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

Author

Listed:
  • Collewaert, V.
  • Manigart, S.

  • Rudy Aernoudt

    (Vlerick Leuven Gent Management School)

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.

Suggested Citation

  • Collewaert, V. & Manigart, S. & Rudy Aernoudt, 2007. "An assessment of government funding of business angel networks: a regional study," Vlerick Leuven Gent Management School Working Paper Series 2007-16, Vlerick Leuven Gent Management School.
    • Handle: RePEc:vlg:vlgwps:2007-16
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    File URL: http://www.vlerick.be/en/5417-VLK/version/default/part/AttachmentData/data/vlgms-wp-2007-16.pdf
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    Cited by:

    1. is not listed on IDEAS
    2. José Bilau & Soumodip Sarkar, 2016. "Financing innovative start-ups in Portuguese context: what is the role of business angels networks?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 7(4), pages 920-934, December.

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    Keywords

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    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; Personnel Economics - - Business Administration - - - New Firms; Startups
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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