Denna kandidatuppsats syftar till att undersöka hur småföretags strategiorientering påverkar det val av alternativa finansiella bootstrappingmetoder, som småföretag väljer att tillämpa. Småföretagare motsvarar 96 procent av samtliga svenska verksamma företag och utgör därmed en betydande roll i samhället. Detta för att de ses som samhällsbärare, då fyra av fem arbetstillfällen skapas av svenska småföretag och bidrar vidare till välfärd. Trots deras betydande roll i samhället möts de av finansiella barriärer som leder till att småföretag hamnar i ett så kallat finansiellt gap. För att ta sig ur det finansiella gapet, tvingas småföretagare finna alternativa finansieringsmetoder. De alternativa finansieringsmetoderna benämns finansiella bootstrappingmetoder, vilka har kommit att bli avgörande för småföretags överlevnad. Småföretags strategiorientering anses påverka valet av finansiella boostrappingmetoder. Således omfattas studien av småföretags strategiorientering, vilka har identifierats utifrån Miles och Snows typologi. En kvantitativ forskningsansats med en positivistisk forskningsfilosofi har legat till grund för studien vilket möjliggör att resultatet ska kunna generaliseras. Studiens enkätundersökning omfattar 84 svenska småföretag som bidragit till studiens resultat. Slutligen är studiens resultat att prospektörer är positivt relaterade till användningen av de ägarrelaterade- och minimerande bootstrappingmetoderna. Medan försvarare är positivt relaterade till användningen av den relationsorienterade bootstrappingmetoden. / This bachelor thesis aims to explore how strategy orientations influence the choice of financial bootstrapping methods among small firms. Small firms represent 96 percent of all Swedish operating companies and thus represent a significant role in the society. This because they contribute to welfare, since four out of five jobs are created by Swedish small firms. Despite their significant role in the society, they are faced with financial barriers that lead to small firms ending up in a so called financial gap. To get out of the financial gap, small firms are forced to find alternative financing methods. The alternative financing methods are called financial bootstrapping methods, which have become crucial for the survival of small firms. The strategy orientation in small firms is considered to affect the choise of financial bootstrapping methods. Thus, the study covers small business strategy orientation which has been identified based on Miles and Snow’s typology. A quantitative research approach with a positivist research philosophy has been the bases of the study which enables the result to be generalized. The survey included 84 Swedish small firms that contributed to the results of this study. Finally, the results of this study are that prospectors are positively related to the use of the owner-related and minimizing bootstrapping methods. While defenders are positively related to the use of the relationship-oriented bootstrapping method.

Syfte: Syftet med undersökningen är att beskriva och analysera finansieringsformen P2P-utlåning, dess bildande och utveckling samt utvärdera hur den har fungerat för små- och nyföretagare. Problemformulering: Studien undersöker hur finansieringsformen person-till-person-utlåning via Internet uppstod. Vidare redogörs för utvecklingen på P2P-plattformen Lending Club sedan låneförmedlingens start 2007 fram till 2011. Slutligen undersöks vad som kännetecknar låntagarna på Lending Club som ansöker om lån till små och nya företag samt hur de presterat gällande deras återbetalningsförmåga. Teoretiskt ramverk: Studiens teoretiska ramverk utgörs av framförallt vetenskapliga artiklar vilka behandlar det finansiella gapet, informations-asymmetrier och kreditbedömning. Vidare återges en bakgrunds-teckning över studier gjorda kring social utlåning och P2P-utlåning. Slutsatser: Studien kommer fram till att P2P-utlåning via Internet har sitt ursprung i social utlåning och möjliggjorts genom bland annat teknologisk utveckling av kreditvärderings-verktyg. Lending Clubs utveckling har gått från mer av ett socialt nätverk till att idag likna mer en finansiell intermediär med kreditvärdiga låntagare och institutionella investerare. Medlemmarna på Lending Club som lånar till små och nya företag kännetecknas av högre kreditvärdighet i jämförelse med övriga låntagare samtidigt som de presterar sämre i termer av återbetalningsförmåga. / Purpose: The purpose of this study is to describe and analyze P2P lending, its formation and development and evaluate how it has worked for small businesses and start-ups. Problem statement: The study examines how person-to-person lending through the Internet has emerged. Furthermore, the study examines the development of the P2P platform Lending Club since its inception in 2007 until 2011. Finally, the study examines the characteristics of the borrowers at Lending Club who are applying for loans to small businesses and start-ups, as well as how they perform in terms of their ability to repay their loans.        Theoretical framework: The theoretical framework consists mainly of scientific articles regarding the financial gap, information asymmetries and credit rating. Furthermore, studies on social lending and P2P-lending are presented in a background chapter. Conclusions: The study concludes that P2P lending through the Internet has its origins in social lending and made ​​possible by foremost technological development of rating tools. The development of Lending Club has shifted from more of a social network to more of a financial intermediary with creditworthy borrowers and institutional investors. Members on Lending Club that borrow to small businesses and start-ups are characterized by having a higher credit rating compared to other borrowers, while they perform less well in terms of ability to repay.

