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Development Measures of Institutional Venture Capital in Transition Economies. The case of Macedonia

Listed author(s):
  • Shqipe Gerguri


    (South East European University at Tetovo)

  • Sadudin Ibraimi


    (South East European University at Tetovo)

  • Veland Ramadani


    (South East European University at Tetovo)

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    Financing is a very critical issue for the survival and development of small and medium sized enterprises. Due to inexperienced management, lack of specialization, lack of undifferentiated production program, lack of reference of successful story, unwillingness of entrepreneur to share the ownership etc., many researches confirm that financing represents a serious difficulty for small and medium sizes enterprises. So, venture capital (VC) represents a very interesting solution for the new and existing small and medium sized enterprises which have interesting and attractive ideas and projects, but are short of finances. The specific importance that lies on venture capital and its impact on small and medium sized enterprises is the fact that they provide much more than money for them. Beside the money they offer advices, experiences and contacts, which can increase the success possibilities of small and medium sized enterprises. This paper offers proposed measures, which should be taken in consideration for the development of venture capital in Macedonia. It also offer some analyses of the current situation in Republic of Macedonia related to the development of venture capital, i.e., current situation, initiatives, legal framework, investment barriers and so on.

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    Article provided by Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences in its journal International Journal of Academic Research in Accounting, Finance and Management Sciences.

    Volume (Year): 2 (2012)
    Issue (Month): 4 (October)
    Pages: 387-398

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    Handle: RePEc:hur:ijaraf:v:2:y:2012:i:4:p:387-398
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    1. Judit Karsai, 2013. "Venture capital and private equity industry in Hungary," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 63(1), pages 23-42, March.
    2. Kenney, Martin, 2000. "Note on "Venture Capital"," UCAIS Berkeley Roundtable on the International Economy, Working Paper Series qt44z1z1mc, UCAIS Berkeley Roundtable on the International Economy, UC Berkeley.
    3. Judit Karsai, 2009. ""The End of the Golden Age" - The Developments of the Venture Capital and Private Equity Industry in Central and Eastern Europe," IEHAS Discussion Papers 0901, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
    4. Ibanez, Fernan, 1989. "Venture capital and entrepreneurial development," Policy Research Working Paper Series 53, The World Bank.
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