ABSTRACT
Many studies have discussed the critical need for capital in the early start-up and development stages of new high-technology enterprises (Robinson 1980; Anderson and McElveen, 1982; JEC 1982; Rothwell and Zegveld 1982; US GAO 1982; Obermayer 1983; Timmons et ale 1983; Horvitz and Pettit 1984; Pettit 1984; Timmons et ale 1984; Rothwell 1985; Hisrich 1986). Venture capital, in particular, has been highlighted as a driving force in the development of such companies and, by extension, their host areas - the so-called 'technology regions' (Florida and Kenney 1988b), 'creative regions' (Malecki 1987b), 'innovative environments' (Aydalot and Keeble 1988), and 'new Silicon Valleys' (Tatsuno 1986). Consequently, much has been written on venture capital with regard to its historical origins (Hussayni 1959; Kenney 1986: 132-75; Doerflinger and Rivkin 1987), the venture investment process (Bean et ale 1975; Cooper 1977; Coutarelli 1977; Tyebjee and Bruno 1981, 1984; JEC 1984; Kozmetsky et ale 1985; Venture Economics 1985), the geographical distribution of venture institutions (Green 1989 and Chapter Two of this volume), and the spatial flows of venture funds (Venture Economics 1983; Haslett 1984: 45-7; Leinbach and Amrhein 1987).
