Create image objects, preload all active and inactive images.
All players face market uncertainty.
The venture capitalist's objective is to maximize value upon exit by selecting investment duration in order to minimize informational asymmetry between the entrepreneurial firm and its new owners regarding the quality of the firm upon exit. The analysis of the choice of efficient total venture capital investment duration in section 2 is organized as follows. Entrepreneurial firm quality is addressed in subsection 2.1. Subsections 2.2 and 2.3 consider the stage of the firm's development and the nature of the firm's assets, respectively. The effect of the total capital available for investment is reviewed in subsection 2.4.