Abstract
Small makers of cutting-edge scientific instruments often enable important research advances. But before such firms can help scientists with their discoveries, they need to refine, build, and distribute their tools. That takes money, and money always comes at a price. Start-ups and even more mature firms that successfully attract outside funds can take advantage of an investment firm’s business connections and make lots of money for everyone. But the loss of control that comes along with that money is not for everyone. Just as in higher-profile spheres like biotech or software, the investment opportunities in instrumentation fall into three main categories. Venture capitalists, those that invest in brand-new companies, expect what an entrepreneur would consider very high returns on their successful investments, explains Bruce Belliveau, a principal at Roman Arch Clean Energy Finance. They need big returns on their hits to make up for the many that go south for
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