Fragmentation in the Market for Venture Capital
研究了天使投资人和风险投资公司两类网络是否导致风险投资市场碎片化，发现基于信息源可靠性的碎片化确实存在，为创业者提供了至少两种融资渠道。
This study examines two types of venture capital networks — those among angels and those among venture capital firms (VCFs) — to determine if they could contribute to the fragmentation of the market for venture capital. If it were not fragmented, entrepreneurs would have very limited opportunities to present their deals to more than one source for funding. This study found evidence to support some market fragmentation, which was based on the reliability of the informants utilized by each network. Market fragmentation creates opportunities for entrepreneurs to tap at least two separate sources of funding.