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Smart capital in German start-ups - an empirical analysis

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  • Dorothea Schaefer

    ()
    (German Institute for Economic Research (DIW))

  • Dirk Schilder

    ()

Abstract

It is still an open question what kind of smart capital relational investors actually supply. We divide smart capital into several components and conduct a survey among 85 German suppliers of start-up finance. The results show that the degree of "smartness" is determined by the financial product used and also by the finan-ciers' institutional background, the duration of the investment and the stage of development of the firm being financed.

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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2007-015.

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Date of creation: 07 May 2007
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Handle: RePEc:jrp:jrpwrp:2007-015

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Keywords: Smart capital; start-up financing; venture capital; banks;

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