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Mr Cumming retorts that comparing early-stage to later-stage venture-capital investment, as the Italian researchers do, tells us little about government intervention, as the same regulations usually affect both stages of financing.
The Institute for Construction Research (IRC), a division of National Research Council Canada and one of the pioneers of research into conductive concrete, is also in the first stages of financing demonstration projects.
At Ridge, we like having the option for "overallotment rights" so we can maintain our ownership levels at later stages of financing.
He says his firm often gets calls from companies in later stages of financing "who need an executive to show off.
Few have advanced beyond the first stages of financing provided by venture capitalists.
Around the country and especially in the Midwest, a number of proposed plants that would turn corn cobs, wheat straw and other plant-based feedstocks into fuel and sell it on the market are working to secure the last stages of financing, and some could become operational in the next few years.
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"So, whether that's angel investors putting early-stage seed capital into businesses, whether it's the venture capital and the private-equity industry – if they've not got certainty that there is a dynamic exit opportunity for them, it acts as a barrier to the earlier stages of finance".
The opportunities are supplied by a feeder network of regional and industry specialists in the earliest stage of financing.
Like ICOs, this private late-stage capital is usually considered either a replacement for growth capital or just another stage of financing.
As these companies mature and look for the next stage of financing, venture capital investors are adapting to the new Series A landscape.
Other areas where data can be helpful is how Google Ventures should allocate its money, whether that be at the seed stage or at the late stage of financing.
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