Entrepreneurial Finance in Emerging Markets: Exploring Tools, Techniques, and Innovative Technologies

Preface
	Book Objectives and Features
	Book Structure
Acknowledgments
Contents
Notes on Contributors
List of Figures
List of Tables
Part I: Institutional and Economic Development in Emerging Markets
	Chapter 1: Emerging Markets and Their Role in a Global Economy
		Introduction
		Definition of Emerging Markets
		Geography of Emerging Markets
		Emerging Markets’ Economic Potential
		Macroeconomic Performance of Emerging Markets
		Emerging Markets and Macroeconomic Stability
		Potential Risk Factors
		References
	Chapter 2: Promise and Peril in the Age of Turbulence in Emerging Markets: Implications for Private Equity Investors
		Introduction
		The Promise of the Emerging Markets
		The Perfect Storm
			De-Globalization: The Great Unwinding
			De-Industrialization: No More “Flying Geese”
			De-Population: The Great Migration
		Viewing the World Through a More Discerning Lens
		Considerable Upside in the Future
		Conclusion
	Chapter 3: Economic Growth, Institutions, and Corruption in Emerging Economies
		Introduction
		Economic Development
		Institutions and Institutional Development
		Current Situation: Deglobalization?
		Conclusion
		References
Part II: Institutional Development and Entrepreneurship in Emerging Markets
	Chapter 4: China’s Institutional Environment for Entrepreneurship
		Introduction
		The Development of the Institutional Environment in China and Its Relevance for Business Start-Ups
		Formal and Informal Institutions: Challenges Entrepreneurs Are Facing in the Light of China’s Institutional Environment
		Entrepreneurs’ Impact on and Interrelation with the Institutional Framework: Top-Down and Bottom-Up Effects
		Conclusions
		References
	Chapter 5: China, an Emergent Innovator? A Competence Misplaced, Capability Regained
		Appetite to Succeed
		Catch-Up Strategies
		Government Support
		Walled Garden
		Absorptive Capacity
		Concluding Observations
		References
	Chapter 6: How the “Triple Helix” Can Influence the General Climate for Entrepreneurs in Brazil
		Introduction
		The Triple Helix Model: A New Way for Promoting Knowledge and Innovation
		The Brazilian Context of University-Government-Industry Relations
		Two Examples of How the Triple Helix Could Work in Brazil
			A High-Technology Ecosystem Building from the Blank Page: The HT MICRON Case
			A Low-Technology Cooperation Program for Small and Medium Companies: The “Programa de Cooperação” (Program of Cooperation Networks or PCN)
		Conclusion
		References
	Chapter 7: Entrepreneurial Family Businesses in Poland: From an Emerging to a Developed Market
		Introduction
		The Essence of Family Entrepreneurship
		Poland from an Emerging to a Developed Market
		Characteristics of Polish Family Enterprises
		Conclusions
		References
	Chapter 8: Access to Capital: Women Entrepreneurs in Emerging Markets
		Introduction
		Women’s Role in Economic Development and Growth
		Barriers to Access to Capital for Women Entrepreneurs
		Improving Women’s Access to Capital
		Characteristics of Effective Access to Capital Programs
		Teaching Entrepreneurs and Small Business Owners
			Andragogy versus Pedagogy
		Designing an Effective Access to Capital Program for Emerging Markets
			The Market-Centric Approach
			Provision of Relevant Skills5
			Accommodation of Entrepreneur-Specific Characteristics and Constraints
		Summary and Conclusion
		References
	Chapter 9: How Entrepreneurial Finance Is Transformed into Political Power: The Importance of “Friends with Benefits”
		Introduction
		Literature Review
		Methodology
		The Case Studies
			Piñera (Chile)
			Ramaphosa (South Africa)
			Shinawatra (Thailand)
			Hariri (Lebanon)
		Discussion
		Conclusion
		References
Part III: Entrepreneurial Finance in the BRIC Countries
	Chapter 10: An Overview of the Private Equity and Venture Capital Industry in Brazil
		Development of the Brazilian PE and VC Industry
		Investment Theses in Brazil
		Performance and Exits of PE and VC Investments in Brazil
		Limited Partners and Fundraising Activity of Brazilian Funds
		Challenges and Experience of Brazilian GPs
		Concluding Remarks
		References
	Chapter 11: Financing Architecture and Current Trends in the Development of Russian Small and Medium Enterprises
		Introduction
		Structural Transformation of the SME Sector and its Effectiveness
		Reformatting of the SME Sector and Business Barriers to its Financing
			Contraction of the SME Sector
			Transformation of the Institutional Matrix of the SME Sector
			Consolidation of the Microfinance Marketplace
			Increased Lending to SMEs by MFIs
			General Stagnant Access to Finance by SMEs
			Expansion of Regional Initiatives for SME Development and Financing
		Conclusion
		References
	Chapter 12: The Evolution of Private Equity in India
		Rapid Rise, Fall, and Slow Recovery
		Underdeveloped Financial Markets and Growth PE
		Transition from Engines of Capital Allocation to Drivers of Firm Efficiency
		Different Segments Within the Current Industry: Examples of Indian PE
			Vini Cosmetics: Growth Capital
			Druva Software: Venture Capital
			Shriram Transport Finance: Private Placement in a Public Company
			East West Gas Pipeline: Infrastructure Annuity
			National Stock Exchange: Secondary Private Equity
			GVK Airport Holdings Limited: Structured Credit
			Atria Convergence Technologies: Control Transaction
		The Future of Indian PE
		References
	Chapter 13: Finding New Frontiers: The Challenges of Early-Stage Indian Entrepreneurs in Accessing Finance in an Evolving Startup Ecosystem
		Introduction
		The Startup Boom: How It All Started?
