Venture capital informale e imprenditorialità

Abstract

Two organized systems that are recently playing an important role in the organization of the informal venture capital market are angel groups and business intermediaries. While the former has grown fast in the US, the latter predominates in Europe. US angel groups are alliances made by investors providing a more efficient marketplace for innovative start ups. Business intermediaries are usually founded or supported by public organizations and mainly operate as a matching mechanism. The aim of this paper is to provide an analysis of the activities of these two organization forms. Building on this analysis, special attention is given to the Italian informal venture capital market, where angel groups still don’t emerge and business intermediaries are not really developing the market. Implications for public policy and a new mission for Italian business intermediaries are also discussed.