Abstract Background: Small businesses are vital for the welfare of a country. Yet, they have trou-ble obtaining external financing and these difficulties are gathered under the umbrella concept the “Financial Gap”. The most common source of fund-ing for small businesses is bank loan, why the availability of bank financing is a critical factor for their success. Today, 31% of all Swedish companies argue that they have finance problems and for half of these, the problem is to obtain a bank loan. Purpose: The purpose of the study is to describe and explain the Financial Gap as a relational concept. That is to say that the study will contribute to the understanding of the Financial Gap by focusing on the perspectives of both small businesses and banks interactively. Method: The study views the concept of the Financial Gap from a practical stand-point, assuming that it expresses its existence in the interaction between small businesses and banks. To pursue this view, the study takes on an Eth-nomethodological research approach. This approach is necessary in order to come close to and understand small businesses‟ and banks‟ everyday prac-tises. In-depth interviews are used for obtaining this deeper understanding of both parties. In addition, a questionnaire was sent out to small businesses in order to verify the information gathered in the interviews. Conclusion: On the basis of the study, the authors have developed an Interactive Model which describes their understanding of the Financial Gap. The members of small businesses and banks deal with information differently, which in turn is a result of how they approach ambiguity. When ambiguity is present, small firms settle with making decisions under uncertainty, whereas banks prefer to calculate on probabilities, why their decisions are considered being made under risk. The differences mentioned become visible in their deci-sion-making process, where small businesses act pursuant to a practical rea-soning whereas banks employ an analytical reasoning. Consequently, it leads to a clash when these two shall interact and function in a transaction as partners. The study concludes that the Financial Gap can be explained by small firms and banks speaking different languages when presenting the same reality.

Svensk filmindustri idag finansieras huvudsakligen genom statliga medel. Dock finns det inte tillräckligt med finansiella medel jämfört det antal svenska filmer som produceras varje år. När finansieringen är otillräcklig kan det vara av största vikt att förstå och kunna arbeta med finansiell bootstrapping som verktyg för att kunna slutföra produktionen av filmen. Finansiell bootstrapping är ett begrepp som kan fungera som ett resursanskaffande verktyg för att tillföra resurser till en produktion till en lägre kostnad än marknadspriset, eller till ingen kostnad alls. Denna uppsats syftar till att undersöka om detta verktyg finns inom svensk filmproduktion – och i så fall vilka som använder verktyget och varför. Forskningen avser också att utreda tillvägagångssätt och tankar kring känslor om användandet, både inom kort- och långfilmsproduktioner. Vi har funnit att användning av finansiell boostrapping finns och är generellt sett mer frekvent använt i produktioner som inte är fullt finansierade. Förekomsten av användandet är oftast vanligare i kortfilm än i långfilm, men att det existerar inom båda formerna av filmproduktion samt att verktyget används av olika befattningshavare. Utsagorna om känslor kring användandet av finansiell bootstrapping är tvetydiga – det uppstår enligt respondenterna ofta positiva känslor när det finns en ömsesidig vinning mellan de berörda avtalsparterna, men också negativa känslor när utbytet av överenskommelsen är mest gynnsamt för den ena parten. / Contemporary Swedish film industry is financed mainly by government funding. However, there is potentially not enough funding in comparison to how many films are produced in Sweden every year. When funding is inadequate it could be paramount to master the concept and instrument of financial bootstrapping in order to complete a film. Financial bootstrapping is a term and tool regarding the acquirement of resources, albeit to a lower cost than market value or to no costs at all. This essay aims to investigate whether this phenomenon exist within the Swedish film industry, if so - who is using this tool and why. The research also intends to chart the approach and feelings of users both in short film as well as full feature film. We have found that utilization exists and is generally more frequent amongst films that are not fully financed. The occurrence is often more common in short films than in feature films; also it exists within the different levels of film production and is used by various positions. Thoughts regarding the practice of financial bootstrapping are ambiguous; there are positive approaches when there is a mutual gain between the relevant participants, but also, negative approaches when the benefits from the collaboration are divided unfairly.

<p><strong>Abstract </strong></p><p><strong>Background: </strong>Small businesses are vital for the welfare of a country. Yet, they have trou-ble obtaining external financing and these difficulties are gathered under the umbrella concept the “Financial Gap”. The most common source of fund-ing for small businesses is bank loan, why the availability of bank financing is a critical factor for their success. Today, 31% of all Swedish companies argue that they have finance problems and for half of these, the problem is to obtain a bank loan.</p><p><strong>Purpose: </strong><em>The purpose of the study is to describe and explain the Financial Gap as a relational concept. That is to say that the study will contribute to the understanding of the Financial Gap by focusing on the perspectives of both small businesses and banks interactively. </em></p><p><strong>Method: </strong>The study views the concept of the Financial Gap from a practical stand-point, assuming that it expresses its existence in the interaction between small businesses and banks. To pursue this view, the study takes on an Eth-nomethodological research approach. This approach is necessary in order to come close to and understand small businesses‟ and banks‟ everyday prac-tises. In-depth interviews are used for obtaining this deeper understanding of both parties. In addition, a questionnaire was sent out to small businesses in order to verify the information gathered in the interviews.</p><p><strong>Conclusion: </strong>On the basis of the study, the authors have developed an <em>Interactive Model </em>which describes their understanding of the Financial Gap. The members of small businesses and banks deal with information differently, which in turn is a result of how they approach ambiguity. When ambiguity is present, small firms settle with making decisions under uncertainty, whereas banks prefer to calculate on probabilities, why their decisions are considered being made under risk. The differences mentioned become visible in their deci-sion-making process, where small businesses act pursuant to a practical rea-soning whereas banks employ an analytical reasoning. Consequently, it leads to a clash when these two shall interact and function in a transaction as partners. The study concludes that the Financial Gap can be explained by small firms and banks speaking different languages when presenting the same reality.</p>