Abstract (Translated):
There have been significant changes in the financing of early-stage innovative companies since the beginning of this decade. The importance of institutional venture capital funds' investments declined in financing startups and early-stage ventures. At the same time, alternative sources of financing early-stage companies increased. Alternative sources of funding include business angels, startup incubators, business accelerators, seed funds linked to universities or corporations, and equity crowdfunding platforms. The strength of the business angels' market is increasing. In the past, business angels invested individually; however, nowadays they work in networks or syndicates, or as limited partners of business angels' funds. The preferred exit methods also changed. The role of initial public offerings (IPOs) as exit routes for investors and capital raising opportunities for startups lost its importance, whereas that of acquisitions increased, in many cases involving a move of their headquarters into another country.