Van Auken & Neeley (2010) further refined the definition of bootstrap financing to include those sources of capital used after exhausting personal savings, but not personal capital or loans from banks.
Bootstrap financing techniques among small enterprises in Osogbo metropolis.
Relationship between bootstrap financing, Number of employees, and small business success.
The Use of Bootstrap Financing Among Small Technology-Based Firms, Journal of Developmental Entrepreneurship, 9(2), 145-159.
Few studies have examined the relationship between bootstrap financing and entrepreneurs' characteristics, such as age, education, and gender, despite recognition of the importance of these connections (Honig, 1998).
These sources of funding outside the traditional corporate financial structure have been included in bootstrap financing methods.
Bootstrap financing has been especially important for new firms, which experience high start-up costs and low revenues (Bhide, 1992; Starr and MacMillan, 1990).
Bootstrap financing has been a widespread solution (Ebben and Johnson, 2006; Winborg and Landstrom, 2001) that has allowed small firms to access a broader range of financing alternatives.
The above positioning statement is supported by the recent observations of other scholars such as Van Auken, (2005) who observed: "Although bootstrap financing commonly is used and is an important source of capital, few....
Van Auken observed a "serious gap in the literature" (in apparent concurrence with the authors of this paper) and stated that "research on the use of bootstrap financing is limited" (Van Auken, 2005, p.95), even though "bootstrap financing is a common source of financing" (p.
Evidence of Bootstrap Financing Among Small Start-up Firms.
. The December 1989 Science and Technology grant saved the owners of the fledgling enterprise, recollects Pursley.