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Collaboration in Entrepreneurial Finance

An important topic in some areas of finance involves syndication, which refers to more than one investor in an investee firm. Investment syndication involves collaboration, particularly where investors are value-added active investors, and there are potential agency problems among syndicated investors. This chapter reviews the literature on collaboration across different sources of entrepreneurial finance. In particular, it considers angel investors, crowdfunding, technology parks, and venture capital and private equity funds. The chapter identifies cases when different types of investors work well together, as well as cases where the evidence indicates collaboration has been less than fruitful. The chapter concluded by identifying avenues for future research.