世界经济论坛：投资2020，创业者和中小企业资本的未来（英文版）

Over the past decade, the external environment for alternative investments has seenenormous changes. The areas affected the most are start-up capital and venturefunding for entrepreneurs, crowdfunding and marketplace lending for small businesses,and private debt for mid-market enterprises.In all three cases, a set of interlocking factors is driving the emergence of newcapital sources: Regulation: where regulation constrains a capital flow for which thereis demand, a new source of capital will em