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Investing in Neighborhood Entrepreneurs: Private Foundations as Community Development Venture Capitalists

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Author Info

  • Ross Gittell

    (University of New Hampshire)

  • Jeffrey Sohl

    (University of New Hampshire)

  • Phillip Thompson

    (Columbia University)

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    Abstract

    Entrepreneurs in low-income and minority neighborhoods encounter numerous problems in securing capital. To address this capital gap this paper considers a new role for private foundations as community development venture capitalists (CDVCs). It is suggested that through grant making and program-related investments, foundations may assume an equity stake in neighborhood-based entrepreneurs and acting as CDVCs apply lessons from the value-added component of private equity financing, including drawing on their expertise, professional contacts and financial resources to contribute to entrepreneurial efforts in the inner city.

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    File URL: http://jefsite.org/RePEc/pep/journl/jef-1996-05-2-f-gittell.pdf
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    Bibliographic Info

    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial and Small Business Finance.

    Volume (Year): 5 (1996)
    Issue (Month): 2 (Summer)
    Pages: 175-91

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    Handle: RePEc:pep:journl:v:5:y:1996:i:2:p:175-91

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    Web page: http://bschool.pepperdine.edu/jef
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    Related research

    Keywords: Entrepreneur ; Foundations; Neighborhoods; Community Development;

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    1. Freear, John & Sohl, Jeffrey E. & Wetzel, William Jr., 1994. "Angels and non-angels: Are there differences?," Journal of Business Venturing, Elsevier, vol. 9(2), pages 109-123, March.
    2. Ehrlich, Sanford B. & De Noble, Alex F. & Moore, Tracy & Weaver, Richard R., 1994. "After the cash arrives: A comparative study of venture capital and private investor involvement in entrepreneurial firms," Journal of Business Venturing, Elsevier, vol. 9(1), pages 67-82, January.
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