Trends in Venture Capital, Angel Investments, and Crowdfunding across the Fifty Largest U.S. Metropolitan Areas

Abstract

According to data from the Annual Survey of Entrepreneurs, the primary sources of initial financing for new businesses in the United States are personal and family savings, bank business loans, and personal credit cards. Entrepreneurs also tap other sources of funding along their journeys. These other sources — including venture capital, angel investments, and, more recently, crowdfunding — may not be as prevalent, but they can be disproportionately important for business growth.Using new data from the 2014 Annual Survey of Entrepreneurs (ASE), this data briefing looks across the largest fifty metropolitan statistical areas (MSAs) to see how entrepreneurs have fared in their quests to secure money from venture capitalists, angel investors, and online crowds.