Equity capital raising by small technology-based firms In Australia from venture capital and angel investor sources

Small technology-based firms are important contributors to growth and employment. In the absence of available debt funding, they typically need to raise equity capital from either or both venture capitalists or angel investors. This research uses case study methodology to examine the process by which such firms seek, engage with and enter a funding contract with those investors. The thesis develops two models to explain how this process differs depending on whether the investor is a venture capitalist or angel.