External funding needs

High, but constrained by infrastructure

High, relative to firm value.

Moderate, relative to firm value.

Declining, as a percent of firm value

Low, as projects dry up.

Internal financing

Negative or low

Negative or low

Low, relative to funding needs

High, relative to funding needs

More than funding needs

External Financing

Owner's Equity Bank Debt

Venture Capital Common Stock

Common stock




Retire debt Repurchase stock

Growth stage

Rapid Expansion

Mature Growth

Stage 5 Decline




Financing Transitions

Accessing private equity Inital Public offering Seasoned equity issue Bond issues

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