The operation of the informal venture capital market in Scotland

Venture Capital

Volumn 5, Issue 4, 2003, Pages 313-335

  Paul, Stuart ^a   Whittam, Geoff ^a   Johnston, Jim B ^a  

^a UNIVERSITY OF THE WEST OF SCOTLAND   (United Kingdom)

Author keywords

Business angels; Informal venture capital; Investment criteria; Scotland; Typology

Indexed keywords

EID: 0346308189     PISSN: 13691066     EISSN: None     Source Type: Journal    
DOI: 10.1080/1369106032000141931     Document Type: Article

References (62)

1. Aldrich, H. E., and Martinez, A. M., 2001, Many are called, but few are chosen: an evolutionary perspective for the study of entrepreneurship. Entrepreneurship Theory and Practice, 25, 41-67.
2. Bank of England, 2001, Financing of Technology-Based Small Firms (London: Bank of England).
3. Berger, A. N. and Udell, G. F., 1998, The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22, 613-673.
4. Burt, R. S., 1992, Structural Holes (Boston, MA: Harvard Business School Press).
5. Coveney, P. and Moore, K., 1998, Business Angels: Securing Start Up Finance (West Sussex: Wiley).
6. Cressy, R., 2002, Funding gaps: a symposium. The Economic Journal, 112, F1-F16.
7. Danson, M. and Whittam, G., 1998, Networks, innovation and industrial districts: the case of Scotland. In M. Steiner (ed.) Clusters and Regional Specialisation (London: Pion), 66-84.
8. Deakins, D. and Freel, M., 2003, Entrepreneurship and small firms (London: McGraw Hill).
9. Deakins, D., Sullivan, R. and Whittam, G., 2000, Developing business start-up support programmes: evidence from Scotland. Local Economy, 15, 159-175.
10. Dixon, R., 1991, Venture capitalists and the appraisal of investments. International Journal of Management Science, 19, 333-344.
11. Feeney, L., Haines, Jr, G. H. and Riding, A. L., 1999, Private investors' investment criteria: insights from qualitative data. Venture Capital, 1, 121-145.
12. Fenn, G. W., Liang, N. and Prouse, S., 1997, The private equity market: an overview. Financial Markets, Institutions and Investments, 6.
13. Fiet, J. O., 1995, Risk avoidance strategies in venture capital markets. Journal of Management Studies, 32, 551-574.
14. Fraser of Allander Institute, 2001, Promoting Business Start-tips: A New Strategic Formula (Glasgow: Scottish Enterprise).
15. Freear, J., Sohl, J. E. and Wetzel, W. E. Jr, 1994, Angels and non-angels, are there differences? Journal of Business Venturing, 9, 109-123.
16. Freear, J., Sohl, J. E. and Wetzel, W. E. Jr, 1995, Angels: personal investors in the venture capital market. Entrepreneurship and Regional Development, 7, 85-94.
17. Freear, J., Sohl, J. E. and Wetzel, W. E. Jr, 1997, The informal venture capital market: milestones passed and the road ahead. In D. L. Sexton and R. W. Smilor (eds) Entrepreneurship 2000 (Chicago: Upstart), 47-69.
18. Gaston, R. J., 1989, Finding Private Venture Capital for Your Firm: A Complete Guide (New York: Wiley).
19. Global Entrepreneurship Monitor Scotland, 2002, Global Entrepreneurship Monitor Scotland (Glasgow: Hunter Centre for Entrepreneurship).
20. Harrison, R. T. and Mason, C. M., 1992, International perspectives on the supply of informal venture capital. Journal of Business Venturing, 7, 459-475.
21. Hindle, K. and Lee, L., 2002, An exploratory investigation of informal venture capitalists in Singapore. Venture Capital, 4, 169-181.
22. Hindle, K. and Wenban, R., 1999, Australia's informal venture capitalists: an exploratory profile. Venture Capital, 1, 169-186.
23. Kelly, P. and Hay, M., 1996, Serial investors and early stage finance. Entrepreneurial and Small Business Finance, 5, 159-174.
24. Kelly, P. and Hay, M., 2000, Deal-makers: reputation attracts quality. Venture Capital, 2, 183-202.
25. Landström, H., 1992, The relationship between private investors and small firms: an agency theory. Entrepreneurship and Regional Development, 4, 199-223.
26. Landström, H., 1993, Informal risk capital in Sweden and some international comparisons. Journal of Business Venturing, 8, 525-540.
27. Lerner, J., 1998, 'Angel' financing and public policy: An overview. Journal of Banking and Finance, 22, 773-783.
28. Low, M. B. and MacMillan, I. C., 1988, Entrepreneurship: past research and future challenges. Journal of Management, 14, 139-161.
29. Lumme, A., Mason, C. and Suomi, M., 1996, The returns from informal venture capital investments: an exploratory survey. Journal of Entrepreneurial and Small Business Finance, 5, 139-158.
30. MacMillan, I. C., Siegal, R. and Subba Narasimha, P. N., 1985, Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business Venturing, 1, 119-128.
31. Mason, C. M. and Harrison, R. T., 1993, Strategies for expanding the informal venture capital market. International Small Business Journal, 11, 23-37.
