Everyone would like a piece of the next Google or Facebook. But the big venture-capital (VC) firms do not usually 【C1】______ mon

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问题     Everyone would like a piece of the next Google or Facebook. But the big venture-capital (VC) firms do not usually 【C1】______ money from small investors. And some entrepreneurs complain that it is hard to get 【C2】______ the hotshots in the VC industry. 【C3】______ the enthusiasm for crowd-funding, 【C4】______ small investors can buy a stake in startup companies.
    Seedrs, a British crowd-funding firm, was 【C5】______ in 2012, and has backed 500 firms 【C6】______, raising a total of £210m ($271m) from more than 200,000 users. 【C7】______ there are two big problems with crowd-funding. First, it is risky: most startups fail. Second, investments tend to be 【C8】______— shareholders have to wait for a takeover or a stockmarket flotation to recoup their investment.
    Seedrs is trying to solve the illiquidity problem 【C9】______ setting up a secondary market, where buyers and sellers can 【C10】______ shares. The new market will start 【C11】______ this summer, and will allow trading for a week every month, starting on the first Tuesday. The price 【C12】______ which investors can deal will be set by Seedrs itself, 【C13】______ a valuation mechanism 【C14】______ industry guidelines. But there are some 【C15】______: only current investors in a firm will be allowed to buy shares. And, 【C16】______ the extent that investors make a profit on a sale, Seedrs takes a 7.5% cut of the gains.
    Crowd-funding might be even more attractive 【C17】______ investors could at a click assemble a diversified portfolio of small stakes in 20-30 companies 【C18】______ just one—just as those who put money into peer-to-peer lending can spread their risk 【C19】______ a range of borrowers. The next 【C20】______ will be to build on early efforts to offer the same to investors in shares: i.e., mutual funds for crowd-funded startups.
【C11】

选项 A、improving
B、operating
C、evolving
D、running

答案B

解析 词语辨析题。根据上下文语境可知解决问题的方法就是要建立一个二级市场,而这个新二级市场将在今年夏天开始投入运作,四个选项中只有B项operating表示“市场的运行、运营”。
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