Financial Bootstrapping as Relational Contract : Linking resource needs, bootstrapping behaviors, and outcomes of bootstrapping exchanges

Sammanfattning: The aim of this thesis is to develop a conceptual model for understanding conditions for and outcomes of bootstrapping behaviors. Recent literature on financial bootstrapping in new firms acknowledges the necessity to consolidate and conceptualize the existing knowledge. Yet, the focus and findings of current research remain dispersed and at times contradictory, which might indicate the need for consolidation and conceptualization. Bootstrapping to date has been mostly studied cross-sectionally, with the help of quantitative methods and with reliance on theoretical concepts borrowed from disciplines that poorly describe a new firm’s reality. In this thesis, I develop the understanding of bootstrapping exchanges as relational contracts between the entrepreneur and resource-providing stakeholders, and demonstrate the process-bound nature of norms, conditions, and gradually emerging outcomes of bootstrapping behaviors. My longitudinal study employs a qualitative, case-within-a-case approach, offering a methodological contribution to upcoming research. This study also contributes with comprehensive literature studies of bootstrapping and relational contracting knowledge, comprising the systematic reviews and bibliometric analysis. The study offers contribution for practicing entrepreneurs by discussing the gradually emerging, fine-grained outcomes of bootstrapping behaviors that may lead to larger implications, for instance for a firm’s growth and possibilities for attracting external financing. Thus, the main contribution to policy actors and entrepreneurial practice is presenting the practical, multi-stakeholder perspective on bootstrapping exchanges, conditions for bootstrapping behaviors, and their outcomes.