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rences between anizational requirement for the corp and the investment portfolio. State venture capital funds ? Originally from Massachusetts, (such as CDFC munity development financial corporation) Connecticut, later other states ? state funded to promote high tech, startups, and other socially beneficial projects ? state government promote the programs by – private sources will get tax benefits – state money promotions University related incubators ? Incubators: provide low cost laboratory and office space, stateoftheart technical expertise and equipment, administrative supports, puter and library facilities. ? Contacts with the vc, bankers, government officials. ? Sharing ideas and contact among entrepreneurs ? 1984, 40 incubators in the states, now about 400, especially in PA, IL, NY. ? . University city science center in Philadelphia. Affiliated with 28 universities and colleges in PA. To house 100 small co in its I million squ ft space. Investment banks and boutiques ? Investment banks usually invest in large amounts ? boutiques in a smaller scales: $110 million ? monly used arrangement in equity transactions is the socalled lehman formula 54321: ? 5% for the first million dollars of capital raised, 4% of the next, and so on. ? Ex. The fees for a $3 million deal would equal to $120,00