摘要：The problem of how financing through venture capital functions in environments that significantly differ from mature and developed markets, begins to be an important issue for researchers. In this article we aim to analyze the venture capital practice in the emerging markets. Obtaining venture capital is different from applying for a loan, because venture capitali sts are usually very selective in deciding where to invest. We analyze the venture capital financing process, and what the conditions are for a firm to be able to benefit from this type of financing in the emerging economies of the Central and Eastern Euro pean countries. The results obtained have implications also for the entrepreneurs and entrepreneurial ventures that seek venture capital financing in emerging economies
