Potter, Mary Jo; Wesslund, Rick
As health systems continue to embrace disruptive innovation, they are increasingly likely to consider making a move into venture capital. Working in venture capital can benefit a health system in several ways, including: Allowing it to operate outside of bureaucracy and align projects with its core values. Encouraging innovation within the organization. Enabling it to respond quickly to changes in the market.
Moore, Roscoe M., III
provided by an institution. Those institutions tend to be Banks, Pension Funds, Insurance Funds, Corporations, and other incorporated entities that are obligated to earn a return on their invested capital. These institutions invest in a venture capital firm for the sole purpose of getting their money back with a healthy profit - within a set period of time. The venture capital firm is responsible for investing in and managing companies whose risk and return are higher than other less risky classes of investment. The venture capital firm's primary skill is its ability to manage the high risk of its venture investments while maintaining the high return potential of its venture investments. to businesses for the purpose of providing the above-mentioned Institutions a substantial return on their invested capital. Institutional Venture Capital for the Space Industry cannot be provided to projects or companies whose philosophy or intention is not to increase shareholder equity value within a set time period. efficiently when tied up in companies that intend to spend billions of dollars before the first dollar of revenue is generated. If 2 billion dollars of venture capital is invested in the equity of a Space Company for a minority equity position, then that Space Company must build that minority shareholder's equity value to a minimum investment return of 4 to 8 billion dollars. There are not many start-up companies that are able to reach public market equity valuations in the tens of billions of dollars within reasonable time horizons. Foundations, Manufacturers, and Strategic Investors can invest in projects that cannot realistically provide a substantial return on their equity to their investors within a reasonable period (5-7 years) of time. Venture Capitalists have to make money. Venture capitalists have made money on Satellite Television, Satellite Radio, Fixed Satellite Services, and other businesses. Venture capitalists have not made money on stand
Reports that some universities are starting their own venture-capital funds to develop campus companies, or are investing endowment funds with established venture-capital firms inclined to finance potential spinoffs from campus research. Examples cited are from the University of Alabama, Vanderbilt University (Tennessee), University of…
The popular mythology surrounding the U.S. venture-capital industry derives from a previous era. Venture capitalists who nurtured the computer industry in its infancy were legendary both for their risk taking and for their hands-on operating experience. But today things are different, and separating the myths from the realities is crucial to understanding this important piece of the U.S. economy. Today's venture capitalists are more like conservative bankers than the risk takers of days past. They have carved out a specialized niche in the capital markets, filling a void that other institutions cannot serve. They are the linch-pins in an efficient system for meeting the needs of institutional investors looking for high returns, of entrepreneurs seeking funding, and of investment bankers looking for companies to sell. Venture capitalists must earn a consistently superior return on investments in inherently risky businesses. The myth is that they do so by investing in good ideas and good plans. In reality, they invest in good industries--that is, industries that are more competitively forgiving than the market as a whole. And they structure their deals in a way that minimizes their risk and maximizes their returns. Although many entrepreneurs expect venture capitalists to provide them with sage guidance as well as capital, that expectation is unrealistic. Given a typical portfolio of ten companies and a 2,000-hour work year, a venture capital partner spends on average less than two hours per week on any given company. In addition to analyzing the current venture-capital system, the author offers practical advice to entrepreneurs thinking about venture funding.
Da Rin, Marco; Penas, Fabiana
Venture capital investors are specialized financial intermediaries that provide funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company's choice of innovation strategies.
Da Rin, Marco; Penas, Maria
Venture capital investors are specialized financial intermediaries that provides funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company’s choice of innovation strategies.
Schertler, A.G.; Tykvova, T.
Cross-border investments represent a substantial share of venture capital activities. We use a comprehensive dataset on investments worldwide to analyze the internationalization of venture capital financing. We postulate that cross-border activity is shaped by macroeconomic factors in the venture
Da Rin, M.; Penas, M.F.
Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the
Full Text Available Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company’s success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and the success of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor’s new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company’s environment, which have effects on the firm. The investor’s decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.
Yoo, Soonhwa; Loadman, William E.
In 1994 the Ohio State Legislature established Venture Capital to support school restructuring. The Venture Capital school initiative is a concept borrowed from the business community in which the corporate entity provides risk capital to parts of the organization to stimulate creative ideas and to provide opportunities for local entities to try…
Keuschnigg, Christian; Nielsen, Søren Bo
In this paper we set up a model of start-up finance under double moral hazard.Entrepreneurs lack own resources and business experience to develop their ideas.Venture capitalists can provide start-up finance and commercial support. The effortput forth by either agent contributes to the firm......-set may paradoxically contribute to higher quality of venturecapital finance and welfare. Subsidies to physical investment in VC-backed startupsare detrimental in our framework.Keywords: Venture capital, capital gains taxation, double moral hazard.JEL-Classification: D82, G24, H24, H25...
Jurevičienė, Daiva; Martinkutė, Aistė
The article deals with the form of corporate financing, which is becoming more popular yet is still underused, i.e. venture capital funds as well as their peculiarities and the procedure for attracting investments into a company. The paper summarises the main advantages and disadvantages of venture capital funds as well as their relation with national economic development. It analyses venture capital funds operating in Lithuania, investment strategies and dynamics. Additionally, it overviews ...
This article analyses how start-ups financed by venture capital choose their innovation strategy based on the investor's exit preferences and thereby form different outcomes in the product market. It considers innovation choices and venture capital exits (IPO vs trade sale) in a setting in which
Full Text Available JEREMIE (Joint European Resources for Micro to Medium Enterprises program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This
The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.
Venture capital has become an important source of financing young entrepreneurial firms. Venture capital backed firms are often perceived as more innovative and as creating more value than others. Perhaps for this reason, policy makers are keen to create a good institutional framework to facilitate the development of an active venture capital industry. We explore the role of tax policy in determining the incentives of individuals to start up new firms and of venture capitalists to finance and...
Venture capital has become an important source of financing young entrepreneurial firms. Venture capital backed firms are often perceived as more innovative and as creating more value than others. Perhaps for this reason, policy makers are keen to create a good institutional framework to facilitate the development of an active venture capital industry. We explore the role of tax policy in determining the incentives of individuals to start up new firms and of venture capitalists to finance and...
Zhang, Xin; Feng, Ling; Zhu, Rongqian; Stanley, H. Eugene
Using complex network theory to study the investment relationships of venture capital firms has produced a number of significant results. However, previous studies have often neglected the temporal properties of those relationships, which in real-world scenarios play a pivotal role. Here we examine the time-evolving dynamics of venture capital investment in China by constructing temporal networks to represent (i) investment relationships between venture capital firms and portfolio companies and (ii) the syndication ties between venture capital investors. The evolution of the networks exhibits rich variations in centrality, connectivity and local topology. We demonstrate that a temporal network approach provides a dynamic and comprehensive analysis of real-world networks.
Describes the program at Marriott Hospitality Public Charter High School in Washington, DC, the nation's only high school devoted to the hospitality industry. A career academy, the school provides mentoring and real-world work experiences in collaboration with industry professional associations. (JOW)
Cumming, D.; Fleming, G.; Schwienbacher, A.
This paper examines how the provision of venture capital to small- and medium-sized businesses (SMEs) is influenced by the ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital market, comprising data on investment and venture
Keuschnigg, Christian; Nielsen, Søren Bo
The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide equity finance. They must structure the entrepreneur's profit share and base salary to assure their incentives for full effort....... In addition to providing equity finance, venture capitalists assist with valuable business advice to enhance survival rates. Within a general equilibrium framework with a traditional and an entrepreneurial sector, the paper investigates the effects of taxes on the equilibrium level of entrepreneurship...... and managerial advice. It considers differential wage and capital income taxes, a comprehensive income tax, incomplete loss offset, progressive taxation as well as investment and output subsidies to the entrepreneurial sector...
Hellmann, T.; Puri, M.L.; Da Rin, M.; Constantinides, G.; Harris, M.; Stulz, R.
This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on
Da Rin, M.; Hellmann, T.; Puri, M.L.
This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on
Keuschnigg, Christian; Nielsen, Søren Bo
The paper studies the effects of tax policy on entrepreneurship and venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide equity finance. They must structure the entrepreneur's profit share and base salary to assure their incentives for full effort and committment to the project. The extent of risk-diversification is, thus, limited by the presence of moral hazard. The contract must also be sufficiently generous to attract ...
Keuschnigg, Christian; Nielsen, Søren Bo
In recent years, venture capital has increasingly become a factor in thefinancing of new firms. We examine how the value of mature firms determinesthe incentives of entrepreneurs to start up new firms and of venture capitaliststo finance and advise them. We examine how capital gains taxes as well...... assubsidies to start-up costs of new firms affect venture capital-backedentrepreneurship. We also argue that dividend and capital gains taxes onmature firms have important consequences for start-up firms as well.JEL Classification: D82, G24, H24 and H25Keywords: double moral hazard, entrepreneurship, taxes...
Bergemann, D.; Hege, U.
We consider the provision of venture capital in a dynamic agency model. The value of the venture project is initially uncertain and more information arrives by developing the project. The allocation of the funds and the learning process are subject to moral hazard. The optimal contract is a
Leytes, Lev J
Raising venture capital (VC) is both an art and a science. Future entrepreneurs should carefully consider the various issues of VC financing that have a strong impact on the success of their business. In addition to attracting the best venture capital firms, these issues include such subtle but important points as the timing of financing (especially of the first round), external support sources, desirable qualities of a VC firm, amount to be raised, establishing a productive interface between the founders and the venture capitalists, and most importantly the effects of well-executed VC funding on hiring senior executives and scientific leaders.
Full Text Available Young companies with growth opportunities face serious problems when it comes to financing. The private venture capital (VC market fails to provide sufficient funding for this segment. First, we present the main characteristics of start-up companies and market failures that can lead to government intervention. These failures include asymmetric information embodied in the business plan; high transaction costs of the investment process from the investment decision to the exit; and positive externalities in the economy, as the government prefers other goals than profit realization. Government participation is categorized as direct or indirect intervention. We present international studies showing that indirect government intervention can have both beneficial and negative effects on the vc market. Finally, the Hungarian government’s participation and intervention are evaluated on the domestic VC market.
Cumming, D.; Flemming, G.; Schwienbacher, A.
This paper introduces an analysis of international relocation decisions of venture capital (VC)-backed companies. Relocations to the United States are motivated by economic conditions as well as an improvement in the laws of the country in which the entrepreneurial firm is based. Relocations to the
S. Manigart (Sophie); J. Bruining (Hans); A. Lockett (Andy); M. Meuleman (Miguel)
textabstractFinancial theory, resource-based theory and access to deal flow are used to explain syndication practices among European venture capital (VC) firms. The desire to share risk and increase portfolio diversification is a more important motive for syndication than the desire to access
Booth, G. Geoffrey; Dalgic, Orkunt; Young, Allan
This paper studies the consequences of using a debt contract to raise venture capital for an entrepreneurial project in an adverse selection setting with different quality venture capitalists. The paper considers not only the likelihood of success of a one-time project being dependent on the quality of the venture capitalist, but also the problem of a reduced ownership value of future rents from the venture if the venture capitalist takes it over as the result of default of the entrepreneur. ...
Die Digitalisierung der Gesellschaft beeinflusst zunehmend das klassische Bankgeschäft, was durch die Erfolge vieler junger FinTech-Unternehmen verdeutlicht wird. Der damit verbundene Innovationsdruck führte dazu, dass die Commerzbank AG im Oktober 2013 die Main Incubator GmbH gründete. Mithilfe dieser Corporate Venture Capital-Gesellschaft (CVC-Gesellschaft) versucht die Frankfurter Großbank, eine Kooperation mit den neuen Wettbewerbern einzugehen, um mögliche Synergiepotenziale für das eige...
Schertler, Andrea; Tykvova, Tereza
We investigate if economic factors drive gross and net cross-border venture capital inflows differently. Using a dataset of venture capital investments in European and North American countries from 2000 to 2008, we find that higher expected economic growth goes hand in hand with higher gross as well
Full Text Available Venture capital (VC is an important fund source for small and medium enterprises (SMEs and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009-2014 monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms’ capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms’ capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively.
Full Text Available The research deals with the topic of the analysis of venture capital funds’ rate of return on venture activity. The discovered venture capital funds have such a peculiarity as the involved investors of various types and concentrated financial resources, which lead to advantages in investing. Based on the analyzed scientific approaches to the evaluation of income rate met by various economic entities the paper determines the optimal indicators of such an analysis developed due to the article research. They are supposed to improve significantly the process of making decisions on venture capital investments. The author suggests to evaluate venture capital funds rate of return on venture activity by means of the basic four indicators usually employed for investment efficiency definition: net profit, internal rate of return, return period and return index. The research presents the examination of rates of return on venture activity of venture capital funds being controlled by a single asset management company. Thus, one can estimate not only the rate of return on venture activity, but also the efficiency of control taken by an asset management company.
A. Thillai Rajan
Full Text Available Venture Capital (VC has emerged as the dominant source of finance for entrepreneurial and early stage businesses, and the Indian VC industry in particular has clocked the fastest growth rate globally. Academic literature reveals that VC funded companies show superior performance to non VC funded companies. However, given that venture capitalists (VCs select and fund only the best companies, how much credit can they take for the performance of the companies they fund? Do the inherent characteristics of the firm result in superior performance or do VCs contribute to the performance of the portfolio company after they have entered the firm? A panel that comprised VCs, an entrepreneur and an academic debated these and other research questions on the inter-relationships between VC funding and portfolio firm performance. Most empirical literature indicates that the value addition effect dominates the selection effect in accounting for the superior performance of VC funded companies. The panel discussion indicates that the context as well as the experience of the General Partners in the VC firms can influence the way VCs contribute to the efficiency of their portfolio companies.
Leisen, Dietmar P. J.
It is well-known in the VC literature that VCs should provide so-called value-adding activities that nurture their venture companies. This paper presents a model of the VC market that takes account of the so-called carried interest on the choice of the risk level and actions. We determine the optimal actions of the fund managers and what would be the desired actions of the fund's investors. Conflicts of interest between the parties will be documented.
This paper builds a venture capital investment projects selection evaluation model base on risk-weight investment return using grey relational analysis. The risk and return in venture capital investment projects selection process is analyses. These risk and return mainly constricted in management ability, operation ability, market ability, exit obtain and investment cost. The 18 sub-indicators are the impact factors contributed to these five evaluation aspects. Grey relation analysis is use to evaluate the venture capital investment selection. Get the optimal solution of risk-weight double objective investment selection evaluation model. An example is used to demonstrate the model in this paper.
O.T. Alexy (Oliver); J.H. Block (Jörn); P.G. Sandner (Philipp); A.L.J. Ter Wal (Anne)
textabstractHow does the social capital of venture capitalists (VCs) affect the funding of start-ups? By building on the rich social capital literature, we hypothesize a positive effect of VCs' social capital, derived from past syndication, on the amount of money that start-ups receive.
Yong, L.; Zahra, Shaker
Why does the level of venture capital activity vary across countries? This study suggests that the variation can be attributed to the different levels of formal institutional development. Further, this study proposes that venture capitalists respond differently to the incentives provided by formal
Halil Ibrahim Bulut
The important part of this study attempts to explain that both venture capital and interest-free financing are based on similar ground, if not the same. Two new models called Mudaraba-Venture Capital Closed-End Mutual Funds and Mudaraba-Venture Capital Open-End Mutual Funds, based on both the similarities and the needs of financial innovation in the interest-free financing system, are detailed. It is believed that the development of these two models could make some improvements not only in th...
Venture capital investment decision-making is the most important issue in venture capital investment selection. There are higher uncertainty and complexity in venture capital investment decision-making process. This paper analysis these uncertain risk in venture capital investment decision-making base the previous studies. Attributed the venture capital candidate firms' select to fuzzy optimal decision-making. Build a risk-weight fuzzy optimal return model to avoid the decision-making risk. Get the optimal solution set.
Innovation is one of the main driving factors for continuous and healthy economic growth and welfare. Switzerland as a resource-poor country is particularly dependent on innovation, and the life sciences, which comprise biotechnologies, (bio)pharmaceuticals, medical technologies and diagnostics, are one of the key areas of innovative strength of Switzerland. Venture capital financing and venture capitalists (frequently called 'VCs') and investors in public equities have played and still play a pivotal role in financing the Swiss biotechnology industry. In the following some general features of venture capital investment in life sciences as well as some opportunities and challenges which venture capital investors in Switzerland are facing are highlighted. In addition certain means to counteract these challenges including the 'Zukunftsfonds Schweiz' are discussed.
T. I. Volkova
Full Text Available The article describes the results of the research of development and performance features of the venture capital financing institution in leading countries as well as in Russia and in its regions. A number of main trends in venture financing in accordance with the level of innovation process` development abroad and in our country are emphasized, first of all by stages of support of scientific and technological developments and projects. Positive trends and contradictions in development of venture capital financing institution in Russia and its regions are revealed. Main directions of activation of venture financing process are systematized in accordance with the requirements of the Concept of long-term social-economic development of the Russian Federation till 2020 and the Strategy of social-economic development of the Sverdlovsk region until 2020.
Ackerly, D Clay; Valverde, Ana M; Diener, Lawrence W; Dossary, Kristin L; Schulman, Kevin A
Innovation in health care requires new ideas and the capital to develop and commercialize those ideas into products or services. The necessary capital is often "venture capital," but the link between public policy and the venture capital industry has not been well examined. In this paper we explore the link between venture capital and innovation in health care, and we present new descriptive data from a survey of health care venture capital fund managers. Respondents generally viewed policy levers (for example, reimbursement and regulations) as important risks to venture capital investments, potentially affecting their ability to raise capital for early-stage investment funds.
Futó Judit Edit
Full Text Available Over the past decade the venture capital industry has become more and more prominent, not just on a global level, but in Hungary, too. Thanks to the JEREMIE Program a large number of new venture capital firms are located in our country, and therefore an investment wave has started. The aim of the paper is to sort micro- and small sized enterprises in terms of how appropriate is a venture capital financing. The main topic of the paper relates to the selection of firms for venture capital investment; therefore, in the first part of the study we briefly summarize a general venture capital investment process, highlighting both the selection process and the criteria used for selection. Then we propose 3 indexes (trustworthiness index, openness index, investment index, which we have created to help venture capitalists to decide whether the targeted enterprises are appropriate for them, or not. In the main part of the paper we provide a classification of micro- and small sized Hungarian firms based on my own survey, and we analyze what kind of relationship exists between the proposed indexes and the type of the classified firms. The result of the classification is that we identify four main firm types and, based on statistical tests, it can be said that there is no significant relationship between the trustworthiness index and the clusters, but that there are between the two other indexes and the clusters.
Full Text Available Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.
Full Text Available Funding gaps occur when for a particular group of enterprises there are not enough available funds to finance their growth. Such enterprises are typically young, innovative and technology-oriented startup companies. These companies do not have significant revenues or collaterals; hence they are not suitable for bank financing. On the other hand the information problems decrease their chances to attract investors and also there is high uncertainty involved in these companies. The method of venture capital financing was established to operate in this financing gap and to provide funds for these technology-oriented, young startup enterprises. There is an extensive literature that highlights that venture capitalists are capable and willing to provide financing for these enterprises as a result of their special expertise and business experience and their sophisticated value creation methods. In this article the authors introduce a real options reasoning in order to give an interpretation of venture capital decision-making method and why venture capital is willing to operate in funding gaps and how it is able to bridge them. With the involvement in the operation of the invested companies venture capitalists create options that increase the value of the firm. Also in option-valuation the higher the uncertainty of the asset is, the higher the value of the option is. That is the reason, why other passive funding forms reject the financing of startup enterprises, while venture capital is willing to provide funds for them. In this article we will describe the problem of funding gaps, than we will introduce real options and their effect on investment decision. In the last part of the article we will demonstrate how real options appear and are created in venture capital financing as a result of its special characteristics and how the real options approach can explain the ability of venture capitalist of bridging funding gaps.
Booth, G. Geoffrey; Dalgic, Orkunt; Young, Allan
In this paper we look at the effects of bargaining power on the types of entrepreneurial projects chosen by venture capitalists and show that a wealth-constrained venture capitalist prefers to provide equity financing to a two-stage rather than to a similar single-stage project. While the venture capitalist does not have bargaining power over the entrepreneur of a single-stage project and is thus unable to extract any surplus, the venture capitalist does have this advantage in a two-stage pro...
Lehoux, P; Miller, F A; Daudelin, G
While health policy scholars wish to encourage the creation of technologies that bring more value to healthcare, they may not fully understand the mandate of venture capitalists and how they operate. This paper aims to clarify how venture capital operates and to illustrate its influence over the kinds of technologies that make their way into healthcare systems. The paper draws on the international innovation policy scholarship and the lessons our research team learned throughout a 5-year fieldwork conducted in Quebec (Canada). Current policies support the development of technologies that capital investors identify as valuable, and which may not align with important health needs. The level of congruence between a given health technology-based venture and the mandate of venture capital is highly variable, explaining why some types of innovation may never come into existence. While venture capitalists' mandate and worldview are extraneous to healthcare, they shape health technologies in several, tangible ways. Clinical leaders and health policy scholars could play a more active role in innovation policy. Because certain types of technology are more likely than others to help tackle the intractable problems of healthcare systems, public policies should be equipped to promote those that address the needs of a growing elderly population, support patients who are afflicted by chronic diseases and reduce health disparities.
Buchanan, Lucas W; Stavropoulos, S William; Resnick, Joshua B; Solomon, Jeffrey
Endovascular devices for the treatment of abdominal and thoracic aortic disease are poised to become the next $1 billion medical device market. A shift from open repair to endovascular repair, advances in technology, screening initiatives, and new indications are driving this growth. Although billion-dollar medical device markets are rare, this field is fraught with risk and uncertainty for startups and their venture capital investors. Technological hurdles, daunting clinical and regulatory timelines, market adoption issues, and entrenched competitors pose significant barriers to successful new venture creation. In fact, the number of aortic endografts that have failed to reach commercialization or have been pulled from the market exceeds the number of Food and Drug Administration-approved endografts in the United States. This article will shed some light on the venture capital mind-set and decision-making paradigm in the context of aortic disease.
The purpose of the Bachelor’s thesis is to find out the scale and size of Technopolis’ efforts in the venture capital financing ecosystem in Finland. The empirical part will give concrete figures over the magnitude of Technopolis Ecosystem and MoneyTalks® Events as a facilitator of Venture Capital Financing. Besides the figures, the thesis will incorporate theory of both networking and venture capital financing. Venture capital has become an indispensable resource for the emerging growth ...
Hain, Daniel; Johan, Sofia A.; Wang, Daojuan
Frequent and open interaction between venture capitalists (VCs) and entrepreneurs is necessary for venture capital investments to occur. Increasingly, these investments are made across jurisdictions. The vast majority of these cross-border investments are carried out in a syndicate of two or more...... examine worldwide venture capital investment flows from 2000–2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance, where institutional trust...... VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we...
Kolympiris, C.; Kalaitzandonakes, N.
A stream of literature has demonstrated that venture capital generates externalities that enhance the knowledge base of a given region and accordingly assist firms in high-technology industries to improve their innovative performance. What has gone largely unexamined in this literature is the
Espenlaub, S.; Goergen, M.; Khurshed, A.; Renneboog, L.D.R.
This paper examines the impact of venture-capital backing of UK companies issuing shares at flotation on the characteristics of the lock-in agreements entered into by the existing shareholders, and on the abnormal returns realised around the expiry of the directors' lock-in agreements.The study
Mrkajic, Boris; Murtinu, Samuele; Scalera, Vittoria G.
We test whether born-to-be-green represents a signal toward potential venture capital (VC) investors on a sample of Italian, independent, unlisted, high-tech entrepreneurial firms. We employ several identification strategies by controlling for the major potential signals, and the alleged selection
The flow of venture capital into the K-12 education market has exploded over the past year, reaching its highest transaction values in a decade in 2011, industry observers say. They attribute that rise to such factors as a heightened interest in educational technology; the decreasing cost of electronic devices such as tablet computers, laptops,…
Fahroni, Ramdhan; Tjakraatmadja, Jann Hidajat
Provecta capital as new venture capital firm is facing business challenges. The firm has an obligation to promote business start-up that became the investee company. Provecta Capital business success is depends on the success of their investee companies business. Therefore, increasing business competitiveness of their investee-companies is become challenge to Provecta Capital. The development solution of Provecta Capital is by implementing knowledge management in their business. Ideally, know...
Cantner, Uwe; Stützer, Michael
This paper examines the use of social capital in the venture creation process. We compare solo entrepreneurs (n=182) and new venture teams (n=274) from a random sample of start-ups in innovative industries and test social capital use and its effects on firm performance. Our results reveal that solo entrepreneurs and new venture teams do not differ in their degree of use of social capital. However, there are differences in the determinants of social capital use in both groups. We find that wea...
Keuschnigg, Christian; Nielsen, Søren Bo
In recent years, venture capital has become an important source for nancing young entrepreneurial rms. Given the apparently more innovative nature and extra value added of venture capital backed rms compared to other firms, policy makers have taken an increasing interest in an active venture capital industry. We explore how selected policy instruments determine the incentives of individuals to start up new rms and of venture capitalists to nance and advise them, and how policy thereby influen...
Letts, C W; Ryan, W; Grossman, A
U.S. foundations and nonprofits work diligently on behalf of society's most needy and yet report that progress is slow and social problems persist. How can they learn to be more effective with their limited resources? Foundations should consider expanding their mission from investing only in program innovation to investing in the organizational needs of nonprofit organizations as well. Their overemphasis on program design has meant deteriorating organizational capacity at many nonprofits. If foundations are to help nonprofits be assured of making payroll, paying the rent, or buying a much-needed computer, they must develop hands-on partnering skills. Venture capital firms offer a helpful benchmark. In addition to putting up capital, they closely monitor the companies in which they have invested, provide management support and stay involved long enough to see the company become strong. If foundation officers familiarize themselves with such practices, they can begin to build organizational capacity in the nonprofit sector. Foundations can hire organizational experts to assist grantees; they can lengthen grant terms to allow nonprofits to build up organization strengths; and they can create new classes of grants that allow for organizational effectiveness. Nonprofits in turn should articulate their organizational needs when applying for grants; they should apply to foundations known for longer-term grants; and they should create plans that justify long-term support from foundations.
Chesbrough, Henry W
Large companies have long sensed the potential value of investing in external start-ups, but more often than not, they fail to get it right. Remember the dash to invest in new ventures in the late 1990s and the hasty retreat when the economy turned? This article presents a framework that will help a company decide whether it should invest in a particular start-up by first understanding what kind of benefit might be realized from the investment. The framework--illustrated with examples from Intel, Lucent, and others--explains why certain types of corporate VC investments proliferate only when financial returns are high, why other types persist in good times and in bad, and why still others make little sense in any phase of the business cycle. The framework describes four types of corporate VC investments, each defined by its primary goal--strategic and financial--and by the degree of operational linkage between the start-up and the investing company. Driving investments are characterized by a strong strategic rationale and tight operational links. Enabling investments are also made primarily for strategic reasons, but the operational links are loose. Emergent investments, which are characterized by tight operational links, have little current--but significant potential--strategic value. Passive investments, offering few potential strategic benefits and only loose operational links, are made primarily for financial reasons. Passive corporate VC investments dry up in a down economy, but enabling and driving investments usually have more staying power. That's because their potential returns are primarily strategic, not financial. In other words, they can foster business growth. Emergent investments may make sense even in a weak market because of their potential strategic value--that is, their ability to help companies identify and spark the growth of future businesses.
Hickrod, G. Alan; And Others
A new formula proposed for categorically funding local education programs in Illinois can channel more money into programs for excellence than can general purpose grants. The formula, which would provide venture capital to stimulate local initiatives, would depend on district plans for using the money to improve instruction and on distribution of…
Keuschnigg, Christian; Nielsen, Søren Bo
This paper proposes and analyses a model of start-up investment. Innovative entrepreneursare commercially inexperienced and can benefit from venture capital support. Only part ofthem succeed in matching with a venture capitalist while the rest must resort to standard bankfinance. We consider...... a number of policies to promote entrepreneurship and venture capitalbacked innovation.JEL Classification: D82, G24, G28, H24.Keywords: venture capital bank finance, matching, moral hazard, public policy....
Madsen, Henning; Neergaard, Helle
It has long been recognised that social capital in the shape of network relationships plays a significant role in the internationalisation process of a business. This research seeks to further the discussion of how social capital influences the early internationalization of new technology...... no international activities. Based on statistical analysis it elucidates the relationship among a number of factors related to social capital which may influence the internationalization process. These factors include the number and types of contacts as well as how these contacts are utilized. The results indicate...... that new technology based ventures rely on network contacts forged before foundation to provide global reach....
A. S. Senin
Full Text Available The current economic situation is a consequence of the low innovation activity of the real sector. To go to a new quality of the national economy requires the development of venture business segment. However, along with the problem of lack of investment, this segment was faced with staffi ng problems, the solution of which requires a non-trivial approaches.This article outlines the main aspects of cooperation between higher education institutions and ventures to address staffing issues in the past and generally – in order to ensure the normal employment (through the creation of new high-tech jobs and the promotion of labor relations in the national economy. In this article the basic scheme, to extend the functions of venture capital funds, which will not only provide funding for innovative projects, but also to coordinate the cooperation of universities and venture companies in the staffing of the past.The purpose / goal. The main purpose of this article is to identify ways to improve staffing activities of venture companies by finding new forms of cooperation between enterprises, research and education sector and institutions of venture capital financing.Methodology. This article used the methods of economic-statistical and comparative analysis and synthesis of scientific solutions of direct practical application.Conclusions / relevance. The practical significance of the results is to develop the basic scheme of trilateral cooperation between higher education institutions, venture capital companies and venture capital funds in order to provide innovative projects need not only financial, but also human resources.
Marija Šimić Šarić
Full Text Available The importance of small and medium sized enterprises (SMEs for the economy is indisputable. However, SMEs worldwide, including Croatian ones, have difficulties in accessing financing sources, primarily the alternative ones like venture capital. Seeking venture capital for entrepreneurs is a big challenge because of the absence of unique venture capital investment criteria and investment process. Less than 3% of the entrepreneurs succeed in attracting venture capital. In order to increase the chances of obtaining venture capital in the first phase, this study seeks to explain the required venture capital investment criteria from the perspective of SMEs. To the author’s best knowledge, no studies have to date been undertaken specifically on venture capital investment criteria in Croatia. Final results suggest that that the SME manager/owner (manager/owner of SMEs who seeks to attract venture capital is a male, aged between 35-44, has an BSc academic degree and the company is privately owned. Regarding the profile characteristics, the results show that, looking from the point of the SME manager/owner, goal orientation and hard work are the most important factors for seeking venture capital in the first phase, followed by innovation and reasonable risk-taking.
Sophie Manigart; Peter Joos; Donaat De Vos
The stock market return and the risk of 33 quoted European venture capital companies during the period 1977-1991 are studied. The return is negative on average with eight of the 33 companies having a return that is higher than the market return. However, the systematic risk (measured by the beta of the stock) is lower than the market risk. When taking the risk into account, no company has a return that is significantly higher than zero, but four companies have a return that is significantly l...
Blum, David Arthur
Algae biodiesel is the sole sustainable and abundant transportation fuel source that can replace petrol diesel use; however, high competition and economic uncertainties exist, influencing independent venture capital decision making. Technology, market, management, and government action uncertainties influence competition and economic uncertainties in the venture capital industry. The purpose of this qualitative case study was to identify the best practice skills at IVC firms to predict uncertainty between early and late funding stages. The basis of the study was real options theory, a framework used to evaluate and understand the economic and competition uncertainties inherent in natural resource investment and energy derived from plant-based oils. Data were collected from interviews of 24 venture capital partners based in the United States who invest in algae and other renewable energy solutions. Data were analyzed by coding and theme development interwoven with the conceptual framework. Eight themes emerged: (a) expected returns model, (b) due diligence, (c) invest in specific sectors, (d) reduced uncertainty-late stage, (e) coopetition, (f) portfolio firm relationships, (g) differentiation strategy, and (h) modeling uncertainty and best practice. The most noteworthy finding was that predicting uncertainty at the early stage was impractical; at the expansion and late funding stages, however, predicting uncertainty was possible. The implications of these findings will affect social change by providing independent venture capitalists with best practice skills to increase successful exits, lessen uncertainty, and encourage increased funding of renewable energy firms, contributing to cleaner and healthier communities throughout the United States..
