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Smart capital in German start-ups: an empirical analysis

Authors
Publisher
Universität Jena und Max-Planck-Institut für Ökonomik Jena
Publication Date
Keywords
  • G21
  • G24
  • D21
  • M13
  • O16
  • Smart Capital
  • Start-Up Financing
  • Venture Capital
  • Banks
  • Risikokapital
  • Private Equity
  • Unternehmensberatung
  • Unternehmensgründung
  • Deutschland

Abstract

It is still an open question what kind of smart capital relational investors actually supply. We divide smart capital into several components and conduct a survey among 85 German suppliers of start-up finance. The results show that the degree of “smartness” is determined by the financial product used and also by the financiers’ institutional background, the duration of the investment and the stage of development of the firm being financed.

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