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1、原文：MobilizingCapitalforFosteringtheEarlyGrowthofFirms:TheRoleofBusinessAngelsinNascentEuropeanEntrepreneurshipDespitetheimportantrolerecognizedtooutsideequityinfinancingandfosteringinnovativeentrepreneurialfirms(i.e.,entrepreneurialstart-ups),relativelylittleisknownaboutthekey
2、characteristicsofthedifferentfund-providersinvolvedeitherinatemporalperspective(diversestageoftheearlyfirm’slife)orinanindustryperspective(specializedequityinvestors).Whilebusinessangelsandventurecapitalistsarerelativelycommonandwelcomecompanionsofentrepreneurs,variouskindsofc
3、ircumstancesneedtobeaccomplishedandcoordinatedinordertoestablishandgoverntheserelationshipsinawaythatisreallybeneficialtoalltheparties.Thischapteraimstodiscussvariousaspectsofthemultifacetedrelationbetweenentrepreneursseekingforfinancetotheirearlystageprojectsandbusinessangels
4、providingequity.Inparticular,weunderscoretherationalefortheemergenceofthebusinessangelnetworksinordertooptimizesearchcostsandthegoodmatchbetweensupplyanddemandforfunds.WhilebusinessangelnetworkshavefoundthewayfortheiradmittanceinmanyEuropeancountries,intheUSA,angelgroups(orspo
5、ntaneousinvestorassociations)arefarmoredeveloped.Onthegroundofa5-yearpaneldataextractedfromtheEuropeanBusinessAngelNetwork(EBAN),weexploreindepththeintricaciesandinefficienciesrelatedtotheactionofthebusinessangelsnetworksinEuropeandbrieflyjuxtaposethemtotheAnglo-Saxonexperienc
6、e.Theessenceofentrepreneurshipisrecognizing,seizingandexploitingnewandnascentopportunities(Zahraetal.2006).Inordertorecognize,seizeandexploitopportunities,wepointtothefundamentalofentrepreneurialcapabilitiesintendedascapabilitiesforgrowthandofwealthcreationforthefirmandthereby
7、forthebroadinstitutionalenvironment.BasedonideaspresentedbyVenkataraman(1997),Shane(2003)definesentrepreneurshipas“anactivitythatinvolvesthediscovery,evaluationandexploitationofopportunitiestointroducenewgoodsandservices,waysoforganizing,markets,processes,andrawmaterialsthroug
8、horganizingeffortsthatpreviouslyhadnotexisted”.Asacentralprem
