included executive summaries without full business plans or private placement memoranda. We coded all information associated with these requests for funding. There are an additional 97 solicitations in which we observe other types of documents (such as press kits, PowerPoint presentations etc.) but do not observe a business plan, private placement
memorandum, or an executive summary. Beyond the nature of the document(s) associated with the funding request and the revenue model (see below), further information was not coded for these 97 requests. There were an additional 125
requests for funding that included no company generated documents. Records of these requests were generally one page, handwritten forms completed by the FVC summarizing the basic elements of the business