Chapter 9Venture Capital

The institutional venture capital industry has its roots at the turn of the twentieth century, when wealthy families like the Rockefellers and the Du Ponts provided risk capital to small, growing companies. Following World War II, a few institutional venture capital companies were formed, the most notable being American Research and Development Corporation, founded in Boston in 1946. Owners and managers of growing companies often have mixed views concerning the institutional venture capital industry: On the one hand, they welcome the money and management support that they desperately need if they are to grow, but on the other hand, they fear the loss of control and the restrictions that the investment agreements typically ...

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