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Haifeng Qian and Zoltán J. Ács

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Edited by Javed Ghulam Hussain and Jonathan M. Scott

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Zoltán J. Ács

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Zoltán J. Ács and Siri Terjesen

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Jun Li

China has aspired to overhaul its growth model by vigorously promoting technological innovation and entrepreneurship. Like many other countries, however, a funding gap constrains new and technology ventures in the early stage of venture development. To address this challenge, China has used government-backed venture capital as an important means to plug the gap. Four super-sized central government backed venture capital guiding funds (VCGFs) have been set up and dozens of similar schemes are in operation at the local levels. Framed in the mould of the Yozma model, fund-of-funds and co-investment have been the dominant models to leverage private VC investments. This chapter provides a case study of government-backed venture capital schemes in China. It sets out to document the background conditions that explain the country’s need for public venture capital, to describe the distinct features of programme design in such schemes, and to tentatively assess the impact of government-backed venture capital.

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Colin Mason, Richard T. Harrison and Tiago Botelho

The ultimate purpose of investing in an entrepreneurial business is to achieve a financial return. Yet there is little discussion in the entrepreneurial finance literature on the exit process and only limited evidence on returns. This chapter focuses on business angels. It argues that the main challenge for business angels is in achieving an exit. Previous research indicates that returns from those exits that do occur are skewed: around half of all investments fail and only a small minority generate significant returns. We suggest that the difficulties in achieving profitable exits reflects, in part, the fact that most angels do not adopt an exit-centric approach to their investing. This involves considering the exit at all stages in the investment process, including the initial investment decision. The main features of an exit-centric investment strategy are discussed.

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Zoltán J. Ács, Colm O'Gorman, László Szerb and Siri Terjesen

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Philip Auerswald and Zoltán J. Ács

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Zoltán J. Ács, Catherine Armington and Ting Zhang

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Zoltán J. Ács and Pamela Mueller