Full Text Available Startups and small businesses are facing many challenges in terms of financing their activities. These types of companies do not have the possibility to access capital market or to make IPO or to borrow money from banks like big, mature or well-known companies (who were at their beginnings startups or small businesses. They have to find different sources for financing their ideas/products/services that are in many cases very risky, hazardous or to ambitious. But, fortunately, the financing alternative for these companies have evolved during the last post crisis years. They have possibility to find some investors that are willing to invest in a non-name company by accessing crowdfunding platforms, impress angel investors, or attracting venture capital. All that in order to develop their business and to become a unicorn or to have a great exit.
The objective of this paper is to survey and determine the macroeconomic factors affecting the level of venture capital (VC) investments in a country. The literary depends on venture capitalists' quality and countries' venture capital investments. The aim of this paper is to give relationship between venture capital investment and macro economic variables via statistical computation method. We investigate the countries and macro economic variables. By using statistical computation method, we derive correlation between venture capital investments and macro economic variables. According to method of logistic regression model (logit regression or logit model), macro economic variables are correlated with each other in three group. Venture capitalists regard correlations as a indicator. Finally, we give correlation matrix of our results.
Paul Gompers; Anna Kovner; Josh Lerner; David Scharfstein
This paper argues that a large component of success in entrepreneurship and venture capital can be attributed to skill. We show that entrepreneurs with a track record of success are more likely to succeed than first time entrepreneurs and those who have previously failed. Funding by more experienced venture capital firms enhances the chance of success, but only for entrepreneurs without a successful track record. Similarly, more experienced venture capitalists are able to identify and invest ...
It basically refers to the study of venture capital financing in India,its pattern since 1986 till present in the thesis data has been collected till present.Detailed study has been conducted in order to observe the changes in venture capital regulation,pattern and comparision between private and public sector firms etc.
Ohio State Dept. of Education, Columbus.
This publication describes Venture Capital grants, which are awarded to Ohio schools for school-improvement efforts. Originating in the business sector, the concept of Venture Capital represented corporate earning or individual savings invested in a new or fresh enterprise. The grants are designed to be long-term, evolving efforts focused on a…
The availability of external equity finance is one of the vital conditions for emergence and growth of young entrepreneurial firms. Yet, the access to finance is both limited and unevenly distributed in geographical space. At the same time, there is anecdotal evidence that the informal venture capital market plays a significant role in providing small-scale geographically dispersed finance to entrepreneurial ventures in early development stages. However, our knowledge about the nature and geo...
Jin, Yonghong; Zhang, Qi; Li, Sai-Ping
Financial networks have been extensively studied as examples of real world complex networks. Based on the data from Chinese GEM and SME board, we establish a venture capital (VC) network to study the statistical properties, topological properties and community structure of the Chinese venture capital network. The result shows that there are no dominant venture capital firms in China which act as hubs in the VC network, and multi-company syndication is not popular in China, meaning that the relationships among venture capital companies are weak. The network is robust under either random or intentional attack, and possesses small world property. We also find from its community structure that, venture capital companies are more concentrated in developed districts but the links within the same district are scarce as compared to the links between different developed districts, indicating that venture capital companies are more willing to syndicate with companies in other developed districts. Furthermore, venture capital companies which invest in the same industry have closer relations within their communities than those which do not invest in the same industry.
Becsky Nagy Patricia
Full Text Available Venture capital backed enterprises represent a low proportion of companies, even of innovative ones. The research question was, whether these companies have an important role in innovation and economic growth in Hungary compared to other countries. In the first part of the article I present the theoretical background of technology-based small firms, highlighting the most important models and theories of the economic impact and the special development of innovative technology-oriented small firms. In the second part of the article I present the status of the most important indicators of innovation in connection with entrepreneurship, than I elaborate on the measures of start-ups, mainly the high-tech ones with high-growth potential. I describe the current position of venture capital industry, detailing the venture capital investments, with particular emphasis on classical venture capital investments that points out the number and the amount of venture capital investments financing early stage firms with high-growth potential. At the end I summarize the status of Hungarian technology-based small firms and their possibilities to get financial sources form venture capital investors, with regards to the status and the prospects of the JEREMIE program. In Hungary the number of internationally competitive firms, ready and willing to obtain venture capital, is much lower than in the US or Western European countries. Hungary could take advantage of its competitive edges in some special fields of innovation. The efficiency of information flow would reduce the information gap between the demand and the supply side of the venture capital market and more Hungarian firms could be internationally successful through venture capital financing. The recent years’ policy and special programs like JEREMIE generated more transactions, that helped to inform the entrepreneurs about venture capital and helped to co-invest public resources with private equity more
V. A. Vernikov
Full Text Available The topic of this article is relevant, as the hallmark of innovative business development inRussiais a gradual but steady transition from uncivilized forms of business to the latest international study using the methods and tools of business planning. As the experience of western businessmen prerequisite for the success of creating a business from scratch, is to develop a business plan that allows you to specify how the essence and purpose of the project and the number of required investment funds.Purpose / Objectives. The aim of the article is to analyze the theoretical and methodological foundations of business planning for startups to attract venture capital investment based on the study of foreign experience. Objectives of the article: consider the theoretical basis for planning a startup; - To analyze the experience of entrepreneurs planning a startup in Western countries.Methodology. Methodological basis of this article appeared comparative and structural analysis methods.Results. Preparing a business plan for a startup project is a complex and labor-intensive process, where the business plan is a business card needed to attract external funding, the road map for the initiator of the project, so its preparation no trifl es. As the experience of western businessmen, errors that may have occurred during the development of a business plan: the unreliability and incompleteness of the input information; ignoring the need to prepare an analysis of the market or use in its preparation unreliable sources; errors in the calculations carried out, their incompleteness; errors in the text part of the business plan, as well as non-compliance with the logic of the material, its scarcity, unprofessional calculations; lack of risk analysis. With the right approach to the preparation of a business plan it can be not only a formal document, but also a practical guide to the implementation of business ideas that will allow for timely assessment of the impact
The tentative factor analysis findings suggest an integrated framework for the venture capital industry from the significant intercorrelations among the variables. The most important focus of this article, however, is its attempt to examine the behavioural traits of SMEs and venture capitalists regarding systematic finance and investment for inclusivity and due diligence.
.... They engaged the IT sector through In-Q-Tel, a venture capital firm that invests Agency money in companies that could produce commercially viable technologies to fill the Intelligence Community's (IC...
Hain, Daniel; Johan, Sofia A.; Wang, Daojuan
examine worldwide venture capital investment flows from 2000–2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance, where institutional trust......Frequent and open interaction between venture capitalists (VCs) and entrepreneurs is necessary for venture capital investments to occur. Increasingly, these investments are made across jurisdictions. The vast majority of these cross-border investments are carried out in a syndicate of two or more...... is more relevant for investments in emerging economies, and relational trust is more relevant for investments in developed economies....
Full Text Available This paper investigates the manner in which private equity and venture capital firms in South Africa assess investment opportunities. The analysis was facilitated using a survey containing both Likert-scale and open-ended questions. The key findings show that both private equity and venture capital firms rate the entrepreneur or management team higher than any other criterion or consideration. Private equity firms, however, emphasise financial criteria more than venture capitalists do. There is also an observable shift in the investment activities away from start-up funding, towards later-stage deals. Risk appetite has also declined post the financial crisis.
Snyman, Hendrik Andries
Full Text Available SMEs contribute considerably to the national GDP and to private sector employment, but they struggle to gain access to the funding needed to support business sustainability and growth. Venture capital provides the necessary funding, but SMEs lack understanding of the business value curve utilised by financiers to gauge the risk-reward characteristics of an investment. Strategies need to convey how the business model will evolve in order to deliver on the strategic intent. A framework is proposed through which SMEs can develop a strategy aligned with investor requirements. As a case study, the framework is applied to the local tooling sector.
Stephen A. Hurwitz
Full Text Available Lack of funding is a major challenge to innovation in Canada’s emerging technology industry. This article will focus on this supply-side challenge within the complex venture capital ecosystem and discuss: i the current shortage of venture capital available to commercialize Canada’s R&D; ii the causes and consequences of that venture capital shortage; iii how the federal government will address this shortage through its innovative 2013 Venture Capital Action Plan, which commits $400 million and seeks to raise at least another $800 million from outside investors; and iv how a separate decision in the federal 2013 budget to phase out federal tax credits for labour-sponsored venture capital funds could imperil the 2013 Venture Capital Action Plan.
Ecosystem ...43 ix Tables 2.1. Summary of the Innovation Ecosystem ...the information sharing between entrepreneurs and private venture capitalists. The degree to which this information has translated into effective
This paper uses the approaches and models of option theory to analyze two-stage venture capital investment in agricultural production and processing enterprises decision-making under uncertainty. Mathematics expressions of this two-stage venture capital investment decision-making are presented. An option value model about two-stage venture capital investment decision-making base on options pricing theory under the uncertainty is presented. Get the solution of option pricing model which we present.
Keuschnigg, Christian; Nielsen, Søren Bo
In financing start-up firms, venture capitalists carefully select among alternative projects, design incentive compatible financial contracts and support portfolio companies with value enhancing managerial advice. This paper considers how venture capitalists can induce self-selection among entrepreneurial firms with different qualities by designing appropriate contracts and offering commercial support. We study the efficiency of the competitive market equilibrium with respect to the level and...
Suzana Audić Vuletić
Full Text Available This article provides an analysis of the new regulation of private equity and venture capital funds which are in Croatian law regulated by Alternative Investment Funds Act and ordinances. These funds can offer their units only via private offering to primarily professional, i.e. qualifying investors. They invest mostly in shares and units of companies, including both companies in early (start-ups and in later stage of business. For the companies in which they invest, these funds are very signifi cant as they can provide capital for even small entrepreneurs which could not obtain fi nancing from traditional sources (e. g. banks. This article analyzes investment transactions between private equity (further in text: PE and venture capital (further in text: VC funds and the company in which they invest (portfolio company. PE and VC funds represent a new segment in the Croatian capital market which is still developing and whose potential is yet to be fully recognized. PE and VC funds are not regulated on the EU level. However, managers of AIFs, including PE and VC funds are under certain conditions. Authors shall analyze these legal sources, both on the EU and on the domestic level, with emphasis on the regulation of managers of AIFs when they acquire controlling stake in non-listed companies and issuers, which is of special interest to PE and VC funds due to their investment techniques. In that light, authors question if there is a mechanism which ensures that PE and VC funds act as a socially responsible shareholders/unitholders in portfolio companies (public accountability of the managers of AIFs. If so, authors argue the existence of possible confl ict of interest, as it is not clear in whose interest should managers of PE and VC funds act: in the interest of their investors or in the interest of the portfolio company.
Full Text Available This article presents an examination of the emergence and co-evolution of startups and venture capital that led to the transformation of Israel into a Start-Up and Innovation Nation since its inception in 1948. Throughout, the co-evolution of startups and venture capital was considered a critical linkage between venture capital emergence and startup intensive cluster. The article also examined the three phased evolutionary model of 1969 to 2000. A discursive approach of related relevant literature was used. The study found out that the co-evolution of startups and venture capital, policy targeting and a network of a number of other factors as will be discussed in the three phased evolutionary model were critical to the emergence and change of the Israeli high-technology industry into a high-technology startup intensive industry. Israel has become the second largest world market for venture capital with more than 240 venture capitals since 1992. Israel has also become the lead in research and development attracting more than 270 multinational companies with more than 250 establishing research centers and employing over 108 000 in the country. The study also found that Israel leads other nations in per capita startups, engineers, scientists and technicians. This article will be critical for policy formulation and implementation especially in Emerging Markets. This article may lead to a shift in strategy in many emerging countries. This article will also help expand the academic knowledge by filling the existing gaps within the body of knowledge. Therefore, the article has academic, economic and policy value.
Buerer, M.J.; Wuestenhagen, R.
This report for the Swiss Federal Office of Energy (SFOE) takes a look at the role of the Swiss government in supporting the provision of venture capital for clean energy projects. Topics examined include the lack of sufficient venture capital investment in clean energy technology, the situation encountered in Switzerland today as far as energy entrepreneurship is concerned, key challenges and cultural, legal and fiscal aspects. Present government support in these areas, the relevance of current Swiss programmes and improvements that are to be made are also discussed. Also, activities in other countries are examined and suggestions are made concerning new activities to improve the situation in Switzerland.
Lahr, Henry; Mina, Andrea
This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments. PMID:26166906
Burns, Lawton R; Housman, Michael G; Robinson, Charles A
Start-up companies in the biotechnology and medical device sectors are important sources of health care innovation. This paper describes the role of venture capital in supporting these companies and charts the growth in venture capital financial support. The paper then uses longitudinal data to describe market entry and exit by these companies. Similar factors are associated with entry and exit in the two sectors. Entries and exits in one sector also appear to influence entry in the other. These findings have important implications for developing innovative technologies and ensuring competitive markets in the life sciences.
Lahr, Henry; Mina, Andrea
This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments.
Background Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC) funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation? As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. Discussion The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D. Due to the fund’s small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. Summary BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how to select, value, and support
Masum, Hassan; Singer, Peter A
Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC) funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation?As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D.Due to the fund's small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how to select, value, and support investments; and how to
Singer Peter A
Full Text Available Abstract Background Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation? As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. Discussion The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D. Due to the fund’s small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. Summary BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how
The paper deals with the analysis of the private equity and venture capital investment activities on the market of Poland and Ukraine. Publications of the Polish Private Equity Association and reports of the European Private Equity and Venture Capital Association have been used for data analysis.
Gebhardt, Georg; Schmidt, Klaus M.
When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the entrepreneur and the venture capitalist. We show that a combination of convertible securities and contingent control rights can be used to resolve this conflict efficiently. This contractual arrangement is fr...
Full Text Available Private equity and venture capital (PE/VC funding is the provision of equity capital by financial investors to non-quoted companies with high growth potential. It has a particular emphasis on entrepreneurial activities rather than on mature businesses. PE/VC investors differ on several dimensions including: investment targets, screening evaluation methods, governance mechanisms, and objectives. The paper is a conti nuati on of the discussion that concerns investment strategies of PE/VC funds. While studying the PE/VC market it is important to analyze the origin and structure of capital. The authors assumed that different types of investors have different investment strategies. Our research is an attempt to answer the following research question: whether the investor type, on the European PE/VC market, has an impact on the selection of industries. The paper presents results of statistical analysis of venture capital and private equity funds investment strategies in selected countries.
Gantenbein, Pascal; Herold, Nils
Despite its economic and technological importance, the Swiss life sciences sector faces severe challenges in attracting enough venture capital for its own development. Although biotechnology and medical technology have been the most important areas of venture financing from 1999 through 2012 according to our own data, average investment volumes nevertheless remain on a low level of only 0.05 percent of Swiss GDP. After 2008, there was a pronounced shift away from early-stage financing. While business angels still play an important role at the early stage, venture capitalists are the most important investor type by volumes having their main focus on expansion financing. The industry faces predominant challenges in securing capital availability for entrepreneurs, in transforming the highly skewed and back-loaded payoff profile of investments into a more stable return stream, and in defining appropriate business and collaboration models.
Ratcliffe, L T
Small biotech companies have been an important source of innovation, pipelines, and new products for the pharmaceutical industry, and are primarily financed by venture capital (VC). The significant changes happening within the VC industry have broad implications for these small companies. This includes a shift to financing later-stage programs with increasing interest in orphan or specialty indications. Nontraditional sources of capital and innovative risk-sharing structures can enable early-stage companies.
J. Bruining (Hans); D.M. Wright (Mike)
textabstractThis paper focuses on the development of entrepreneurial orientation (EO) after a management buy-out (MBO) and on the role played by venture capital firms in enhancing EO. It presents results of two exploratory case studies of divisional buy-outs with regard to their EO and the areas
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Description of the New Markets... ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Introduction to Part 108 § 108.10 Description of the... wealth and job opportunities in low-income geographic areas and among individuals living in such areas...
Bottazzi, L.; Da Rin, M.; Hellmann, T.
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions.
Bottazzi, L.; Da Rin, M.; Hellmann, T.
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions.
To address global sustainability challenges, major investments are required in sustainable businesses that deliver triple bottom line results. Although interest in sustainable businesses is on the rise, these businesses are not yet widespread. Venture capital investment has a key role to play in the
They're the designated drivers of inpatient care, cutting hospital stays by 19 percent on average. Yet as venture capital firms infuse hospitalist startup companies, some primary care doctors complain that their sickest patients are being taken away from them.
Explains how for Michael M. Crow, executive vice provost at Columbia University, knowledge is a form of venture capital. This means pushing Columbia beyond the usual role of creating knowledge and disseminating it in traditional manners, and instead taking the knowledge, incubating it, and projecting it using tools like the Internet. (SM)
Full Text Available A working private equity and venture capital market (PE/VC market stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6 defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14, the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds. The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006.
Leonel Arango Vásquez
Full Text Available El propósito de este artículo es explicar, desde la teoría, dos posibles opciones de financiación que tienen las empresas cuando éstas no pueden acceder a las fuentes tradicionales. La industria del Capital Riesgo surge así como una fuente alternativa de financiación. Esta industria opera a través de vehículos especiales de inversión llamados fondos Private Equity y fondos Venture Capital. En general, los primeros invierten en compañías maduras y desarrolladas, mientras que los segundos lo hacen en empresas nacientes y pequeñas. El ciclo de financiación que proveen estos fondos se estructura en tres etapas principales: captación de recursos, inversión y desinversión. En este artículo se explica la diferencia entre los términos Private Equity y Venture Capital, así como las principales características de las etapas mencionadas.Palabras clave: desinversión; Capital Riesgo; captación de fondos; inversión alternativa; pymes. Private equity and venture capital: Differentiation and main characteristicsAbstractThe purpose of this article with a qualitative approach aims to determine, from the theory the business environment, when companies are not capable to obtain financing through traditional sources, the Private Equity industry is viewed as an alternative source of finance for those companies. This industry operates through special investment vehicles named Private Equity Funds and Venture Capital Funds. In general, the former invest in develop and mature firms, the latter focus on infant and small companies. The financial cycle that these funds supply is structured in three main phases: fundraising phase, investment phase, and divestment phase or exit. This paper explains the difference between Private Equity and Venture Capital, as well as the main characteristics of the mentioned phases; through the methodology of content analysis, which aims to continue the research project of Venture Capital Industry in Colombia
Corporate venture capital: geração e acompanhamento de oportunidades de investimento em empresas inovadoras Corporate Venture Capital: originating and monitoring investment opportunities in innovative companies
Thiago Pinheiro Faury
Full Text Available O objetivo deste trabalho é compreender a utilização de estruturas corporate venture capital - CVC (capital de risco corporativo, identificando as motivações e as dificuldades no processo de implementação, com foco nos estágios de geração e acompanhamento de oportunidades de investimentos. A abordagem metodológica pautou-se inicialmente por uma revisão de literatura, seguida de um estudo de caso em uma empresa com unidade de novos negócios voltada ao CVC. Finalmente, foi utilizado um painel de especialistas da área de VC, composto por três grupos de especialistas: Mercado, Empreendedores e Neutro (acadêmicos, consultores em inovação e gerentes de incubadoras. Com o auxílio do software ATLAS.ti foi feita a análise de conteúdo dos discursos dos entrevistados, gerando um interessante painel a respeito das práticas de venture capital que poderá orientar não só a organização estudada, como também aos envolvidos na indústria de capital de risco, inovação e empreendedorismo. O trabalho aponta para a busca de opções de investimentos alinhadas aos mercados alvo, mas também de empreendedores alinhados à filosofia da organização. Também se observou diferenças na percepção entre os atores do painel de especialistas. Finalmente, foi destacada a importância de intermediários na aproximação das empresas inovadoras e o CVC.This study aims to understand the use of corporate venture capital structures (CVCs, identifying the motivations and difficulties in the implementation process, with focus on the generation and monitoring of investment opportunities. The methodological approach was based on a literature review, followed by an exploratory study performed in a service firm, especially in the new business unit dedicated to CVCs. Finally, we used a panel of specialists of the VC, composed of three groups of experts: Market, Entrepreneurs, and Neutral (academics, consultants, and managers of innovation incubators. The
Tinkler, Justine E; Bunker Whittington, Kjersten; Ku, Manwai C; Davies, Andrea Rees
Research on gender and workplace decision-making tends to address either supply-side disparities between men's and women's human and social capital, or demand-side differences in the status expectations of women and men workers. In addition, this work often relies on causal inferences drawn from empirical data collected on worker characteristics and their workplace outcomes. In this study, we demonstrate how tangible education and work history credentials - typically associated with supply-side characteristics - work in tandem with cultural beliefs about gender to influence the evaluative process that underlies venture capital decisions made in high-growth, high-tech entrepreneurship. Using an experimental design, we simulate funding decisions by venture capitalists (VCs) for men and women entrepreneurs that differ in technical background and the presence of important social ties. We demonstrate the presence of two distinct aspects of VCs' evaluation: that of the venture and that of the entrepreneur, and find that the gender of the entrepreneur influences evaluations most when the person, rather than the venture, is the target of evaluation. Technical background qualifications moderate the influence of gendered expectations, and women receive more of a payoff than men from having a close contact to the evaluating VC. We discuss the implications for future research on gender and work. Copyright © 2014 Elsevier Inc. All rights reserved.
Hans Küpper has over 30 years of experience in the biotechnology industry in areas from research to R&D management, technology assessment and business acquisitions. He received his PhD in 1974 from the University of Heidelberg. After additional academic research at the Massachusetts Institute of Technology in the USA and at the University of Heidelberg, Germany, he joined Biogen in 1980. Here, he held various R&D positions, the last of which was Assistant Research Director. In 1985, he joined Behringwerke AG, Marburg, to build up and head the company's Molecular Biology Department and thereafter became Head of R&D of the Immunology/Oncology Business Unit. In 1999 he joined Global Life Science Ventures at their Munich office. Dr Küpper is the author of numerous publications and patents/applications and has also served as a consultant to the Pharmaceutical Industry and the European Commission. He is a board member of several early stage companies in the life sciences.
Kolmakov Vladimir Vladimirovich
Full Text Available We hear a lot of political declarations stating the importance of developing an innovation economy by fostering venture capital inflows. But it is obvious that the venture capital market makes an extremely low contribution in terms of total R&D spending or gross investment. Thus, theory says venture capital investment (VCI is important due to its huge impact on modernization, but practitioners note that there is no evidence and VCI constitutes about 1% of total investments. Formal logic foregrounds the thesis that the effect of venture investment is important and significant, but delayed. We contribute to the theory and discussion of the problem of choosing between venture and non-venture funding by determining a specific niche for venture capital investment. We derive lagged regression models for GDP and patent applications for the US and Russia, to test VCI’s impact on economic growth and innovation. Comparison of model estimates shows significant VCI influence on GDP at a 4-6- year lag and no synchronous influence, valid for both the US and Russia. We prove the main hypothesis of our research: the effect of venture investment on economic and innovation development parameters is significant and much greater than that of ‘conventional’ investment.
... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION American Capital Partners Limited, Inc., American Educators Financial Corp. (n/k/a Asia Ventures.... (n/k/a Asia Ventures Corp.) because it has not filed any periodic reports since the period ended...
Gemma, Ahaibwe; Ibrahim, Kasirye
Youth unemployment continues to be a developmental challenge not only in Uganda but in several sub Saharan countries. At least 64 percent of the total unemployed persons are youth aged 18-30 years. As the government struggles to look for solutions to the unemployment challenge, one approach has been the promotion of self-employment through the establishment of National Youth Funds. Specifically, the Youth Venture Capital Fund (UYVCF) worth UGX 25bn (about US$ 10 million) was introduced in 201...
Lack of a coherent industrial strategy and venture capital have hindered scientific researchers in Canada, but the Canadian Medical Discoveries Fund (CMDF) Inc. hopes to change that. Under the leadership of Dr. Henry Friesen, president of the Medical Research Council of Canada, and Dr. Calvin Stiller, head of the multiorgan transplant unit at University Hospital, London, Ont., the new fund proposes to invest in promising medical and biotechnology research companies in Canada. The research council's peerreview system gives the new fund scientific credibility.
Santillán Salgado, Roberto J.; Eduardo Gaona Domínguez; Norma A. Hernández Perales
This paper presents a statistical analysis of the characteristics of the entrepreneur supported by the Private Equity/Venture Capital Funds in Mexico, and it uses the data gathered by a national survey answered by such funds. The contribution of this work consists in the use of Conglomerate Analysis on the theoretical constructs identified by the literature as elements of the Entrepreneur Profile and measured via the survey with Likert type scales to highlight the importance that the differen...
Full Text Available This paper presents a dynamic model of capital financing, taking into consideration unexpected major events occurring within continuous time model. We are considering a special jump-diffusion model first described by Samuelson (1973 while using traditional geometric Brownian motion. This paper seeks to accurately show the innovative project valuation when unexpected major events occur and get the analytical results of the project option value. Furthermore, we analyzed the impact of multistaged financing; results indicated that both sources of uncertainty positively impact the project option value; particularly, the option price when considering unexpected major events occurrence is larger than the option price without unexpected major events. Based on a comparative-static analysis, new propositions for optimal amount of investment and optimal level of project are derived from simulations.
Lucas V.B. Martins
Full Text Available Objective. This article characterizes and compares the networks structure formed by Managing Organizations (GOs Private Equity and Venture Capital (PE&VC that co-invested in the so called BRICS countries.Methodology. The methodology used consists of PE or VC transactions with target companies based on the BRICS and involving more than one investor, or “syndicated investing”, between 1992 and 2013.Findings. The analysis revealed that the social structure in these countries is highly clustered, showing the existence of small worlds in all markets studied, yet under different intensities. This type of structure stimulates the flow of information impacting access to business opportunities. The results suggest that, when dealing with networks of PE&VC investors, one should consider the particularities of BRICS, which are not homogeneous from the perspective of network analysis.Limitations. This study considers only data from transactions originated and the effect known as BRICS.Originality/Value. This article offers unique contribution in that it explores Syndicated Investing in understudied markets, employing a methodology that provides new results. Copyright © 2015 Instituto Brasileiro de Inovação Financeira All rights reserved
Friesike, Sascha; Gassman, Oliver; Schweitzer, Fiona
Google Ventures - the venture capital department of Google - couples the idea of a corporate incubator with the methods of a classical venture capital firm. A corporate incubator strives to create innovation, whereas a venture capital firm's idea is to create money. As such, corporate incubators
O.T. Alexy (Oliver); J.H. Block (Jörn); P.G. Sandner (Philipp); A.L.J. Ter Wal (Anne)
textabstractHow does the social capital of venture capitalists (VCs) affect the funding of start-ups? Extant entrepreneurship literature conceptualizes a substitute effect between the social and financial capital that new firms attain from their investors. On the contrary, by building on the rich
Bothner, Matthew S; Kim, Young-Kyu; Lee, Wonjae
We introduce a distinction between two kinds of status and examine their effects on the exit rates of organizations investing in the U.S. venture capital industry. Extending past work on status-based competition, we start with a simple baseline: we describe primary status as a network-related signal of an organization's quality in a leadership role, that is, as a function of the degree to which an organization leads others that are themselves well regarded as lead organizations in the context of investment syndicates. Combining Harary's (1959) image of the elite consultant with Goffman's (1956) concept of "capacity-esteem," we then discuss complementary status as an affiliation-based signal of an organization's quality in a supporting role. We measure complementary status as a function of the extent to which an organization is invited into syndicates by well-regarded lead organizations-that is, by those possessing high levels of primary status. Findings show that, conditioning on primary status, complementary status reduces the rate at which venture capital organizations exit the industry. Consistent with the premise that these kinds of status correspond to different roles and market identities, we also find that complementary status attenuates (and ultimately reverses) the otherwise favorable effect of primary status on an organization's life chances. Theoretically and methodologically oriented scope conditions, as well as implications for future research, are discussed. Copyright © 2015 Elsevier Inc. All rights reserved.
M. N. Dudin
Full Text Available The current state of the Russian economy is characterized as unstable in the background influence of a combination of factors, including which are rooted in a fairly distant past. Delayed impact of these factors is expressed in the fact that the transition to innovation-oriented and environmentally responsible economic growth is difficult in many ways. But, despite this, the Russian economy is strong enough and gained significant development potential. Available reserves and potential accumulated national economies could be realized through the use of a new formation: the institutions 'growing'. This methodical approach, and this practice is well established itself abroad (USA, Japan and many countries of the European Union, it is proposed to use this experience in Russian conditions. The basis for the efficient functioning of the institutions «growing» forms the venture ecosystem. Venture Ecosystem – a specially built set of structural components that define the goals, objectives and directions of development of the system in accordance with its strategic purpose in the economy. In this article defined the concept of venture capital ecosystem, considered the objectives and components of the venture capital ecosystem, the characteristic of the state of the domestic venture capital ecosystem highlighted ways to improve it. Resulting in the conclusions and definitions may be used in the practice of building the institutional venture capital environment, focused on the full support of innovative activity of small and medium-sized businesses. In addition, the conclusions and recommendations contained in the article can be used in the development of normative legal acts, including those aimed at promoting high-tech sectors of the Russian economy.
Clement, Thomas; LeMire, Steven; Silvernagel, Craig
The authors examine whether U.S. college-level entrepreneurship education demonstrates a bias favoring venture capital (VC) financing while marginalizing trade credit financing, and the resulting impact on entrepreneurship students. A sample of U.S. business textbooks and survey data from entrepreneurship students reveals a significant bias toward…
Earls, Alan Robert
Discusses the commercialization of academic research at New England's colleges and universities. Describes the origins of the trend, the region's leadership in research funding, the role of venture capital and business incubators in academic research, and the long-term impacts. Includes tables of research and development spending and patents…
Jin, Yonghong; Zhang, Qi; Shan, Lifei; Li, Sai-Ping
Financial networks have been extensively studied as examples of real world complex networks. In this paper, we establish and study the network of venture capital (VC) firms in China. We compute and analyze the statistical properties of the network, including parameters such as degrees, mean lengths of the shortest paths, clustering coefficient and robustness. We further study the topology of the network and find that it has small-world behavior. A multiple linear regression model is introduced to study the relation between network parameters and major regional economic indices in China. From the result of regression, we find that, economic aggregate (including the total GDP, investment, consumption and net export), upgrade of industrial structure, employment and remuneration of a region are all positively correlated with the degree and the clustering coefficient of the VC sub-network of the region, which suggests that the development of the VC industry has substantial effects on regional economy in China.
Jin, Yonghong; Zhang, Qi; Shan, Lifei; Li, Sai-Ping
Financial networks have been extensively studied as examples of real world complex networks. In this paper, we establish and study the network of venture capital (VC) firms in China. We compute and analyze the statistical properties of the network, including parameters such as degrees, mean lengths of the shortest paths, clustering coefficient and robustness. We further study the topology of the network and find that it has small-world behavior. A multiple linear regression model is introduced to study the relation between network parameters and major regional economic indices in China. From the result of regression, we find that, economic aggregate (including the total GDP, investment, consumption and net export), upgrade of industrial structure, employment and remuneration of a region are all positively correlated with the degree and the clustering coefficient of the VC sub-network of the region, which suggests that the development of the VC industry has substantial effects on regional economy in China. PMID:26340555
BUZILǍ Brîndușa Maria
Full Text Available This report examines Romania’s attractiveness for investors in terms of each of the six key drivers suggested by Groh, et al (2010 study: Economic Activity, Depth of Capital Market, Taxation, Investor Protection and Corporate Governance, Human and Social Environment, and Entrepreneurial Culture. The findings indicate that final position in Groh’s - The attractiveness of 27 European countries for Venture Capital and private Equity investors - top is justified. Nevertheless, the Romanian decision-makers managed, through considerable efforts, by means of various programs developed together with several European and international institutions, to create certain opportunities of improvement of the Romanian entrepreneurial environment and stimulation of innovation. This paper has certain limits; therefore the future research in this field might lead to a more thorough analysis of the difficulties that Romania faces in attracting private equity investors. The methods employed have in view the results from the literature in this field regarding the research issue, the US Commercial Service’s recommendations (Doing Business in Romania: 2013 and various statistics. Competent opinions in this field have been analyzed: investors, authorities, organizations, institutions.
