Exploring the changing institutions of early-stage finance
记录了商业加速器、天使团体、微型风投基金和在线股权众筹平台的出现，以及天使投资的快速增长，并解释了技术进步如何推动早期融资从传统风投转向这些新制度。
Abstract Since the end of the shakeout following the bursting of the dot com bubble, we have seen substantial innovation in the institutions and organizational arrangements used to finance early-stage high growth technology companies. This paper will document the emergence of business accelerators, angel groups, micro venture capital funds and online equity crowdfunding platforms, and show the rapid growth in angel investing over this period. It will also document the corresponding movement away from traditional venture capital activity at the early stage of company development. The paper will explain how technological advance, specifically the decline in the cost of bringing a new software product to market, has driven this shift in the institutions of early-stage finance.