“…The reasonability of using alternative sources of project investment depends on the risk-return profile, the stage of the business life cycle, management structure, and financial skills (Table 1). (Granz et al, 2020;Block et al, 2019;Ang et al, 2018) Crowdfunding (Mollick, 2014;Gruzina et al, 2016;Lehner et al, 2015) (equity) Companies at the initial and early stage Innovative enterprises requiring investment and business building skills Venture capital (Repullo & Suarez, 2004;Rutskiy et al, 2020;Frank et al, 2008) Companies at the initial, early and late stages of investment Companies with high growth potential that can generate high profits in a short time Other private investments (Brown et al, 2017) Mature companies restructuring or changing ownership Companies in troubles with the rescue potential Public capital (Macaulay, 2019;Aust et al, 2020) Specialized platforms for public listing of SMEs Young, innovative, and risky small companies Companies with highly structured management systems and extensive disclosure Source: Compiled by Authors Thus, scientific references rather adequately cover the theoretical aspects related to the development of alternative sources of financing. However, there is insufficient number of studies on financial and nonfinancial barriers that hinder their use in investing entrepreneurial projects.…”