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Exploring the changing institutions of early-stage finance
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Shane, Scott and Nicolaou, Nicos (2018) Exploring the changing institutions of early-stage finance. Journal of Institutional Economics, 14 (6). pp. 1121-1137. doi:10.1017/S1744137417000467 ISSN 1744-1374.
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Official URL: http://dx.doi.org/10.1017/S1744137417000467
Abstract
Since the end of the shakeout following the bursting of the dot com bubble, we have seen substantial innovation in the institutions and organizational arrangements used to finance early-stage high growth technology companies. This paper will document the emergence of business accelerators, angel groups, micro venture capital funds and online equity crowdfunding platforms, and show the rapid growth in angel investing over this period. It will also document the corresponding movement away from traditional venture capital activity at the early stage of company development. The paper will explain how technological advance, specifically the decline in the cost of bringing a new software product to market, has driven this shift in the institutions of early-stage finance.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HG Finance | ||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Entrepreneurship, Innovation & Management Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | New business enterprises -- Finance , Angels (Investors), Venture capital, Crowd funding, Computer software -- Development | ||||||||
Journal or Publication Title: | Journal of Institutional Economics | ||||||||
Publisher: | Cambridge University Press | ||||||||
ISSN: | 1744-1374 | ||||||||
Official Date: | December 2018 | ||||||||
Dates: |
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Volume: | 14 | ||||||||
Number: | 6 | ||||||||
Page Range: | pp. 1121-1137 | ||||||||
DOI: | 10.1017/S1744137417000467 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Copyright Holders: | Millennium Economics Ltd | ||||||||
Date of first compliant deposit: | 12 October 2017 | ||||||||
Date of first compliant Open Access: | 16 October 2017 |
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