Co-Investment After the First Trial
Knowledge-based companies tend to run short of capital at precisely the stage where conventional financial instruments are least useful. Their principal assets are knowledge, people and technology — not the land and machinery that can be pledged as collateral — and the road from product to market is usually long and uncertain. At the same time, a private investor never captures all the returns a technology generates; part of it, from the diffusion of know-how to reduced industrial dependence, accrues to the economy as a whole. ... ادامه مطلب
