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Sophie Manigart, Thomas Standaert and Tom Vanacker

Financing innovative, high-growth ventures are difficult given their reliance on intangible knowledge-based assets, high probabilities of failure and asymmetries between entrepreneurs and financiers. Venture capitalists have developed systems over time to cope with this uncertainty and asymmetries in pursuit of high returns with other investors following suit. Unfortunately, returns on very early-stage investments to not seem to provide compensation for the commensurate risk taken and thus creative policy or industry-wide solutions are needed.