other areas 2.2 Overview of raising capital for innovative start-ups Concept of capital and capital raising in innovative start-ups: For SME, the approach to enterprise resources including human resources, social resources, financial resources and other resources belongs to the general characteristics of the business (Clough et al., 2018) ) These resources are often referred to as human capital, social capital, financial capital, and other capital Therefore, in order to avoid misunderstanding about the term "capital" used in the thesis, the phrase "capital mobilization" refers to raising financial capital Stages of raising capital for innovative start-ups: Those stages are: (i) Seed stage; (ii) Growth stage; (iii) Maturity stage and (iv) Recession or revival stage The stages of capital raising of NSTs are based on the life cycle theory of NSTs according to Berger and Udell (1998) Accordingly, financial needs and access to capital change as SMEs grow and gain more experience and become more transparent in terms of information Forms of capital mobilization of SMEs: The main forms of capital mobilization of DNKNST are: Debt mobilization - loan capital; Credit guarantee; Self-financed capital and from relatives and family (Friends, Family and Fools – FFF); Venture capital (VC); Corporate Venture Capital (CVC); Angel investors; Crowdfunding; State investment funds and counterpart funds 2.3 Theories backgound Resource mobilization theory: This theoretical approach thesis does not apply the resource mobilization process but focuses on the basis for allocating the main resources of the start-up business Research by Clough et al (2018) has synthesized based on research on resources for start-ups divided into main groups of resources: (i) financial capital; (ii) human capital; (i) social capital and (iv) other capital The above forms of capital of enterprises have been recognized by researchers to play an important role in the development of enterprises from an economic perspective (Becker, 1993; Glaeser et al., 2002) 10 CHAPTER RESEARCH MODELS AND Hypotheses 3.1 Research models Based on an overview of the research situation, the theoretical background and the theoretical basis of the factors affecting the capital mobilization activities of the startups, and combined with the results of consulting experts, the thesis builds The research model is based on three groups of factors affecting capital mobilization, which are shown through three indicators of capital mobilization results of startups Education Capital miloization rounds Covid-19 raise fund dummy Gender location Year of establised Amount of money Control var Industry Newess characteristic Social reputaion Firm Social networks Social cap Social capability Age of Startup experience Human cap Industries experience Mobilization Figure 2.2 Research model 3.2 Research hypothesis Startups with a limited history should be considered the least informed type of business in the economy Therefore, businesses have difficulty accessing capital from outside due to asymmetric information between entrepreneurs and investors According to signal theory, social network theory, asymmetric information theory, theory of enterprise resource mobilization, the thesis develops hypothetical groups based on signal groups belonging to human capital, social capital and characteristics of entrepreneurship Hypothesis Expectation 11 H1a The education of the founding team has a positive influence on the capital raising activities H1b The founder's experience in the same industry has a positive influence on the capital raising activities H1c The founder's start-up experience has a positive influence on the capital raising H2a The social capacity of the founding team has a positive influence on the capital mobilization activities H2b The social network of the founding team has a positive influence on the capital raising activities H2c The reputation of the KNST has a positive influence on the capital mobilization activities H3a New business has a positive effect on capital activity H3b The number of years of business operation of the enterprise has a negative effect on the capital mobilization activities of the enterprise + + + + + + + - CHAPTER RESEARCH METHODOLOGY 4.1 Research Process First, the thesis applies the theories of previous studies to form a preliminary research model on the factors affecting the capital mobilization activities of enterprises Next, the thesis will interview a small group of leaders in the group of SMEs, in order to evaluate the feasibility of the model in Vietnamese conditions, thereby, perfecting the measurement and evaluation tools Following that, the thesis collects data, analyzes data and tests the hypotheses that have been built, thereby identifying the factors that affect the capital mobilization activities of Vietnamese NSTs Finally, the thesis is used in the expert interview to discover the correlation between research results and research questions, thereby proposing related solutions of the thesis 4.2 Measurement of variables in the research model