Venture Capital Research: Past, Present and Future

Abstract
The period since 1980 has seen the emergence of venture capital as an area of academic interest and research activity. This interest is merited given the importance of venture capital to economic development and new venture creation. This paper surveys venture capital research since 1981. Based upon that research, a descriptive model of the venture capital process is proposed. The model is then used to develop suggestions for future research topics. Suggestions for improving research methodology are also included.