network of well-to-do individuals, known as “angel investors,” who will put their own money into small new

companies at an early development stage, in exchange for owning some portion of the firm.

Venture capital firms make financial investments in new companies that are still relatively small in size, but

that have potential to grow substantially. These firms gather money from a variety of individual or institutional

investors, including banks, institutions like college endowments, insurance companies that hold financial

reserves, and corporate pension funds. Venture capital firms do more than just supply money to small

startups. They also provide advice on potential products, customers, and key employees. Typically, a venture

capital fund invests in a number of firms, and then investors in that fund receive returns according to how the

fund as a whole performs.

The amount of money invested in venture capital fluctuates substantially from year to year: as one example,
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