Bazzoli, G J; Dynan, L; Burns, L R
This paper examines global capitation of integrated health provider organizations that link physicians and hospitals, such as physician-hospital organizations and management service organizations. These organizations have proliferated in recent years, but their contracting activity has not been studied. We develop a conceptual model to understand the capitated contracting bargaining process. Exploratory multivariate analysis suggests that global capitation of these organizations is more common in markets with high health maintenance organization (HMO) market share, greater numbers of HMOs, and fewer physician group practices. Additionally, health provider organizations with more complex case mix, nonprofit status, more affiliated physicians, health system affiliations, and diversity in physician organizational arrangements are more likely to have global capitation. Finally, state regulation of provider contracting with self-insured employers appears to have spillover effects on health plan risk contracting with health providers.
Full Text Available When venture capital has been invested into venture companies, venture capitalists and venture entrepreneurs form a principal-agent relationship. Take into account the fact that the venture entrepreneur’s effort is a long process, because the effort is not the same at different stage. Therefore, efforts variables are seen as the multistage dynamic variable, and venture investment principal-agent model with venture entrepreneurs having multistage efforts is constructed on the basis of the classic principal-agent theory in the paper. Further, in the later stage effort of venture entrepreneurs is affected by the size of prestage benefit with venture capitalists and venture entrepreneurs; thus the fairness preference model is improved, and venture investment principal-agent model with venture entrepreneurs having multistage efforts is constructed on the basis of fairness preference theory. Both theoretical derivation and simulation have demonstrated that, under the condition of information asymmetry, if the fairness preference of venture entrepreneurs holds, then (1 venture capitalists provide venture entrepreneurs with level higher than that without fairness preference, (2 in every single stage venture entrepreneurs make efforts higher than those without fairness preference, and (3 in two periods both venture investors and venture entrepreneurs gain total real gains higher than those in two periods without fair preference.
Joint venture, affiliation or PSO? Here are three case studies of providers who chose different paths under Medicare risk, plus some key questions you'll want to ask of your own provider organization. Learn from these examples so you'll make the best contracting decisions.
This article focuses on the increased power of venture philanthropy to shape education in urban communities of color in the USA. The author situates venture philanthropy's expanded influence in urban school districts in the nexus of urban disinvestment, neoliberal governance, wealth concentration, and economic crisis. The author argues that…
Full Text Available Venture industry in Russia and Ukraine is analyzed from the point of view of its ability to be the source of innovation projects financial support. It is shown that Ukrainian venture funds more often than Russian funds prefer to finance traditional economic sectors and do not tend to invest money in high-techs sphere. Comparative analysis of the legislative framework in Ukraine and Russia is also made in the paper.
Fleming, Jonathan J
A key element required for translating new knowledge into effective therapies is early-stage venture capital that finances the work needed to identify a lead molecule or medical device prototype and to develop it to the proof-of-concept stage. This early investment is distinguished by great uncertainty over whether the molecule or prototype is safe and effective, the stability of the regulatory standards to which clinical trials are designed, and the likelihood that large follow-on investments for commercial development can be secured. Regulatory and reimbursement policies have a profound impact on the amount of capital and the types of life science projects that investors pursue. In this article I analyze several recent trends in early-stage venture capital funding, describe how these trends are influenced by regulatory and reimbursement policies, and discuss the role of policy makers in bringing new treatments to market. Policy makers can foster renewed private investment into critically needed early-stage products by increasing Small Business Innovation Research (SBIR) funding and public support for clinical trials in targeted areas of interest; creating regulatory pathways to enable early testing of experimental compounds in limited populations; and offering economic incentives for investors and developers in designated therapeutic areas. Project HOPE—The People-to-People Health Foundation, Inc.
Morgan, P W
In summary, let me say that the transfer of technology can be managed successfully. In the context of 3i as a whole, we have supported 1600 start-ups in the last five years although, obviously, not necessarily in high-tech industries. In 1987 3i Ventures fully expects to invest a further few million pounds in either start-ups or pre-stock market companies within the health-care and biotechnology sectors. It requires that everyone involved, including the venture capitalist, fulfils their rôle with commitment. It can be a difficult and lengthy process, but it can also be fun and very rewarding.
Gil Avnimelech; Morris Teubal
Through a microeconomic analysis of companies in Israel’s Venture Capital (vc) industry this paper aims to contribute to the discussion of targeted policies directed to the emergence of new industries, particularly but not only Venture Capital and High Tech industries. It integrates a firm-level dimension to previous work on vc Emergence which was wholly conducted at the industry or meso-economic level. The central contribution of the paper is the notion of “Class A Market Forces” which our a...
El contrato de entrada en el capital riesgo y la Teoría Institucional en el contexto español The venture capital contract and the institutional theory in a Spanish setting The venture capital contract and the institutional theory in a Spanish setting
Ginés Hernández-Cánovas; Mª Camino Ramón-Llorens
... Española de Entidades de Capital Riesgo) in June, 2002 with a response rate of 68.333%. As a theoretical framework we base on the Institutional Theory and agency problems that venture capitalists-entrepreneurs are faced.Findings...
Rocha, Vera; Van Praag, Mirjam; B. Folta, Timothy
The founder (team)'s human capital is a vital determinant of future firm performance. This is a stylized fact. Less is known about the effect of the human capital of the initial workforce hired by the founder(s). We study the performance consequences of a founder's choice of the initial workforce......'s human capital (quantity and quality), besides the human capital of the founder(s). The analysis is based on matched employer-employee data and covers about 5,300 startups in manufacturing industries founded by individuals coming from employment between 1992 and 2007. We acknowledge that initial hiring...... decisions are endogenous and correlated with the human capital of the founders and the ownership structure of startups (single founder versus team of founders). Given the stickiness of initial choices, human capital decisions at entry turn out to be a close to irreversible matter with significant...
The article seeks to address how industry affiliation affects the way in which social and human capital is used by technology- and knowledge-based entrepreneurs in the internationalisation process.......The article seeks to address how industry affiliation affects the way in which social and human capital is used by technology- and knowledge-based entrepreneurs in the internationalisation process....
Five healthcare systems have financed a venture-capital fund with hopes for a financial and operational return. Executives say the investment is a way to influence technological developments and evaluate products and software. James Bosscher, chief investment officer at Trinity Health, left, said Heritage fund investments will target health information technology.
Hogarth, Stuart James
Drawing on the sociology of expectations and sociology of conventions, this paper explores issues of worth and value in the bioeconomy, and the promissory character of contemporary capitalism. Arguing that the literature on biocapital has paid insufficient attention to geographical differentiation in capital accumulation strategies, this paper situates the consumer genomics firm 23andme in the entrepreneurial culture of Silicon Valley. The paper suggests that in Silicon Valley the relationshi...
This article aims at setting forth the development of venture capital in Belgium. To that end, the situation is compared with the one prevailing in the whole of Europe and particularly in some neighbouring countries: Germany, France, the Netherlands and the United Kingdom. In a first part the general financing mechanism through venture capital is examined. Next, a second part provides a quantified analysis of venture capital and its main characteristics (raising capital, the types of investor...
This book presents readers with the opportunity to fundamentally re-evaluate the processes of innovation and entrepreneurship, and to rethink how they might best be stimulated and fostered within our organizations and communities. The fundamental thesis of the book is that the entrepreneurial process is not a linear progression from novel idea to successful innovation, but is an iterative series of experiments, where progress depends on the persistence and resilience of the individuals involved, and their ability and to learn from failure as well as success. From this premise, the authors argue that the ideal environment for new venture creation is a form of “experimental laboratory,” a community of innovators where ideas are generated, shared, and refined; experiments are encouraged; and which in itself serves as a test environment for those ideas and experiments. This environment is quite different from the traditional “incubator,” which may impose the disciplines of the established firm too ear...
Ricardo dos Santos Dias
Full Text Available This study investigates determinants for the demand and supply for PE/VC funds. Six factors were identified through Factor Analysis: Economic Activity, Development of Stock Markets, Corporate Governance, Social and Environmental Development, Entrepreneurship and Taxation. These factors were defined through 25 variables and transformed into five factors by factor analysis. The resulting factors were used in econometric models for investigating relationships among said factors and the fundraising of PE/VC funds first, and then with the amount invested by PE/VC funds. The results indicate that investments are adversely affected by the depth of the capital market: the PE/VC funds seek an exit strategy which the stock market offers through IPOs (Initial Public Offering.Other significant factors were protection of investors, social and environmental development and level of entrepreneurship. Different from expected, the economic activity was of low impact on demand. The result seems controversial but its lack of significance highlights the importance of the capital market (through IPOs as a way of disinvestment as a key driver of the PE/VC market. Taxation was also not significant to the demand side, a fact which denotes that the government can influence the local PE/VC market, and that it should offer high enough discount rates or tax incentives to mitigate the effect of other barriers faced by the PE/VC market.
Full Text Available This work seeks to identify the impact of the participation of Private Equity funds and Venture Capital (PE/VC, the performance of companies that owned the contribution prior to the opening of capital (IPO. In a more objective the present study seeks to investigate whether companies that opened capital, financed by PE/VC, have performed better than the other formerly the Brazilian stock market debut. The sample of work consists of 116 companies that made the initial public offering (IPO in the São Paulo Stock Exchange (BOVESPA in the period January 2004 to December 2009. First identified that 41 enterprises debuted at BOVESPA being financed by PE/VC funds. Furthermore, the results indicate that the influence of PE/VC funds tend to improve some indices of profitability and market of companies after the IPO. In summary, the evidence found lead to the conclusion that the organizations of private equity and venture capital influence positively the performance of investee companies.
Patel, Jigar; Eysenbach, Gunther
There are few mechanisms that bring the academic and business worlds together in a way that would maximize the success of health technology (health tech) start-ups by increasing researchers’ knowledge about how to operate in the business world. Existing solutions (eg, technology transfer offices and dual degree MD/MBA programs) are often unavailable to researchers from outside the institution or to those who have already completed their primary education, such as practicing physicians. This paper explores current solutions and offers a partial solution: include venture capital (VC) panels in medical conferences. These VC panels educate academics on 2 important and interconnected issues: how to “pitch” their ideas in the business world and what to consider when creating a company. In these sessions, academia-based start-up companies present their ideas before a VC panel composed of professional investors and receive feedback on their idea, business plan, and presentation techniques. Recent panel recommendations from Medicine 2.0 conferences fell into 7 categories: (1) the product, service, or idea you are developing into a company, (2) determine market forces and identify the target audience, (3) describe your competitive advantage, (4) the business plan, (5) current and future resources and capabilities, (6) legal aspects, and (7) general advice on the art of pitching. The academic and business literature validates many of these recommendations suggesting that VC panels may be a viable and cost-effective introduction to business and entrepreneurial education for physicians and other health care professionals. Panels benefit not only the presenting companies, but also the physicians, psychologists, and other health care professionals attending the session. Incorporating VC panels into academic conferences might also illuminate the need for incorporating relevant business training within academia. PMID:25100579
Miron-Shatz, Talya; Shatz, Itamar; Becker, Stefan; Patel, Jigar; Eysenbach, Gunther
There are few mechanisms that bring the academic and business worlds together in a way that would maximize the success of health technology (health tech) start-ups by increasing researchers' knowledge about how to operate in the business world. Existing solutions (eg, technology transfer offices and dual degree MD/MBA programs) are often unavailable to researchers from outside the institution or to those who have already completed their primary education, such as practicing physicians. This paper explores current solutions and offers a partial solution: include venture capital (VC) panels in medical conferences. These VC panels educate academics on 2 important and interconnected issues: how to "pitch" their ideas in the business world and what to consider when creating a company. In these sessions, academia-based start-up companies present their ideas before a VC panel composed of professional investors and receive feedback on their idea, business plan, and presentation techniques. Recent panel recommendations from Medicine 2.0 conferences fell into 7 categories: (1) the product, service, or idea you are developing into a company, (2) determine market forces and identify the target audience, (3) describe your competitive advantage, (4) the business plan, (5) current and future resources and capabilities, (6) legal aspects, and (7) general advice on the art of pitching. The academic and business literature validates many of these recommendations suggesting that VC panels may be a viable and cost-effective introduction to business and entrepreneurial education for physicians and other health care professionals. Panels benefit not only the presenting companies, but also the physicians, psychologists, and other health care professionals attending the session. Incorporating VC panels into academic conferences might also illuminate the need for incorporating relevant business training within academia.
Williams, David R; Duncan, W Jack; Ginter, Peter M; Shewchuk, Richard M
Agency theory remains the dominant means of examining governance issues and ownership characteristics related to large organizations. Research in these areas within large organizations has increased our understanding, yet little is known about the influence that these mechanisms and characteristics have had on IPO firm performance. This study tests an agency perspective that venture capital involvement, governance and equity characteristics affect health care and biotechnology IPO firm performance. Our results indicate that there is no correlation between these factors and health care and biotechnology IPO wealth creation. For these entrepreneurs, our findings suggest a contingent approach for the use of these mechanisms.
Sander, Priit, 1973-
Eraettevõtete hindamine Eesti era- ja riskiinvestorite poolt. Riskikapitali hinnakujundamise meetodid. Tabelid: Venture capital valuation issues; Venture capital pricing issues and return. Skeem: The venture capital valuation process in Estonia
Full Text Available Beyond promoting a mode of ethnographic inquiry that is conceptually informed and rigorously attentive to the actualities of human lived experience, this article encourages a more sustained, comparative analysis of the ways that administrators and instructors deal with education as a collectively developed venture. After (a establishing an analytic frame for a more comprehensive approach to education as a socially engaged process, this article focuses on (b the administration of educational programs and (c providing instruction as activity “in the making,” using an ethnographic study of two Protestant Christian seminaries as an empirical, illustrative case. While providing an agenda for examining the ways that people generate and sustain instructional ventures in any educational context, the material presented here also represents an important focal point for theoretically, conceptually, and methodologically integrating research that attends to the ways that instructional (administrative and teaching activities are accomplished in practice.
Carlos Henrique Rodrigues Testa
Full Text Available El presente estudio verificó, bajo la perspectiva de la teoría de señalización, el papel certificador de los fondos de Private Equity y Venture Capital, sobre la calidad de las empresas debutantes en la BM&FBovespa (IPOs. Para eso, se propuso un estudio de evento visando constatar la existencia de retornos anormales acumulados (proxy para calidad de los IPOs en carteras de inversiones compuestas por acciones provenientes de los IPOs realizados en la BM&FBovespa, en el período de enero de 2004 a diciembre de 2007. Las hipótesis del trabajo fueron verificadas por medio de tres procedimientos distintos: test de medias, CAPM y regresiones CAR. Fue verificado que las empresas que recibieron aportes de Private Equity y Venture Capital presentaron medias de retornos anormales acumulados estadísticamente superiores a las de las empresas en las que no se invirtió. Los resultados de las regresiones indican que cuanto mayor la participación de los fondos de PE/VC mejor el desempeño de largo plazo de los IPOs. Las evidencias encontradas sugieren que la presencia de fondos de PE/VC en las empresas debutantes en la BM&FBovespa posee efecto positivo sobre los retornos anormales acumulados de los IPOs.
... has elected to be a business development company (the ``private adviser exemption'').\\4\\ Advisers... Investment Companies (Jan. 28, 2011) (``CPIC Letter''); Comment Letter of European Private Equity and Venture... company based on the size of its public float). See also Comment Letter of Georg Merkl (Jan. 25, 2011...
Sørensen, Karsten Engsig
Afhandlingen analysere de konkurrenceretlige og selskabsretlige regler som er bestemmende for hvordan et joint venture samarbejde er struktureret......Afhandlingen analysere de konkurrenceretlige og selskabsretlige regler som er bestemmende for hvordan et joint venture samarbejde er struktureret...
Eliacin, Johanne; Flanagan, Mindy; Monroe-DeVita, Maria; Wasmuth, Sarah; Salyers, Michelle P; Rollins, Angela L
Provider burnout is a critical problem in mental health services. Contributing factors have been explicated across three domains: personal, job and organizational characteristics. Of these, organizational characteristics, including workplace environment, appear to be particularly important given that most interventions addressing burnout via the other domains (e.g. bolstering personal coping skills) have been modestly effective at best. This study builds on previous research by using social capital as a framework for the experience of work social milieu, and aims to provide a richer understanding of how workplace social environment might impact burnout and help create more effective ways to reduce burnout. Providers (n = 40) taking part in a larger burnout intervention study were randomly selected to take part in interviews regarding their workplace environment and burnout. Participant responses were analyzed thematically. Workplace social milieu revolved around two primary themes: workplace social capital in provider burnout and the protective qualities of social capital in cohesive work teams that appear to mitigate burnout. These results imply that work environments where managers support collaboration and social interaction among work teams may reduce burnout.
Full Text Available This paper discusses the conditions of private equity and venture capital financing in the Czech Republic and Poland. Especially the related legislation, taxes and support of this type of financing are discussed in detail. The purpose of this research is to evaluate the conditions, to find factors that have positive influence and to formulate recommendations that would improve the conditions for both PE/VC investors and firms with new business ideas. Improving the conditions for PE/VC financing helps small businesses get the needed capital that cannot be obtained from banks and other institutions. This form of financing has a proven positive effect on whole economy. Identifying and removing obstacles is therefore important and helps the government to promote economic growth. This form of financing is used frequently in other European countries. In the central and eastern Europe it is not used as frequently but the situation is improving according to (Zinecker & Rajchlová, 2010. According to the study made by EVCA an array of legislative shortcoming were identified in the Czech Republic. Poland and Hungary have better conditions for PE/VC financing. According to EVCA studies made in 2004 and 2006 Poland shows that the conditions improve each year. Therefore Poland was chosen in this research for a comparative study with the Czech Republic.
Sonja Bettina Keppler
Full Text Available This paper presents the results obtained from a survey among public and private venture capitalists from countries which attract a large amount of venture capital investment: Germany, Switzerland, Austria and Israel. The objective is to investigate venture capitalists’ investment criteria for medical technology ventures in the start-up or expansion phase. Since existing research evaluated venture capitalists’ general investment criteria, the aim of this study is to provide specific results on entrepreneurial investment decisions for the medical technology sector, which constantly attracted a significant share of European venture capital. The research used semi-structured interviews with 39 venture capitalists and experts. The results show that venture capitalists prefer to invest in companies which develop products for treating and diagnosing diseases showing a high prevalence and large market volumes, such as cardiovascular, metabolic and neurological diseases, and orthopaedic disorders. The study confirms that venture capitalists use a number of industry-specific criteria highly relevant in a changing business environment. These include a high medical need for the product, availability of clinical data, stage of European Conformity approval, high probability of receiving reimbursement from health insurances, medical key opinion leaders supporting technology, management’s regulatory experience and their communication ability with doctors and key opinion leaders.
K. P. Aleksandrova
Full Text Available Relevance of research topic is related to the significant influence of the venture capital industry on the Russian economy. Innovative development of our country depends mainly on the effective commercialization of research and development, but the technology companies access to financial resources is a key factor in the innovation process . Venture capital plays a major role in this respect: it provides a fast and timely financial support to local entrepreneurs breakthrough ideas and enhances the competitiveness of the Russian economy as a whole. Objective - Analysis of Venture Investment in Russia , identifying issues and current trends in development. In the process, a set of methods has been applied economic and statistical analysis: methods of synthesis, comparison and analysis of economic and statistical information. In the study, it was determined that the current Russian venture market is characterized by an increase in the number of venture capital funds and private equity funds, as well as increasing their capitalization; an increasing number of companies financed, but about 90 % of all investments allocated for funding mature companies and only 10 % - for companies at the venture development stages; Central Federal District continues to firmly hold the leadership of the share of the total investment of all federal districts . Identified the following problems: lack of funding companies in the initial stages of development, infrastructure venture industry, inadequate legislation and taxation system , the problems associated with the protection and registration of intellectual property, the problem of lack of professional management, the lack of a well-functioning stock market, high-tech industries unattractive for investment.Purchase on Elibrary.ru > Buy nowDOI: http://dx.doi.org/10.12731/2070-7568-2014-3-5
Vasile Alecsandru Strat
Full Text Available The main goal of the current research paper is to analyze the evolution of the knowledge intensive business services sector from Romania, for the period 2008-2014, from a territorial point of view and to assess its impact in the general economic development. Using a time series of Gini coefficients and other quantitative instruments, the paper provides clear evidences that, during the 2008-2014 period, the domain has increased its concentration, Bucharest and the 10 most attractive counties being responsible for over 88% from the field’s activity at national level, in 2014. Another important fact is that Bucharest which is responsible for almost 66% of the field’s activity, in 2008, is diminishing constantly its importance during the analyzed period. Using panel regression, the presented research brings clear evidence that the main characteristics of the field (KIBS sector: number of companies, total turnover and number of employees can be used, as independent variables, in econometric models designed to estimate the size of the economy of the Romanian counties.
involved in recognition and discovery. Consequently thepaper offers insight to a diversified group of actors who mix and match technological and marketcapabilities in a constant process of recognition and discovery.Key words: Corporate venturing, entrepreneurship, discovery, networks, opportunities,recognition.......From the perspective of Austrian economics, this paper develops a conceptual understanding ofhow corporate venture managers recognize and discover opportunities in a network environment.In an effort to create a better understanding of who is involved in process, this paper reports onthe development...... path of an entrepreneurial opportunity of the Danish corporate venture capitalist,Danfoss A/S. This paper distinguishes itself from previous research done on entrepreneurialopportunities by creating a holistic and conceptual framework, which broadens and expands theperception of the market participants...
Burde, Howard A; Scarfo, Richard
Presented by HIMSS, the Venture+ Forum program and pitch competition provides a 360-degree view on health technology investing and today's top innovative companies. It features exciting 3-minute pitch presentations from emerging and growth-stage companies, investor panels and a networking reception. Recent Venture+ Forum winners include TowerView Health, Prima-Temp, ActuaiMeds and M3 Clinician. As an industry catalyst for health IT innovation and business-building resource for growing companies and emerging technology solutions, HIMSS has co-developed with A VIA, a new initiative that addresses how emerging technologies, health system business model changes and investment will transform the delivery of care. HX360 engages senior healthcare leaders, innovation teams, investors and entrepreneurs around the vision of transforming healthcare delivery by leveraging technology, process and structure.
Masum, Hassan; Chakma, Justin; Simiyu, Ken; Ronoh, Wesley; Daar, Abdallah S; Singer, Peter A
.... Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital's potential for supporting health innovation...
Prescott C. Ensign
Full Text Available This case study chronicles the timeline of a new venture – Keenga Research. Keenga Research has a novel proposition that it is seeking to introduce to the market. The business concept is to ask entrepreneurs to review the venture capital (VC firm that funded them. Reviews of VC firms would then be developed and marketed to those interested (funds and perhaps enterprises seeking funding. What makes this case unique is that Keenga Research was a lean start-up. Bootstrapping is a situation in which the entrepreneur chooses to fund the venture with his/her own personal resources. It involves self-funding (family and friends, tight monitoring of expenses, and maintaining control of ownership and management (Winborg & Landstrom 2001; Perry, Chandler, Yao, & Wolff, 2011; Winborg, 2015. The lean start-up approach favors experimentation over elaborate planning, customer feedback over intuition and iterative design over traditional big upfront research and development. This case study requires the reader to consider a number of the basic challenges facing all entrepreneurs and new ventures. Is the concept marketable? Can the concept be developed and brought to market in a timely manner? Will the product generate revenue? How? When? What are the commitments of the entrepreneurs? Have they considered the major challenges to be faced? Since this venture involved gathering and developing research information and then creating an online platform, Keenga Research faced significant concept-to-market challenges. The research method used in this case study is first person participant observation and interviews. One of the authors was a team member so the contextual details come from direct observation and first-hand knowledge. This method of research is often used in anthropology, sociology, and social psychology where an investigator studies the group by sharing in its activities. The other author provided an objective and conceptual perspective for analyzing
Munk, Kasper B.; Vintergaard, Christian
In contemporary literature on venture capital financial infrastructures are identified as major contributors toa large proportion of today's innovations. Yet quite contradictory the literature on systems of innovation,hardly ever treat venture capitalists as a coherent actor in neither national nor...... regional innovation systems.In attempt to locate and determine the potentials and importance of the venture capitalists in the innovationsystem a two-dimensional taxonomy is constructed and used to illuminate their role and position. Thetaxonomy gains insights through theoretical reasoning and the possible...... location is exemplified by a case ofthe Danish venture capital market.It is argued in this article that venture capitalists stand a better chance of realizing their potential when theytake and are given direct and formal responsibility in the innovation system. In relation hereto, the authorsthus present...
Full Text Available This paper focuses on the returns of two segments of Private Equity (PE market in Europe and in the US; Venture Capital (VC and Buyout (BO. Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90’s US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the
Full Text Available The purpose of the paper is to explore of the global venture capital market and to reveal of its development trends. Methodology. To achieve this goal used methods: statistical analysis, forecasting method autoregression model, the calculation of the coefficient of variation, Spearman rank correlation coefficient and linear Pearson correlation coefficient. Results. The analysis of the development of the global venture capital market for the years 2007-2015 executed. The coefficients of variation of the volume of venture capital investment and the number of venture capital deals are designed. According to the calculations, variations in the volume of venture capital investment rate is 11.8%, which is almost 2.1 times higher than the value of the coefficient of variation in the number of venture capital deals in the global market of venture capital investments (5.7%. It means: the actual data volume of venture capital investment and the number of venture capital deals are homogeneous collections, because the values of the coefficients of variation of these indices is less than 33%. A characteristic feature of these indicators is a low level of variability and minor fluctuations, that is, a tendency even venture investments of innovative development in the world. To determine the closeness of the connection between the amount of capital raised in the IPO, and the number of transactions Spearman rank correlation coefficient is calculated, as well as the strength of correlation between the volume of investment and the number of transactions in the global market transactions M&A – linear Pearson correlation coefficient. Between the amount of capital raised in the IPO, and the amount of venture capital transactions revealed a strong positive correlation (Spearman's rank correlation coefficient close to 1. This indicates positive trends in the development of the global market of venture IPO, because by investing venture capital in innovation is a
Christopher Colecchi, BA, MPH
Full Text Available Translational investigators and companies face a challenging economic environment when seeking funds to move pre-clinical stage research into human testing and beyond. Specifically, funding for cardiovascular research and product development is difficult to secure, whether from the NIH, venture capitalists, or industry. But new funding models for advancing patient-oriented science to the commercial sector are emerging. Boston-based Broadview Ventures, created by the Leducq Family Trust, promotes the development of technology for the diagnosis and treatment of cardiovascular disease and stroke through direct equity-based investments. It targets early stage companies seeking to fund proof-of-concept for technologies that hold promise as future breakthroughs for patient care. With 27 such investments over the last seven years, Broadview has considerable experience in the seed/early-stage space, and its investment model is demonstrating early signs of success. Broadview actively seeks collaborations with world-class translational investigators, inventors, and their companies, and welcomes scientific inquiries, discussion and proposals for funding.
More real estate investors are offering hospitals cash for real estate as providers tap into their assets for capital. But if REITs are banking on providers cashing in their real estate chips, that's not happening yet, says Mike O'Keefe, left, of Navigant Consulting. The capital flooding into healthcare real estate has met with a limited supply of sellers. "That's what's driving some of this consolidation," O'Keefe said.
Full Text Available This paper considers the peculiarities of the application of the real options method for assessing the economic efficiency of venture investments in innovative projects from the venture fund’s position. The results of the practical use of the author’s approach for the evaluation of venture investments with real options are analyzed. The paper shows the applicability of the real options concept to the valuation of the effectiveness of venture capital investments. The use of the real options method raises the accuracy of the estimation and enhances the instruments of the venture fund in evaluating the economic efficiency of innovative projects.
Full Text Available This article examines the financial planning of working capital organizations, in particular presented a software implementation of the algorithm analyzes the budget forecast working capital, identify and take advantage of temporarily free money using a model of a decision on the choice of the optimal bond portfolio, consistent with the free flow of liquidity of the enterprise.
Cláudio Gustavo Daudt
Full Text Available The association of companies in cooperation networks arises as an alternative strategy to cope with the increase of competition brought by globalization. Several authors (Casarotto & Pires, 1999; Fayard, 2000; Jarillo, 1988; Marcon & Moinet, 2001 point out the advantages Small and Medium-sized Enterprises [SME] obtain from networking. The venture capital investment model [VC] appears as a networking alternative. In Brazil, VC began in the 80’s. Therefore, this article aims to identify the motivations and advantages that SMEs obtain when they join a network. In this context, networking would be aiming at attaining strategic advantages. Structured interviews with VC and appointed companies’ managers were conducted. The results have shown that companies’ acceptance of this type of networking usually takes place due to capital costs. Later, the advantages are recognized, such as the exchange of information, improved processes, expertise in obtaining financing and the governance process. We conclude that literature on networking advantages applies to VC, although there are only a few studies in Brazil concerning this relationship. Thus, we propose the development of a better understanding of the concepts and advantages of this kind of networking so that this theme can be further studied academically.
... proprietary hospitals and SNFs. (b) General rule. A reasonable return on equity capital invested and used in..., property, and equipment related to patient care (net of depreciation) and funds deposited by a provider who leases plant, property, or equipment related to patient care and is required by the terms of the lease to...
Full Text Available The questions concerning the definition of current trends and prospects of venture financing new innovative enterprises as one of the most effective and alternative, but with a high degree of risk financing sources of the entity. The features of venture financing that is different from other sources of business financing, as well as income from investments of venture capital can greatly exceed the volume of investments, but at the same time such financing risks are significant, so it all makes it necessary to build an effective system of venture capital investments in the workplace. In the course of the study also revealed problems of analysis and minimization of risks in the performance of venture financing of innovative enterprises. Defining characteristics analysis and risk assessment of venture financing helps to find ways to minimize and systematization, avoidance and prevention of risks in the performance of venture capital. The study also identified the major areas of improvement analysis of venture capital for management decisions.
Full Text Available Venture capital has become one of the main sources of innovation in the modern, global economy. It is not just a substitute for bank loans: it has proven to be a more efficient way of financing projects at different stages. On one hand, venture financing allows for projects with higher risk, which leads to the possibility of higher returns on investment. On the other hand, venture investors who usually have managerial experience often participate in governing the business, which certainly adds value to the enterprise. In this paper we establish the model of contract between the venture capital fund and the entrepreneur, focusing on probably the most important issue of this contract: the shares of the parties in the business. The shares in the company determine the distribution of the joint surplus. The expected joint profits are not just exogenously specified in the contract but are dependent on the behavioral variables of both parties at the stage of fulfilling the contract. We call the behavioral variable of the entrepreneur ‘effort’ and the one of the venture fund ‘advice’. The probability of the project’s success, and hence the expected joint revenues, are increased by these two. However, both kinds of effort are costly to the respective parties that have made them. Based on this fact we can elaborate the profit functions of both sides of the contract. Our model can be considered as a basis for specifying contracts concerning venture financing. It can provide the logic for how the equilibrium shares of entrepreneur and venture fund are obtained.
Törmälä, Minna; Gyrd-Jones, Richard I.
capital of the organisation or the founder. We challenge this view in this paper from a conceptual and empirical perspective. Combining narrative theory and performativity theory this article suggests brand identity develops as a narrative performance. The study employs a narrative case analysis...... of interviews and archival data generated during a three-year period to examine the development of corporate brand over time. This study shows that the development of corporate brand identity and the context of the development of new B2B venture are closely intertwined processes and provides a framework......The development and role of brand identity in new B2B ventures is not well explored despite the challenge for such organisations in establishing reputational legitimacy. Previous research defines corporate brand identity as stable and endogenous to the organisation based either on the reputational...
Sørensen, Karsten Engsig
The article analysis problems connected with corporate joint ventures. Among others the possible conflicts between the joint venture agreement and the statutes of the companies is examined, as well as certain problems connected to the fact that the joint venture partners have created commen contr...
