Into the Next Millennium
Edited by Mike Wright and Ken Robbie
This book analyses the prospects for management buyouts and venture capital into the next millennium. The collection of papers it contains is based on a twoday symposium on this theme held to celebrate the 10th Anniversary of the Centre for Management Buyout Research (CMBOR). There has been a growing debate that traditional venture capital is now at a crossroads. Although venture capital has usually been associated with investments in early stage ventures, management buyouts increasingly play an important role in the activities and performance of UK and European venture capital firms. As we move towards the millennium, venture capital markets worldwide are facing changing conditions, notably: greater funding availability; increased competition between venture capital firms; increasing pressure on venture capital firms to perform from their institutional funds providers; increasing exits from initial venture capital investments and growing prospects for investment in serial entrepreneurs; increasing pressure in certain market segments from nondomestic venture capital firms; and developments in competing sources of funds such as relationship banking and informal venture capitalists. For the first time the broader scope of the issues facing the venture capital market are brought together through the contributions in this volume. We hope that the contents of this book will be of interest to and stimulate further debate among practitioners, researchers and policy makers in the area of the financing and management of growing and restructuring firms. We would like to thank the contributors for participating in the conference on which the papers...
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