a. Please provide the two fundamental dierences that justify the emergence of entrepreneurial nance as a separate research eld.

b. Please provide one appropriate upside and one appropriate downside for each of the three funding sources (VC, BA and crowdfunding) that Lex Hoefsloot could have had.

c. From an investor's point of view (VC, BA or crowdfunding) in Lightyear, please illustrate your understanding of the two fundamental dierences (question a) with one or two examples.