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They overcame the difficulty of capital shortage by acquiring loans from relatives and friends, so there was less debt involved in these transactions.
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Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments.
"Every notch down increases the difficulty of raising capital," said Anthony Klarman, a debt analyst at Deutsche Bank.
That makes sense, given the power of global brands and the difficulty of obtaining capital.
But BT's foot-dragging, together with the difficulty of raising capital, means that most of these operators have dropped out.
Many said Wednesday that the $1.5 billion was not enough, especially considering the difficulty of raising capital in a turbulent market.
This limitation partly derives from the post-conflict setting, in which it is difficult to collect information on aspects of organizational behaviour necessary to establish a full understanding of social capital; and partly due to the difficulty of defining social capital in areas where normal social relations have been disrupted by conflict.
Other factors -- beyond the recent difficulties of raising capital -- may be involved.
Powell says: "One of the difficulties of large capital projects in small places is that they are a big flame which burns brightly, and takes all the attention away from other things.
He reckons that it will help to bring a sharper focus to managing both businesses and that the difficulties of allocating capital internally to different types of enterprise will disappear.
Mr. Fitzgerald said that California had to offer a nice premium to buyers because of the difficulty of attracting enough capital to such an enormous bond sale.
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CEO of Professional Science Editing for Scientists @ prosciediting.com