This Paper Reviews the circumstances surrounding the launch of Venture Capital : An International Journal of Entrepreneurial Finance in 1999 . It highlights a number of significant changes in the structure of the entrepreneurial finance market over the past 20 years , notably the decline of “Classic” Venture Capital , the effective closure of the small-cap IPO Market , the scale-up problem and the emergence of a second equity gap, the geographical dispersion of venture capital and the institutionalisation of the Business Angel Market .

There have been a series of special issues focused on charting the development of the Risk Capital Market and drawing out the implications for research.