This working paper examines the governance of corporate ventures based upon a qualitative interview based case study of a European industrial conglomerate. The purpose is to explore the value adding mechanisms of governance, that are considered more critical to the success of corporate ventures...... than the control mechanisms widely explored in connection with the governance of large public corporations. The paper provides examples of how value can be added as well as perspectives on the challenges and effectivenes here-off as evaluated by venture CEO's and venture board members...
Meijerink, Jeroen Gerard; Bondarouk, Tatiana
Although traditionally applied independently, this study combines two theoretical perspectives – the intellectual capital theory and the consumer perspective – to uncover value-creating configurations of human resource management (HRM) service providers' and workers' knowledge resources. We examined
-up entrepreneur. Using some interviews and secondary data from three Indian VC firms, this chapter explores the VC and investee enterprise mentoring within the Indian start-up ecosystem, The data analysis suggests that factors for the best outcomes include VCs that are highly networked‚ intensively sector focused......, have entrepreneurs as investors, and that engage frequently with investees over managerial and market issues. Using these cases, this study proposes an antecedent‚ action and outcome model of venture capital enabled entrepreneurial mentoring in India. This model can be expanded in the global context....
Robert H. Keeley; Sanjeev Punjabi; Lassaad Turki
This paper presents a new method for valuing early stage ventures, a method which views new ventures as multi-stage call options. It examines the traditional methods for valuing such ventures--the ubiquitous Discounted Cash Flow (DCF) Method using a risk adjusted discount rate, and the Venture Capital method which uses high discount rates to offset optimistic forecasts--and describes their conceptual disadvantages visa vis the Option Method. In order to make the Option Method a practical alte...
Full Text Available This article deals with findings of a survey in the Central and Eastern European (CEE and Russian venture capital markets. The main aim of this study is to explore the following issues: Which criteria play an essential role in the selection of business proposals by firms investing venture capital in the CEE and Russian markets? What are the key characteristics of an investment selection process? And, in addition: Who are the investors in these markets? The nature of this study is explorative. It relies on primary data that were collected using a semi-structured questionnaire. The data were processed by statistical methods reflecting their nature and quantity. Descriptive methods served as basic statistical analyses. The survey results, which provide a number of unique insights into the field, are subsequently compared with findings which were published in similar studies undertaken in well-developed capital markets. This study supports the thesis that, when considering business proposals, above-average attention has been paid to criteria concerning the competitive advantage of the product and its potential to generate high returns. Our survey also confirms conclusions drawn from other studies which identify the size of the market and its growth rate as the most significant criteria characterizing the market. The crucial criterion in the category dedicated to management’s experience in the initial stage of the business life cycle is the management’s familiarity with the target market although investors emphasize its lower significance compared to the product and market characteristics. By publishing empirical data, an important signal regarding up-to-date evaluative criteria and their weight is sent both to prospective venture capitalists and investee companies operating under specific conditions of the CEE countries and Russia.
Joint ventures with Chinese companies provide one of the most effective ways for international companies to establish a foothold in the booming Chinese economy. The benefits, opportunities and challenges of establishing a joint venture are explored here. Current partnering trends and successful Sino-foreign joint ventures in the fast-growing medical device industry in China are also highlighted.
Nielsen, Bo Bernhard
Joint venture (JV) research continues to flourish as researchers seek to advance our understanding of why so many JVs fail. Cui and Kumar (this issue) take a contingency approach to explain how and why business relatedness may provide new insights as to what determines JV termination...
Full Text Available For venture capitals, it is a long process from an entry to its exit. In this paper, the activity of venture investment will be divided into multistages. And, according to the effort level entrepreneurs will choose, the venture capitalists will provide an equity structure at the very beginning. As a benchmark for comparison, we will establish two game models on multistage investment under perfect rationality: a cooperative game model and a noncooperative one. Further, as a cause of pervasive psychological preference behavior, reciprocity motivation will influence the behavior of the decision-makers. Given this situation, Rabin’s reciprocity motivation theory will be applied to the multistage game model of the venture investment, and multistage behavior game model will be established as well, based on the reciprocity motivation. By looking into the theoretical derivations and simulation studies, we find that if venture capitalists and entrepreneurs both have reciprocity preferences, their utility would have been Pareto improvement compared with those under perfect rationality.
Enders, R J
However, while a joint venture may be "safe" from antitrust challenge, it is not without some practical difficulties, especially with respect to consolidating services at one location or jointly offering services provided at multiple facilities. These practical concerns include: 1. Who will exercise operational management of the joint venture? 2. How will the joint venture deal with different pricing for services that will be provided at multiple locations? 3. What criteria will be used to decide the location at which consolidated tertiary services will be offered? 4. In what circumstances can the joint venture be unwound, either in its entirety or as to discrete functions? When clinical services have been consolidated at one location, there is an appropriate concern by the other hospital that it will be unable to provide or re-enter the market for those services if the joint venture dissolves. These operational concerns, of course, are not addressed in the Consent Decree. Thus, even if a joint venture relationship survives antitrust scrutiny, the parties must still negotiate and resolve these operational issues in order for the joint venture to be viable.
This paper provides insights into the human capital development of a group of young entrepreneurs, all of whom have built growth businesses with turnovers of between 1M British Pounds and 90M British Pounds. Their development of knowledge and skills was investigated before and during the creation of their first main ventures. This is significant…
Robert H. Keeley; Lassaad A. Turki
This study examines how risk evolves in private, venture capital backed companies. It finds that the stochastic Ito processes assumed for public companies probably apply to young, private companies as well. However, the parameters, drift rate and standard deviation, are generally higher. Venture capitalists have viewed companies as evolving through stages, and this study assesses the probabilities of success and failure at each stage. The underlying process of price evolution appears much smo...
Chang, Jamie; Dubbin, Leslie; Shim, Janet
Diverse aspects of life and lifestyles, including stigmatised attributes and behaviors are revealed as providers and patients discuss health. In this article, we examine how the stigma associated with substance use issues shapes clinical interactions. We use the theoretical framework of cultural health capital (CHC) to explain how substance use stigma is created, reinforced and sometimes negotiated as providers and patients engage in health interactions. We present two main findings using examples. First, two theoretical concepts--habitus and field--set the social position and expectations of providers and patients in ways that facilitate the stigmatisation of substance use. Second, we found both providers and patients actively exchanged CHC as a key strategy to reduce the negative effects of stigma. In some clinical encounters, patients possessed and activated CHC, providers acknowledged patient's CHC and CHC was successfully exchanged. These interactions were productive and mutually satisfying, even when patients were actively using substances. However, when CHC was not activated, acknowledged and exchanged, stigma was unchallenged and dominated the interaction. The CHC theoretical framework allows us to examine how the stigma process is operationalized and potentially even counteracted in clinical interactions. © 2015 Foundation for the Sociology of Health & Illness.
Washington, DC:.author. Retrieved March 23, 2007, from JSTOR database . Gatignon, H., Tushman, M. L., Smith, W., & Anderson, P. (2002). A...and still images. www.pixim.com • Infobionics: The Cellular Database Management System™ that delivers an unprecedented combination of flexibility
Ghizlane Kettani; Alain Villemeur
Venture capital is a long run investment that aims at fostering radical innovations and at increasing the innovative capacity of firms. The United States are by far the country that is the most innovative and the one that invests the greatest amount in venture capital whereas Europe and France stay behind. The explanations to the underinvestment in venture capital in France rely on the mismatch between demand and supply, the low expertise of venture capitalists and on the weak development of ...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Private Capital for NMVC Companies... VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.230 Private Capital for NMVC Companies. (a) General. Private Capital means the contributed capital of a NMVC...
Norbäck, Pehr-Johan; Persson, Lars
Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects. This will increase the price for basic innovations, thereby triggering more such innovations by entrepreneurs. Consequently, a venture capital market implies that more innovations are created, and that ...
Ron Berger; Moti Zviling
Uncertainty and complexity are fundamental to innovation and decision making, especially in global high technology industries. Entrepreneurs interact with venture capitalists through the entrepreneurs’ communication and learning about the potential of new business venture. We believe that uncertainty and complexity are fundamental to the process of innovation through the synergy between entrepreneurs and venture capitalists. The purpose of this conceptual paper is to provide a conceptual synt...
McDonald, Eugene J.
Opportunities for joint economic ventures of colleges and industry are discussed, and a variety of ventures undertaken by Duke University are outlined, including a health club, hotel, and office building. Tax and financing considerations are noted. (MSE)
An in depth case study of how the danish NKT group used corporate venturing over a 25 year period to build new businesses. The study provides insights on purposes, drivers and results of corporate venturing and examines factors contributing to venture success and failure.......An in depth case study of how the danish NKT group used corporate venturing over a 25 year period to build new businesses. The study provides insights on purposes, drivers and results of corporate venturing and examines factors contributing to venture success and failure....
Hamilton, R. H.
Explores the three primary methods of funding for e-commerce startups and the impact that funding criteria have had on the resulting organizational cultures. Highlights include self-funded firms; venture capital funding; corporate funding; and a table that compares the three types, including examples. (LRW)
Daar Abdallah S
Full Text Available Abstract Background While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital’s potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds. Discussion The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested. Summary Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social
Francisco, Grace; Hannah, Kathryn Covier; Keller, Shelly G.; Waters, Joan; Wong, Patricia M. Y.
This document provides case studies that represent a sampling of successful public library joint ventures in California and other U.S. cities and counties. Chapter 1 defines what a partnership is and how a joint venture differs from a partnership. It also describes the benefits of partnering, the knowledge, attitude, and skills required, and how…
Madsen, Henning; Neergaard, Helle; Ulhøi, John Parm
The purpose of this paper is to address selected aspects of human capital in association with the entrepreneurial process in technology-based new ventures. Until recently, research investigating the founding of new businesses has mainly focused on the personal characteristics of entrepreneurs...... of a newly founded venture. Furthermore, the dimensions of human capital, experience and previous employment, seem to be essential in building the networks that help secure both the early as well as a continuous pool of finance for the ventures....
Full Text Available The article examines the specific features and tendencies of development of venture financing in Ukraine. It shows the role of venture capital in the further development of Ukraine economy, this role is in financing and development of innovation, distribution of new technologies and increase of employment of highly professional staff in the territory of Ukraine. The authors determine the influence of characteristics of such financing on the formation of organization and methods of accounting and economic analysis of operations with venture capital investments. The paper grounds the necessity of accounting development and analytical support of innovative enterprises’ venture financing management; the state is caused by the need to attract additional funding from venture investors to finance the production and release of innovative products and businesses. The authors determine the directions of solving problems in accounting organization and methods and economic analysis of innovative enterprises’ venture financing, respectively, for the needs of all entities doing business venture and taking into account the peculiarities of this type of investment capital.
Page, Sue L; Birden, Hudson H; Hudson, J Nicky; Thistlethwaite, Jill E; Roberts, Chris; Wilson, Ian; Bushnell, John; Hogg, John; Freedman, S Ben; Yeomans, Neville
The medical schools at the University of Western Sydney, University of Wollongong and University of Sydney have developed a joint program for training medical students through placements of up to 40 weeks on the New South Wales North Coast. The new partnership agency - the North Coast Medical Education Collaboration - builds on the experience of regional doctors and their academic partners. A steering committee has identified the availability and support requirements of local practitioners to provide training, and has undertaken a comparative mapping of learning objectives and assessments from the courses of the three universities. The goals of the program include preparing doctors who can perform effectively in rural settings and multidisciplinary health care teams, and to advance research in medical education.
Soleimani, Farzad; Kharabi, Darius G
The funding landscape for medical devices is becoming increasingly difficult and complex. The purpose of this article is to provide the physician entrepreneur with a review of the main sources of capital available to fund the development and commercialization of biomedical innovations, and to highlight some of the important nuances of these funding sources that the physician entrepreneur should consider. The article examines the benefits and drawbacks of funding from venture capital firms, grants, friends and family, angel investors, incubators and industry partners from the perspective of the physician entrepreneur, and provides some key points to consider when selecting and working with an investor. The article's recommendations include: in selecting an investor, seek those whose investment thesis, areas of expertise and desired company stage (early vs. late) match the technology and the objectives of the company. In negotiating with an investor, an effective way to increase the company's valuation is to bring multiple bidders to the table. In working with an investor, respect junior staff members as much as senior partners and be wary of conflicts of interest with venture capital entrepreneurs-in-residence. There are both advantages and disadvantages to each of the funding sources examined here, and the choice of a funding partner depends significantly on the stage of development (in both corporate and technology) of the physician entrepreneur's venture and the role that the physician entrepreneur desires to play in it.
Madsen, Henning; Neergaard, Helle; Ulhøi, John Parm
-depth interview techniques, this research addresses the role and importance of financial capital, human capital and social capital in the organizational genesis and early growth of entrepreneurial activities. Findings: Financial capital remains the most critical asset in the entrepreneurial process. However...... Purpose: The importance of entrepreneurial activities and the establishment of new ventures for economic growth and employment have long been recognized. However, the interactions of underlying mechanisms that influence this process have not been understood all that well. In the light of this......, a deeper understanding of various mechanisms on which knowledge-intensive entrepreneurship hinges is needed. This paper investigates how the make-up of financial, human and social capital impacts on entrepreneurial action. Methodology: Based on a longitudinal study using both structured survey and in...
Gatti, Anna; Vendelø, Morten Thanning
differen-ces in local institutional settings affect learning and adaptation by European venture ca-pitalists and start-ups, and thus, affect the processes of field formation. For example, it has been observed that institutional settings can facilitate or discourage learning from direct experience (Herriot...... et al., 1985). Thus, depending on the institutional settings venture capitalists and start-ups may rely on diffusion of experience in various degrees. Experiences can diffuse from the US, where venture capitalism as an entrepreneurial form evolved in Silicon Valley in the 1970s. In the US venture...... capitalists represent an institutionalized type of organization with formalized rules and standards, codified be-havior and roles (Suchman, 1995; Suchman et al., 2001). European venture capitalists and start-ups may imitate behavior and rules developed in Silicon Valley, and thus, a second research objective...
Kelen Renata Knopp Barroca Souza
Full Text Available The joint venture talk about union of two or more business with common goals forming another independent business with a different team for take care about your own concern, that may partner member's capital or not. The present work had as goal: analyse the reasons that are influencing many business to choose joint venture, your importance for them, and the obtained results. the methodology used was the multicases study of business that adopt join ventures from analysis of documents, files, and administrative publications, and also having secondary sources as bibliographic researches consulting articles and books about the history of the subject, adopting the deductive method for the conclusion of joint venture project. We conclude that joint ventures can be advantageous for business, decreasing risks, increasing profits , making business involved in the alliance earn more space on market.
Full Text Available Several contemporary large multinational corporations (MNCs have developed interfirm ecosystems that are likely to attract a heterogeneous set of actors, including new ventures. New ventures are asymmetric vis-à-vis the focal MNC in terms of organisational size, structure and power which could be an impediment to the development of social capital between these sets of firms. And yet MNCs are potentially a source of novel information, opportunities and ideas. An interesting question to consider therefore is how new ventures overcome interfirm asymmetries to develop and leverage social capital with large MNCs. Our synthesis of the academic literature suggests that some new ventures are more adept than others at partnering with MNCs because they are more proactive in forming and leveraging interfirm ties with large MNCs. Insightful observations of four panellists shed light on how startups’ proactive behaviours can be vitally important in forming, consolidating and extending relationships with large MNCs.
Full Text Available This paper aims to investigate success factors of innovative start-up firms from the perspective of young start-up managers. Which key factors did they experience before and since the foundation of their company? The experience from the quite young Swiss start-up scene pro-vides important insights to entrepreneurs and policy-makers in emerging countries that cur-rently face the necessity of building up a start-up environment. One part of the data has been collected by the author, the other part originates from the Swiss Venture Capital Database (total sample size: 306. The results show a significant role of venture capital financing for the success of innovative start-ups. Interestingly, this is to some extent because the start-ups see various additional benefits from venture capitalists involved in their firm. Thus, the findings shed new light on a proper definition of venture capital that should not solely focus on the flow of funds.
... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Joint ventures. 347.107 Section 347.107 Banks... INTERNATIONAL BANKING § 347.107 Joint ventures. (a) Joint ventures. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization that is a joint venture, and the bank or its...
US Fish and Wildlife Service, Department of the Interior — A joint venture is a self-directed partnership of agencies, organizations, corporations, tribes, or individuals that has formally accepted the responsibility of...
"A new process for polishing titanium and its alloys has been announced following an agreement between Bripol (an Anopol/Delmet joint venture) of Birmingham and the European Organisation for Nuclear Reseach (CERN) in Geneva" (1 paragraph).
Lee, Joo Ahn; Trinh, Lu X.
As the Earth's space station is in its final stages of design, the dream of a permanent manned space facility is now a reality. Despite this monumental achievement, however, man's quest to extend human habitation further out into space is far from being realized. The next logical step in space exploration must be the construction of a permanent lunar base. This lunar infrastucture can, in turn, be used as a staging ground for further exploration of the remote regions of the solar system. As outlined by the National Aeronautics and Space Administration, the lunar base program consists of three exploratory and implementation phases. In response to the technological and facility requirements of Phase 1 and 2 of this program, the Aerospace Vehicle Design Program of the University of Virgina (UVA) is proud to present a preliminary design for such a lunar infrastructure. This study is a comprehensive evaluation of the mission requirements as well as the design criteria for space vehicles and facilities. The UVA Lunar Venture is a dual system that consists of a lunar space station and a fleet of lunar landers/transporters. With such a design, it is demonstrated that all initial exploratory and construction requirements for the lunar base can be efficiently satisfied. Additionally, the need for such a dual system is justified both from a logistic and economic standpoint.
Roy Chowdhury, Prabal; Roy Chowdhury, Indrani
Joint ventures represent one of the most fascinating developments in international business. In the last few decades, the rate of joint venture formation has accelerated dramatically. Nowadays joint ventures are much more widespread and occur in industries like telecommunications, biotechnology etc. At the same time, however, it must be noted that joint ventures are very unstable. In this paper we survey the phenomenon of joint venture instability. We draw on the relative recent theoretical l...
John Amolo; Stephen O. Migiro
Does small business add the same value as entrepreneurial venture to an economy? Entrepreneurial ventures are resilient to economic duress, while providing higher quality and quantity of jobs, products and services. A needed entrepreneurial economic omnipresence pervasively stimulates socio-economic mindset in opportunity, rather than resource pursuit. A managed economy is under challenge by a knowledge economy and the policies of the former have become irrelevant for the latter. The unpredic...
Herschman, Gary W
In St. David's vs. IRS, a not-for-profit health system effectively challenged the IRS's determination that the system should be disqualified from tax exemption because it had entered a 50/50 joint venture with a for-profit system. The court decisions in St. David's, coupled with a recent IRS ruling, Revenue Ruling 2004-51, provide insight into how a not-for-profit hospital can structure such a joint venture to avoid jeopardizing its tax-exempt status.
Moore, N.L.; Chidester, R.J.; Hughes, K.R.; Fowler, R.A.
Because the Mexican government has encouraged investment in Mexico by increasing the percentage of ownership of a Mexican business that a US company can hold, joint ventures are more attractive now than they had been in the past. This study provides preliminary information for US renewable energy companies who are interested in forming a joint venture with a Mexican company. This report is not intended to be a complete reference but does identifies a number of important factors that should be observed when forming a Mexican joint venture: (1)Successful joint ventures achieve the goals of each partner. (2)It is essential that all parties agree to the allocation of responsibilities. (3)Put everything in writing. (4)Research in depth the country or countries in which you are considering doing business.
... Commission. Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150... COMMISSION American Capital, Ltd., et al.; Notice of Application March 1, 2012. AGENCY: Securities and.... Applicants: American Capital, Ltd. (the ``Company''), American Capital, LLC (``AC LLC''), American Capital...
Johnson, Kevin W
The case of Brase v Rees was presented before the US Supreme Court to consider the constitutionality of death by lethal injection as practiced in the state of Kentucky. The 3-drug combination of sodium thiopental, pancuronium bromide, and potassium chloride is a key aspect in question. Capital punishment conflicts with medical and nursing code of ethics preventing providers who are skilled at difficult intravenous (IV) access, assessment of appropriate sedation, and involvement without fear of disciplinary action. Therefore, untrained or undertrained personnel from the prison have been delegated these duties. Cases in which failure to establish or maintain IV access has led to executions lasting up to 90 minutes before the execution was complete. Participation by skilled medical personnel has been a debate between the medical and legal communities since the inception of lethal injection. Healthcare should reevaluate the ethical and moral principle of beneficence as the legal system attempts to evaluate the constitutionality of lethal injection. Can a nurse or doctor step out of the role of medical professional, use knowledge and skill to make death by lethal injection more humane, and not violate the ethical principle of "do no harm"?
... Companies. 108.200 Section 108.200 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.200 Adequate capital for NMVC Companies. You must meet the requirements of §§ 108.200-108.230 in order to...
Musinguzi, Laban Kashaija; Turinawe, Emmanueil Benon; Rwemisisi, Jude T; de Vries, Daniel H; Mafigiri, David K; Muhangi, Denis; de Groot, Marije; Katamba, Achilles; Pool, Robert
Community-based programmes, particularly community health workers (CHWs), have been portrayed as a cost-effective alternative to the shortage of health workers in low-income countries. Usually, literature emphasises how easily CHWs link and connect communities to formal health care services. There is little evidence in Uganda to support or dispute such claims. Drawing from linking social capital framework, this paper examines the claim that village health teams (VHTs), as an example of CHWs, link and connect communities with formal health care services. Data were collected through ethnographic fieldwork undertaken as part of a larger research program in Luwero District, Uganda, between 2012 and 2014. The main methods of data collection were participant observation in events organised by VHTs. In addition, a total of 91 in-depth interviews and 42 focus group discussions (FGD) were conducted with adult community members as part of the larger project. After preliminary analysis of the data, we conducted an additional six in-depth interviews and three FGD with VHTs and four FGD with community members on the role of VHTs. Key informant interviews were conducted with local government staff, health workers, local leaders, and NGO staff with health programs in Luwero. Thematic analysis was used during data analysis. The ability of VHTs to link communities with formal health care was affected by the stakeholders' perception of their roles. Community members perceive VHTs as working for and under instructions of "others", which makes them powerless in the formal health care system. One of the challenges associated with VHTs' linking roles is support from the government and formal health care providers. Formal health care providers perceived VHTs as interested in special recognition for their services yet they are not "experts". For some health workers, the introduction of VHTs is seen as a ploy by the government to control people and hide its inability to provide health
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Joint ventures. 228.34 Section 228.34 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT RULES ON SOURCE, ORIGIN AND NATIONALITY FOR COMMODITIES AND... Financing § 228.34 Joint ventures. A joint venture or unincorporated association is eligible only if each of...
Key Words: Social Venture Entrepreneurs, Exit, Ownership Social Venture Entrepreneurs invest in local and mostly bottom of pyramid (BoPs), and more so in developing economies. Different understanding and meanings given to the term exit and ownership, by social venture entrepreneurs
Full Text Available It is fitting that Canada, as one of the world's leading federations, should play host to important ventures in the study of federal capitals, and in the analysis of how these capitals are governed and financed. A generation ago it was Canadian professor of political science Donald Rowat who produced the first anthology of these capitals. His edited book, with 17 case studies contributed by leading scholars of the time, provided excellent coverage of its subject and has remained the major text in the field for over 30 years. But there have been important developments in the field since Rowat's book was published by University of Toronto Press (Rowat 1973, and we can be thankful that another Canada-based team has produced a sequel volume that brings the story up-to-date and extends it in significant ways (Slack & Chattopadhyay 2009.
Van Nice, C. S.; Gardner, P. J.
Chart Venture Partners' (CVP) approach to investing in Chemical, Biological, Radiological, Nuclear, and Explosives (CBRNE) detection technologies can be best understood in the context of the unique partnership between the firm's two founding institutions. CVP was founded as a partnership between the Chart Group, a New York-based merchant banking and venture capital boutique, and InSitech Incorporated, a 501(c)(3) non-profit commercial partnership intermediary for the U.S. Army's Armament Research Development and Engineering Center (ARDEC) at Picatinny Arsenal in New Jersey. The partnership between Chart Group and Insitech has yielded a new investment model. Unlike most venture funds, CVP operates with a singular focus on early-stage defense and security technologies, with the important caveat that everything we invest in must also have dual-use application in large-scale commercial markets. CVP believes that early-stage CBRNE companies require five qualities to be viable investment candidates and successful start-up companies: Great Science, Strong IP Positions, Recognized Scientific Champions, Identified Dual-Use Market Pull, and "Real World" Technical Performance Data. When earlystage CBRNE companies decide to seek venture capital and pursue higher growth dual-use business models, we often find that certain issues arise that are not always fully contemplated at the outset, and that can create gaps between what the start-up companies are offering to investors and what those investors are seeking from their potential portfolio companies. These same issues can have significant positive or negative impact on shareholder value over time, depending on how they are managed. Specifically, startups should consider carefully their strategies related to business development, market positioning, government funding, and investment syndicate formation.
Heuven, J.M.J.; Groen, Arend J.
The focus of this study is on the role of networks in both identifying and accessing financial resource providers by technology-based ventures. We explore the role of networks by taking into account several specifications. We (1) acknowledge that new ventures can access financial resource providers
Giones, Ferran; Gurses, Kerem
for these different markets. We test our hypotheses on longitudinal dataset of 453 new firms started in 2004 in different high-tech industries in the US. We find that that technology and human capital resources favor the adoption of alternative commercialization strategies; nevertheless, we do not observe significant...... differences in the venture emergence or survival likelihood. Our findings offer a closer view of the venture emergence process of new firms, clarifying the causes and consequences of the technology commercialization choices....
...'s Regulatory Capital. 108.585 Section 108.585 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Managing the Operations of a NMVC Company Voluntary Decrease in Regulatory Capital § 108.585 Voluntary decrease in NMVC Company's Regulatory Capital. You must...
... Capital Impairment Percentage. 108.1840 Section 108.1840 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM NMVC Company's Noncompliance With Terms of Leverage Computation of Nmvc Company's Capital Impairment § 108.1840 Computation of NMVC Company's Capital Impairment...
Azadegan, Arash; Patel, Pankaj; Parida, Vinit
Slack can act as a double-edged sword. While it can buffer against environmental threats to help ensure business continuity, slack canalso be costly and reduce profitability. In this study, we focus on operational slack, the form related to the firm’s production processes. We investigate the role of operational slack on firm survival during its venture stage, when its survival is significantly challenged by environmental threats. Specifically, we explore how change in three types of environme...
Kamminga, Pieter E.; Van der Meer-Kooistra, Jeltje
Joint ventures provide advantages to parent companies, for instance by gaining quick access to new resources. However, their shared ownership gives rise to complexities involving control issues. We propose an integrated model of joint venture control, which adds relational issues to the TCE
This book, published in 1987, provides open-ended activities to extend the imagination and creativity of students and encourage them to examine their feelings and values. Williams' model of cognitive-intellective and affective-feeling domains are addressed. Nearly 60 pages of exercises focus on the future, asking students to predict future…
van Oorschot, Robin; Gottlieb, Frederik
What is ‘it’ which actually takes place in the process of the creation of a new venture? Traditional research would focus on the creation of ‘the product’ or the venture. In this paper, we focus on the creation of ‘new meaning’ and emerging interdependencies between people in the process of new...... venture creation. Taking on an auto- ethnographic approach we co-construct, describe and analyse two narratives which on different levels, explore the notion of interdependency emerging in the process of creating a new venture. In our narrative approach we channel our new venture creation research...... into an evocative and analytical direction which is rarely touched upon in the dominant literature on entrepreneurship. We illustrate the value of narrative research in enabling us to investigate what new venture creation is, from an involved participant perspective. We find interdependencies as enabling...
HANNES OTTÓSSON; KIM KLYVER
Using data collected from 714 entrepreneurs in a random sample of 10,000 Danes, this study provides an investigation of the effect of human capital on social capital among entrepreneurs. Previous entrepreneurship research has extensively investigated the separated effect of human capital and social capital on different entrepreneurial outputs. The study takes a step back and investigates how these two capital concepts are related — specifically how human capital influences social capital. In ...
Sørensen, Karsten Engsig
Artiklen behandler en række problemstillinger som er særlige for joint ventures stiftet i selskaber af aktie-, anpartsselskabstypen. Bl.a. behandles en række problemer omkring joint venture aftalens forhold til selskabets vedtægter samt en række problemstillinger knyttet til det forhold at der er...... etableret fælles kontrol over joint venture selskabet....
Christoffersen, Jeppe; Globerman, Steven; Nielsen, Bo Bernhard
This study provides a critical summary and assessment of the empirical literature on the relationship between cultural distance and the performance of international joint ventures (IJVs) based on studies published over the period 1993-2008. The existing literature reports inconsistent and largely...
Zuckerman, A M; Coile, R C
In the next five years, Catholic providers must select strategies that will involve affiliations, acquisitions, and consolidations with Catholic and non-Catholic partners. At least 10 options are available to meet the long-term trends of managed care, competition, and capitation. Vertical integration allows comprehensive patient care. Multisponsor management can help religious institutes expand their market share. Systems and one-hospital sponsors can affiliate their facilities to form Catholic networks. Community-based not-for-profit networks can include both Catholic and non-Catholic organizations bound by contracts and joint ventures. Joint ventures provide the benefits of integration to Catholic providers, who must be willing to commit substantial capital to create HMOs and other networks with non-Catholic partners. Acquisition of facilities and regional and statewide expansion can strengthen a Catholic system's market position in the face of declining acute care hospital services. Catholic/non-Catholic mergers risk consolidating and closing facilities but need not erase Catholic identity. Cooperation between affiliation and merger, or "co-opetition," involves creating new legal territory for Catholic/non-Catholic consolidation. Divestiture may be an ultimate strategy, but Catholic sponsors must proceed with caution in their dealings with plentiful buyers. Catholic facilities and systems are joining with Catholic Charities, other providers, and local agencies to create networks.
regional and global influence, ―American officers in control of Havana , Manila, and other cities occupied by the Army engaged in efforts to promote public...River of Gold ‖ was a convincing argument; the Coalition‘s plan was subsequently approved in 2006. Figure 4. Iraq‘s River of Gold 24 Phase III
The high cost of suppressing wildfires is taking a toll on federal and state agencies alike. Large wildland fires are complex, costly events influenced by a vast array of physical, climatic, and social factors. During five of the last eight years, the Forest Services' wildfire suppression expenditures have topped $1 billion, and total federal wildland suppression...
Blaszyk, Michael D; Hill-Mischel, Jody
Hospitals should carefully select joint venture partners. The joint venture evaluation process should involve a high-level screen of strategic opportunities. Hospitals should develop a full business plan for the joint venture.
Alla V. Dmitrenko
Full Text Available The article describes the basic techniques for the analysis of businesses financial state and methods that were adapted for the joint ventures activities, analyses joint venture financial state, makes conclusions and submits reasonable proposals for improvement of its future activities
The author states that vocational education can join in partnerships with industry, labor, and government to contribute to economic development. Examples of current programs are included. The "joint venture" concept is explained and ideas for forming joint ventures are shared. (CH)
Gamblers known as venture capitalists, who once piled their chips on electronics and computer software, are now turning to fast-growing medical companies for a return. And they're not just playing hunches with biotechnology or other glitzy start-ups. Recent investments include rehabilitation, hospital management and emergency department ventures in addition to medical device development.
Turcan, Romeo V.
This paper explores within the framework of new venture legitimation how and why international new ventures acquire external legitimacy and strive for survival in the face of critical events. Following a longitudinal multiple-case study methodology that was adopted for the purpose of theory...
... Office of Thrift Supervision Capital Distribution AGENCY: Office of Thrift Supervision (OTS), Treasury... concerning the following information collection. Title of Proposal: Capital Distribution. OMB Number: 1550..., the information provides the OTS with a mechanism for monitoring capital distributions since these...
Robinson, J C
Medical groups need financial resources yet most retain no earnings and have no reserves. Physician practice management (PPM) companies have recognized the need for investment and the scarcity of indigenous capital in the physician sector and are rushing to fill the void. Resources are being contributed by venture capitalists, bond underwriters, private investors, pharmaceutical manufacturers, health plans, hospital systems, and public equity markets. The potential contribution of PPM firms is to nurture the intellectual capital of leading physician organizations and diffuse it throughout the health care system. The risk is that short-term financial imperatives will impede necessary long-term investments.
