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In this paper we propose contributing to deepening the knowledge on access to venture capital concerning the pre start-up phase of the innovative firms, identifying the reasons mentioned by nascent entrepreneurs as responsible for the lack of success in obtaining VC. The main reasons cited for not obtaining venture financing were small size of the VC market and limited public policies to support venture capital participation. The sub-sample of nascent entrepreneurs that based their financing proposals on more complete business plans included at the top of their list “lack of interest of the venture capitalists in pre start-up phase investments”. The study of access to venture capital is a crucial issue in the entrepreneurial finance literature. Most of the studies carried out focus on the supply perspective with several authors highlighting the scarcity of the studies on venture capital which adopted a demand perspective. In this paper we propose contributing to deepening the knowledge on this topic concerning the pre start-up phase of the innovative firms, identifying the reasons mentioned by nascent entrepreneurs as responsible for the lack of success in obtaining venture capital. The empirical data in this paper comes from a survey administered to 63 Portuguese innovative nascent entrepreneurs who tried to obtain venture capital and were not successful. In this survey the nascent entrepreneurs were asked to assess the relative importance of 13 criteria that were identified in previous research. The sample was subsequently segmented according to the “quality of the business plan” criterion. The data were initially summarised using univariate statistics. The nonparametric MannWhitney U-test was used to identify differences between the categories relative to the “quality of the business plan” criterion.

The failure to obtain VC financing in the pre-start-up phase: Evidence from the Portuguese context