Measurement of dependent variable Thesis approaches to the results of capital mobilization of state-owned enterprises, which is a collection of investments from venture capitalists in the form of shares or convertible bonds, or investment in owning shares from angel investors, Startup accelerators and incubators The dependent 12 variable on the firm's capital mobilization is expressed through four variables, namely: the dummy variable on whether to raise equity capital or not (Cassar, 2004; Cumming et al., 2005; Cosh et al., 2004) 2009; Ko and McKelvie, 2018) The second is the dummy variable on whether to raise capital in the period from 2020 to 2021 or not Next is the variable total amount invested from the parties as outlined above, which does not include any funding from the founders or the government (Nofsinger and Wang, 2011; Tailaia et al., 2016 ; Ko and McKelvie, 2018) In addition, the capital-raising round variable is tested in the thesis as a dependent variable representing the results of capital mobilization of start-ups Measurement of independent variable Human capital of the founding team The thesis argues that the human capital of the founders, especially the education level, industry experience and start-up experience gives a good signal about the quality and business efficiency of the enterprise The thesis divides human capital into different factors in order to explore the different roles of the elements in human capital to capital mobilization activities of NSTs (Davidsson and Honig, 2003) Specifically, the educational level is divided into general education, specialized education, business education as well as research education of the founder The level of education measured by the number of years of schooling of the entrepreneur is considered to be representative of the knowledge that the entrepreneur acquires before starting a business (Rauch and Rijsdijk, 2013) The overall educational variable was measured by the average number of years of education from high school to doctoral level of all members (Gimeno et al., 1997; Dencker and Gruber, 2015) The thesis also divides business education (Taila et al., 2012) and research education (Hsu, 2007) as if at least one founder in the group has relevant experience otherwise zero The work experience variable is calculated as the average number of years working for the founding team before starting a business (Cassar, 2004) and equals if at least one person on the team has industry experience (Nofsinger and Wang, 2011) ; have start-up experience (Ko and McKelvie, 2018) and zero if not relevant 13 Social capital of the enterprise and the founding team Research on the role of social capital in raising capital of enterprises has shown that social capacity (Bruton et al., 2002), social network and reputation all have a certain influence (Shane et al., 2002) and Stuart, 2002, Nofsinger and Wang, 2011) The thesis approaches the social capacity of the founder of DNKNST through the dummy variable living abroad, showing that it is equal to if there is time to study or work abroad and otherwise This variable assumes that if the founder has spent time studying and working abroad, he has good social capacity because he has to adapt to the new environment Regarding the social network, the thesis uses a dummy variable of foreign direct investment to represent the relationship of enterprises with external organizations and investors Because before the enterprise was established, there was the participation of foreign investment capital, besides most of the venture capital funds in Vietnam are foreign investment funds, so the thesis believes that this variable can represent represents the relationship of the business with external investors With the reputation of the business, an interesting thing that few studies use is the number of articles that the business is mentioned, the thesis uses this variable to measure the reputation of the business Enterprise characteristics An important feature of SME businesses is novelty, which is reflected in new products, services or new business models (Schumpeter & Backhaus, 2003; Tidd and Bessant, 2020) Therefore, the thesis aims to use this feature to assess the ability to attract investment capital, which is reflected in whether the enterprise has participated in innovative start-up contests, innovation contests or not This is based on a set of criteria of innovative startup competitions, all of which value the novelty of the product, service, and business model of the idea That is why participating in the innovative startup competition represents the novelty of a start-up business Next is the age characteristics of the business Many studies use the age of the business as a factor affecting the ability to raise capital of the start-up business, the age of the enterprise in the thesis is calculated by the time in months from 14 the time of registration business to the time of receiving the first ownership investment (Hsu, 2007) Control variables The thesis uses observed variables including variables related to the founder's