Jean Rédis; Jean - Michel Sahut
This article is about the existence of potential differences in access to venture capital between serial entrepreneurs (who have founded several businesses, either one after the other or simultaneously) and new entrepreneurs (who create a
Sun, Jing; Zhang, Xiaotian; Zhang, Zou; Wagner, Anita K; Ross-Degnan, Dennis; Hogerzeil, Hans V
To assess a new Chinese insurance benefit with capitated provider payment for common diseases in outpatients. Longitudinal health insurance claims data, health administrative data and primary care facility data were used to assess trajectories in outpatient visits, inpatient admissions, expenditure per common disease outpatient (CD/OP) visit and prescribing indicators over time. We conducted segmented regression analyses of interrupted time series data to measure changes in level and trend overtime, and cross-sectional comparisons against external standards. The number of total outpatient visits at 46 primary care facilities (on the CD/OP benefit as of July 2012) increased by 46 895 visits/month (P = 0.004, 95% CI: 15 795-77 994); the average number of CD/OP visits reached 1.84/year/enrollee in 2012; monthly inpatient admissions dropped from 6.4 (2009) to 4.3 (2012) per 1000 enrollees; the median total expenditure per CD/OP visit dropped by CNY 15.40 (P = 0.16, 95% CI: -36.95~6.15); injectable use dropped by 7.38% (P = 0.03, 95% CI: -14.08%~-0.68%); antibiotic use was not improved. Zhuhai's new CD/OP benefit with capitated provider payment has expanded access to primary care, which may have led to a reduction in expensive specialist inpatient services for CD/OP benefit enrollees. Cost awareness was likely raised, and rapidly growing expenditures were contained. Although having been partially improved, inappropriate prescribing of antibiotics and injectables was still prevalent. More explicit incentives and specific quality of care targets must be incorporated into the capitated provider payment to promote scientifically sound and cost-effective care and treatment. © 2015 John Wiley & Sons Ltd.
The Statements of Antitrust Enforcement Policy in Health Care, issued by the FTC and the DOJ, dramatically change how the agencies evaluate physician joint venture networks. This article analyzes the Statements, providing useful guidance to the health lawyer.
Wijbenga, F.H.; Postma, T.J.B.M.; Strating, R.
Venture capitalists (VCs) contribute to entrepreneurial firms by engaging in governance activities, such as providing services and monitoring the entrepreneurial firm's operations and performance. This study examines the role and influence of the VC's governance activities on 93 Dutch
Ruslan, Siti Zaharah Mohd; Jaffar, Maheran Mohd
Islamic banking in Malaysia offers variety of products based on Islamic principles. One of the concepts is a diminishing musyarakah. The concept of diminishing musyarakah helps Muslims to avoid transaction which are based on riba. The diminishing musyarakah can be defined as an agreement between capital provider and entrepreneurs that enable entrepreneurs to buy equity in instalments where profits and losses are shared based on agreed ratio. The objective of this paper is to determine the internal rate of return (IRR) for a diminishing musyarakah model by applying a numerical method. There are several numerical methods in calculating the IRR such as by using an interpolation method and a trial and error method by using Microsoft Office Excel. In this paper we use a bisection method and secant method as an alternative way in calculating the IRR. It was found that the diminishing musyarakah model can be adapted in managing the performance of joint venture investments. Therefore, this paper will encourage more companies to use the concept of joint venture in managing their investments performance.
Smith, Pamela C
The study examines whether the level of charity care and financial stability contribute to a nonprofit hospital's motivation for partnering with a for-profit hospital through a joint venture. The Internal Revenue Service (IRS) has heightened its scrutiny of joint ventures within the health care sector. Considering recent calls to investigate the merit of the tax-exempt status of hospitals engaged in joint ventures, this research will assist policy makers in the evaluation of nonprofit hospitals. Constituents will continue to question whether joint ventures contribute to a reduced focus on charitable activities. Results indicate that the propensity to engage in a joint venture significantly increases with increased levels of charity care. Furthermore, nonprofit hospitals with lower profitability are more likely to engage in joint ventures. These results are useful to policy makers when evaluating the level of charity care provided by hospitals seeking alternative strategic alliances. Considering many critics allege hospitals are reducing the provision of charity care to the community, it is imperative for management to be conscious of the impact of joint ventures on the provision of charity care.
... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Joint venture agreement. 296.8 Section... PROGRAM General § 296.8 Joint venture agreement. NIST shall not issue a TIP award to a joint venture and no costs shall be incurred under a TIP project by the joint venture members until such time as a...
Full Text Available For investment decision making to be rational, the existence of investment criteria is required. In the theory of financial management, the effectiveness of investment is traditionally judged by the degree to which an investment proposal contributes to achieving the main financial goal of business, i.e. market value maximization of the firm.So far, potential businesses for Private Equity and Venture Capital financing in the Czech Republic have not had information regarding investment criteria and their significance, when considered by investors, at their disposal, which is due to absence of relevant research results.This article presents results of the research project whose aim is to establish which criteria are considered to perform an essential role in the selection of business proposals by firms investing Private Equity and Venture Capital in the Czech Republic as well as the most common reasons for rejecting the proposals. Based on practical experience of financing by Private Equity and Venture Capital, the research made it possible to identify the most significant criteria, namely characterization of management, market, product and the rate of investment capital appreciation. The results of the research are consequently compared with findings which were published in similar studies undertaken in the past (e.g. Tyebjee, Bruno, 1984; Fried, Hisrich, 1994; MacMillan et al., 1985, 1987; Muzyka et al., 1996; Eisele, 2002.The research supports the thesis that, when considering business proposals, above-average weight is attached to criteria concerning the characterization of management, i.e. experience and competencies in all stages of business life cycle. Nevertheless, the fulfilment of the criteria is not sufficient for investors to evaluate a business proposal positively. They also place an emphasis on selected criteria related to market and product. By publishing empirical data, an important signal regarding up-to-date evaluative criteria
US Fish and Wildlife Service, Department of the Interior — A joint venture is a self-directed partnership of agencies, organizations, corporations, tribes, or individuals that has formally accepted the responsibility of...
Earth Data Analysis Center, University of New Mexico — A joint venture is a self-directed partnership of agencies, organizations, corporations, tribes, or individuals that has formally accepted the responsibility of...
Mareli Dippenaar; Danielle van Wyk
...) 27, Separate Financial Statements (IAS 27), in August 2014. The amendments give entities the option to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements...
L. S. Tchugayeva
Full Text Available Venture companies patronized by venture funds unavoidably face up with the problem of exit out of the fund in order to start independent development. The exit should be made with maximum benefit both for the company and the fund. One of this behavior strategic ways is initial public offering of the venture company (IPO market. An alternative of such exit is a transaction of merging and absorption (M&A market. Main tendencies of the venture IPO market in Russia are discussed along with comparison of this market with that in the USA.
Snyder, Herbert W.; Pierce, Jennifer Burek
This review focuses on intellectual capital and its relationship to information professionals. Discusses asset recognition; national practices and the acceptance of intellectual capital; definitions of intellectual capital; measuring intellectual capital, including multiple and single variable measures; managing intellectual capital; and knowledge…
Turcan, Romeo V.
Being positioned and the intersection of international entrepreneurship and institutional theory, this study explores the process of instant internationalization of new ventures from emerging economies. It adopts a single-case study methodology, purposefully selecting an information-rich case where...... context of an emerging industry. Yet another set of contributions concerns the legitimation process of internationalization of a new venture from an emerging economy. A number of propositions are put forward to guide future research....
Capital humano e sua relação com o desempenho organizacional em empresas prestadoras de serviços contábeis = Human capital and its relationship with the organizational performance in accounting services providers
Suzete Antonieta Lizote
Full Text Available Na atualidade o valor das empresas não pode ser estimado apenas pelos seus ativos tangíveis. A geração e aquisição de conhecimento são fundamentais para a obtenção de vantagens competitivas, pelo que cresce a importância do capital intelectual da organização. Nesse contexto a pesquisa objetiva analisar se o capital humano (CH que as empresas prestadoras de serviços contábeis dispõem se relaciona positivamente com seu desempenho organizacional (DO. Metodologicamente, a pesquisa se caracteriza como quantitativa e de natureza aplicada, com os dados empíricos obtidos com questionário numa amostra intencional. Levantaram-se dados de ambos os constructos e dos respondentes e suas empresas. Os métodos estatísticos foram o teste t e a análise de variância para as comparações de médias. Empregou-se também a análise fatorial exploratória e confirmatória e a modelagem em equações estruturais para avaliar a relação conjecturada. Os resultados obtidos mostraram que os respondentes têm percepções estatisticamente iguais para ambos os constructos ao considerar o gênero e o tipo de gestão que a firma possui, mas houve diferenças para a percepção do desempenho segundo seu tamanho. Empresas maiores declaram ter maior desempenho. A hipótese que o CH se relaciona positiva e significativamente com o DO foi confirmada. Currently the value of companies cannot only be estimated by their tangible assets. The generation and acquisition of knowledge are key for obtaining competitive advantages, reason for which the importance of the intellectual capital of the organization grows. In this context the research aims to analyze whether the human capital (CH held by companies providing accounting services are positively related to their organizational performance (DO. Methodologically, the research is characterized as quantitative and of an applied nature, with the empirical data obtained from a questionnaire in intentional sample. Data
Bongaerts, D.; Charlier, E.
Regulatory capital requirements for European banks have been put forward in the Basel II Capital Framework and subsequently in the capital requirements directive (CRD) of the EU. We provide a detailed discussion of the capital requirements for private equity investments under different approaches.
Bolívar Espinoza, Gardy Augusto; Elizalde, Antonio
La perspectiva teórica del Capital, del siglo XIX, aparece alejada del capital social del siglo XXI. Ambas, con la misma raíz, sin embargo, pareciera que no se tocan, ni teórica ni prácticamente. Quizás, sería pertinente escudriñar esta relación. Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia ...
This article aims at determining the optimal external financing for young innovative firms. In our model, the firm may use banking loan or venture capital’s investments. We assume that there is an adverse selection problem between the firm and the bank whereas the venture capitalist has an expertise which allows to identify the risk of the innovative project. Depending on the firm’s characteristics, the optimal financing source is: i) equity funding from venture capital, ii) banking loans, or...
Suely Ferreira Deslandes
Full Text Available This article characterizes the services providing care to victims in five Brazilian regions with high violence and accident rates. It analyzes care activities and strategies, the profile of the teams, the conditions of installations, equipment and supplies, integrated care and registration services and the opinion of health managers with respect to the needs and requirements for a better care to the victims. The sample is composed by 103 services: 34 from Recife, 25 from Rio de Janeiro, 18 from Manaus, 18 from Curitiba and 8 from Brasília. The still preliminary results indicate: lower number of services focusing on the elderly; scarce investment in preventive actions; the principal actions carried out are social assistance, ambulatory and hospital care and psychological assistance; patients received from Basic Health Units require attention of the communities and families; need for investment in capacity building programs for professionals; precarious registries, data handled manually. The wording of the National Policy for Reduction of Morbidity and Mortality from Accidents and Violence is not well-known and there is a lack of articulation among and inside sectors and between prehospital and emergency care services. Rehabilitation services are insufficient in all cities.
Full Text Available During the history of human kind, since our first ancestors, tools have represented a mean to reach objectives which might otherwise seemed impossibles. In the called New Economy, where tangibles assets appear to be losing the role as the core element to produce value versus knowledge, tools have kept aside man in his dairy work. In this article, the author's objective is to describe, in a simple manner, the importance of managing the organization's group of tools or instruments (Instrumental Capital. The characteristic conditions of this New Economy, the way Knowledge Management deals with these new conditions and the sub-processes that provide support to the management of Instrumental Capital are described.
Romeo V. Turcan
Full Text Available There is limited theoretical understanding and empirical evidence for how international new ventures legitimate. Drawing from legitimation theory, this study fills in this gap by exploring how international new ventures legitimate and strive for survival in the face of critical events during the process of their emergence. It is a longitudinal, multiple-case study research that employs critical incident technique for data collection, analysis, and interpretation. Following theory driven sampling, five international new ventures were selected that were operating in the software sector in the UK, and had internationalized and struggled for survival during the dotcom era. Grounded in data, this study corroborates a number of legitimation strategies yielded by prior research and refutes others. It further contributes to our understanding of international new venture legitimation by suggesting new types of legitimation strategies: technology, operating, and anchoring. Studying international new ventures through theoretical lenses of legitimation is a promising area of research that would contribute to the advancement of international entrepreneurship theory.
Shayegheh Ashourizadeh, Shayegheh; Rezaei, Shahamak; Schøtt, Thomas
Abstract: It is widely acknowledged that entrepreneurs’ human capital in form of education and social capital in form of networking are mutually beneficial and also that both human and social capital benefit their performance. Here, the hypothesis is that human and social capital, in combination......, provide added value and jointly add a further boost to performance, specifically if the form of exporting. Global Entrepreneurship Monitor provides data on 52,946 entrepreneurs, who reported on exporting and networking for advice. Hierarchical linear modelling shows that human capital promotes social...... capital, that human capital and social capital (specifically networking in the international environment, work-place, professions and market, but not in the private sphere) both benefit export directly and that human capital amplifies the benefit of social capital, especially through international...
Mouritsen, Jan; Bukh, Per Nikolaj
Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because...
Full Text Available The present piece of work is a reply to a scientific research that has as general objective, to establish the logic and historic determinations of one capital mode. This manner, has converted itself in the capital of the present phase of the capitalist development: "the fictitious capital". The intention of the work is proving the important role of the fictitious capital during the emergence of the monopolist capitalism, and subsequently, of the transnational capital. The author for fulfilling this objective created a periodization of the phases in the development and progress of this capital style.
Liu, Shimin; Vince, Russ
A study of Chinese-Western joint business ventures showed that cultural context and different modes of managing and organizing must be considered. Successful joint ventures involve a process of collective, two-way learning. (SK)
This PR Notice is to advise registrants of an industry-wide joint venture, titled the Residential Exposure Joint Venture (REJV), which has developed a national survey regarding residential consumer use/usage data for pesticides.
Full Text Available Objective: The main objective of this study is to define and operationalize the concept of immigrant capital, a key factor that differentiates immigrant from host country entrepreneurs in how they recognize and start new ventures. Research Design & Methods: A detailed analysis of contemporary immigrant entrepreneurship and opportunity recognition literature was carried out. Using grounded theory, we synthesized the outcomes from the analysis of eight Canadian and U.S. case studies of successful immigrant entrepreneurs with the key findings from the literature to define and develop a model of immigrant capital. Findings: Based on our grounded theory development process we show that the concept of immigrant capital as a distillate of human, cultural, economic and social capital that goes beyond expected opportunity recognition (OR drivers like prior knowledge and prior experience to differentiate and enhance the immigrant entrepreneur’s ability to recognize business opportunities compared to host country entrepreneurs. We found immigrant capital to be a consequence of being boundary spanners in host and home country networks. Implications & Recommendations: Understanding a unique resource like immigrant capital, will help immigrant as well as host country entrepreneurs further develop their opportunity recognition ability by bridging gaps and fulfilling the needs for both, immigrant and host country consumers. Contribution & Value Added: The main contribution is the theoretical development, identification and definition of the immigrant capital model and propositions that will articulate the factors that lead to the conceptualization and operationalization of immigrant capital. Furthermore, the immigrant capital model can serve host country entrepreneurs to develop cross-cultural networks and jump-start entrepreneurial activities in their home countries as well as learn how to expand their operations into global markets.
Full Text Available The aim of this article is to understand the theoretical framework of the social capital concept, based on different approaches identified in the literature and highlight the direct influence social capital has on the entrepreneurial personality characteristics of individuals and organizations. The objectives of the paper focus first on conceptualizing the notion of social capital, by acknowledging the social capital structure and components in the acceptation of the most popular scholars in the research field, the sources of social capital and its role in building social economy; further on, the article explores the influence of social capital in the creation of innovation and economic growth, its dimensions in the entrepreneurial process and the definition of the instruments of measurement, including indicators of trust-generalized and institutional, number of social networks, associational activities-passive and active membership and civic norms. The paper gathers some of the outcomes of different researches conducted in the literature with respect to the positive relationship between social capital dimensions and entrepreneurship, through attracting the right potential of human capital and the required level of financial capital, reducing the transaction costs, identifying new market opportunities and leveraging the social networks, transfer and knowledge overflow and information channels, enabling the launch and the survival of business venture and help gain competitive advantage that would ensure sustainability and success. The case studies referenced in this article use various approaches of highlighting the social capital as a key enabler and not necessarily a generator of entrepreneurial activity, by analyzing the likelihood to launch new ventures based on the interactions with key partners and exchange of information, the sustainability and success of a start up or push/pull factors that determine an entrepreneur to enter the new
Bjørnåli, Ekaterina; Giones, Ferran; Billström, Anders
perceived weaknesses. For cleantech entrepreneurs, having a focus on direct signaling on how the technology performs and its market potential seems to be a more fruitful strategy than signaling the environmental impact of technology in the early stage. While having an experienced board helps to issue......The emergence of cleantech industry offers a unique context to explore and develop entrepreneurship theories. Cleantech ventures are important agents of environmental innovation, they exploit technological knowledge contribute to an increased use of energy from renewable sources or to a more...... environmentally friendly handling of waste. They represent an extreme case of technology entrepreneurship: combining a strong focus on capital-intensive technologies with complex industrial markets. Cleantech ventures face greater firm and industry-level legitimacy challenges while accessing external resources...
Turcan, Romeo V.; Juho, Anita
ventures: strategic experimentation, tensions in organizational gestalt, and legitimacy lies. We conjecture that international new ventures do not reach a made-it point if they only manage to develop substantive capabilities to produce desired outputs at various levels within the venture, but fail...
... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Joint venture registration. 296.7 Section 296.7 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade NATIONAL... PROGRAM General § 296.7 Joint venture registration. Joint ventures selected for assistance under the...
Amidst increasingly global competition during the last decades, we observed a sharp increase in the number of joint ventures. As a result, joint ventures have triggered considerable enthusiasm in recent years among scholars and practitioners. However, studies have shown that most joint ventures fail
American School and University, 1981
A new dormitory at Massachusetts Institute of Technology was constructed using a joint venture contract with safeguards and incentives that brought university, architect, and building contractor into a closer and more productive relationship than under conventional contract arrangements. (Author/MLF)
Kenkel, Phil; And Others
Evaluates a simulation game that models management problems encountered in negotiating and managing international joint ventures. Designed to instruct executives of state-owned agribusinesses in Indonesia in abstract concepts such as partner rapport, transfer price conflicts, and marketing disagreements, its success suggests that simulation games…
Vintergaard, Christian; Husted, Kenneth
Corporate venturing managers have the rule of thumb that only approximately one out often investments really pay of in financial measures. These low odds for success, of course,put extremely high expectations to the profit yielded from the few investments that becomesuccessful. In other words...
Meyer, H; Hudson, T; Cain, J E; Carr, S L; Zacharias, D
Charity begins at home, yet across the country hometown not-for-profit hospitals are forming joint partnerships with investor-owned systems. In some of these cases no foundation is created to continue the hospital's good deeds. In this special report, Hospitals & Health Networks looks at the issues and asks, "Do these joint ventures need more public scrutiny?"
Entrepreneurs are often under time pressure and may only have a short window of opportunity to launch their new venture. This means they often have no time for rational analytical decisions and rather rely on heuristics. Past research on entrepreneurial heuristics has primarily focused on predictive
Lund, Morten; Byrge, Christian; Nielsen, Christian
, are discussed, followed by a more in-depth discussion of the interrelationships between the creative process and the business modeling process. The implications of the paper are discussed in terms of a combined study module aimed at new venture creation students and pupils within higher education as well...
Turcan, Romeo V.; Servais, Per
The purpose of this paper is to encourage a dynamic scholarly conversation into the dynamics of international new ventures (INVs) with a specific emphasis on the phenomenon of de-internationalization. The paper is also in response to the call for further research in the area of what happens to INVs...... after their initial establishment in foreign markets....
Hougaard, Jens Leth; Moreno-Ternero, Juan D.; Tvede, Mich
We consider the problem of distributing the proceeds generated from a joint venture in which the participating agents are hierarchically organized. We introduce and characterize a family of allocation rules where revenue ‘bubbles up’ in the hierarchy. The family is flexible enough to accommodate...
This study brought to the fore, critical issues relating the Joint Venture Arrangement (JVA) prevailing in the Nigeria\\'s oil sector. The JVA option was considered the best alternative strategy for optimizing Nigeria\\'s oil returns and indigenous capacity building, since April 1971. questionnaire was designed and administered on ...
Ensign, Prescott C; Woods, Anthony A
...). What makes this case unique is that Keenga Research was a lean start-up. Bootstrapping is a situation in which the entrepreneur chooses to fund the venture with his/her own personal resources...
Gao, Yuchen; Hu, Yimei; Wang, Jingyi
. Through an in-depth case study on the interactions of triple helix actors of Tsinghua University’s spin-offs, it is found that government and university developing an environment of marketization exert positive influences on the investment willingness of private venture capitals. Whilst financial direct...... and transition economies where governments are transforming their roles. Thus the main purpose of this study is to investigate how private venture capitals’ investment willingness on university spin-offs are influenced by universities and governments under the Chinese context based on the triple helix model...... financial support from universities usually has a negative influence. Some positive factors proposed by previous studies are found to have insignificant effects. In addition, we also found complex effects from both direct and indirect governmental venture capitals towards university spin...
Kropacheva A. V.
Full Text Available The author estimates administrative freezing of capital construction as a type of punishment for violating laws in this sphere. The article provides the mechanism of freezing of capital construction as a serious alternative for fine sanctions
Li, Peter Ping; Redding, Gordon
This article provides an overview of social capital in Asia. Social capital is trust and appears in two main forms: relational, based on societal norms, and systemic, based on societal institutions. The relational encourages personalistic transactions; and systemic trust, supports more formal...
Svendsen, Gunnar Lind Haase; Waldstrøm, Christian
This chapter presents a framework for understanding organizational networks and social capital through the lens of “social capital ownership” as well as the private and collective goods provided through this ownership. More specifically, it argues that ownership of social capital in organizations...... is closely connected to four types of social capital – two belonging to the bridging social capital type, and two belonging to the bonding social capital type. The chapter first reviews literature on organizational social capital and then directly focuses on ownership of social capital in organizations......, as well as the derived benefits, or losses. Next, the chapter presents an empirical case apt to illustrate the theoretical findings in part one, namely the nineteenth-century Danish Cooperative Dairy Movement (Svendsen and Svendsen 2004). It is demonstrated how social capital among Danish peasants...
Hope, Diane L.; Dutta, Sanghamitra
The Earth Venture Instrument (EVI) element of the Earth Venture Program calls for developing instruments for participation on a NASA-arranged spaceflight mission of opportunity to conduct innovative, integrated, hypothesis or scientific question-driven approaches to pressing Earth system science issues. This paper discusses the EVI element and the management approach being used to manage both an instrument development activity as well as the host accommodations activity. In particular the focus will be on the approach being used for the first EVI (EVI-1) selected instrument, Tropospheric Emissions: Monitoring of Pollution (TEMPO), which will be hosted on a commercial GEO satellite and some of the challenges encountered to date and corresponding mitigations that are associated with the management structure for the TEMPO Mission and the architecture of EVI.
Giuntini, Ronald E.; Storm, Richard E.
The development of a model for the cost-effective management of space venture risks is discussed. The risk assessment and control program of insurance companies is examined. A simplified system development cycle which consists of a conceptual design phase, a preliminary design phase, a final design phase, a construction phase, and a system operations and maintenance phase is described. The model incorporates insurance safety risk methods and reliability engineering, and testing practices used in the development of large aerospace and defense systems.
Sundin, Phillip; Callan, Jonathan; Mehta, Khanjan
Telemedicine is an increasingly common approach to improve healthcare access in developing countries with fledgling healthcare systems. Despite the strong financial, logistical and clinical support from non-governmental organisations (NGOs), government ministries and private actors alike, the majority of telemedicine projects do not survive beyond the initial pilot phase and achieve their full potential. Based on a review of 35 entrepreneurial telemedicine and mHealth ventures, and 17 reports that analyse their operations and challenges, this article provides a narrative review of recurring failure modes, i.e. factors that lead to failure of such venture pilots. Real-world examples of successful and failed ventures are examined for key take-away messages and practical strategies for creating commercial viable telemedicine operations. A better understanding of these failure modes can inform the design of sustainable and scalable telemedicine systems that effectively address the growing healthcare disparities in developing countries.
This book published in 1987 provides open-ended activities to extend the imagination and creativity of students and encourage them to examine their feelings and values. Williams' model of cognitive-intellective and affective-feeling domains are addressed. Nearly 60 pages of exercises focus on the historical, the scientific, the mysterious, the…
BABA Ryota; MOTOHASHI Kazuyuki
Entrepreneurship activities are low in Japan, and it is often discussed that possible reasons are the lack of venture capital and a rigid labor market. However, it is rare to find a study that analyzes the human capital aspect of entrepreneurs based on a large scale sample survey. In this study, the characteristics of the human capital of entrepreneurs, such as education and job experience, are analyzed based on a survey of entrepreneurs conducted by the Research Institute of Economy, Trade a...
BABA Ryota; MOTOHASHI Kazuyuki
Entrepreneurship activities are low in Japan, and it is often discussed that possible reasons are the lack of venture capital and a rigid labor market. However, it is rare to find a study that analyzes the human capital aspect of entrepreneurs based on a large scale sample survey. In this study, the characteristics of the human capital of entrepreneurs, such as education and job experience, are analyzed based on a survey of entrepreneurs conducted by the Research Institute of Economy, Trade a...
General Services Administration — Capital Projects application (CPA) provides users with the ability to maintain project related financial data for Budget Activity (BA) 51, 55, 64, 01, 02, 03, 04....
Baxter, C.K.; Nelson, J.W.; Reinecke, K.J.; Stephens, S.E.
Introduction: In recent months, an ad hoc group of waterfowl scientists, representing the International Association of Fish and Wildlife Agencies (IAFWA) Adaptive Harvest Management (ARM) Task Force and the North American Waterfowl Management Plan (NAWMP) Committee, have collaborated as a Joint Task Group (JTG) to assess options for unifying the population goals guiding waterfowl harvest management and habitat management. The JTG has been charged with bringing coherence to the population goals of the two programs. Characterizing the problem as one of coherence indicates value judgments exist regarding its significance or perhaps existence. For purposes of this paper, we characterize the lack of coherence as the absence of consistent population goals in the two related components of waterfowl conservation habitat and harvest management. Our purpose is to support continued dialogue on the respective goals of these programs and the possible implications of discordant goals to habitat joint ventures. Our objectives are two-fold: (1) illustrate how NAWMP habitat management goals and strategies have been interpreted and pursued in both breeding and wintering areas, and (2) provide perspectives on the linkages between regional habitat management programs and harvest management. The Lower Mississippi Valley and the Prairie Pothole joint ventures (LMVJV and PPJV, respectively) will be used as examples.
Full Text Available The goal of this paper is to compare the characteristics of Polish and Czech companies which follow the Born Global internationalization model. More concretely, the analysis aims to discover the differences or similarities in terms of the internationalization paths of Polish and Czech SMEs in the characteristics of their managers in terms of the so-called “international vision” and in their innovativeness level. The introductory part of article provides a description of this internationalization model and the International New Ventures traits (INV and summarizes the recent studies on this topic conducted in Poland and Czech Republic. In the empirical part, the International New Ventures from the two countries are compared. The Polish sample includes 105 companies which were surveyed with use of computer assisted telephone interviews in autumn 2014. For the Czech Republic, the sample consists of 54 small and medium-sized companies, which were surveyed using the computer assisted web interviews from November 2013 till January 2014. The surveyed companies in both countries fulfilled the definition of Born Globals. Descriptive statistics, cross-tabulation analysis and non-parametric tests are applied to accomplish the goals of the paper.
Li, Ying; van de Vrande, Vareska; Vanhaverbeke, Wim
Innovating firms can not only explore new technologies from its innovation partners, but also explore new technologies from the organizations to which the innovating firm has had no prior relationships. Prior studies have mostly focused on a firm's exploratory learning from its venturing partners...... ("exploration from partners" or "EFP"). There has been little insight on how external corporate venturing may affect the exploratory learning beyond the venturing partnerships ("exploration beyond partners" or "EBP"). We claim that prior venturing relations have a dual role: First, the innovation firm can learn...... from knowledge embedded in its partners. Second, it can also learn from through its partners about knowledge developed by other firms or organizations with whom the innovating firm had no external venturing relations before. In this paper, we are interested how external corporate venturing partnerships...
Plant transformation has had a deep impact on several aspects of basic and applied research. Genetic transformation has offered new opportunities compared to traditional breeding practises since it allows the integration into a host genome of specific sequences leading to a strong reduction of the casualness of gene transfer. One of the first target areas was plant protection against pests, pathogens and environmental stresses while the recent plant engineering programs are aimed at increasing food quality, in particular at increasing nutritional characteristics of food crops. Moreover, transgenic plants, tissue or cell cultures represent an attractive biological system for producing heterologous proteins since they offer economic and qualitative benefits. High yield production can be obtained and large-scale commercial production will take advantage of the existing infrastructure for crop cultivation, processing and storage. There are also qualitative benefits since protein synthesis secretion and post-translational modifications are similar in plants and animal cells. There are no human viral pathogens harboured by plants: thus, especially for pharmaceuticals, plants represent the safer production system. Plant transformation has become an essential instrument also for basic research, in particular for the functional characterisation of genes identified by sequencing of whole genomes. Large collections of insertion mutants have been obtained in the model plant Arabidopsis to provide a high level of genome saturation that means 95% chance of inactivating any gene at least once. To instil greater public confidence in modern plant biotechnology recent advances have already been made to overcome the potential risks for human health and environment.
If a physician group has determined that it has a realistic patient base to establish an ambulatory surgery center, it may be beneficial to consider a partner to share the costs and risks of this new joint venture. Joint ventures can be a benefit or liability in the establishment of an ambulatory surgery center. This article discusses the advantages and disadvantages of a hospital physician-group joint venture.
Tallman, Stephen B.; Oded Shenkar
This paper develops a model of international cooperative venture formation that is centered on the decisionmaking process of MNE executives. Central issues for managerial decisions are developed from the organizational studies literature. A framework delineating the sequence and criteria used in the decision to form international cooperative ventures is developed from these defined issues and from existing models. Propositions pertaining to the venture formation decision process are outlined....
Costello, D.; Posner, D.; Schiffel, D.; Doane, J.; Bishop, C.
A description of the integrating model for photovoltaic venture analysis is given; input assumptions for the model are described; and the integrating model program listing is given. The integrating model is an explicit representation of the interactions between photovoltaic markets and supply under alternative sets of assumptions. It provides a consistent way of assembling and integrating the various assumptions, data, and information that have been obtained on photovoltaic systems supply and demand factors. Secondly, it provides a mechanism for understanding the implications of all the interacting assumptions. By representing the assumptions in a common, explicit framework, much more complex interactions can be considered than are possible intuitively. The integrating model therefore provides a way of examining the relative importance of different assumptions, parameters, and inputs through sensitivity analysis. Also, detailed results of model sensitivity analysis and detailed market and systems information are presented. (WHK)
Joint venture plans are starting to demonstrate their ability to implement clinical management and financial management reforms. A JV health plan replaces the offloading of financial risk by health plans to ill-equipped providers with an executive-level cost management committee stated jointly by the hospital and payer.
Roelfsema, H.J.; Zhang, Y.
With the help of a theoretical model we analyze the relation between equity sharing in an international joint venture (EJV) and local public goods provision in a setting where the local government faces a commitment problem to provide public services ex post to the set-up of the firm. We show that
... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Formation of joint venture or other... § 801.40 Formation of joint venture or other corporations. (a) In the formation of a joint venture or... contributing to the formation of a joint venture or other corporation and the joint venture or other...
