World Bank Group2014-12-182014-12-182014https://hdl.handle.net/10986/20811The first part of the study provides contextual background to the financing gaps and associated barriers, which restrict access to finance for HI start-ups. These barriers are driven by both supply and demand sides of the financing equation. Supply side barriers include: high transaction costs associated with financing; high levels of credit risk associated with HI start-ups; high collateral required by financial institutions; non-conducive legal and regulatory environments for investment in HI start-ups; lack of start-up expertise and dedicated resources by financiers; and finance products that are not tailored to HI start-ups needs and circumstances. Demand side barriers include: reliance by HI start-ups on informal financing sources; lack of awareness on the process to apply for funding from formal financing sources; low levels of financial literacy by HI start-ups; and the fear of losing control by involving external investors. This section also contains a broad overview of the country frameworks governing the start-up sector, together with some of the initiatives relating to access to finance. The second part of the study covers the fieldwork undertaken in Vietnam, Cambodia, and Nepal. The fieldwork gathered views from investee firms (irrespective of whether they were successful in raising finance or not), investors, and other stakeholders. The fieldwork was aimed at understanding the severity of the financing gap for HI start-ups, the stage(s) of financing impacted by lack of access to finance, and the sources of financing for HI start-ups. Lastly, financing catalyst recommendations address non-financing impediments, which if overcome will have a positive impact on access to finance.en-USCC BY 3.0 IGOACCESS TO BANKACCESS TO CREDITACCESS TO FINANCEACCESS TO FINANCINGACCESS TO LOANSACCESS TO MARKETADVISORY SERVICESAGRICULTURAL INCOMEANGEL GROUPANGEL INVESTORANGEL INVESTORSAPPLICATION PROCEDURESAPPLICATION PROCESSAVAILABILITY OF FINANCEBALANCE SHEETBALANCE SHEETSBANK LOANSBANKING NETWORKBANKSBORROWERBORROWINGBUSINESS ACTIVITIESBUSINESS ACUMENBUSINESS CONFIDENCEBUSINESS INCUBATIONBUSINESS INCUBATORBUSINESS INCUBATORSBUSINESS INFORMATIONCAPACITY BUILDINGCAPITAL GROWTHCAPITAL INJECTIONCAPITAL MARKETCAPITAL MARKETSCAPITAL RAISINGCASH FLOWCASH FLOWSCCCENTRAL BANKCHAMBER OF COMMERCECOLLATERALCOLLATERAL FOR LOANSCORPORATE GOVERNANCECREDIT BUREAUCREDIT BUREAUSCREDIT GAPCREDIT GAPSCREDIT GUARANTEECREDIT GUARANTEESCREDIT RISKCREDIT SCORINGCULTURAL BARRIERSCURRENCYCUSTOMER BASECUSTOMER SERVICEDEBTDEBT FINANCINGDEBT SECURITIESDEPOSITDEVELOPING COUNTRIESDEVELOPMENT BANKDEVELOPMENT FINANCEDEVELOPMENT FINANCE INSTITUTIONSDEVELOPMENT OF FINANCEDUE DILIGENCEE-COMMERCEECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC REFORMSENTERPRISE DEVELOPMENTENTERPRISE REGISTRATIONENTREPRENEURENTREPRENEURIAL FINANCEENTREPRENEURSENVIRONMENTAL PROTECTIONEQUITY FINANCINGEQUITY FUNDEQUITY INVESTMENTEQUITY INVESTMENTSEQUITY MARKETSEXCHANGE COMMISSIONEXTERNAL INVESTORSFINANCIAL ASSISTANCEFINANCIAL CAPACITYFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTFINANCIAL INTERMEDIARIESFINANCIAL LITERACYFINANCIAL MARKETSFINANCIAL PRODUCTSFINANCIAL RESOURCESFINANCIAL SERVICESFINANCIAL SUPPORTFINANCING ACCESSFINANCING INITIATIVEFINANCING NEEDSFIRST CREDITFOREIGN INVESTMENTFORMAL FINANCIAL INSTITUTIONSFUND MANAGERFUNDING SOURCEFUNDING SOURCESGOVERNMENT REGULATIONSGOVERNMENT SECURITIESGRANT FUNDINGGROSS DOMESTIC PRODUCTGUARANTEE SCHEMEHOLDINGINCOME TAXINDUSTRIAL ENTERPRISESINFLATIONINFLATION RATEINFORMAL FINANCINGINFRASTRUCTURE DEVELOPMENTINNOVATION FINANCEINTANGIBLEINTANGIBLE ASSETSINTANGIBLESINTELLECTUAL PROPERTYINTEREST RATEINTERNATIONAL BANKINTERNATIONAL FINANCEINTERNATIONAL STANDARDSINVESTINGINVESTMENT CRITERIAINVESTMENT OPPORTUNITIESINVESTMENT PORTFOLIOINVESTMENT PORTFOLIOSINVESTMENT PROPOSALINVESTMENT RISKINVESTMENT RISKSINVESTMENT VEHICLESINVESTOR CONFIDENCEINVESTOR PROTECTIONJOINT STOCK COMPANYLACK OF ACCESSLACK OF AWARENESSLACK OF COLLATERALLENDERLENDERSLEVELS OF COLLATERALLEVELS OF CREDITLIMITED ACCESSLIMITED ACCESS TO FINANCELIMITED LIABILITYLLCLOAN AMOUNTLOAN FUNDLOAN GUARANTEESLOAN PORTFOLIOLOAN PRODUCTLOAN PRODUCTSLOAN PROGRAMLOAN TERMSMAILING ADDRESSMARKET DEVELOPMENTMICRO ENTERPRISESMICROFINANCEMICROFINANCE INSTITUTIONSNON-PERFORMING LOANSNON-PROFIT LOANPOLITICAL STABILITYPRIVATE CAPITALPRIVATE EQUITYPRIVATE INVESTORSPROFESSIONAL DEVELOPMENTPROFESSIONAL INVESTORSPROPERTY AS COLLATERALPROPERTY RIGHTSPROTECTION OF MINORITY SHAREHOLDERSRED TAPEREGULATORY FRAMEWORKSREGULATORY POLICIESREMITTANCESREPAYMENTRETURNRETURN ON INVESTMENTRETURNSREVOLVING LOANRISK PROFILESECURITIESSEED FUNDINGSELF-FINANCINGSMALL BUSINESSSMALL BUSINESS OWNERSSMALL ENTERPRISESMART MONEYSOCIAL DEVELOPMENTSOURCES OF FINANCESTART-UPSTART-UPSTANGIBLE ASSETSTAX INCENTIVESTECHNICAL ASSISTANCETRADINGTRANSACTIONTRANSACTION COSTTRANSACTION COSTSTRUST FUNDVALUE OF COLLATERALVENTURE CAPITALVENTURE CAPITAL FIRMVENTURE CAPITAL FIRMSVENTURE CAPITAL FUNDVENTURE CAPITAL FUNDSVENTURE CAPITAL INVESTMENTVENTURE CAPITAL INVESTORSVENTURE CAPITAL SOURCEVENTURE CAPITALISTSWOMEN ENTREPRENEURS10.1596/20811