Abstract:

This paper aims to evaluate how entrepreneurial orientation effect a startup access to finance, both from angel investor and from venture capital firms. Entrepreneurial orientation here consists of risk-taking, proactiveness, and innovativeness. We also evaluate whether company’s growth mediate those relationships. We use primary data for this research from survey to CEO or manager of a start-up in Indonesia collected through e-mail, WhatsApp and social media. The data collected then processed using multiple regression method and binary logistic method with help of SPSS software. From linier regression we found that risk taking positively effect to a start-up growth, so do innovativeness. However, there is no evidence that proactiveness effect to start-up growth. Furthermore, from logistic regression we found that a high growth start-ups 4,436 times chance to generate fund from venture capital firms. But the growth is not able to attract angel investors for provide financing for a startup. This finding indicates that a start-up founders should highlight different aspect in seek suitable investors.