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Financing High-Growth Firms: The Role of Angel Investors
OECD Publishing, Dec 2011, Pages: 156
Access to finance for new and innovative small firms involves both debt and equity finance. Even before the recent financial crisis, banks were reluctant to lend to small, young firms due to their perceived riskiness and lack of collateral. The financial crisis widened the existing gap at the seed and early stage with bank lending to falling start-ups and venture capital firms moving to later investment stages where risks are lower.
Angel investors, who are often experienced entrepreneurs or business people, have become increasingly recognised as an important source of equity capital at the seed and early stage of company formation. With fewer and fewer venture capitalists investing at the early stage, the equity funding gap between individual angel investment and venture capital has grown dramatically. Angel investors have sought to fill this gap by investing with other angel investors through groups and syndicates, increasing the total deal size for companies seeking early-stage financing.
This report covers seed stage financing for high growth companies in OECD and non-OECD countries with a primary focus on angel investment.
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