Does Cultural Capital Matter? Exploring Sources of Funding in New Venture Creation

Amy Ingram, Diana M. Hechavarria, Charles H. Matthews


Scholars and practitioners generally agree that access to financial capital is an important driver of new venture creation (Chandler & Hanks 1998).  This study examines how human, social, and cultural capitals influence the type and amount of funding a nascent entrepreneur acquires. Data from the Panel Study of Entrepreneurial Dynamics II are utilized to investigate the relationship of human, social, and cultural capital on different financing sources utilized among a cohort of sole proprietor start-ups prior to legal registration of the venture.  Findings suggest that cultural capital is a more significant factor in acquiring funding than human or social capital.

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