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Improving Access to Early Stage Venture Capital in Regional Economies: A New Approach to Investment Readiness

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  • Colin M. Mason
  • Richard T. Harrison
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    Abstract

    It is now recognised that many businesses are unsuccessful in raising equity finance because they are not investment ready. This has prompted enterprise support organisations in various countries to develop investment ready programmes. In the UK, the emphasis of these programmes is on providing information on sources of finance and how to access them, and on presentational skills. These are necessary but not sufficient conditions to get a business investment ready because they do not address business development issues which discourage potential investors. These issues are generally company specific and often require the input of significant expertise in order to make a company investable. This paper reviews LINC Scotland's approach, which is based on investment facilitation. It suggests that this approach does effectively address the business development support component of investment readiness at limited public cost and provides useful lessons for the design of investment ready programmes.

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    Bibliographic Info

    Article provided by Taylor and Francis Journals in its journal Local Economy.

    Volume (Year): 19 (2004)
    Issue (Month): 2 (May)
    Pages: 159-173

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    Handle: RePEc:taf:loceco:v:19:y:2004:i:2:p:159-173

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    Related research

    Keywords: Equity Gap; Finance; Small Firms; Venture Capital; Business Angels;

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    1. Cressy, Robert & Olofsson, Christer, 1997. " The Financial Conditions for Swedish SMEs: Survey and Research Agenda," Small Business Economics, Springer, vol. 9(2), pages 179-94, April.
    2. Samuel Kortum & Josh Lerner, 1998. "Does Venture Capital Spur Innovation?," NBER Working Papers 6846, National Bureau of Economic Research, Inc.
    3. Freear, John & Wetzel, William Jr., 1990. "Who bankrolls high-tech entrepreneurs?," Journal of Business Venturing, Elsevier, vol. 5(2), pages 77-89, March.
    4. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
    5. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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