		The “Gold Rush”, the Boom, and the Period Thereafter
		The Challenge of Getting Funds, but for Whom?
		Why First-Time Entrepreneurs Struggled More in Accessing Finance?
		The “Gold Rush” and Entrepreneurial Risk-Taking Behavior
		Enabling Ecosystem to Give New Entrepreneurs a “Leg Up”
		Conclusion
	Chapter 14: Profiles of Chinese Business Angels
		Introduction
		Business Angel Investing in Institutional Voids
		Angel Investing in China
		Research Methods
		Findings
			BA Profile
			BA Investing Strategy
		Conclusion
		References
	Chapter 15: The Development of Venture Capital in China
		The Development of Venture Capital in China
			Fundraising and Investments
			Exits in China
		The Management of the Investee Firm by Venture Capital
		Polices and Regulations on Venture Capital in China
			The Underdevelopment of Limited Partnership
			The Policies Regarding the Stock Market in China
			“Regulating the Asset Management of Financial Institutions”
		The Challenges of Foreign Venture Capital in China
		Current Issues in China’s Venture Capital
		Conclusion
		References
Part IV: Entrepreneurial Finance in Selected Regions and Countries in Emerging Markets
	Chapter 16: Propped up by the Government: The Recent Evolution of the Early-Stage Equity Finance Market in Hungary
		The Development of Institutional and Informal Venture Capital Industry Investing in Start-ups
		Development of Institutions Supporting Start-ups
		Summary
		References
	Chapter 17: Private Equity in Central and Eastern Europe: The Early Years
		Introduction
		Private Equity
		Setting Up a Fund in an Emerging Market
		Operations
		Investors and Investees
		Deal Types in Emerging Markets: Challenges in Privatization Deals
		Post Investment
		The PE Ecosystem
		Conclusion
	Chapter 18: Do Bank-Firm Relationships Affect the Phenomenon of Zero-Leverage SMES?
		Introduction
		Literature Review and Hypotheses
		Empirical Strategy
			Data
			Methodology
		Results
		Conclusions
		References
	Chapter 19: MENA FinTech: Exponential Growth from a Low Base
		FinTech: A Game-Changer for MENA
		Sandboxes: The Solution to FinTech Regulatory Concerns
		FinTech in Islamic Finance, Creative Disruption
		UAE: Leading the MENA FinTech Scene
		Jordan: A Vibrant Startup Ecosystem
		Bahrain: A Blueprint for the Region
		Kuwait: Joining MENA’s FinTech Ring
		Conclusion
	Chapter 20: Exploring Open Banking and Banking-as-a-Platform: Opportunities and Risks for Emerging Markets
		Introduction
		Key Enabling Technologies and Constructs
		Dissecting the Platform-Based Bank
		Open Banking and Banking-as-a-Platform in Emerging Markets: Benefits and Challenges
		Conclusion
		References
	Chapter 21: FinTech Revolution in the Gulf Countries and MENA Region
		Drivers of FinTech in the MENA Region
		FinTech Verticals
		The Gulf Cooperation Council Landscape
		Blockchain in the GCC
		FinTech in the MENA—Challenges
		Conclusion
		References
	Chapter 22: Entrepreneurship and Entrepreneurial Finance in Ghana
		The Evolution of Entrepreneurship in Ghana
		The Composition of the Informal and Private Sector in Ghana
		Small Firms in Ghana
		Sources of SME Financing at the Start-Up and Post-Start-up Stages
			Bootstrapping
			Bank Finance
			Government Schemes and Programmes
		Small Enterprises and Bank Credit: Key Challenges
			Cost of Credit
			Collateral Requirements
			Loan Guarantee
			Terms of Repayment of the Loan
		Summary
		References
	Chapter 23: Government, Bank, and Private Capital Financing of Entrepreneurial Firms in Nigeria
		Introduction
		Government and Entrepreneurial Finance
		Bank Financing of Entrepreneurial Firms
		Private Debt Financing
		Conclusion
		References
Part V: Conclusions
	Chapter 24: Entrepreneurial Finance in Emerging Markets: Conclusions
		Entrepreneurial Finance in Emerging Markets and the Shaping of the Entrepreneurial Ecosystem
		Entrepreneurial Finance in Emerging Markets and Public Intervention
		The Maturation of Private Equity in Emerging Markets
Index