... Development Ventures § 295.23 Dissolution of joint research and development ventures. Upon dissolution of any joint research and development venture receiving funds under these procedures or at a time otherwise... venture proportional to the Federal share of the costs of the joint venture as determined by independent...
Full Text Available This paper endeavours to measure the effect that human capital has on the decision taken by the entrepreneur to pursue new venture creation either in a lone capacity or collaboratively. Based on a survey of 130 entrepreneurs from 130 new ventures in Canary Island, Spain, this study applies a logit model to investigate the research relationships. The results show that three factors (experience, social perception and extrinsic motivation are significant in the decision to initiate a new venture either in a lone capacity or as part of a collaborative undertaking. The results indicate that previous experience holds the greatest significance on the decision taken by entrepreneurs to ‘go it alone’, with factors relating to social perception and extrinsic motivation chiefly predicting a decision to work collaboratively. The findings of this study provide new insight and evidence with regard to the factors that influence a key decision in the start-up process: that of continuing in a lone capacity, or proceeding as part of an entrepreneurial team.
Robinson, J C
This paper analyzes the for-profit transformation of health care, with emphasis on Internet start-ups, physician practice management firms, insurance plans, and hospitals at various stages in the industry life cycle. Venture capital, conglomerate diversification, publicly traded equity, convertible bonds, retained earnings, and taxable corporate debt come with forms of financial accountability that are distinct from those inherent in the capital sources available to nonprofit organizations. The pattern of for-profit conversions varies across health sectors, parallel with the relative advantages and disadvantages of for-profit and nonprofit capital sources in those sectors.
Rodolfo E. Manuelli
Perhaps no question has attracted as much attention in the economics literature as “Why are some countries richer than others?” In this article, the author revisits the “development problem” and provides some estimates of the importance of human capital in accounting for cross-country differences in output per worker. His results suggest that human capital has a central role in determining the wealth of nations and that the quality of human capital varies systematically with the level of deve...
Ana Paula Avellar
Full Text Available As políticas de defesa da concorrência integram atualmente o conjunto fundamental de instituições necessárias à promoção do crescimento e a busca das sociedades por arranjos mais eficientes. O presente trabalho tem como objetivo realizar uma análise da política antitruste brasileira concentrando-se no tratamento dado pelas autoridades à constituição de joint ventures. Na realização dessa tarefa, foram feitas revisões teóricas, constatações acerca dos procedimentos de autoridades internacionais sobre o assunto e um estudo empírico abordando casos julgados no Brasil entre os anos de 2002 e 2010. O resultado encontrado revela a inexistência de normatização específica para o tratamento das joint ventures no Brasil, culminando, assim, em uma relativa discricionariedade por parte dos órgãos do SBDC na análise desses atos.The antitrust policy is an essential part of the required institutions that support economic growth and the seeking for more efficient arrangements. This paper aims to examine the Brazilian antitrust policy, paying special attention to way that the authorities deal with the joint ventures. In order to reach this goal, we review the theoretical contributions, discuss the procedures adopted by international antitrust authorities and, more importantly, scrutinize the cases of joint ventures judged by the Brazilian watchdog along period 2002-2010. We conclude that there are not specific norms to be applied by the Brazilian antitrust commissionaires when they are judging joint ventures, allowing them to act with a relatively degree of discretion.
... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital stock. 725.5 Section 725.5 Banks and... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§ 725.3...
Bryan, Dick; Rafferty, Michael; Wigan, Duncan
The rise of intangible assets such as brand names, research and development, patents and other forms of abstract capital such as digital platforms and data flows has confounded extant measures and concepts of capital and accumulation. What used to be a residual asset category known as ‘goodwill...... in giving mobility and fluidity to these forms of capital. The article suggests that while global value chain and global production network analyses have helped researchers and policy-makers to track increasingly fragmented and fluid networks of commodity production, there also is a need to follow...
In co-operation with the GEBERT RÜF FOUNDATION and the Ernest & Young Entrepreneur of the Year Award, venturelab will be presenting the Venture Leaders Prize. The Venture Leaders Prize, which is the new guise of the NETS (New Entrepreneurs in Technology and Science) Prize, will give twenty research entrepreneurs with projects to develop innovative technologies the opportunity to win the chance of participating in a programme to assist them in starting up their companies. The winners will go to spend 10 days in the Boston area (United States) where they will take part in a development programme for their project, which will include an entrepreneurship course, opportunities to meet start-up companies and financing experts, etc. This prize has already spawned many companies such as id Quantique, Selexis or ABMI which have contributed to the economic development of regions, particularly in French-speaking Switzerland. The competition is open to students and scientists from all fields, who would like to s...
Full Text Available Abstrac The purpose of this study to analyze the relationship between social capital affects economic behavior in producing coffee plants in improving coffee farmers income. This study was conducted in the district of Bantaeng South Sulawesi. Subdistrict Tampobulu selected purposively. The study lasted for four months of April to July 2014. The data used in this study consist of primary data and secondary data. It can be concluded that social capital is trust networking and institutions affect economic behavior namely the production of coffee plants. Trust improving technology adoption Robusta and Arabica coffee cuttings while distrust led to rampant theft of coffee is still green. Networking affect the price of coffee and institutions influence the behavior of farmers in obtaining venture capital through middlemen. It is expected that future studies should be focused on the factors that influence the innovative behavior in increasing the production of coffee plants.
... 46 Shipping 2 2010-10-01 2010-10-01 false Association or joint venture. 67.37 Section 67.37... DOCUMENTATION OF VESSELS Citizenship Requirements for Vessel Documentation § 67.37 Association or joint venture. (a) An association meets citizenship requirements if each of its members is a citizen. (b) A joint...
McDonald, Eugene J.
Joint ventures undertaken by Duke University with industry are reported that illustrate the imaginative arrangements and economic and otherwise advantageous structures possible in co-ventures. They include patent and trademark licensing, travel agency commissions, a racquetball and health club, a hotel, and an office building. (MSE)
It is shown that R & D joint ventures make it more likely that firms will be able to sustain tacit product-market collusion, all else equal......It is shown that R & D joint ventures make it more likely that firms will be able to sustain tacit product-market collusion, all else equal...
... Health Professionals Partners Media Donate Research 2016 Fall Allergy Capitals If you’re one of the millions ... needs of their residents with allergic diseases. Fall Allergies by the Numbers Nasal allergies affect more than ...
Augustine Y. Dzathor
Full Text Available This study attempts to revive and clarify the debate on ‘the entrepreneurial man’. We longitudinally examined the effects of seven founding-owner-operator characteristics (prior industry experience, level of formal education, age, gender, ethnicity and time committed to business operations on nascent venture performance. Our results indicate that owner work experience, level of education and hours worked in the business have significant effect on nascent venture performance, while inadequate owner reputation and luck of ethnic social capital may negatively affect nascent venture performance. Our findings also suggest that characteristic of the ‘entrepreneurial man’ are dynamic and leans towards a temporal contingency model. Different entrepreneur characteristics seem to assume prominence in firm performance at different times in a nascent venture’s life trajectory.
Costello, D.; Posner, D.; Schiffel, D.; Doane, J.; Bishop, C.
This appendix contains a brief summary of a detailed description of alternative future energy scenarios which provide an overall backdrop for the photovoltaic venture analysis. Also included is a summary of a photovoltaic market/demand workshop, a summary of a photovoltaic supply workshop which used cross-impact analysis, and a report on photovoltaic array and system prices in 1982 and 1986. The results of a sectorial demand analysis for photovoltaic power systems used in the residential sector (single family homes), the service, commercial, and institutional sector (schools), and in the central power sector are presented. An analysis of photovoltaics in the electric utility market is given, and a report on the industrialization of photovoltaic systems is included. A DOE information memorandum regarding ''A Strategy for a Multi-Year Procurement Initiative on Photovoltaics (ACTS No. ET-002)'' is also included. (WHK)
Rasmussen, Erik Stavnsager; Servais, Per; Madsen, Tage Koed
Several studies have focused on International New Ventures; smaller, entrepreneurial firms which adopt a global focus from the beginning and operate in international markets from the earliest day of their establishment. In this paper we intend to focus on the founding years of the International New...... Ventures through the use of a large scale study of all types of industrial firms. This is supplemented with a large number of case studies of International New Ventures since 1997. Some preliminary conclusions are: When the International New Ventures are compared with other types of firms, large...... differences can be seen in their internationalization and in the development in the first three years. The complexity of the internationalization of the International New Ventures is e.g. high compared with other types of international firms....
Kjærgaard, Annemette L.
Organisations have to deal with increasingly complex and turbulent environments, which demand that they continuously change and adapt to new circumstances or challenges. One way for organisations to cope with these challenges is to manage the strategy-making process in order to ensure...... that a continuous stream of new ideas and initiatives create new opportunities and ensure that the company stays viable by adapting to new internal and external challenges. This has been pursued in studies of strategy formation (Mintzberg, 1978), strategic change (Pettigrew, 1988) and internal corporate venturing...... (Burgelman, 1983b, 2002) and is still a central issue in the strategic management discourse. It is generally acknowledged that continuous change is important for organisations' survival in a changing world. On the other hand the need for stability and continuity in form of a clear and strong corporate...
Lund, Morten; Byrge, Christian; Nielsen, Christian
, are discussed, followed by a more in-depth discussion of the interrelationships between the creative process and the business modeling process. The implications of the paper are discussed in terms of a combined study module aimed at new venture creation students and pupils within higher education as well......This paper explores the processes of creating new companies with original and useful business models from a conceptual perspective. Based on data from large-scale creativity training programs and business model development studies in Denmark encompassing over 100 companies and 200 entrepreneurs......, the key proposition of the paper is that entrepreneurs can enhance their development processes through training of their competences in creativity and in business modeling. The paper presents a set of key skill variables of creativity and of business modeling that need to be trained in order to enhance...
The Ventures in Science summer program is directed towards students who are from underrepresented minority groups in mathematics and science professions. The target group of 40 was drawn from eligible students who will be entering high school freshman in the fall of 1992. 450 students applied. The theme for the summer is Chicago as an Ecosystem. The students are instructed in integrated math and science (2 hours), English/ESL (1 1/2 hrs.), counseling (1 hr.) and, physical education (1 hr.) each day four days a week. Integrated math and science are team taught. Parents are invited to participate in two workshops that will be presented based on their input. Parents may also visit the program at any time and participate in any field trip.
Nielsen, Christian; Byrge, Christian; Lund, Morten
creativity training, as well as a software-based framework for identifying useful business model configurations. The notion and potential effect of each program as separate tools is discussed, followed by a more in-depth discussion of the interrelationships between creative processes, opportunity spotting...... and the choice of business model configurations. The implications of the paper are discussed in terms of a research program under establishment as well as a combined teaching module aimed at new venture creation students within higher-education, high schools and primary school levels.......This paper explores the processes of creating new companies with original and useful business models from a conceptual perspective. Based on data from large-scale creativity training programs and business model development studies in Denmark encompassing over 100 companies and 200 entrepreneurs...
Cantner, Uwe; Goethner, Maximilian; Stuetzer, Michael
Previous research on entrepreneurial teams has failed to settle the controversy over whether team heterogeneity helps or hinders new venture performance. Reconciling this inconsistency, this paper suggests a new conceptual approach to disentangle differential effects of team heterogeneity by modeling two separate heterogeneity dimensions, namely knowledge scope and knowledge disparity. Analyzing unique data on functional experiences of the members of 337 start-up teams, we find support for ou...
Bamford, James; Ernst, David; Fubini, David G
More than 5,000 joint ventures, and many more contractual alliances, have been launched worldwide in the past five years. Companies are realizing that JVs and alliances can be lucrative vehicles for developing new products, moving into new markets, and increasing revenues. The problem is, the success rate for JVs and alliances is on a par with that for mergers and acquisitions--which is to say not very good. The authors, all McKinsey consultants, argue that JV success remains elusive for most companies because they don't pay enough attention to launch planning and execution. Most companies are highly disciplined about integrating the companies they target through M&A, but they rarely commit sufficient resources to launching similarly sized joint ventures or alliances. As a result, the parent companies experience strategic conflicts, governance gridlock, and missed operational synergies. Often, they walk away from the deal. The launch phase begins with the parent companies' signing of a memorandum of understanding and continues through the first 100 days of the JV or alliance's operation. During this period, it's critical for the parents to convene a team dedicated to exposing inherent tensions early. Specifically, the launch team must tackle four basic challenges. First, build and maintain strategic alignment across the separate corporate entities, each of which has its own goals, market pressures, and shareholders. Second, create a shared governance system for the two parent companies. Third, manage the economic interdependencies between the corporate parents and the JV. And fourth, build a cohesive, high-performing organization (the JV or alliance)--not a simple task, since most managers come from, will want to return to, and may even hold simultaneous positions in the parent companies. Using real-world examples, the authors offer their suggestions for meeting these challenges.
In order to appraise the case for government intervention in the case of atmospheric fluid-bed combustion, Energy Resources Company and Rotan Mosle have developed a methodology containing four key elements. The first is an economic and environmental characterization of the new technology; the second, a survey of its prospective users and vendors; the third, a cost-benefit analysis of its prospective social benefits; and the fourth, an analytical model of its market penetration and the effects thereon of a basket of government incentives. Three major technical obstacles exist to continued AFBC development: feeding coal and limestone reliably to the boiler, tube erosion and corrosion, and developing boiler turndown capability. The review of the economic, environmental and technical attributes of the new technology has suggested that the preliminary venture can be selected with confidence as a commercial prospect capable of detailed evaluation from both private and public perspectives. The venture choice can therefore be considered firm: it will be the equipment required for the combustion of coal in atmospheric fluid beds as applied to industrial process steam in boilers of at least 83 Kpph capacity. The most effective demonstration of the potential of AFBC in the eyes of prospective industrial users is that provided by a project conducted by the private sector with minimal government direction. Unlike the ''experimental'' style of existing mixed public-private demonstration projects, the pressure to achieve reliability in more commercial applications would serve rapidly to reveal more clearly the potential of AFBC. The marketplace can be allowed to decide its fate thereafter. Once AFBC has been successfully demonstrated, the relative merits of AFBC and coal-FGD are best left to prospective users to evaluate.
, and particularly on major drivers of joint venture performance. Still, what we know less is about ‘soft’ aspects of collaboration underlying contextual constraints and dynamics in the joint venture process, such as individual sensemaking and identification. In light of this, the present paper aims at exploring...... a sensemaking approach to IJV post-formation management in search of capturing such ‘soft’, invisible managerial processes in a visible conceptualization that contributes to a better understanding of this complex organizational phenomenon. Empirical insights from cases of Danish – Vietnamese joint ventures...
Turcan, Romeo V.; Busuncian, Elena
This study is positioned at the intersection of legitimation and entrepreneurship theories with the aim to uncover the relationship between the process of legitimation and the process of emergence and discontinuous of a new venture. From the legitimation theory perspective, the paper is trying...... strategies. From the entrepreneurship theory perspective, the paper aims to explore the process of emergence (identification/creation of new business opportunity and its pursuit) of the new venture, and uncover the relationship between the legitimation of new technology and the new venture on one hand...
... and joint ventures. 296.5 Section 296.5 Commerce and Foreign Trade Regulations Relating to Commerce... joint ventures. Companies and joint ventures must be eligible in order to receive funding under the... other company, to participate in any joint venture similar to those authorized to receive funding under...
integrated enterprise ” to describe the venture. The foundation of this enterprise is human capital and HR management (Boudreau 2011). Employees at IBM...development. If an officer deviates from this path, they risk non-selection for promotion. Additionally, branch managers can only see an officer’s...Carlisle, PA. Boudreau, John W. 2010. IBM’s Global Talent Management Strategy: The Vision of the Globally Integrated Enterprise . Alexandria, VA
... Part 324 RIN 3064-AD95 Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III... Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions...
SAN FRANCISCO -Today, the Colorado River Sewer System Joint Venture, located in Parker, Ariz. entered into an agreement with the EPA to upgrade their wastewater treatment system to meet stringent water quality standards. The cost of the upgrade is ap
Turcan, Romeo V.
technique was employed. The method of constructing typologies by reduction was employed to advance the typology of hype defined as the overall sentiment of the environmental context, within which the firm is embedded, about the future. Grounded in data, there emerged a middle-range theory of international......In this longitudinal study, we explore in-depth how entrepreneurs acquire legitimacy for their new ventures in an attempt to internationalise and survive before and after the dot.com bubble. We adopted a longitudinal multiple-case study methodology for the purpose of theory building. Five firms...... new venture survivability that postulates that the closer the new venture is to the hype, the higher the likelihood of failure. Several implications to the theory of new venture legitimacy could be singled out. The paper makes an attempt to understand the nature of a legitimacy threshold. The data...
US Fish and Wildlife Service, Department of the Interior — Anthropogenic climate change has been driving regional climate shifts in the Playa Lakes Joint Venture zone since at least the mid 1970s. As a result, summers are...
Turcan, Romeo V.; Fraser, Norman
This study explores the process of legitimation of international new ventures from an emerging economy and the effect such ventures have on the process of creation and legitimation of a new industry in that economy. It is a longitudinal ethnographic case study. Following an inductive theory...... not exist to a final condition in which it is institutionalized. The model addresses the case where the initial catalyst is the formation of an international new venture that is the seed for the birth of the industry. Since both the new venture and the new industry lack cognitive and socio-political...... building approach, data were collected over an eleven year period via in-depth interviews, participant observations, and unobtrusive data. The study puts forward a process model of new industry legitimation. The model theorizes the process of change from an initial condition in which an industry does...
Frid, Casey J.; Wyman, David M.; Gartner, William B.
A common theme in entrepreneurship research is that the founder must be committed inorder for a new venture to succeed. Although investments of time and sweat equity can indicatecommitment, external stakeholders may prefer founders who have made a significant, personalfinancial stake in their nas......A common theme in entrepreneurship research is that the founder must be committed inorder for a new venture to succeed. Although investments of time and sweat equity can indicatecommitment, external stakeholders may prefer founders who have made a significant, personalfinancial stake......,214 nascent entrepreneurs in the UnitedStates, between the years of 2005 and 2012. Findings demonstrate that the dollar amount ofpersonal money invested prior to launch does not significantly impact the creation of new firms.However, nascent entrepreneurs that invest larger amounts as a proportion...... of their net incomeare more likely to succeed and are less likely to disengage from the process. Personal fundsinvested as a proportion of net income may therefore be a better measure of future success thanthe precise amount. This study also shows that the founder’s human capital, perceptions ofcommunity...
Forsman, R W
Medical centers across the country are facing cost challenges, and national commercial laboratories are experiencing financial declines that necessitate their capturing market share in any way possible. Many laboratories are turning to joint ventures or partnerships for financial relief. However, it often is in the best interest of the patient and the medical center to integrate laboratory services across the continuum of care. This article analyzes two hypothetical joint ventures involving a laboratory management agreement and full laboratory outsourcing.
Entrepreneurs and Investors found ventures for transferring technology and bringing it closer to the market. Focusing on a situation in which the investor exercises hold-up at the disadvantage of the entrepreneur, this paper works on three points: We identify (1) conditions which make hold-up possible, and discuss (2) measures which help entrepreneurs to protect themselves against hold-up. (3) The balance of powers in a venture is related to returns to scale. Overall, the paper contri...
Frederiksen, Anders; Kato, Takao
Using Danish registry data covering the population of Danish workers, we provide new and robust evidence with external validity on the importance of the breadth of human capital for top management appointments, and support/enrich the human capital theory of corporate leadership by Gibbons and Wal...
Lensink, R; Hermes, N; Murinde, [No Value
This paper provides the first serious attempt to examine the relationship between political risk and capital flight for a large set of developing countries. The outcomes of the analysis show that in most cases political risk variables do have a statistically robust relationship to capital flight
Lukoschek, Vimoksalehi; Shine, Richard
The extent to which populations are connected by dispersal influences all aspects of their biology and informs the spatial scale of optimal conservation strategies. Obtaining direct estimates of dispersal is challenging, particularly in marine systems, with studies typically relying on indirect approaches to evaluate connectivity. To overcome this challenge, we combine information from an eight-year mark-recapture study with high-resolution genetic data to demonstrate extremely low dispersal and restricted gene flow at small spatial scales for a large, potentially mobile marine vertebrate, the turtleheaded sea snake (Emydocephalus annulatus). Our mark-recapture study indicated that adjacent bays in New Caledonia (snake populations. Sea snakes could easily swim between bays but rarely do so. Of 817 recaptures of marked snakes, only two snakes had moved between bays. We genotyped 136 snakes for 11 polymorphic microsatellite loci and found statistically significant genetic divergence between the two bays (F(ST)= 0.008, P snakes rarely venture far from home, which has strong implications for their ecology, evolution, and conservation.
Kevin A. Yelvington
Full Text Available [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99 Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95 Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its historical advent (Sebastien 1978 to its twentieth-century manifestation in the petroleum sector (Seers 1964; Sandoval 1983, and from the ethnic structure of labor markets (Camejo 1971; Harewood 1971 and the role of capitalism in racial/ethnic inequality (Henry 1993; Coppin & Olsen 1998 to the way ethnicity affects business, big (Button 1981; Parris 1985; Centre for Ethnic Studies 1993 and small (Ryan & Barclay 1992; Griffith 1997, and the way ethnicity and gender are used in class recruitment (Yelvington 1995. There are also a number of fine working-class histories (e.g., Rennie 1973; Ramdin 1982; Basdeo 1983 and important works on the labor riots and strikes and the nature of the colonial state during the crises of the 1930s (e.g., Thomas 1987; Singh 1994. The two books under review here complement the works mentioned above, and they complement each other as well: Reddock's deals with the way capitalism up to the mid-century was buttressed by colonial politics, and explores how this formation engendered certain kinds of political responses, while Miller approaches capitalism through the assumption that fundamental changes in the post-Oil Boom period (ca. 1973-80 brought about considerable autonomy between production and consumption that can and should now be read through an analysis of the cultural circulation of images and commodities in the society. These books are both noteworthy because they engage in explicit theorizing on what capitalism was and is, and what it did and
Full Text Available Why are some start-ups more successful than other companies? In view of this question, this paper deconstructs the growth mechanism of the present new Chinese ventures from the perspective of Internet entrepreneurship and points out that exploratory orientation and business model innovation play an important role in the new ventures growth process. Based on this, through the investigation of 210 start-ups in China, the research found that: (1 exploratory orientation is in a positive relationship with the growth of new ventures; (2 business model innovation plays a mediated role between exploratory orientation and new business growth; (3 Internet embeddedness is found as a moderator in the relationship between exploratory orientation and the growth of new ventures. This finding will not only help further deepen the new research in the new venture growth process but also help to further expand exploratory orientation, business model innovation and the important role of the Internet embeddedness in the growth of new ventures.
Neergaard, Helle; Madsen, Henning
In 1989 Mitton suggested that success for start-ups not only depends on who you are but also on whom you know. To study the importance of social capital and networks in relation to entrepreneurial activities, research in a Danish start-up context in two knowledge-intensive sectors has been carried...... out. The research methodology was based on a triangulation approach including a general questionnaire-based survey conducted through the Internet combined with a 85 in-depth interviews in purposefully sampled ventures. The analysis of the content and structure of social capital in relation...
Full Text Available The construct of guanxi has become an interesting topic for analyzing how to do business more effectively and successfully in China’s economic transition period. Drawing on the guanxi strategy theory, this study examines when government guanxi (guanxi with the government and its officials and business guanxi (guanxi with the business sectors matter to new venture performance under two typical turbulent environments (institutional turbulence and market turbulence. According to empirical results using original data from 146 new ventures in clusters driven by China’s local governments, both government guanxi and business guanxi were positively related to new venture performance, and market turbulence was an important contextual factor influencing performance benefits of guanxi. However, the results reveal no moderating effects of institutional turbulence on direct relationships. Furthermore, the study provides a better conceptual and empirical understanding of why market turbulence is a double-edged sword for performance implications of guanxi in the rapidly changing business environment.
Full Text Available The concept of social capital has been used very often in sociological researches over the last two decades. Measuring social capital in civil society, neighborhoods and educational systems is merely a part of its popular usage. Many sociologists tend to use the concept of social capital very freely and therefore expand the definition of social capital. The author’s personal experience indicates that there have been a great number of academic discussions, research planning and public speeches implementing the notion of social capital without taking a detailed consideration of what that concept truly entails. By overviewing the available literature on social capital, it is actually no wonder that both sociologists and the noted concept were in this confusing situation. As Field stated in his book Social Capital (Key Ideas, published in 2008, his work was “the first attempt to provide an extended introduction on increasingly influential concept of social capital” (Field 1. Quibria notes that even though there is a vast number of research conducted on social capital in many academic fields and with various approaches ‘the concept of social capital remains largely elusive’’(1. That obviously is not an obstacle because there is a constantly growing interest in social capital. A vast body of research concerning, measuring, and defining social capital is available today, which helps a researcher to analyze and compare all of the perspectives concerning social capital. This can be of great importance when researchers approach a somewhat new subject of research such as online communication and, more specifically, online games.
Scottoline, S.; Coleman, R.
Over the course of the past few years, several new and innovative fully or partiailly reusable launch vehicle designs have been initiated with the objective of reducing the cost of space transportation. These new designs are in various stages hardware development for technology and system demonstrators. The larger vehicles include the Lockheed Martin X-33 technology demonstrator for VentureStar and the Space Access launcher. The smaller launcher ventures include Kelly Space and Technology and Rotary Rocket Company. A common denominator between the new large and small commercial launch systems is the ability to obtain project financing and at an affordable cost. Both are having or will have great difficulty in obtaining financing in the capital markets because of the dollar amounts and the risk involved. The large established companies are pursuing multi-billion dollar developments which are a major challenge to finance because of the size and risk of the projects. The smaller start-up companies require less capital for their smaller systems, however, their lack of corporate financial muscle and launch vehicle track record results in a major challenge to obtain financing also because of high risk. On Wall Street, new launch system financing is a question of market, technical, organizational, legal/regulatory and financial risk. The current limit of acceptable financial risk for Space businesses on Wall Street are the telecommunications and broadcast satellite projects, of which many in number are projected for the future. Tbc recent problems with Iridium market and financial performance are casting a long shadow over new satellite project financing, making it increasingly difficult for the new satellite projects to obtain needed financing.
Flor, Christian Riis
This paper analyzes a firm's capital structure choice when assets have outside value. Valuable assets implicitly provide a collateral and increase tax shield exploitation. The key feature in this paper is asset value uncertainty, implying that it is unknown ex ante whether the equity holders ex...
Wegner, Rhiana; Gong, Jie; Fang, Xiaoyi; Kaljee, Linda
Individuals with greater social capital have better health outcomes. Investment in social capital likely increases one’s own social capital, bearing great implications for disease prevention and health promotion. In this study, the authors developed and validated the Social Capital Investment Inventory (SCII). Direct effects of social capital investment on perceived stress, and indirect effects through social capital were examined. 397 Participants from Beijing and Wuhan, China completed surveys. Analyses demonstrated that the SCII has a single factor structure and strong internal consistency. Structural equation modeling showed that individuals who invested more in social capital had greater bonding social capital, and subsequently less perceived stress. Results suggest that disease prevention and health promotion programs should consider approaches to encourage social capital investment; individuals may be able to reduce stress by increasing their investment in social capital. Future research is needed to provide additional empirical support for the SCII and observed structural relationships. PMID:25648725
Andrea Ruiz Restrepo,
Full Text Available Although equity-based arrangements, particularly Joint Ventures, are more effective than the contractual ones when trying to have access to knowledge needed for innovation, research on the factors on how to successfully achieve the development and implementation of this strategy is scarce and scattered. From the Upper Echelon Theory, the objective of this work is to develop a review and integration of the literature about shared control Joint Ventures, top management teams and innovation and to propose a framework of relationships. The role and implications of the top management team in carrying out a Joint Venture created to innovate is analyzed in this article, having as a conclusion that the diversity of the TMT (top management team can positively or negatively influence the results of such innovation. The directive nature of their work in relation to the parent companies may hinder the achievement of the objectives for which they were created. Other factors that may help correct the negative implications about innovation, created by the team composition and the characteristics of their work, are also considered.Aunque los acuerdos basados en capital, especialmente las Joint Ventures, son más efectivos que los contractuales a la hora de acceder al conocimiento necesario para la innovación, la investigación sobre los factores favorables al éxito en el desarrollo y consecución de esta estrategia es escasa y dispersa. A partir de la Upper Echelon Theory, el objetivo de este trabajo es desarrollar una revisión e integración de las literaturas sobre Joint Ventures de control compartido, equipos de alta dirección e innovación y proponer un marco de relaciones. Se analiza el papel y las implicaciones del equipo de alta dirección en el desempeño de una Joint Venture creada para innovar. Se concluye que la diversidad de los EAD puede incidir positiva o negativamente en los resultados de tal innovación. Las características de su labor
Full Text Available “Aboriginal economic development” differs from other forms of development by emphasizing aboriginal values and community involvement. Joint ventures, while providing business advantages, may not be able to contribute to aboriginal economic development. This paper examines two joint ventures in the interior of British Columbia to examine their ability or inability to contribute the extra dimensions of development desired by aboriginal communities. The AED framework examines business structure; profitability; employment; aboriginal capacity in education, experience, and finance; preservation of traditional values, culture and language; control of forest management over traditional territory; and community support. Established in the context of unresolved land claims, both enterprises partially contribute to aboriginal economic development, but in different ways and with different overall results.
Daniel Serafim BROTEA
Full Text Available This paper examines the use of social relationships in the organizing of a business network in the case of an international joint venture (IJV developing over time. The organizing process and the multicultural setting of the international joint venture emphasize the actions of and interactions between individuals from various organizations. The IJV-managers' use of their social relationships in business organizing is explored through analysis of narratives of IJVmanagers in a longitudinal single case to provide empirically grounded theory. From the in-depth interviews with IJV-managers the business relationships are identified as characterized by four possible levels of interpersonal relationships whose type influences the functions of the relationships and visa versa. One business relationship may contain only one or many of these interpersonal levels and an effective business relationship contains the appropriate interpersonal level for the business issue at hand.
Foo, Maw-Der; Uy, Marilyn A; Baron, Robert A
How do feelings influence the effort of entrepreneurs? To obtain data on this issue, the authors implemented experience sampling methodology in which 46 entrepreneurs used cell phones to provide reports on their affect, future temporal focus, and venture effort twice daily for 24 days. Drawing on the affect-as-information theory, the study found that entrepreneurs' negative affect directly predicts entrepreneurs' effort toward tasks that are required immediately. Results were consistent for within-day and next-day time lags. Extending the theory, the study found that positive affect predicts venture effort beyond what is immediately required and that this relationship is mediated by future temporal focus. The mediating effects were significant only for next-day outcomes. Implications of findings on the nature of the affect-effort relationship for different time lags are discussed.
Capital maintenance rules are part of a legal capital regime that consists of rules on raising capital and rules on maintaining it. The function of these rules is the protection of the corporation’s creditors. This is evidenced by the fact that in public as well as private companies the provisions on legal capital are not open to disapplication or variation even with unanimous shareholder consent. Thus, providing the company with a minimum of funding and ensuring equal treatment of shareholde...
... must a joint venture satisfy to submit an offer on a HUBZone contract? A joint venture may submit an offer on a HUBZone contract if the joint venture meets all of the following requirements: (a) HUBZone joint venture. A qualified HUBZone SBC may enter into a joint venture with another qualified HUBZone SBC...
Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how...... the perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified...
Elena Carrillo Álvarez
Full Text Available Social capital is defined as the resources available to individuals and groups through membership in social networks. However, multiple definitions, distinct dimensions and subtypes of social capital have been used to investigate and theorise about its relationship to health on different scales, creating a confusing picture. This heterogeneity makes it necessary to systematise social capital measures in order to build a stronger foundation in terms of how these associations between the different aspects of social capital and each specific health indicator develop. We aim to provide an overview of the measurement approaches used to measure social capital in its different dimensions and scales, as well as the mechanisms through which it is presumed to influence health. Understanding the mechanisms through which these relationships develop may help to refine the existing measures or to identify new, more appropriate ones.
