We draw on institutional theory which suggests that entrepreneurial behavior is shaped by institutional patterns of the environment. Based on a literature review of different policy dimensions impacting entrepreneurship, we derive a framework for the perceived usefulness of policy programs for entrepreneurs. This framework consists of six institutional variables (access to financial resources, access to technology, access to networks, access to consulting/education, tax incentives, reduction of administrative burdens). Moreover, we take into account that access to finance may moderate the utility of the other variables.