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The venture capital industry represents the high growth end of the enterprise development spectrum. To promote this high value activity, states have ventured into new development finance realms. This article reviews various state approaches and concentrates on a diversified strategy adopted by the Commonwealth of Pennsylvania.

Based on conference paper. State government involvement in arranging early stage equity financing; focus on the diversified strategy used by Pennsylvania in the 1980s, involving the use of state pension and regional seed venture funds.

A recent concept in public economic policy is that of the small business incubator, a facility designed to assist the early growth of for-profit enterprises. The origins of this idea are traced, & the varieties of incubators classified. The approach taken in Pa is examined in some detail. Critical issues for public policy arising from incubators include: avoidance of unfair competition charges; the temporary nature of firms' residency in incubators; provision of essential services; types of firms that should be excluded, if any; & financial needs of incubator tenants. 7 References. W. H. Stoddard