Venture Capital at the Crossroads

The authors examine the venture capital industry and its role in the creation of new businesses. They provide original research on the dimensions of the industry, how it has expanded and contracted dramatically over the past two decades, and how the risk-taking and time perspectives of its practitioners are changing. They contrast the practices of "classic" venture capitalists with those of the currently fashionable "merchant capitalists." The book also contains analysis of several other topics that scholars and venture financiers will find of value: 1) the regional economic impact of new ventures; 2) rates of return for venture capital over several decades; and 3) the growth and unique practices of venture financing outside the United States.