<italic>Previous research has highlighted the existence of an information problem (information gap) among business angels, mainly due to their desire to keep a low public profile and to the informal character of the market. The creation of business angels' networks was promoted in order to deal with...</italic>

<title/> This paper reviews the role of business angels in the financing of entrepreneurial businesses. Following a review of the characteristics of business angel investors, the paper examines the complementarities between business angels and the formal venture capital market, and concludes with a...

<title>Abstract</title> Various levels of government have implemented instruments to promote business angel investment, often mirroring those used to support the institutional venture capital market. The paper reviews the existing practices at a point in time when intervention in the field of business angels...

<title/> In reaction to the enormous lack of venture capital in Europe compared to the US, the European Union, until now relatively absent from the venture capital market, has launched new programmes focusing on direct financing of the setting up and development of venture capital funds (by capital...

Government policy to stimulate growth, innovation and especially the creation of new enterprises is rather focused on access to finance mainly through increasing the supply of capital. As formal venture capitalists are moving towards larger deals and shifting their investments to a later stage...

Start-ups and early stage ventures are facing more and more financial constraints. The lack of second round financing substantially reduces the potential of patent applications from spin-offs and other early stage ventures. On the other hand, investing in new companies provides large companies...