Even as these ecosystem-building efforts generate progress, accessing sufficient
financial capital remains a critical challenge for entrepreneurs at this early, high-
risk stage. Increasing the flow of private capital into early stage enterprises to help
them bridge the pioneer gap is a key pillar of PACE’s work to drive broader economic
development in emerging markets. This guide was commissioned by PACE to identify
specific leverage points for USAID and other development institutions to support an
instrumental source of early-stage capital – local angel investor networks.
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