ABSTRACT
https://s3-euw1-ap-pe-df-pch-content-public-p.s3.eu-west-1.amazonaws.com/9781003381976/411d9bae-2b00-498d-8eeb-34f6ab782298/content/ufig10_2.tif" xmlns:xlink="https://www.w3.org/1999/xlink"/> How VCs make investment decisions is a very systemic process. It is organized in successive well-established phases. Each of these can be very intensive and long, depending on the actions of either party (the start-up or the investor).
