<p>For entrepreneurs it can be difficult to attract investors. The business plan is a well-known document for that purpose, and is used widely by entrepreneurs and companies. With this in mind, several questions arise. What information in a business plan is important? Do the criteria for information in a business plan differ between banks, venture capital companies, and business angels? What is the perception of a business plan to these investors? These are questions future entrepreneurs have to deal with before taking action and start searching for investors. This thesis investigates the investors’ perspective on the issue of entrepreneurship and business planning.The purpose of this thesis is to broaden the understanding of the business plan as a mean to attract capital for new ventures. It further aims to investigate the relevance of the business plan and the optimal composition of information, according to the investors. A qualitative method has been used in this thesis. Empirical findings have been captured from interviews with relevant actors in the investing market, and thereafter been analyzed with existing theories. The overall conclusion in this thesis is that there is a very broad view of the business plan as a concept. There are different aspects of the business plans roles as a formal mean to attract capital. Obvious differences between how the three different investors evaluate a business plan have been found as well as that the investors find other things than the business plan to be important in a decision. The investors do not look solely on the business plan and then make the decision whether to invest or not. The third conclusion is that all three investors enter a company with different roles, affecting the business’ activities in different ways. Finally, the business plan as a document is never as formal as the theory states. It is surprisingly different from the theory which claims that formality is an important issue in this kind of documents.</p>

<p>Studies show that Sweden is a prominent country when it comes to innovations, R&D and patents. These efforts have however not led to commercialization and generation of new businesses, which has led researchers to suspect that many entrepreneurs have defective knowledge regarding how the venture capital industry works and how to operate in order to be successful. The fact that there appears to be a knowledge gap and that receiving funds from investors are important for the growth of entrepreneurial companies and the economy as a whole has awakened our interest to focus our study on this issue.</p><p>In order to get an insight into which questions an entrepreneur raise before seeking venture capital our study takes its starting point with an entrepreneur who is in the process of seeking venture capital. The different topics presented by the entrepreneur led us to the purpose of the thesis, which is to provide guidance for an entrepreneur in pursuit of venture capital through describing and interpreting how investors assess criteria in potential investments.</p><p>To gain a greater understanding of what aspects a venture capitalist takes into consideration when evaluating a potential deal we found it necessary to have a personal dialogue with the selected respondents. This resulted in our decision to use a qualitative methodological approach and through a target-oriented selection the entrepreneur and the seven investors were selected. Our empirical study is based on interviews with the selected respondents.</p><p>The empirical findings and the analysis are compiled together in one chapter. The respondents’ opinions are analyzed together in order to create an overview and to make it possible for the reader to better grasp our findings.</p><p>The study has resulted in a number of suggestions that are presented in a “hand book-like” manner aimed to help the entrepreneur in the pursuit of venture capital and hopefully other entrepreneurs in similar situations. The concluding remarks are presented in chapter 5.</p>

Thesis (Ph. D.)--University of Oregon, 2002. / Typescript. Includes vita and abstract. Includes bibliographical references (leaves 220-240). Also available for download via the World Wide Web; free to University of Oregon users.

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For entrepreneurs it can be difficult to attract investors. The business plan is a well-known document for that purpose, and is used widely by entrepreneurs and companies. With this in mind, several questions arise. What information in a business plan is important? Do the criteria for information in a business plan differ between banks, venture capital companies, and business angels? What is the perception of a business plan to these investors? These are questions future entrepreneurs have to deal with before taking action and start searching for investors. This thesis investigates the investors’ perspective on the issue of entrepreneurship and business planning.The purpose of this thesis is to broaden the understanding of the business plan as a mean to attract capital for new ventures. It further aims to investigate the relevance of the business plan and the optimal composition of information, according to the investors. A qualitative method has been used in this thesis. Empirical findings have been captured from interviews with relevant actors in the investing market, and thereafter been analyzed with existing theories. The overall conclusion in this thesis is that there is a very broad view of the business plan as a concept. There are different aspects of the business plans roles as a formal mean to attract capital. Obvious differences between how the three different investors evaluate a business plan have been found as well as that the investors find other things than the business plan to be important in a decision. The investors do not look solely on the business plan and then make the decision whether to invest or not. The third conclusion is that all three investors enter a company with different roles, affecting the business’ activities in different ways. Finally, the business plan as a document is never as formal as the theory states. It is surprisingly different from the theory which claims that formality is an important issue in this kind of documents.

The South African government has indicated that the National Small Business Act of 1996 had failed to get the small business sector working successfully as engine for growth. Thus, government policy measures, using an institutional network alone, to create a thriving SME economy, has not succeeded. The Minister called for small business and other institutions to develop suggestions for inclusion in a new business strategy document. One such strategy, as proposed by this thesis, involves the introduction and implementation of the Venture Capital Schemes (VCS) Framework. The purpose of the dissertation is to conduct an exploratory study of the VCS framework and to determine if the VCS framework is worthwhile pursuing in South Africa, following its successful introduction in the United Kingdom. To achieve effective implementation of the VCT framework, specific issues to the various components and key players require addressing: • Are there potential high-growth SMEs that are being overlooked? • Is there a definite 'equity gap' to satisfy the needs of potential SMEs that is not being serviced? • Are there sufficient investors who can be attracted to fund this 'equity gap'? • Are there sufficient rewards for the private sector financial institutions (venture capitalists and associated network) to be willing to manage and drive the VCT framework? To obtain the required information, a discussion / interview was conducted with Business Partners Limited - East Fund (a leading South African venture capitalist who is involved in both 'pure' venture capital funding as well as having integral ties with SMEs). The Venture Capital Schemes Framework, in theory, appears to be a viable option. However, the response indicates that the larger venture capital / private equity firms will not be willing to drive the VCS framework, since it requires an adjustment to their investment philosophy. The response has also indicated that a RFI with a iv reasonable network of resources, operating as a private company, will be in the best position to drive the VCS framework. It will also be able to attract competition from the smaller venture capital/private equity firms, accounting firms and business advisors, to create a vibrant VCT market (industry). Hence, a thriving SME economy could become a reality. / Thesis (MBA)-University of Natal, 2003.

Thesis (Ph. D.)--University of Washington, 2007. / Vita. Includes bibliographical references (leaves 95-115).

Diss. (sammanfattning) Stockholm : Karolinska institutet, 2001. / Härtill 4 uppsatser.

Thesis (Ph.D.)--Rensselaer Polytechnic Institute, 2005. / Includes bibliographical references.