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| Author: | Mason, C.M. |
| Title: | Public policy support for the informal venture capital market in Europe |
| Journal: | International Small Business Journal
2009 : OCT, VOL. 27:5, p. 536-556 |
| Index terms: | investment small business financing |
| Freeterms: | business angels |
| Language: | eng |
| Abstract: | The ability of small firms to reach finance is hindered by constant market failure, creating funding gaps for new businesses, especially in technology sectors, seeking minor financing. This has prompted public sector intervention in several forms to boost the supply of both debt and risk finance. For the past decade (longer in the UK) both the EU and its member states have more and more focused on the informal venture capital market as a way of increasing the supply of early stage venture capital. This paper describes the changing essence of the intervention forms and provides a critical assessment of their effectiveness. Resulting from the lack of data on angel investing, there is very little evidence on the effect of these forms of intervention. The paper advocates that governments should invest in appropriate methodologies accurately able to measure investment trends in the early stage venture capital market, and especially angel investment activity, so that the need for public sector intervention can be demonstrated and its effects can be measured. |
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