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Financing Entrepreneurship

其他書名	Business Angels and Venture Capitalists Compared
出版	Division of Research, Harvard Business School, 1999
URL	http://books.google.com.hk/books?id=AtnsHAAACAAJ&hl=&source=gbs_api

註釋Although they represent but a minority of all small firms in our economy, high-growth entrepreneurial ventures are increasingly widely recognized for their role in job growth and economic prosperity. However their inherently high-risk nature leads to many of these early-stage firms experiencing difficulty in securing outside finance from institutional investors, ultimately limiting their growth and economic potential. Fortunately two investor types--business angels and venture capitalists--do fund a proportion of these entrepreneurial ventures, with angels investing $10-30 billion and venture capitalists $2-4 billion on an annual basis in the US. While these totals are impressive, business angels in particular often have much more financial capital available but restrict their investments because they cannot find suitable investment opportunities. Since many aspects of the business angel and venture capitalist investment processes are poorly documented, a better understanding of how and why these investors find particular investments attractive may ultimately aid in alleviating the basic entrepreneurial funding problem. In this article therefore, we conduct the first-ever comparison of the investment criteria and procedures of these two important financiers. Indeed, few practitioners in the entrepreneurial arena are familiar with the concept of business angels, let alone how they differ from their more professional venture capital counterparts. Using new empirical findings and an extensive review of the existing literature, we present findings as to the investment pref