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Angels and IPOs: Policies for Sustainable Equity Financing of Irish Small Businesses

"The academic community in any democracy plays an important role in providing evaluations on policy and challenging the rationale behind new and existing decisions and long may this continue. I look forward to the forthcoming publication by the Policy Institute, Trinity College of ‘Angels and IPOs - Policies for sustainable equity financing of Irish small business’. This policy paper will contribute to the debate on sustainable equity financing for small businesses and I understand it puts forward a number of observations that are worthy of consideration"

Extract from speech by Minister for Enterprise, Trade and Employment, Mr. Micheal Martin, T.D. given to the InterTrade Ireland’s Private Equity Conference, 9 March 2005.

Blue Paper Abstract

Angels and IPOs: Policies for Sustainable Equity Financing of Irish Small Businesses explores the rationale for the Irish government’s investments of more than 300 million Euro in Irish companies and the domestic venture capital industry. It challenges the conventional wisdom that there is an ‘equity gap’ of early stage risk capital in Ireland. In the context of the equity financing cycle, it discusses the limited supply of angel capital available to Irish firms as well as the ‘exit gap’ resulting from the low rate of IPOs among Irish firms and the poor capital raising performance of the Irish Stock Exchange. The book concludes with a series of recommendations for the public and private sectors to create a sustainable system of equity financing for small businesses in Ireland.

This paper was launched on Thursday 10 March 2005 by Mr Philip Hogan TD, Fine Gael spokesperson on Enterprise, Trade and Employment.

About the Author

Ms. Diane Mulcahy was a a former Visiting Research Fellow at The Policy Institute during 2003. Prior to this, she was a venture capitalist in the US for the previous eight years. She holds a Masters in Public Policy degree from Harvard University's Kennedy School of Government.

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Last updated 27 November 2012 .