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Trends and Prospects in Venture and Angel Investments in New Media Companies

  • Stephen Prowse
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    How do 'new media' or Internet-related companies raise external equity capital? In this paper, I analyze two markets that entrepreneurs of private Internet-related businesses use in the US to raise equity: the venture capital market and the market for 'angel' capital. Both markets appear to be important sources of capital for private Internet-related firms. In this paper, I try to shed some light on how these markets operate with respect to investments in Internet-related companies. In particular, using data from PricewaterhouseCoopers' MoneyTree Survey, I analyze trends in venture capital investments in Internet-related companies and make comparisons with venture investments in non-Internet-related firms. In addition, I use information and data on the angel market to investigate how important the market for angel capital is likely to be as a source of capital for Internet-related businesses. In doing so I draw on ongoing and new research by myself and others into the operation of these markets. Finally, I make some cautious predictions about how the future prospects for raising money from these two sources are likely to evolve for Internet-related firms.

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    Article provided by Taylor & Francis Journals in its journal Prometheus.

    Volume (Year): 19 (2001)
    Issue (Month): 1 ()
    Pages: 11-16

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    Handle: RePEc:taf:promet:v:19:y:2001:i:1:p:11-16
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