Smart capital in German start-ups - an empirical analysis
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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