viii TABLE OF CONTENTS ABSTRACT ............................................................................................................. i ABSTRAK ................................................................................................................ ii VALIDATION PAGE ........................................................................................... iii DEDICATION PAGE ............................................................................................. v STATEMENT OF AUTHORSHIP ....................................................................... vi ACKNOWLEDGEMENTS .................................................................................. vii TABLE OF CONTENTS ..................................................................................... viii LIST OF FIGURES ................................................................................................ x LIST OF TABLE ................................................................................................... xi Chapter I Introduction ....................................................................................... 1 1.1 Research Purpose ..................................................................................... 3 1.2 Research Question .................................................................................... 4 1.3 Outline ...................................................................................................... 4 Chapter II Literature Review .............................................................................. 5 2.1 Introduction .............................................................................................. 5 2.2 Past Studies on Venture Capital and Angel Investor Funding ................. 5 2.2.1 Key Conceptions................................................................................ 6 2.2.2 State of the Art Literature Review ..................................................... 8 2.2.3 Venture Capital ............................................................................... 18 2.2.4 Angel Investor .................................................................................