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

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.