The study explores the relevance of theoretical aspect of crowd financing by reviewing the defining literature on Pecking Order and Agency theories in details and evaluates applications of these theories based on crowdfunding. In particular, the study critically considers the key concepts of these theories and how they could be applied in practical terms. The study decides to adopt Pecking Order and the Agency theories because they provide valuable insights into the trend of crowdfunding streams available to firms. The paper primarily adds to existing literature on the broader definition of crowdfunding as a concept and then examine the relationship between this concept and its practical applications to the chosen theories. The study combines these theoretical perspectives with the practical aspects of startup companies raising finance using the crowd because a broad reading of the literature tends to point to in this direction. The key concepts of these theories are critically considered and the study is conducted in the form of review of literature and expression of opinion. Citation: author1, author2, author3. The dynamics of Pecking Order and Agency theories on crowdfunding concept as alternate finance for start-up businesses. 2020; 4(1): 1－13.Received: (February 2, 2020) Accepted: (March 31, 2020)

In this study, we address the finance gaps that threaten the operations of University Spinoffs (USOs), by examining the financing options available to sustain their activities. The study thus discusses crowdfunding as alternate finance to address these financial gaps using the quadruple helix model of innovation. The study combines theoretical perspectives of the quadruple helix model with the practical aspects of USOs raising finance using the crowd. We examine the internal and external financing sources for USOs and explain theoretically, why USOs can rely on crowdfunding as alternate finance. The key concepts of the concept are critically considered, and the study is thus conducted in the form of a review of literature and expression of opinion. Accordingly, the empirical justification of the concept presented is not within the scope of this paper.