“…Technology-based small firms (TBSFs) have an important role in job and wealth creation, promotion of national competitiveness and, consequently, economic development of each country (Bozkaya and Van Pottelsberghe De La Potterie, 2008; Cassar, 2004; Storey and Tether, 1998). However, the challenge of financing has provided several barriers in their path to growth (Bozkaya and Van Pottelsberghe De La Potterie, 2008; Carpenter and Petersen, 2002; Guijarro et al , 2009; Hall, 2010; Hyder and Lussier, 2016; Klonowski, 2012; Mason and Kwok, 2010; Storey and Tether, 1998; Ur Rehman, 2016), as TBSFs offer novel products that have no or little market history for evaluation (Berger and Frame, 2007; Peneder, 2008; Revest and Sapio, 2012; Storey and Tether, 1998). Moreover, several ambiguities exist in the business environment and market dynamics (e.g.…”