Anteby, Michel; Hyman, Mikell
Human cadavers are crucial to medical science. While the debate on how to secure sufficient cadavers has focused primarily on donors' behaviors, procuring organizations' roles in increasing donations remain less explored. The United States offers a unique setting in which to examine this question since entrepreneurial ventures supplying cadavers for medical science have recently emerged alongside traditional academic-housed programs, raising both hopes and fears about their impact on whole-body donations. To assess their potential impact, an archival survey of voluntary, in-state whole-body donors to two programs procuring in the same U.S. state was conducted. The programs' specimen recipients were also analyzed. One program is academic-housed and the other is an entrepreneurial venture. Both offered equal levels of financial support to donating parties. Eighty donations and 120 specimen shipping invoices from 2005 were analyzed in each program. Donations to the two programs did not significantly differ in terms of donors' sex, marital status, maximum educational level, and estimated hourly wage. The entrepreneurial venture's donors were, however, significantly younger, more likely to be from a minority group, and more likely to have died from cancer. For-profit organizations, continuing medical training organizations, and medical device companies were more likely recipients of the entrepreneurial venture's specimens. Non-profit and academic organizations were more likely recipients of the academic-housed program's specimens. These findings suggest that although the programs procured from a somewhat similar pool of donors, they also complemented one another. The entrepreneurial program procured donations that the academic-housed program often did not attract. Specimen recipients' distinct demands partly explain these procurement behaviors. Thus, organizational efforts to meet demands seem to shape the supply. Examining organizations alongside donors might provide
Social common capital provides members of society with those services and institutional arrangements that are crucial in maintaining human and cultural life. The term Ã¦social common capital' is comprised of three categories: natural capital, social infrastructure, and institutional capital. Natural capital consists of all natural environment and natural resources including the earth's atmosphere. Social infrastructure consists of roads, bridges, public transportation systems, electricity, and other public utilities. Institutional capital includes hospitals, educational institutions, judicial and police systems, public administrative services, financial and monetary institutions, and cultural capital. This book attempts to modify and extend the theoretical premises of orthodox economic theory to make them broad enough to analyze the economic implications of social common capital. It further aims to find the institutional arrangements and policy measures that will bring about the optimal state of affairs.
Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal.
Full Text Available The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC. The paper explains the idea of insurance as a retrospective (post-loss risk financing tool and the risk transfer mechanism upon it. As the risk financing tool insurance reduces the need for the balance-sheet capital in a company and thus the financial distress costs. Also, insurance may reduce the level of operating risk and thus influences the required returns of the capital providers. These observations allow emphasising the impact of insurance on the WACC. However, according to the novel concept of the risk-based capital structure, insurance (as a risk financing tool represents an off-balance sheet capital component. As a consequence, it extends the volume of total capital. The presented conceptual model, based on the TACC concept, indicates that large volume of insurance (the insurance sum and its relatively low cost (the insurance premium gives the possibility to the significant reduction of the cost of capital on average. The concluding remarks discuss some dilemmas over the utility of the TACC concept.
Hain, Daniel; Christensen, Jesper Lindgaard; Jurowetzki, Roman
In this paper, we analyze the interaction between human capital signals of entrepreneurial founding teams with the contextual experience of potential investors, aiming to explain investment decision making. We use the case of cross-border venture capital (VC) investments in volatile and uncertain...... experience, investors improve their heuristics and develop more sophisticated and contextual decision making procedures. Previous research in the context of VC investments particularly points at human capital signals of the founding team as an important criteria considered by venture capitalists. Among those...... environments as our empirical setting. A large body of research from behavioral economics illustrates that when faced with uncertain and complex decision problems, investors tend to rely on simple heuristics and rules-of thumb, derived by easily accessible and assessable signals. Yet, with increasing...
Lassen, Astrid Heidemann; McKelvey, Maureen; Slepniov, Dmitrij
The overall question dealt with in this paper is how and why KIE firms engage in international development. Based on five in-depth case studies we illustrate that in addition to the well-known factors of internationalization, KIE ventures show a number of anomalies, suggesting that KIE ventures...... internationalise for different reasons and in different manners than what has normally been portrayed in IB literature. We argue that such findings hold significant consequences for understanding future Asia-Euro collaboration, where traditional roles of European development vs. Asian manufacturing are challenged....
Turcan, Romeo V.
This paper aims to contribute towards filling in the gap in the international entrepreneurhsip literature by exploring how and why new high-technology ventures internationalize from an emerging economy, namely Moldova. To address the above research questions, a multiple-case study strategy...... was adopted for the purpose of theory building, relying on purposeful sampling the logic and power of which lie in selecting information-rich cases for study in depth. Six international new ventures were identified through the Moldovan Association of Private ICT Companies. Data were collected using two...
Dao, Li Thuy; Napier, Nancy
suggested in existing literature. Building upon conceptualizations of individual learning and cognitive – behavioural effects in an organisational context while drawing evidence from two cases of Danish – Vietnamese joint ventures, we propose a model of individual-level knowledge transfer and learning......This paper examines micro (individual-level) aspects of knowledge transfer and learning in international joint ventures in an emerging economy context. Learning by expatriate and local managers appears far more complex, mutually dependent, and significant to the knowledge transfer process than...
Ensaio sobre as virtudes do capital de risco corporativo para projetos de alta tecnologia no setor agrícola: a trajetória inovadora da Alellyx Applied Genomics e da CanaVialis Ensayo sobre las virtudes del capital de riesgo corporativo para el desarrollo de proyectos de alta tecnología en el sector agrícola: la trayectoria innovadora de Alellyx Applied Genomics y de CanaVialis Essay on the virtues of corporate venture capital for high-tech projects in the agricultural sector: the innovative trajectory of Alellyx Applied Genomics and CanaVialis
Roberto Carlos Bernardes
Full Text Available O objetivo neste artigo é investigar a trajetória de duas empresas startups brasileiras dedicadas a pesquisa e desenvolvimento (P&D no setor de biotecnologia: a Alellyx e a CanaVialis. São dois casos de spin-offs acadêmicos e de bioemprendimentos germinados na esfera do Projeto Genoma, da Fundação de Amparo à Pesquisa do Estado de São Paulo (Fapesp, maturadas na Votorantim Novos Negócios (VNN, área de novos negócios de um dos maiores grupos industriais brasileiros que atua no segmento de commodities, o Grupo Votorantim S/A, e depois vendidas para a Monsanto. Neste estudo, tentou-se compreender a racionalidade e as virtudes das ações de investimentos corporativos e das políticas públicas destinadas à biotecnologia focada em genômica aplicada para a agricultura no Brasil. A metodologia utilizada é a de estudo de caso, mais especificamente de análise dos dois casos de empresas comentados acima. Os resultados demonstraram que, apesar de o principal objetivo do grupo econômico ser a célere valorização do capital investido e seu retorno financeiro, a afiliação corporativa dessas empresas estimulou a aceleração de um conjunto de capacitações para a gestão empresarial da Alellyx e da CanaVialis, que foram críticas para o amadurecimento do negócio. Evidenciou-se, ainda, que foi fundamental o significativo aporte de recursos por meio dos mecanismos de apoio do sistema nacional à inovação.El objeto en este trabajo es investigar la trayectoria de dos empresas startups brasileñas que se dedican a I&D (Investigación y Desarrollo en el sector de biotecnología: Alellyx y CanaVialis. Son dos casos de spin-offs académicos y de bioemprendimientos surgidos en el ámbito del Proyecto Genoma, de la Fapesp (Fundação de Amparo à Pesquisa do Estado de São Paulo, madurados en VNN (Votorantim Novos Negócios - área de nuevos negocios del Grupo Votorantim S/A, uno de los mayores grupos industriales brasileños que opera en el
The paper examines the role of replication in the development and governing of corporate ventures.......The paper examines the role of replication in the development and governing of corporate ventures....
Thöni, Christian; Tyran, Jean-Robert; Wengström, Erik Roland
We show that the standard trust question routinely used in social capital research is importantly related to cooperation behavior and we provide a microfoundation for this relation. We run a large-scale public goods experiment over the internet in Denmark and find that the trust question is a proxy......", a recently proposed alternative to the "trust question", is also related to cooperation behavior but operates through beliefs rather than preferences....
Full Text Available Deep and broad financial markets facilitate savings mobilization, by offering both individuals and insitutional savers and investors additional instruments and channels for placement of their funds at more attractive returns than are available on bank deposits. Bank and non-bank financial intermediation are both key elements of a sound and stable financial system. Both sectors need to be developed as they offer important synergies, meant to foster economical growth. While banks dominate the financial systems in most countries, business, households, and the public sector rely on the availability of a wide range of financial products to meet their financial needs. Such products are not provided only by banks, but also by insurance, leasing, factoring, and venture capital companies as well as mutual funds or pension funds.
K.D.S.-G. Fernald (Kenneth)
markdownabstractAbstract Improving medicine and health is the ultimate purpose of biotechnological innovation, where basic science is used to develop new innovative diagnostics and therapeutics to significantly improve the lives of patients worldwide. Concurrently, for three stakeholder groups,
Hain, Daniel; Jurowetzki, Roman
, or business models which are potentially fit for international or even global markets. In this paper we investigate the pattern of current technology investments in Kenya – one of sub-Saharan Africa’s buzzing ICT centers. In many cases these financial investments are accompanied by intensive technical...... phenomenon of international high-tech investments, focusing on the case of Kenya. Classifying investors and start-ups, and mapping the interaction structure between them, we aim at identifying investment patterns that can contribute to compe- tence building and sustainable development in less developed...
Hain, Daniel; Jurowetzki, Roman
to competence building and sustainable development in less developed economies in the global South. Design/methodology/approach: Classifying investors and start-ups, and mapping the interaction structure between them, we aim at identifying investment patterns that can contribute to competence building...... different from technology used in the west. Originality/value: We develop a novel classification of technology investments in low income countries by exploiting the rich information and graph-based structure of the CrunchBase dataset, thereby sheeting light on an up to now under-researched emerging...
Entrepreneurial start-ups have left an indelible impression on much of the USA's recent economic history. As hotbeds for technological innovation, university research laboratories create groundbreaking innovations that have been at the heart of many successful start-ups. However, powerful ideas do not necessarily beget successful companies: great…
Elomaa, J. (Jonna)
Abstract In today’s ever-changing and chaotic world corporations are forced to develop themselves continuously to be able to survive (Kessler et al. 2007). Companies have had a need to develop new services and products to follow the evolution for a long time (Tushman & Nadler 1986), but especially during the past decades the need to innovate has become a ne...
... a PHA's joint venture partner? 943.150 Section 943.150 Housing and Urban Development Regulations... HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PUBLIC HOUSING AGENCY CONSORTIA AND JOINT VENTURES Subsidiaries, Affiliates, Joint Ventures in Public Housing § 943.150 What procurement standards apply to a PHA...
... 10 Energy 4 2010-01-01 2010-01-01 false Procurement, financial assistance, and joint ventures... joint ventures. (a) This section applies to DOE competitive and limited-source procurements, to awards of financial assistance by a competitive process, and to joint ventures entered into as a result of...
... a joint venture itself? 943.151 Section 943.151 Housing and Urban Development Regulations Relating... HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PUBLIC HOUSING AGENCY CONSORTIA AND JOINT VENTURES Subsidiaries, Affiliates, Joint Ventures in Public Housing § 943.151 What procurement standards apply to a...
Harms, Rainer; Scillitoe, Joanne L.
New venture growth is an important research topic. Past research suggests that growing young ventures play a critical role in local, regional and national economies through the creation of jobs, the generation of profits and the development of innovations. Questions regarding how ventures grow,
... Energy Regulatory Commission PK Ventures, Inc.; North Carolina; Notice Soliciting Applications On April 30, 2010, PK Ventures, Inc. (licensee) filed a Notice of Intent (NOI) to file an application for a... current license.\\2\\ PK Ventures has not filed an application for a subsequent license for the Bynum...
Full Text Available Countries at a different level of development exhibit a variety of entrepreneurial initiatives and activities in terms of motives of entrepreneurial behavior, but also the scope and structure of entrepreneurial ventures. The aim of this paper is to explore the relationship between the degree of economic development and the motives of entrepreneurial behavior. In order to perform a more detailed overview of the research subject, the research area expands on the scope and structure of entrepreneurial activity, with the aim of identifying the impact of the motives of entrepreneurial behavior on the entrepreneurial process observed in its phases. Characteristics of selected variables and the size of the research sample conditioned the usage of the Spearman's correlation coefficient and the Chi-square test. The results indicate a positive correlation between the level of economic development and opportunity motive of entrepreneurial ventures. This motive is also found to be a generator of maturity of entrepreneurial ventures. More specifically, the higher percentage of participation of the entrepreneurial ventures with opportunity motive is associated with a higher percentage of enterprise in more mature stages, which is especially reflected in the group of highly developed countries.
Lackéus, Martin; Williams Middleton, Karen
Purpose: The purpose of this paper is to explore how university-based entrepreneurship programs, incorporating real-life venture creation into educational design and delivery, can bridge the gap between entrepreneurship education and technology transfer within the university environment. Design/methodology/approach: Based on a literature review…
S.J.A. Hessels (Jolanda); A.J. van Stel (André)
textabstractWhile it is generally acknowledged that entrepreneurship as well as export activity may both be important strategies for achieving national economic growth, it has remained unclear how export activity among new ventures is related to economic growth. This paper investigates whether the
Restructuring of Europe's petrochemical industry has taken a further step with the announcement that Hoechst (Frankfurt) and Wacker Chemie (Munich) are planning a joint venture in polyvinyl chloride (PVC). The venture would include production, R D, sales and marketing, plus both companies' PVC recycling activities. However, their vinyl chloride monomer (VCM) plants, and Hoechst's Kalle PVC film business, have been left out. Erich Schnitzler, head of Hoechst's PVC business unit, does not anticipate problems with the European Community's competition directorate. We are both among the middle-sized European PVC producers, and together we would have a 9%-10% market share. Our joint venture would not limit competition. Both partners are hoping for approval from Brussels in first-quarter 1993. Hoechst has 255,000 m.t./year of PVC capacity at Gendorfand Knapsack, while Wacker has 365,000 m.t./year at Burghausen and Cologne. All the units, except Wacker's Cologne plant, are back integrated to VCM. The joint venture would buy VCM from the two parent companies and on the merchant market.
Song, Michael; Podoynitsyna, Ksenia; van der Bijl, H.M.; Halman, Johannes I.M.
Technology entrepreneurship is key to economic development. New technology ventures (NTVs) can have positive effects on employment and could rejuvenate industries with disruptive technologies. However, NTVs have a limited survival rate. In our most recent empirical study of 11,259 NTVs established
Campbell, Clifton P.
Joint Ventures in Vocational Education projects link participating businesses with secondary vocational programs in a cooperative relationship. These are voluntary arrangements between vocational programs and a public or private sector agency that combine the energies and resources of the partners to enrich various aspects of the vocational…
(one firm endogenously exiting). Two research joint venture schemes and the noncooperative solution are compared. Due to built-in symmetry, a joint lab does not always lead to the best performance. Overall, our findings differ quite substantially from those based on strongly decreasing R&D returns...
This paper examines the value creation aspects of HRM in international joint ventures of a relatively small size and their implications for strategic management. We assume that HRM in this context is rather a process than a function, and a ‘soft’ – humanistic rather than a ‘hard’, instrumentalist...
Bjørnåli, Ekaterina S.; Knockaert, Mirjam; Foss, Nicolai Juul
This chapter argues that new venture team (NVT) processes are relatively ill-understood in the entrepreneurship literature, and describes various theoretical and empirical research avenues that may be pursued in order to improve our understanding of these processes. It then focuses on the widely ...
Hennart, J.M.A.; Grandori, A.
This chapter attempts to bring some clarity and consistency to the literature on hybrids, networks, and joint ventures. That literature is now a thicket of ambiguous concepts and mutually inconsistent theories. I use the tools of transaction cost theory to develop a comprehensive framework that
I. Verheul (Ingrid); M.A. Carree (Martin); E. Santarelli (Enrico)
textabstractThis paper investigates the determinants of new venture creation across industries and locations for 103 Italian provinces between 1997 and 2003. We allow for differences in regional opportunities across industries and investigate the impact of a range of factors on entrepreneurship in
Cohen, James S.; Stieglitz, Maria
A classroom business venture (CBV), one component of the Human Resources School's career development program for physically disabled fifth, sixth, and seventh graders, is described. A CBV is defined as a simulated business situation where students, with teacher guidance, plan and organize the operation toward the eventual goal of distribution of…
Full Text Available The focus of this study is the transfer of marketing knowledge within Thai joint venture firms. The perspectives of Thai managers were surveyed using a structured instrument. The analysis identifies seven dimensions of marketing management knowledge: promotion management, price management, logistics management, product innovation management, strategic marketing management, cross-cultural management, and target marketing management. The incidence of transfer is highest for activities in strategic marketing management, followed by price management. Transfer in product innovation management and target marketing management tends to vary with the age of the joint venture. Joint venture firms with foreign partners originating from Western, advanced, industrialised nations recorded the highest incidence of knowledge transfer occurring within product innovation management. This trend also holds true for the management of promotion activities. The incidence of transfer in target marketing management is lowest among firms with foreign partners from neighbouring nations. The incidence of knowledge transfer within product innovation and target marketing also tends to vary with the age of the joint venture. An analysis based on industry classification revealed that the transfer of knowledge regarding logistics management occurs most for firms in the manufacturing sector. In the service sector, the highest incidence of knowledge transfer within the areas of promotion management and target marketing management occurred in the agricultural sector.
This article reports the results of an empirical study focusing on the relationship between the relative dependence asymmetry of partners in a joint venture, the level and intensity of conflict between the partners, the level of trust and norms of exchange between the partners, and the performance
Hyder, A.; Ghauri, P.N.
The purpose of the study is to describe and analyse the formation and development of international joint venture processes and relationships between the partners over time. Moreover, the study analyzes how far foreign partners have been successful in developing new contacts and in expanding their
This study examined willingness to venture into agriculture-related enterprises after graduation among final year agriculture students of Federal University of Agriculture, Abeokuta (FUNAAB) by randomly sampling 120 final year students from the three agriculture colleges in the university with the aid of structured ...
Rocha, Vera; Brymer, Rhett Andrew
) early hiring choices affect new venture performance. This gap is surprising, since hiring soon after a firm founding is especially critical to sustained success. We propose that pipeline hiring – i.e., repeated hiring from various source organizations – might be a strategy considered by startups...... of this hiring practice will beget improved firm performance. Using a sample of about 8,300 new ventures founded in Denmark, and over 150,000 employees joining these firms, we find broad support for our theory. We then explore the underlying mechanisms and boundary conditions for the positive relationship...... determine how a firm orchestrates the accumulation of one of its most critical resources – its human capital. However, research to date has not considered the effect of founding team characteristics on staffing strategies specifically, neither has prior literature advanced our knowledge on how (certain...
Full Text Available This paper contributes to the important body of research on entrepreneurship and social capital. Most previous work on social capital and business incubators has analyzed how the structure of personal networks (measured by network size or density and their quality (measured by tie strength influence venture performance. However, few studies have focused on the mobilization of partners’ resources. This paper analyses how these three dimensions of social capital —defined in this article as the structural dimension, the relational dimension and the resource dimension— are closely linked to the three types of interactions in a business incubator: networking, counseling and resourcing. An Ordinary Least Squares regression was applied to a sample made up of incubating firms in Colombia. Results from the data analysis show that resourcing interactions constitute the most significant aspect of business incubators for entrepreneurs.
Alain A. Vertès
Full Text Available Innovations that initiate new technology cycles, i.e., radical innovations, bring tremendous value to Society and build for the companies that deploy them sustainable competitive advantages. However, large firms have typically been relatively inefficient at accessing from academia or technology start-ups such technological leaps. Indeed, most multiyear and multimillion dollar academia-industry partnerships have historically not resulted in any acceleration of the rate of deployment of game-changing innovations, which empirically proceeds in 25 year cycles, such as for example the expansion of the scope of the pharmaceutical industry from small molecules to biologics, or, projecting into the future, to siRNA or therapeutic stem cell technologies. Syndicated innovation venturing is a new strategic partnering concept described here that brings together actors from different economic segments in a non zero-sum game as a means to facilitate seed-funding, with the aim to de-risk technologies while reducing initial financial exposures. A case study in the pharmaceutical industry suggests that alleviating this hurdle may provide an appropriate environment to improve the dynamics of academic technology transfer to the commercial phase. By contributing to the de-risking of the creation of novel biotechnology businesses, this novel mechanism could help speed up the commercialization of emerging technologies on a large scale. At a time when knowledge-based firms such as pharmaceutical companies attempt to revisit their innovation models to advance science, in spite of an environment of increasing risk-aversion, such responses could tilt the balance in favor of disruptive products and sustained corporate financial performance by removing common barriers to radical innovation deployment.
Harms, Rainer; Marinakis, Yorgos; Walsh, Steven Thomas
Materials-based ventures face a high degree of technology uncertainty and market uncertainty when engaging in the technology entrepreneurial process. Recently, the lean startup methodology (LSM) has been introduced to practice and education as an integrated approach on how entrepreneurs can resolve
teaching assistants has a positive effect on measures of academic achievement. The results suggest that social capital is more important to some students than others in terms of retention and academic achievement. Recommendations are made to identify students requiring social capital to be successful, and to provide opportunities for these students to develop social capital.
Wan Fadzilah Wan Yusoff
Full Text Available Independent studies conducted on the impact of human capital, structural capital and social capital on firm performance have shown that a significant positive relationship can be established between each of them and performance. This study examined if each of these components of intellectual capital would show more significant relationships if they were to interact with each other, whether in a two-way or three-way interactions. Results provided by a sample collected from 298 business units of firms in the Malaysian financial services industry is consistent with the suggestion that the key driving forces in the contemporary business environment has moved from the management of tangible resources to the exploitation of intangible resources and differential outcome can be expected from the interactive nature of the components.
... subsidiary, affiliate, or joint venture have on financial accountability to HUD and the Federal government... URBAN DEVELOPMENT PUBLIC HOUSING AGENCY CONSORTIA AND JOINT VENTURES Subsidiaries, Affiliates, Joint Ventures in Public Housing § 943.146 What impact does the use of a subsidiary, affiliate, or joint venture...
... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Contribution to joint venture as extension of... joint venture as extension of credit when the contribution is disproportionate to the contributor's share in the venture's profits or losses. (a) The Board considered the question whether a joint venture...
The article considers the content and the structure of human capital. The term “human capital” is viewed as people’s abilities toparticipate in the production process in order to make use of their potential skills. A particular attention is paid to the meaning ofsocial capital and its role in the formation of human capital. It is proven that there is not much research on the connection betweenhuman and social capital. Human development index in Ukraine and 20 leading counties of the global ra...
Sumrall, J.; Lane, C.
Major X-33 flight hardware has been delivered, and assembly of the vehicle is well underway in anticipation of its flight test program commencing in the summer of 1999. Attention has now turned to the operational VentureStar(trademark), the first single-stage-to-orbit (SSTO) reusable launch vehicle. Activities are grouped under two broad categories: (1) vehicle development and (2) market/business planning, each of which is discussed. The mission concept is presented for direct payload delivery to the International Space Station and to low Earth orbit, as well as payload delivery with an upper stage to Geosynchronous Transfer Orbit (GTO) and other high energy orbits. System requirements include flight segment and ground segment. Vehicle system sizing and design status is provided including the application of X-33 traceability and lessons learned. Technology applications to the VentureStar(trademark) are described including the structure, propellant tanks, thermal protection system, aerodynamics, subsystems, payload bay and propulsion. Developing a market driven low cost launch services system for the 21 st Century requires traditional and non-traditional ways of being able to forecast the evolution of the potential market. The challenge is balancing both the technical and financial assumptions of the market. This involves the need to provide a capability to meet market segments that in some cases are very speculative, while at the same time providing the financial community with a credible revenue stream.
The article focuses on long-term development of technology-based international new ventures (INVs) and discusses aspects of managing such ventures once they are past the initial success and rapid internationalization and enter the stable development phase. The study builds on an in-depth process...... case study of a technology-based INV conducted over the period of 3.5 years, starting 8 years into the firm’s history. This unique design has enabled close observation of the specific events and challenges the firm has been facing after its initial success, and of the aspects in the firm’s management...... of the dynamic managerial capability of technology-based INVs are conceptualized and summarized into a set of propositions and a model....
Nielsen, Ulrik B.
The purpose of the Ph.D. dissertation is to examine how do joint learning influence management of international joint ventures in emerging markets? Entering and developing presence in emerging markets often require foreign firms to set up International Joint Ventures (IJVs) with local partners...... their expectations. Inter-partner learning has been proposed in the literature as a major cause of IJV instability. However, current research indicates that when IJV partners engage in joint learning to create new IJV-specific knowledge that benefits both partners it stabilizes and sustains the IJV. Yet, joint...... learning in IJVs have rarely been examined in the context of IJVs in emerging markets. This paucity of studies concerning joint learning and knowledge creation in IJVs have been noted at a critical research gap in the literature....
Ana Michavila Núñez
Full Text Available La joint venture ha surgido en los negocios internacionales al margen de los marcos jurídicos establecidos. Sus rasgos característicos la definen como un acuerdo de cooperación para la realización de un negocio en común, en el que las partes realizan sus aportaciones, mantienen su autonomía y comparten el control sobre el negocio. La modalidad conocida como contractual o non-equity joint venture, habitualmente olvidada por la doctrina jurídica, participa de los mismos elementos y naturaleza que la equity o incorporated, si bien se distingue de ésta por los instrumentos utilizados por las partes para su implementación. Abarca todas aquellas joint ventures en las que las partes no eligen una corporation o una sociedad con personalidad jurídica para su instrumentación, sino cualquier otra forma jurídica prevista por un ordenamiento nacional o bien una diseñada a la medida por las partes en todos sus extremos. En cualquier caso, la voluntad de las partes debe plasmarse detalladamente en el acuerdo de base o contrato joint venture y, en su caso, en los contratos de aplicación o contratos satélites. Es preciso determinar en cada supuesto el régimen jurídico aplicable, puesto que no existe en la mayoría de los ordenamientos jurídicos una regulación de esta figura
Though International Joint Ventures (IJVs) are widespread, their high failure rate, attributed to the difficulty of managing them, has increased interest in their management. IJV research has seen knowledge sharing and learning between partners to be essential for success, and has noted that this is easier when the international partners are culturally aligned with one another. The process of integrating knowledge across national boundaries and between people from dissimilar cultures is a cha...
Luciana Florêncio de Almeida
Full Text Available In a competitive world, the way a firm establishes its organizational arrangements may determine the enhancement of its core competences and the possibility of reaching new markets. Firms that find their skills to be applicable in just one type of market encounter constraints in expanding their markets, and through alliances may find a competitive form of value capture. Hybrid forms of organization appear primarily as an alternative to capturing value and managing joint assets when the market and hierarchy modes do not present any yields for the firm's competitiveness. As a result, this form may present other challenging issues, such as the allocation of rights and principal-agent problems. The biofuel market has presented a strong pattern of changes over the last 10 years. New intra-firm arrangements have appeared as a path to participate or survive among global competition. Given the need for capital to achieve better results, there has been a consistent movement of mergers and acquisitions in the Biofuel sector, especially since the 2008 financial crisis. In 2011 there were five major groups in Brazil with a grinding capacity of more than 15 million tons per year: Raízen (joint venture formed by Cosan and Shell, Louis Dreyfus, Tereos Petrobras, ETH, and Bunge. Major oil companies have implemented the strategy of diversification as a hedge against the rising cost of oil. Using the alliance of Cosan and Shell in the Brazilian biofuel market as a case study, this paper analyses the governance mode and challenging issues raised by strategic alliances when firms aim to reach new markets through the sharing of core competences with local firms. The article is based on documentary research and interviews with Cosan's Investor Relations staff, and examines the main questions involving hybrid forms through the lens of the Transaction Cost Economics (TCE, Agency Theory, Resource Based View (RBV, and dynamic capabilities theoretical approaches. One
Full Text Available ABSTRACT Start-ups, often seen as sources of innovation and change, are prone to failure and accordingly they are attracting considerable attention not least from policy makers and Government officials. However, the various new venture creation studies that have emerged since the early 1980s lack cohesiveness, and the domain remains controversial. This article not only exposes the limitations of the existing body of understanding on the topic but attempts to develop a more comprehensive and comprehendible framework for start up (new venture creation. To do so it uses the frameworks proposed by Whetten, and March and Smith to develop 11 propositions. The resultant model suggests that the creation of a start up involves the identification of an idea or opportunity by an entrepreneur who subsequently organizes a series of activities, mobilizes resources and creates competence using his/her networks in an environment in order to create value. It sheds light on the start-up (new venture creation process and has relevance for entrepreneurs, policy makers and researchers.
Full Text Available With the long construction period, the giant scope and complex technology, water conservancy and hydroelectric engineering construction has large investment. In the fully competitive water conservancy and hydropower project construction contracting market, it is almost impossible for a company to contract with a water conservancy and hydropower project independently. Therefore, water conservancy and hydropower project construction can be contracted by several construction companies together, to play each company's strengths, lower offer, improve project quality, shorten the construction period and win the competition. In this paper, we started from the definition of Joint Venture, summed up the forms of Joint Venture in water conservancy and hydropower engineering, proposed that the JV modes can be divided into domestic and international union, tight mode, half-tight mode, loose mode, incorporation and consortium. Furthermore, we analyzed the advantages and disadvantages of Joint Venture. Put forward that the JV can relieve the owner from interfacial administrative work, reduce risk of engineering, and raise the success rate of engineering contract, improve the correctness of price and increase the opportunity of project contracting, Learn from other members, enhance technology and management and make full use of idle resources
Jones, Gareth A
This paper is inspired by Thomas Piketty's book Capital in the Twenty-First Century. Piketty does a wonderful job of tracing income and wealth over time, and relating changes to trends of economic and population growth, and drawing out the implications for inequality, inheritance and even democracy. But, he says relatively little about where capital is located, how capital accumulation in one place relies on activities elsewhere, how capital is urbanized with advanced capitalism and what life is like in spaces without capital. This paper asks 'where is the geography in Capital' or 'where is the geography of capital in Capital'? Following Piketty's lead, the paper develops its analysis through a number of important novels. It examines, first, the debate that Jane Austen ignored colonialism and slavery in her treatment of nineteenth century Britain, second, how Balzac and then Zola provide insight to the urban political economy of capital later in the century, and third, how Katherine Boo attends to inequality as the everyday suffering of the poor. © London School of Economics and Political Science 2014.
Balázs István Tóth
Full Text Available The aim of this research is to analyze territorial capital as a new paradigm to make best use of endogenous assets. The study is dealing with the preconditions, meaning and possible theoretical taxonomies of territorial capital. In this study I emphasize that the cumulative effects of regional potentials are more important than economies of scale and location factors. I present different approaches and interpretations of territorial capital, then make an attempt to create an own model. I try to find answers for questions, such as why territorial capital shows a new perspective of urban and regional development; how cognitive elements of territorial capital provide increasing return; how territorial capital influences competitiveness and what kind of relation it has with cohesion.
Full Text Available More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market’s degree of integration follows. The emergence of new (types of actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.
Peter J. Graham
Full Text Available We examine how national culture impacts organisational selection of capital budgeting systems to develop our understanding of what influence a holistic formulation of national culture has on capital budgeting systems. Such an understanding is important as it would not only provide a clearer link between national culture and capital budgeting systems and advance extant literature but would also help multinational firms that have business relationships with Indonesian firms in suitably designing strategies. We conducted semi-structured interviews of selected finance managers of listed firms in Indonesia and Australia. Consistent with the contingency theory, we found that economic, political, legal and social uncertainty impact on the use of capital budgeting systems. The levels of uncertainty were higher in Indonesia than Australia and need to be reckoned in the selection of capital budgeting systems used by firms. We also found that firms are influenced by project size and complexity, when selecting capital budgeting systems.
Rimestad, Mari Haga; Bjerkholt, Frøydis Folvik; Seeland, Ole Jørgen
Article 1: Investigates the field of academic spin-offs. This type of spin-offs commercialize research results from research institutions and are believed to be a source of wealth creation. Even though academic spin-offs have high survival rates they rarely grow into high performing ventures. Furthermore, performance of young academic spin-offs is closely linked to their human capital as they often have limited resources. Through a structured literature search we investigated how different ty...
