Conclusion
Venture capital has its own history and geography. The gradual implementation of a mechanism for financing innovative projects, led by new companies, only became a reality in the United States after the Second World War with the creation of the ARD firm in 1946. This organizational innovation has a wide array of lessons to offer. It is not just a question of raising funds and providing financial support to small local businesses, but also, and most importantly, one of assessing the technological, productive, and commercial opportunities that are emerging in small businesses. The functions of venture capitalists take shape over the course of a long chain of interventions, from seeding to maturity, requiring VC firms to implement their interpretative knowledge (based on the entrepreneurial support network) and instrumental knowledge (productive, managerial, and organizational) required to effectively manage the companies receiving the investments.
It is here that the intersection with geographical considerations takes place. The United States is in a leading position because it is able to activate the entire financing chain. The division of funding works greatly facilitates the development of start-ups by allowing venture capitalists to focus on the early and late stages. The transformations taking place in the world of finance and the development of financial markets clearly show the rise of China, India and Japan, etc. At the same time, the development of new paths ...
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