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An assessment of government funding of business angel networks: a regional study

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Author Info
Collewaert, V.
Manigart, S. ()
Rudy Aernoudt (Vlerick Leuven Gent Management School)

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Abstract

In this paper we evaluate whether government intervention through the public funding of business angel networks is warranted. Based on a regional study of four BANs, we find that these subsidies reach their goals in terms of contribution to economic development and reducing financing and information problems entrepreneurial companies face. However, they are partly based on the wrong assumptions as these companies are not (yet) value creating. Therefore, we advise caution in using the market failure argument as grounds for government intervention in the informal risk capital market.

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Publisher Info
Paper provided by Vlerick Leuven Gent Management School in its series Vlerick Leuven Gent Management School Working Paper Series with number 2007-16.

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Length: 28 pages
Date of creation: 05 Jun 2007
Date of revision:
Handle: RePEc:vlg:vlgwps:2007-16

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Related research
Keywords: risk capital; business angels; policy; economic development; market failure;

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Find related papers by JEL classification:
G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
H71 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Taxation, Subsidies, and Revenue
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
R58 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Regional Development Policy

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Allen N. Berger & Gregory F. Udell, 1998. "The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle," Finance and Economics Discussion Series 1998-15, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  2. Florida, Richard L. & Kenney, Martin, 1988. "Venture capital-financed innovation and technological change in the USA," Research Policy, Elsevier, vol. 17(3), pages 119-137, June. [Downloadable!] (restricted)
  3. A. Heirman & B. Clarysse, 2005. "The imprinting effect of initial resources and market strategy on the early growth path of start-Ups," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/310, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  4. Elizabeth Demers & Philip Joos, 2007. "IPO Failure Risk," Journal of Accounting Research, Blackwell Publishing, vol. 45(2), pages 333-371, 05. [Downloadable!] (restricted)
  5. Dossani, Rafiq & Kenney, Martin, 2002. "Creating an Environment for Venture Capital in India," World Development, Elsevier, vol. 30(2), pages 227-253, February. [Downloadable!] (restricted)
  6. Lerner, Josh, 1999. "The Government as Venture Capitalist: The Long-Run Impact of the SBIR Program," Journal of Business, University of Chicago Press, vol. 72(3), pages 285-318, July. [Downloadable!] (restricted)
  7. Lockett, Andy & Murray, Gordon & Wright, Mike, 2002. "Do UK venture capitalists still have a bias against investment in new technology firms," Research Policy, Elsevier, vol. 31(6), pages 1009-1030, August. [Downloadable!] (restricted)
  8. Josh Lerner, 2002. "When Bureaucrats Meet Entrepreneurs: The Design of Effective "Public Venture Capital" Programmes," Economic Journal, Royal Economic Society, vol. 112(477), pages F73-F84, February. [Downloadable!] (restricted)
  9. Peter Sunley & Britta Klagge & Christian Berndt & Ron Martin, 2005. "Venture capital programmes in the UK and Germany: In what sense regional policies?," Regional Studies, Taylor and Francis Journals, vol. 39(2), pages 255-273, April. [Downloadable!] (restricted)
  10. Richard Harrison & Colin Mason, 1996. "Developing the Informal Venture Capital Market: A Review of the Department of Trade and Industry's Informal Investment Demonstration Projects 1," Regional Studies, Taylor and Francis Journals, vol. 30(8), pages 765-771, December. [Downloadable!] (restricted)
  11. Wetzel, William Jr., 1987. "The informal venture capital market: Aspects of scale and market efficiency," Journal of Business Venturing, Elsevier, vol. 2(4), pages 299-313. [Downloadable!] (restricted)
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