Introduction
The time has never been better to consider starting your own business, spin-out or management buy-out in Wales. The Assembly notes that a successful future for the Welsh economy depends on a strong culture of entrepreneurship and agrees that the relevant Assembly policies should reflect the importance of successful entrepreneurship and the need to increase the level of business start-ups in Wales and the rate of survival, innovation and growth rates among small and medium sized firms in Wales" Resolution of the National Assembly for Wales, October 1999
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According to "Financiers of Entrepreneurial Firms" by Mark van Osnabrugge, in a study conducted in the UK: - Business Angels in the UK invest almost four times as much money in early stage entrepreneurial firms as venture capitalists
- Business Angels tend to be entrepreneurial-manager types whilst venture capitalists are financial - investor types
A pan-European study reported in "A Comparison with Corporate Executives" (DF Muzyka, AJ de Koning & N Guegan) found that corporate executives and MBO/MBI managing directors have different strategies for achieving growth. A 3i survey of owner-managers of independent businesses with a turnover of
£1M - £100M conducted by MORI found that: - 96% are male
- 32% have at least one female director on the Board
- there is greater acceptance of the use of venture capital as a means of introducing equity capital to the business in comparison to last year
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