32. Mason, C. M. and Harrison, R. T., 1994, Informal venture capital in the UK, In A. Hughes and D. J. Storey (eds) Financing Small Firm (London: Routledge), 64-111.
33. Mason, C. M. and Harrison, R. T., 1996, Informal venture capital: a study of the investment process, the post-investment experience and investment performance. Entrepreneurship and Regional Development, 8, 105-125.
34. Mason, C. M. and Harrison, R. T., 1999, Public policy and the development of the informal venture capital market: UK experience and lessons for Europe. In K. Cowling (ed.) Industrial Policy in Europe (London: Routledge), 199-223.
35. Mason, C. M. and Harrison, R. T., 2000a, Influences on the supply of informal venture capital in the UK: an exploratory survey of investor attitudes. International Small Business Journal, 18, 11-29.
36. Mason, C. M. and Harrison, R. T., 2000b, Informal capital and emerging growth businesses. In D. L. Sexton and H. Landström (eds) The Blackwell Handbook of Entrepreneurship (Oxford: Blackwell), 221-239.
37. Mason, C. M. and Harrison, R. T., 2001, 'Investment readiness': a critique of government proposals to increase the demand for venture capital. Regional Studies, 35, 663-669.
38. Mason, C. M. and Harrison, R. T., 2002a, Barriers to investment in the informal venture capital sector. Entrepreneurship and Regional Development, 14, 271-287.
39. Mason, C. M. and Harrison, R. T., 2002b, Is it worth it? The rates of return from informal venture capital investment. Journal of Business Venturing, 17, 211-236.
40. Muzyka, D., Birley, S. and Leleux, B., 1996, Trade-offs in the investment decisions of European venture capitalists. Journal of Business Venturing, 11, 273-287.
41. Naylor, J., 1999, Management (London: Pitman).
42. Prowse, S., 1998, Angel investors and the market for angel investments. Journal of Banking & Finance, 22, 785-792.
43. Reitan, B. and Sørheim, R., 2000, The informal venture capital market in Norway - investor characteristics, behaviour and investment preferences. Venture Capital, 2, 129-141.
44. Rudestam, K. E., and Newton, R. R. (2001) Surviving Your Dissertation (London: Sage).
45. Sandberg, W. R., Schweiger, D. M. and Hofer, C. W., 1988, The use of verbal protocols in determining venture capitalists' decision processes. Entrepreneurship Theory and Practice, Winter, 8-20.
46. Sapienza, H. J. and Korsgaard, M. A., 1995, Performance feedback, decision making processes and venture capitalists support of new ventures. In Frontiers of Entrepreneurship Research 1995 (Wellesley, MA: Babson College).
47. Scottish Enterprise, 1993a, The Business Birth Rate: A National Enquiry (Glasgow: Scottish Enterprise).
48. Scottish Enterprise, 1993b, The Business Birth Rate Strategy (Glasgow: Scottish Enterprise).
49. Scottish Enterprise, 2000, The Scottish Business Birth Rate 2000 (Glasgow: Scottish Enterprise).
50. Scottish Executive, 2001, A Smart, Successful Scotland (Edinburgh: Scottish Executive).
51. Short, D. M. and Riding, A. L., 1989, Informal investors in the Ottawa-Carleton region: experiences and expectations. Entrepreneurship and Regional Development, 1, 99-112.
52. Shepherd, D. A., 1999, Venture capitalists' introspection: a comparison of 'in use' and 'espoused' decision policies. Journal of Small Business Management, 37, 76-86.
53. Sørheim, R. and Landström, H., 2001, Informal investors - a categorisation, with policy implications. Entrepreneurship and Regional Development, 13, 351-370.
54. Stevenson, H. and Coveney, P., 1994, Fallacies corrected and six distinct types of angel identified (Oxford: Venture Capital Report).
55. Ucbasaran, D., Westhead, P. and Wright, M., 2001, The focus of entrepreneurial research: contextual and process issues. Entrepreneurship: Theory and Practice, 25, 57-81.
56. van Osnabrugge, M., 1998a, Comparison of business angels and venture capitalists: financiers of entrepreneurial firms (Oxford: Venture Capital Report).
57. van Osnabrugge, M., 1998b, Do serial and non-serial investors behave differently? An empirical and theoretical analysis. Entrepreneurship: Theory and Practice, 22, 23-52.
58. Venkataraman, S., 1997, The distinctive domain of entrepreneurship research. In J. A. Katz (ed.) Advances in Entrepreneurship, Firm Emergence and Growth (Greenwich, CT: JAI Press), vol. 3, 139-202.
59. Westhead, P. and Wright, M., 1998, Habitual entrepreneurs and business angels. Institute for Small Business Affairs, Research Series, 4.
60. Wetzel, W. E., 1983, Angels and informal risk capital. Sloan Management Review, Summer, 23-34.
61. Wetzel, W. E., 1986, Entrepreneurs, angels and economic renaissance. In R. D. Hisrich (ed.) Entrepreneurship, Intrapreneurship and Venture Capital (Lexington, MA: Lexington Books) 119-139.
62. Zacharakis, A. L. and Meyer, G. D., 1998, A lack of insight: do venture capitalists really understand their own decision process? Journal of Business Venturing, 13, 57-76.