Abstract
The paper examines the issues of state and development of the informal venture capital (IVC) of Latvia. The results of a questionnaire survey of managers of business angels networks (BAN) are presented in the paper. The research analyses both quantitative and qualitative indicators of the IVC. The data on the IVC of Latvia were compared with the indicators and organisation of IVC in a number of the North European countries: size and number of formal and informal venture capital (VC) investments and advantages of investments by BAs and venture capital funds (VCF). The paper examines correlations between the IVC development level and the following indicators: the Summary Innovation Index, R&D expenditure, Doing Business, and the Global Venture Capital and Private Equity Country Attractiveness Index. The paper provides an estimate of the IVC potential of Latvia. The present research resulted in creating data on the performance of IVC investments in Latvia and it determined that Latvia has low qualitative and quantitative IVC indicators. The lack of any financial or organisational instruments of government support for the IVC industry is one of the reasons for low indicators in Latvia. The article provides recommendations for developing the IVC of Latvia.
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