A Conceptual Framework for Entrepreneurial Finance in Emerging Economies: Evidence from the Indian Startup Ecosystem

Author(s)	Ms. Subi Binu
Country	India
Abstract	Abstract Entrepreneurial finance has emerged as a critical determinant of startup creation, survival, and growth in emerging economies. India has developed one of the world's largest startup ecosystems, supported by venture capital, angel networks, incubators, accelerators, and government initiatives. However, existing studies often examine financing mechanisms in isolation rather than from a lifecycle perspective. This conceptual paper develops an integrated framework explaining how entrepreneurial finance evolves across startup stages and how institutional factors shape financing decisions. Drawing upon Pecking Order Theory, Agency Theory, Resource-Based View, and Institutional Theory, the paper proposes a framework linking entrepreneurial finance sources, entrepreneurial capabilities, institutional support, and startup growth. The study identifies major research gaps and proposes a future research agenda for entrepreneurial finance research in emerging economies.
Keywords	Entrepreneurial Finance, Startup Financing, Venture Capital, Emerging Economies, Indian Startup Ecosystem, Startup Growth
Field	Sociology > Administration / Law / Management
Published In	Volume 8, Issue 3, May-June 2026
Published On	2026-06-08

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