
46 CLEARING THE HURDLES: WOMEN BUILDING HIGH-GROWTH BUSINESSES
strong evidence of positive cash flow over time. These requirements
make it very difficult for early-stage ventures (especially those with no
hard assets) to use conventional bank debt. However, once the business
has an established track record with a reasonably secure and predict-
able source of revenues, commercial bank debt is an option. Figure 3.1
illustrates the primary sources of start-up capital as reported by entre-
preneurs in 2002.
5
Growth Capital versus Start-Up Funds
A Strategic Approach
All financing decisions are really strategic choices. The choices about
where, when, and how much ...