A Systematic Review of the Start-Up Financing Research from 2010 to 2023

Abstract

This paper presents a systematic review of start-ups financing research from 2010 to 2023, analyzing trends, methodologies, and findings across the field. Our work highlights the significance of start-ups in driving economic growth and innovation, while addressing the challenges they face in securing financing. Through a detailed search strategy and analysis of selected studies, the study shows preferences for empirical data and statistical analysis, with a broad geographical scope and varied financing methods. The paper proposes a conceptual model to explain how startup-specific characteristics, entrepreneur attributes, macroeconomic factors, and financing sources interact to influence financing decisions. The review also identifies gaps in current research and suggests future directions, particularly in areas related to technology-based financing, green funding, and cross- regional comparative studies.