The development of entrepreneurial finance research

The development of research in entrepreneurial finance is apparent in the proliferation of work focusing on the financial aspects of entrepreneurship; a field of management science which is beginning to organise itself along the same lines as other existing fields such as strategy, marketing or finance. British/American style entrepreneurial finance can be easily confused with the field of venture capital in its broadest sense (integrating the different categories of investors such as business angels or corporate venture, and institutional aspects which could have a bearing on this type of investment). But our study shows that over time the field of entrepreneurial finance has expanded. Researchers are now interested in other phases of company development, before venture capitalists come on the scene, or after they have left, but there is also interest in firms which are not financed by this type of investor.