Ago\ra Partnerships Nicaragua: A micro venture capital fund

Micro‐credit and Micro‐equity: The David and the Goliath of Micro‐enterprise Financing

“…To achieve this goal, I advocate the use of micro‐equity investing in micro‐enterprises because the equity instrument allows the investors to overcome these micro‐credit drawbacks. This view is corroborated by Sanz and Lazzaroni (2008) by the case of Agora Partnerships that resort to equity investment because who it enable the micro‐entrepreneurs to feel in control and extract as much value as possible, while providing Agora Partnerships to add more value to the new ventures as strategic investor than a bankers.…”

“…In this respect, micro‐equity providers are compelled to provide appropriate contacts for the micro‐entrepreneurs to refine their managerial practices and strategies to eliminate undue risks. In this respect, Sanz and Lazzaroni (2008) contend that providing business and social networks, education and management expertise are important to guarantee the success of the micro‐venture. Simply put, access to financial and managerial knowledge are essential for success.…”

The impact of resource configuration on Iranian technology venture performance

“…Other researchers believe that firms with poor financial resources fail to succeed because of legitimacy problems due to their newness (Wiklund et al, 2010). In this study, we define a financial resources variable as comprising financing and cash flow preparing, cash flow planning (Sanz and Lessiza, 2013), controlling and reporting (Deslauriers, 2011), portfolio management (Lutz et al, 2013), and investor relations (Sanz and Lazzaroni, 2009). Fig.…”

“…To assess portfolio management, we used indicators described by Lutz et al (2013). Finally, the investor relations measure was adopted from Sanz and Lazzaroni (2009).…”

The study of venture capital finance and investment behaviour in small and medium-sized enterprises

“…Research by Wang and Zhou (2004) suggests that venture capital firms can stage their financing to mitigate information asymmetry and agency problems. From the structural point of view, Sanz and Lazzaroni (2009) identify four integral formal investment deals. Firstly, the deal has to be fair without constraints on the investment-related cash flows; secondly, the entrepreneur has to feel as much ownership over the company as possible; thirdly, the fund has to have a reasonable chance to exit the investments and realise a positive interest; and fourthly, the deal has to be simple (easy to explain and understand).…”