Venture Capital 20 years on: reflections on the evolution of a field

Harrison, R. T. and Mason, C. M. (2019) Venture Capital 20 years on: reflections on the evolution of a field. Venture Capital, 21(1), pp. 1-34. (doi: 10.1080/13691066.2019.1562627)

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This paper reviews the circumstances surrounding the launch of Venture Capital: An International Journal of Entrepreneurial Finance in 1999. It highlights a number of significant changes in the structure of the entrepreneurial finance market over the past 20 years, notably the decline of “classic” venture capital, the effective closure of the small-cap IPO market, the scale-up problem and the emergence of a second equity gap, the geographical dispersion of venture capital and the institutionalisation of the business angel market. A number of new players in the market – coinvestment schemes, equity crowdfunding platforms and blockchain technology-based Initial Coin Offerings – are discussed and the challenges and opportunities they pose for investors, entrepreneurs, policy makers, regulators and academic researchers are assessed. Against this background, a number of key features of the evolution of the content and focus of the Journal are discussed. The paper finishes with a summary of the papers included in this Special Issue.

Item Type:Articles (Editorial)
Glasgow Author(s) Enlighten ID:Mason, Professor Colin
Authors: Harrison, R. T., and Mason, C. M.
College/School:College of Social Sciences > Adam Smith Business School > Management
Journal Name:Venture Capital
Publisher:Taylor and Francis
ISSN (Online):1464-5343
Published Online:21 March 2019
Copyright Holders:Copyright © 2019 Informa UK Limited, trading as Taylor and Francis Group
First Published:First published in Venture Capital 21(1): 1-34
Publisher Policy:Reproduced in accordance with the publisher copyright policy

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