This document discusses venture capital, including its meaning as funds for startups and small businesses with growth potential. It outlines the characteristics of venture capital as having a long time horizon, lack of liquidity, high risk, equity participation, and involvement in management. The document then describes the stages of venture capital financing from seed money to fourth round financing. It also details the risks associated with each financing stage and possible exit routes for venture capital such as IPOs, acquisition, and promoter buybacks.