demographic characteristics such as age, gender Founder age is calculated as the average of all founders as of June 2021 (Cassar, 2004) Gender is calculated as the percentage of women in the founding team (Hsu, 2007) Group of two variables related to common characteristics of enterprises such as legal type and business registration location Legal type is a dummy variable that takes the value of if the enterprise is a joint stock enterprise or a two-member limited liability enterprise, and zero if it is a one-member limited liability enterprise With the assumption that Ho Chi Minh City is the most dynamic city in the country, the thesis collects the binary variable where the business registration location is Ho Chi Minh city, the value is 1, the other is 4.3 Data collection The research sample in the thesis was selected from the list of more than 2000 innovative startups on the CrunchBase platform Step 1: Select businesses that are operating and headquartered in Vietnam and established from 2013 to June 2021 on CrunchBase Step 2: Filter businesses by criteria: for-profit enterprises, private enterprises and unlisted enterprises Step 3: Conduct manual data collection by list of variables, and crosscheck data across platforms Step 4: The last step is data cleaning Collected data is aggregated by excel, some variables that cannot be collected have been excluded from the sample and the final sample is enterprises with full information 4.4 Data analysis To answer the research question, the thesis uses statistical techniques and regression models using Stata software The purpose is to find out the statistical significance of some variables to the results of capital 15 mobilization activities and the relationship of the independent variables to capital mobilization activities Firstly, the model with binary variables Binary regression, also known as Binary Logistic regression, is a fairly common model in research used to estimate the probability that an event will occur The feature of the binary regression is that the dependent variable has only two values, and Second, the model with the Tobit intercept is a censored regression model, which is designed to estimate the linear relationship between variables when the dependent variable has left or right censorship Right censorship occurs when the dependent variable has a value equal to or higher than a certain threshold, but all take the value of that threshold The model tests the influence of factors on the capital mobilization value of SMEs, because the capital mobilization value is always > 0, so the capital mobilization value variable is blocked by the value Third, the Ordered Logit Hierarchical Regression Model is performed with the dependent variable being the order distortion The independent variable can be continuous, ordinal, or categorical (including binary) Specifically, the number of rounds of capital raising and the stage of capital mobilization achieved by DNKNST 4.5 Methods of interviewing experts In-depth interviews with experts (investors, startups, support experts) The framework is designed to explore and redefine the factors that influence successful fundraising in Vietnam 16 CHAPTER RESEARCH RESULTS AND DISCUSSION 5.1 General situation of capital raising activities of Vietnamese startups 1000 140 120 800 100 600 80 400 60 40 200 20 0 2013 2014 2015 2016 2017 Total funding 2018 2019 2020 Total deals Fig 5.1 Total investment amount and number of investment deals in Vietnam (Source: NIC & Do Ventures, 2021) According to the analysis of ESP (2019) venture capital fund, investments are divided into segments such as seed capital, A round, B round, C round, D round, and large round 10 2013 2015 2017 2019 80 60 40 20 60 40 20 Tổng số vốn đầu tư Tổng số vốn đầu tư Tổng số thương vụ đầu tư Tổng số thương vụ đầu tư 0-$500K – Seed $500k-$3M – Serie A 150 100 50 20 10 2013 2015 2017 2019 80 60 40 20 2013 2015 2017 2019 15 Tổng số vốn đầu tư Tổng số thương vụ đầu tư $3M-$10M - Serie B 17 600 10 400 200 0 2013 2014 2015 2016 2017 2018 2019 2020 15 2013 2014 2015 2016 2017 2018 2019 2020 400 300 200 100 Tổng số vốn đầu tư Tổng số vốn đầu tư Tổng số thương vụ đầu tư Tổng số thương vụ đầu tư $10M-$50M - Serie C >$50M - Serie D and upper D Fig 5.3 Statistics of capital raising deals by size (Source:: NIC & Do Ventures, 2021) 5.2 Descriptive statistics results - Overview of the survey sample Group Type startups Components of Location Scale Results of fundraising One-member Co LLL Two members Co LLL Join stock Co Hociminh city Hanoi and other < = 10 11 - 50 51 - 100 >100 Yes No Number of startups 78 40 Ratio 104 136 86 61 115 27 19 85 137 41% 61% 39% 27.5% 52% 12% 8.5% 38% 62% 35% 18% 5.4 Results of regression analysis - Variable dependent on ability to raise capital: The estimation results of both models show that there is a correlation of the starting-up experience variable in human capital (β = 1,058) at 1% significance level As a result of the influence of social capital on the ability to mobilize capital, the model results show that foreign learning (β=1.02,p