Papers in Innovation Studies, CIRCLE, Center for Innovation, Research and Competences in the Learning Economy, Lund University
Informal investors and value added: what do we know and where do we go?
() and Jonas Gabrielsson
Abstract: Informal investors have been highlighted as important
stakeholders for potential highgrowth ventures. Extant empirical research
provides evidence that they contribute not only with money but also bring
added value in terms of providing their skills and experience to support
the continued development and growth of the ventures in which they have
invested. However, despite the reported benefits of the value added
provided by informal investors there are very few studies that explicitly
address the issue of informal investors and value added. The present paper
seeks to meet this shortcoming by presenting a review of state-of-the-art
literature and research on informal venture capital and value added. The
objective is to summarize what we know as a basis for where research should
go in the future. The literature review identifies four main core functions
provided by informal investors. The identification of different core
functions is then used to guide future studies of informal investors and
value added. The paper ends with a concluding summary.
Keywords: informal investors; value added; venture capital.; (follow links to similar papers)
JEL-Codes: O30; (follow links to similar papers)
28 pages, December 1, 2006
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