For more ambitious projects, some companies need more than what was mentioned above, some ventures have access to rare funding resources called angel investors. These are private investors who are using their own capital to finance a venture's need. The Harvard report by William R. Kerr, Josh Lerner, and Antoinette Schoar tables evidence that angel-funded startup companies are less likely to fail than companies that rely on other forms of initial financing. Apart from these investors, there are also venture capital firms (VC firms) who specialize in financing new ventures against a lucrative return.