Veenendaal, Andre; van Velzen, Martijn; Looise, Jan C.
This paper provides a new and integrated approach to understanding, through creative capital, the relationship between human resource management (HRM) and innovation. The conceptual framework presented, building on insights from social capital research and the field of regional economic development,
Theorizing a sociology of emotion that links micro-level resources to macro-level forces, this article extends previous work on emotional capital in relation to emotional experiences and management. Emerging from Bourdieu’s theory of social practice, emotional capital is a form of cultural capital
Full Text Available Until recently, capital mobility was encouraged across national borders, because it was considered that such capital can seek the highest rate of return. However, recent global financial developments have shown that, due to contagion, the mobility of capital flows can cause severe financial imbalances. In the context of globalization, liberalization or maintaining controls on capital flows is a current topic, more debated by economists. This topic is very important, due to the impact of liberalization decision or maintaining controls on capital flows has on the overall macroeconomic framework. The paper analyzes the relationship between capital flowsâ€™ control and the income per capita, the degree of central bank independence, democracy country, the foreign exchange regime. Also, it analyzes the effectiveness in time of capital controls, taking account of financial system development and potential risks of instability. Over time, it was observed that a period in which they have imposed restrictions on capital movements was followed by a removal of such restrictions, and vice versa. Cyclic change of capital movements regime corresponds to the cyclic evolution of the global economy. Full capital account liberalization led to the emergence of currency and financial crises, so that the idea of maintaining controls on capital is not rejected by economists. After a full liberalization of capital flows, there is a change in the mentality of an increasing number of economists, who support the maintenance of controls, in a gradual liberalization.
Provance, Mike, E-mail: email@example.com [Old Dominion University, Norfolk, VA 23529 (United States); Donnelly, Richard G.; Carayannis, Elias G. [George Washington University, Washington, DC 20052 (United States)
Business model choice plays an important source of competitive advantage for new ventures in the microgeneration sector. Yet, existing literature focuses on strategic management of internal resources as the constraints in this choice process. In the energy sector, external factors may be at least as influential in shaping these business models. This paper examines the roles of politico-institutional and socio-institutional dynamics in the choice of business models for microgeneration ventures. Business models have traditionally been viewed as constructions of the internal values, strategies, and resources of organizations. But, this perspective overlooks the role that external forces have on these models, particularly in more highly institutionalized contexts like microgeneration. When these factors are introduced into the existing framework for business model choice, the business model based less on firm decision-making and more about variables that exist within national innovation systems and political structure, local socio-technological conditions, and cognitive abilities of the entrepreneur and corresponding stakeholders. - Highlights: > This work provides theoretical foundation for variation in microgeneration business models. > Explores institutional influences on strategic view of business model choice. > Compares the nature of microgeneration across geo-political contexts.
Three FORTRAN programs, CAPITAL, VENTURE, and INDEXER, have been developed to automate computations used in assessing the economic viability of proposed or conceptual laser fusion and other advanced-technology facilities, as well as conventional projects. The types of calculations performed by these programs are, respectively, capital cost estimation, lifetime economic performance simulation, and computation of cost indexes. The codes permit these three topics to be addressed with considerable sophistication commensurate with user requirements and available data.
Nurmet, M.; Roots, J.; Huirne, R.B.M.
Empirical tests are provided to determine the optimal leverage adjustment in transitional economy. Econometric model of agricultural firm capital structure is specified and estimated in order to analyze, how different factors affect agricultural firm’s capital structure. Issues in financial
Phillip J. Granberry
Full Text Available Social capital provides access to material and personal resources through participation in social networks and other social structures. Social capital may not function equally for all populations, especially those living in residentially segregated urban neighborhoods with increased levels of poverty. This is because inequalities exist in social capital accumulation and are found where disadvantaged socioeconomic groups cluster. Using probabilistic household survey data consisting of 205 Puerto Rican mothers in Springfield, Massachusetts in 2013, this research tests hypotheses regarding the association of social capital accumulation with Puerto Rican mothers’ individual, neighborhood, and social network characteristics. Logistic regression results suggested that Puerto Rican mothers who were employed and lived in neighborhoods with other Latinos were more likely to accumulate social capital. In addition, mothers who participated in activities of their children also had increased social capital accumulation. This neighborhood effect on social capital accumulation may promote bonding social capital but not bridging social capital among these Puerto Rican mothers.
CHATTI , MOHAMED ALI
Nous essayerons dans le présent article de faire une comparaison entre la finance islamique (notamment ses modes de financement participatifs) et le capital-risque (technique de financement très répandue en occident et connue aux Etats-Unis sous le nom de "Venture Capital"). Cette étude suppose que ces deux techniques de financement sont très proches, à quelques différences près, et qu'un rapprochement entre les deux est tout à fait possible et réalisable, à condition de prendre en compte les...
Burgers, Henri; Bosch, Frans; Volberda, Henk
textabstractIn this conceptual paper we investigate how corporate venturing influences an organization’s competences. The impact of various types of corporate ventures on the portfolio of strategic options of a firm’s competence modes (Sanchez, 2004a; Sanchez and Heene, 2002) will be assessed by distinguishing two fundamentally different dimensions of corporate venturing, technology and product (Block & MacMillan, 1993). We argue that the level of product and factor market dynamism mediates t...
Mª Camino Ramón-Llorens; Ginés Hernández-Cánovas
... Española de Entidades de Capital Riesgo) in June, 2002 with a response rate of 68.333%. As a theoretical framework we base on the Institutional Theory and agency problems that venture capitalists-entrepreneurs are faced.Findings...
Rosenthal, M B; Frank, R G; Buchanan, J L; Epstein, A M
Physician organizations in California broke new ground in the 1980s by accepting capitated contracts and taking on utilization management functions. In this paper we present new data that document the scale, structure, and vertical affiliations of physician organizations that accept capitation in California. We provide information on capitated enrollment, the share of revenue derived by physician organizations from capitation contracts, and the scope of risk sharing with health maintenance organizations (HMOs). Capitation contracts and risk sharing dominate payment arrangements with HMOs. Physician organizations appear to have responded to capitation by affiliating with hospitals and management companies, adopting hybrid organizational structures, and consolidating into larger entities.
Six, F.; Chappell, R.
The JOVE (NASA/university Joint Venture in space science) initiative is a point program between NASA and institutions of higher education whose aim is to bring about an extensive merger between these two communities. The project is discussed with emphasis on suggested contributions of partnership members, JOVE process timeline, and project schedules and costs. It is suggested that NASA provide a summer resident research associateship (one ten week stipend); scientific on-line data from space missions; an electronic network and work station, providing a link to the data base and to other scientists; matching student support, both undergraduate and graduate; matching summer salary for up to three faculty participants; and travel funds. The universities will be asked to provide research time for faculty participants, matching student support, matching summer salary for faculty participants, an instructional unit in space science, and an outreach program to pre-college students.
Sur une période longue de trente années, l'évolution du capital-risque aux Etats-Unis est caractérisée par une montée en puissance progressive marquée par quelques cycles mineurs et débouchant sur un cycle d'une amplitude relative considérable entre 1995 et 2001. A partir des données primaires tirées de la base de données Venture Expert et de traitements originaux, nous apportons des éléments d'information quantifiés sur l'évolution du système de capital-risque aux Etats-Unis et, notamment, s...
Full Text Available Market economy is characterized at a time, among others, by the existence of two partners, so that one has some money, a certain amount of capital, and one needs money. The first has money and wants to capitalize on them as possible, and the second wants to enter into possession of a capital base which is to put up a new business or develop an existing. We can say that in this context we are facing a certain demand and a supply of capital. Meeting supply and demand of the said capital shall be carried out in an organized framework, namely the capital market. Investors as owners of capital seeking to invest capital so advantageous that they must choose from several investment on the one that best suits his or her interests. In the choice between several investment options investor must thoroughly know the subject of its investment capital, form of revenue will occur when they occur, what time is immobilized the capital and the risks of its investment capital.
Full Text Available The concept of the efficiency of venture business’s attraction was improved in the article. The theoretical foundations of venture business’s concept were explored, four approaches to venture business’s understanding were singled out, and its own definition which fully reflects the essence was developed in the investigation. The author examines the existing approaches to the concepts of effect and efficiency and revealed that efficiency is the ratio of the effect obtained to the costs incurred to achieve it. Also, the author developed the concept of effectiveness of venture business’s attraction.
By proposing the joint-venture development of an ambulatory surgery center and medical office space with a group practice, one hospital succeeded in enhancing its relationship with the practice and paved the way for future collaboration. Although the hospital's proposal to jointly develop an ambulatory surgery center was not accepted, the hospital was able to dissuade the group practice from developing a competing ambulatory surgery facility while increasing the group's trust in and loyalty to the hospital. As a result, the hospital potentially will benefit from increased inpatient admissions.
Scarff, D. D.; Bloom, H. L.
Paper reviews technical, resource planning and marketing steps an industrial organization must perform in arriving at a decision to undertake space development and production of commercial products or services for Users on the ground. Technical elements are supported by particular examples. Analysis of required resources emphasizes facility and financial inter-relationships between commercial organizations and NASA. Marketing planning covers elements of profitability. Paper addresses questions related to protection of corporate stockholders and public interest, investment decision timing, budget variations. Paper concludes with observations on timeliness of planning shuttle-based commercial ventures and on key industry/NASA problems and decisions.
Full Text Available Purpose and problem: Human capital represents an investment in education and skills. However, in the Democratic Republic of Congo (DRC the ability of small-scale retailers to grow and increase firm performance is restricted by the scarcity of education and prior work experience.Methodology: Survey data were collected from 126 owner-managers in the retail industry in Kinshasa, DRC, in order to investigate the proposed relationship between the human capital components of education, work experience and venture performance.Findings: Several variables pertaining to education and prior work experience were related to different aspects of venture performance, allowing for support of the hypotheses. Nonetheless, when clustering was conducted some surprising results were observed in that owner-managers tended to have little work experience even where their venture was performing well.Implications: Research into human capital and links to performance in Africa and emerging markets is valuable as recent research has found that the matching of entrepreneurial human capital with opportunities for growth is the essence of economic development.
Full Text Available The paper deals with the contemporary issue of municipal finance. Municipalities in Czech Republic make up important part of public sector and influence the fiscal performance of Czech economy. Simultaneously, the capital expenditure of municipalities has a crucial role in shaping of the entrepreneurial environment and of an environment in the widest sense. The goal of this paper was to analyse the capital expenditure of municipalities in Czech Republic from the national economy point of view and to analyse the financing of capital expenditure between 1994 and 2003. The emphasis was given to the relation between the capital expenditure and the indebtedness of municipalities. The analysis reveals that the capital expenditure make significant share of overall public capital expenditure, the share exceeds 50%. The capital expenditure of municipalities also participate considerably on gross fixed capital formation (10.57% in 2003 and therefore on GDP formation (2.83% in 2003. However, considering the economic cycle, capital expenditure of municipalities has pro-cyclical effect. Analysis the structure of financing of capital expenditure, the operating surplus is very important resource. However, it is not sufficient one even considered together with capital incomes and capital subsidies. It results in using loans to finance the capital expenditure. This happened between 1994 and 2003, with the exclusions of 1998 and 1999. Because of the future high need of capital expenditure, it can be expected that municipalities will employ even more loans. The link between capital expenditure and indebtedness of municipalities can be identified. There is another factor in effect. The volume of operating (especially tax incomes is not sufficient. The state decentralizes significant portion of activities without providing municipalities with corresponding income. Municipalities then are not able to generate adequate operating surplus to finance the deficit on
The Nigerian capital market had not been performing effectively in terms of providing long term capital needed by firms to finance capital projects. This cast doubts on its ability to meaningfully enhance the growth of the economy against the apriori expectations amidst different reforms that were introduced by the government ...
Pompili, Tomaso; Martinoia, Michela
Empirical analyses highlight local structural features (territorial capital) as constraints on regional growth and interregional convergence processes, but scant attention is devoted to traditional localised resources and specifically the natural and cultural heritage. However, only the application of know-how embodied in human capital to resources provides value. Specifically, heritage becomes economically relevant through human capital acting via tourist, recreational and cultural activitie...
In the knowledge economy, professionals have to make decisions about non-tangible, non-monetary, and largely invisible resources. Information professionals need to understand the potential uses, contributions, value, structure, and creation of broadly intangible intellectual capital in libraries. In order to fully realize intellectual capital in libraries, new practices and skills are required for library management practitioners and researchers.Managing Intellectual Capital in Libraries provides research advances, guidelines, methods and techniques for managing intellectual capital in a libra
Full Text Available The joint venture of many members is common both in animal world and human society. In these public enterprizes, highly cooperative groups are more likely to while low cooperative groups are still possible but not probable to succeed. Existent literature mostly focuses on the traditional public goods game, in which cooperators create public wealth unconditionally and benefit all group members unbiasedly. We here institute a model addressing this public goods dilemma with incorporating the public resource foraging failure risk. Risk-averse individuals tend to lead a autarkic life, while risk-preferential ones tend to participate in the risky public goods game. For participants, group's success relies on its cooperativeness, with increasing contribution leading to increasing success likelihood. We introduce a function with one tunable parameter to describe the risk removal pattern and study in detail three representative classes. Analytical results show that the widely replicated population dynamics of cyclical dominance of loner, cooperator and defector disappear, while most of the time loners act as savors while eventually they also disappear. Depending on the way that group's success relies on its cooperativeness, either cooperators pervade the entire population or they coexist with defectors. Even in the later case, cooperators still hold salient superiority in number as some defectors also survive by parasitizing. The harder the joint venture succeeds, the higher level of cooperation once cooperators can win the evolutionary race. Our work may enrich the literature concerning the risky public goods games.
Wu, Te; Fu, Feng; Zhang, Yanling; Wang, Long
The joint venture of many members is common both in animal world and human society. In these public enterprizes, highly cooperative groups are more likely to while low cooperative groups are still possible but not probable to succeed. Existent literature mostly focuses on the traditional public goods game, in which cooperators create public wealth unconditionally and benefit all group members unbiasedly. We here institute a model addressing this public goods dilemma with incorporating the public resource foraging failure risk. Risk-averse individuals tend to lead a autarkic life, while risk-preferential ones tend to participate in the risky public goods game. For participants, group's success relies on its cooperativeness, with increasing contribution leading to increasing success likelihood. We introduce a function with one tunable parameter to describe the risk removal pattern and study in detail three representative classes. Analytical results show that the widely replicated population dynamics of cyclical dominance of loner, cooperator and defector disappear, while most of the time loners act as savors while eventually they also disappear. Depending on the way that group's success relies on its cooperativeness, either cooperators pervade the entire population or they coexist with defectors. Even in the later case, cooperators still hold salient superiority in number as some defectors also survive by parasitizing. The harder the joint venture succeeds, the higher level of cooperation once cooperators can win the evolutionary race. Our work may enrich the literature concerning the risky public goods games.
Ana Paula Avellar
Full Text Available As políticas de defesa da concorrência integram atualmente o conjunto fundamental de instituições necessárias à promoção do crescimento e a busca das sociedades por arranjos mais eficientes. O presente trabalho tem como objetivo realizar uma análise da política antitruste brasileira concentrando-se no tratamento dado pelas autoridades à constituição de joint ventures. Na realização dessa tarefa, foram feitas revisões teóricas, constatações acerca dos procedimentos de autoridades internacionais sobre o assunto e um estudo empírico abordando casos julgados no Brasil entre os anos de 2002 e 2010. O resultado encontrado revela a inexistência de normatização específica para o tratamento das joint ventures no Brasil, culminando, assim, em uma relativa discricionariedade por parte dos órgãos do SBDC na análise desses atos.
Andersen, Ida Gran; Jæger, Mads Meier
environments than in low-achieving ones), cultural mobility (cultural capital yields higher returns in low-achieving environments), and cultural resources (cultural capital yields the same returns in different environments). We analyze PISA data from six countries and find that returns to cultural capital tend......This paper analyzes the extent to which the effect of cultural capital on academic achievement varies across high- and low-achieving schooling environments. We distinguish three competing theoretical models: Cultural reproduction (cultural capital yields higher returns in high-achieving schooling...... to be higher in low-achieving schooling environments than in high-achieving ones. These results support the cultural mobility explanation and are in line with previous research suggesting that children from low-SES families benefit more from cultural capital than children from high-SES families....
The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all...... the social sciences. The contributors explore the different scientific approaches that are all needed if international research is to embrace both the bright and the more shadowy aspects of social capital....
Title: Modern Human Capital Management Seminar date: 30th of May 2008 Course: Master thesis in Business Administration, 15 ECTS Authors: Madita Feldberger Supervisor: Lars Svensson Keywords: Human capital, SWOT Analysis, Strategic Map, Balanced Scorecard Research Problem: Despite of the success of Human Capital Management (HCM) in research it did not arrive yet in the HR departments of many companies. Numerous firms even have problems to set their strategic goals with focus on HR. The HR Bala...
The new economy based on globalization is increasingly important, which shows the decisive role played by intangible capital in achieving the competitive advantage of companies. However, this intangible capital is the hidden side of a company's value, as it represents the company's intangible resources, which cannot be measured by the financial metrics used to measure tangible resources. Given the functional importance of intangible capital, several models several models were proposed by the ...
Full Text Available The paper proposes sythesizing the most important correlations between the dimensions of human capital, in order to provide a better theoretical basis for assessing realistic valence motivated human resources sustainable development of society. In terms of conceptual work based on the fundamental role of health capital and the neglect that often has its problems, especially in developing countries. Based on the review abstract theory of human capital, research establishes correlations between dimensions. It shows the importance of ethical component in professionalism and existence of moral capital rooted in medical ethics. Specific breakdowns of health capital, referring to the health of the population and medical services. The research findings highlight the profound connection between morality and productivity seemingly nonexistent (customized to the case of medical services, about joint economic approaches ignored. It also means that the moral, professional and medical staff working in social capital formation influence the health of a nation.
Thöni, Christian; Tyran, Jean-Robert Karl; Wengström, Erik Roland
Research on social capital routinely relies on survey measures of trust which can be collected in large and heterogeneous samples at low cost. We validate such survey measures in an incentivized public good experiment and show that they are importantly related to cooperation behavior in a large...... and heterogeneous sample. We provide evidence on the microfoundation of this relation by use of an experimental design that enables us to disentangle preferences for cooperation from beliefs about others' cooperation. Our analysis suggests that the standard trust question used in the World Values Survey is a proxy...... for cooperation preferences rather than beliefs about others' cooperation. In contrast, the “fairness question”, a recently proposed alternative to the standard trust question, seems to operate through beliefs rather than preferences....
Full Text Available The tax policies which states follow with regard to developing technology and capital investments with raising mobility due to globalism are need to be discussed in its legal basis. The principle of tax neutrality has the aim of being legal foundation for these policies. According to this, the neutrality principle in taxation of international capital investments is provided with two measures, namely; not effecting the investment decision and not discriminate between investments. In this paper, initially focused on the conceptual framework and the foundations of the tax neutrality principle and later capital export neutrality and capital import neutrality are considered and explained with regard to international capital movements. Moreover, conformity and diversion to the principle of the current situation and regulations in OECD, EU and Turkey are examined.
Hansen, Teis; Winther, Lars; Hansen, Ronnie Fibæk
capital appears to be equally important for economic development in low-tech industries and, second, that the divide between the large urban regions, especially Copenhagen, and the rest of the country plays the primary role in explaining the geography of human capital. These findings stress the relevance......An essential feature associated with the rise of the knowledge economy has been the increasing focus on the importance of human capital as a precondition for economic growth. Human capital has been found to have a positive impact on the economic growth of high-tech industries, however......, the influence of human capital on the development of low-tech industries is yet to be analysed. This paper provides such an examination of low-tech industries based on an analysis of employment data within manufacturing industries in Denmark in the period 1993–2006. The findings highlight, first, that human...
Bjur, Elin; Christo-Dionne, Dimitri
Introduction Entrepreneurs embarking upon a new business venture have a vast amount of responsibilities to consider during the new venture phase, therefore strategically taking action to gain a competitive advantage in the marketplace is a necessity. While there exist many routes towards acquiring an edge over the competition, branding proves to be a highly effective and influential strategy. As entrepreneurs are left to their own business development devise, there is no one approach towards ...
Dijk, van E.; Schrevel, L.; Blomme, R.J.; Stormbroek-Burgers, van R.G.B.M.
This study investigated the relationship between venture capitalists and entrepreneurs from an entrepreneur’s perspective. Its goal was to examine how perceived justice affects psychological contract breach (PCB) and how PCB evokes reactions in the venture capitalist–entrepreneur relationship. The
Bioscience ventures in Central and Eastern Europe are becoming a presence in world healthcare markets despite a perennially short supply of venture funding and other support mechanisms relative to other world economic regions. Here are three up-and-coming CEE stories worth keeping an eye on.
Parker, S.C.; van Praag, M.
We extend the well-known occupational choice model of entrepreneurship by analyzing the mode of entry. Individuals can become entrepreneurs by taking over established businesses or starting up new ventures from scratch. We argue that the new venture creation mode is associated with higher levels of
Andrew Milliken; Craig Watson; Chuck Hayes
The Atlantic Coast Joint Venture is a partnership focused on the conservation of habitats for migratory birds within the Atlantic Flyway/Atlantic Coast Region from Maine south to Puerto Rico. In order to be effective in planning and implementing conservation in this large and diverse area, the joint venture must work at multiple spatial scales, from the largest ?...
Bargagliotti, L. Antoinette; And Others
Joint venture among educational and practice institutions is well on its way toward becoming the norm in nursing education and practice. Kaiser Permanente and the University of San Francisco School of Nursing offer a venture that allows registered nurses to pursue a bachelor of science in nursing degree. (JOW)
Despite the recognition that new ventures are potential candidates of creating innovations necessary for sustainability, little is know on how they actually engage in this journey. Sustainability-oriented new ventures are confronted with high levels of uncertainty that stem from the liabilities of
... marketing of proprietary information, such as patents and trade secrets, developed through such venture, or... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Activities not permitted for joint ventures. 296.9 Section 296.9 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade...
Kiss, Andreea N.; Williams, David W.; Houghton, Susan M.
We link research in international entrepreneurship and on behavioral decision making with the international business literature on firm degree of internationalization to advance an integrative model of new venture post-entry international growth. We test this model on a sample of 286 new ventures.
H.G. Barkema (Harry); G.A.M. Vermeulen (Freek)
textabstractAn international joint venture implies that a firm has to cooperate with a partner with a different cultural background. In this study, hypotheses about which differences in national culture are most disruptive for international joint ventures were developed and tested using Hofstede's
de Jong, Ad; Song, Michael; Song, Lisa Z.
This empirical study of 323 new ventures examines how task and relationship conflict in the founding top management team mediates the effect of lead founder personality on new venture performance. The results reveal that (1) openness and agreeableness increase task conflict, whereas
J.H. Burgers (Henri); F.A.J. van den Bosch (Frans); H.W. Volberda (Henk)
textabstractIn this conceptual paper we investigate how corporate venturing influences an organization’s competences. The impact of various types of corporate ventures on the portfolio of strategic options of a firm’s competence modes (Sanchez, 2004a; Sanchez and Heene, 2002) will be assessed by
Department of Transportation — National Automated Capitalization Authorization Form used by ATO Engineering Services, Logistics, Accounting for the purpose of identifying and capturing FAA project...
Paldam, Martin; Svendsen, Gert Tinggaard
This report has two purposes: The first purpose is to present our 4-page questionnaire, which measures social capital. It is close to the main definitions of social capital and contains the most successful measures from the literature. Also it is easy to apply as discussed. The second purpose ...... is to present the social capital database we have collected for 21 countries using the questionnaire. We do this by comparing the level of social capital in the countries covered. That is, the report compares the marginals from the 21 surveys....
John Lipsky; Peter Keller; Donald J Mathieson; Williams, Richard N.
This paper provides a description and analysis of recent developments in international capital (banking and bond) markets and an assessment of market conditions and prospects for financing flows, in particular
Suzana Braga Rodrigues
Full Text Available Social capital may be defined as social relationships that confer actual or potential benefits. It can therefore beunderstood as a particular type of resource. Recent research has drawn attention to how connections andrelationships (networking both at home and abroad can be crucially important for small and medium-sizedenterprises (SMEs seeking to export or invest abroad. However, relatively little is known about how SMEsinitiate, develop and maintain network relationships. This paper reports a study of 32 British SMEs exporting, orattempting to export, to Brazil and of domestic institutional agencies whose role was to facilitate businessconducted between British and Brazilian SMEs. The study explored both the functions of social capital for theSMEs and the process whereby it was developed. Its findings confirm the value of social capital in internationalentrepreneurship. It can provide information, interpretation, market opportunities, and some degree of protectionagainst the risks associated with foreignness, newness and smallness. The study also confirms the vitalimportance of personal trust in sustaining social capital between small firms.
Sirsha Chatterjee; Kanda Naknoi
The neoclassical theory of economic growth suggests that capital inflows raise the speed of convergence because foreign financial capital is transformed into physical capital. We propose a new methodology to quantify the size of capital inflows which are transformed into physical capital. We use the predicted scale to calculate the output gains from capital flows. Our methodology takes into account cross-country differences and fluctuations in the price of investment goods relative to output....
... Employment and Training Administration New United Motor Manufacturing, Inc., Formerly a Joint Venture of... Motor Manufacturing, Inc., formerly a joint venture of General Motors Corporation and Toyota Motor... joint venture of General Motors Corporation and Toyota Motor Corporation. The Department has determined...
... connection with the formation of certain joint ventures or other corporations. 802.42 Section 802.42... acquisitions in connection with the formation of certain joint ventures or other corporations. (a) Whenever one or more of the contributors in the formation of a joint venture or other corporation which otherwise...
... transfers between separately-owned joint venture members. 295.25 Section 295.25 Commerce and Foreign Trade...-Led Joint Research and Development Ventures § 295.25 Special rule for the valuation of transfers between separately-owned joint venture members. (a) Applicability. This section applies to transfers of...
Some 37 million U.S. residents speak Spanish at home and more than 55% of them say they also speak English. That creates what is called linguistic capital. Although linguistic capital is difficult to quantify, it is enormously valuable and is determined by an individual's language competency, and is too frequently wasted instead of being…
Piketty’s Capital in Twenty-First Century has posed a totally new platform for the discussion of the economy and capitalism. Piketty has reinvented the classical political economy founded by Adam Smith in his 1776 Wealth of Nations. Piketty has shown via massive historical research how growth...
Breen, J.; Stelingwerff, M.
Throughout the history of architecture, the Capital the intermediate between a column and the beam or surface it supports has been a recurring feature in architectural composition and articulation. In this paper we describe results and findings from the Capital A to Z exercise within the Ornamatics
Cantner, Uwe; Wolf, Tina
At least since Schumpeter published his work ‘The Theory of Economic Development’ (1912), a wide body of literature has focused on the evolutionary process behind firm growth and survival. Recently a growing interest is devoted to the variable ‘location’ as a critical factor, shaping firm...... performance. However, less attention has been paid to the region-specific characteristics that may play a relevant role in determining the growth and survival of a firm. Some works see university-based knowledge spillovers as one such factor (Audretsch and Lehmann 2005, Cassia et al. 2009). This paper extends...... this approach to the regional innovator network, promoting region-specific knowledge spillovers. Two data bases are applied. First, patent data delivers the innovator network for Thuringia. The second data base contains firm specific information on innovative ventures founded in Thuringia in the period between...
Brooks, Alison Wood; Huang, Laura; Kearney, Sarah Wood; Murray, Fiona E
Entrepreneurship is a central path to job creation, economic growth, and prosperity. In the earliest stages of start-up business creation, the matching of entrepreneurial ventures to investors is critically important. The entrepreneur's business proposition and previous experience are regarded as the main criteria for investment decisions. Our research, however, documents other critical criteria that investors use to make these decisions: the gender and physical attractiveness of the entrepreneurs themselves. Across a field setting (three entrepreneurial pitch competitions in the United States) and two experiments, we identify a profound and consistent gender gap in entrepreneur persuasiveness. Investors prefer pitches presented by male entrepreneurs compared with pitches made by female entrepreneurs, even when the content of the pitch is the same. This effect is moderated by male physical attractiveness: attractive males were particularly persuasive, whereas physical attractiveness did not matter among female entrepreneurs.
Full Text Available This study investigates the structure of the private equity industry and issues that impact on its development and growth in Zimbabwe. Studies conducted internationally have unequivocally demonstrated the importance of private equity investments in assisting firms at start/growth phase and decline phase. However there is a dearth of literature on how these financial intermediaries assist in unlocking firm value from an emerging markets perspective. The study uses the document analysis and an exploratory research paradigms to achieve the stated objectives. The study finds that the venture capital industry in Zimbabwe mimics similar industries in other countries except that it is constrained by market liquidity. Lack of regulation and viable business sectors coupled with excessive risks in the political economy narrows the scope of private equity operations. Several issues impacting on the development of the private equity industry are identified and evaluated. The study has policy implications for the development of regulatory framework to bolster the growth of the private equity industry in emerging market economies. This study provides new evidence and policy suggestions on the operations of the private equity industry in a liquidity constrained and less developed economy.
Rice, J A; Isakova, L; Zelckovich, R; Frid, E
Integrated health care systems: a concept being discussed throughout Russia and the world. A concept with three different applications and a confusing interaction with the concept of "capitation payments." The health reform debate in Russia and the NIS can only advance if greater clarity is found for these concepts, and if medical leaders are prepared for the substantial changes in provider behavior that are required with integrated health care systems fueled by capitation payments. This article explores the twin concepts of capitation and integrated health care systems, and then the leadership challenges for Russian health sector managers as they prepare for these challenges of the twenty-first century.
Isbel, Stephen T; Berry, Helen L
Driving a car enables many people to engage in meaningful activities that, in turn, help develop and maintain personal social capital. Social capital, a combination of community participation and social cohesion, is important in maintaining well-being. This paper argues that social capital can provide a framework for investigating the general role of transportation and driving a car specifically to access activities that contribute to connectedness and well-being among older people. This paper proposes theoretically plausible and empirically testable hypotheses about the relationship between driver status, social capital, and well-being. A longitudinal study may provide a new way of understanding, and thus of addressing, the well-being challenges that occur when older people experience restrictions to, or loss of, their driver's license.
Well established and maintained green areas have a key role on reaching the high quality of life and sustainability in urban environments. Therefore, green areas must be carefully accounted and evaluated in the urban planning affairs. In this context, the European Green Capitals, which attach a great importance to the green areas, have a great potential to act as a role model for both small and big cities in all around the world. These leading cities (chronologically, Stockholm, Hamburg, Vitoria-Gasteiz, Nantes, Copenhagen, Bristol, Ljubljana, Essen and Nijmegen) are inspiring for the other cities which seek to achieve more sustainable and environmentally friendly places through green areas. From this point of view, the aim of this paper was to investigate the green areas of the European Green Capitals. The paper covered whole European Green Capitals, and the application form of each Green Capital was used as a primary data source. Consequently, the paper put forwarded that the European Green Capitals have considerably large amount and high proportion of green areas. Further, these cities provide an excellent access to the public green areas. As a result of abundant provision and proper distribution, the almost all citizens in most of the Green Capitals live within a distance of 300 meters to a green area. For further researches, the paper suggested that these green capitals should be investigated in terms of their efforts, measures, goals and plans, policies and implications to administer, to protect, to enhance and to expand the green areas.
Full Text Available Every company is constructed through two kinds of capital, which is financial capital and intellectual capital. If the company's capital is described as a tree, the human capital, an essential part of intellectual capital, is the resin. Resin allows the tree grows, and only the human capital that enables organizations to grow and develop. Considering the strategic position of human capital, it is a compulsion for a company to develop it. The problem is how to build human capital effectively? This study aimed to identify the factors that determine the development of human capital in an organization. There are 2 (two major factors that hypothetically influence human capital, which is leadership and organizational commitment. Leadership does not directly affect human capital. Leadership influence human capital through organizational commitment. In other words, organizational commitment is an intervening variable for the relationship or the influence of leadership on human capital. This hypothesis is based on a 'fact' that the function of leadership is oriented and intended to obtain or build the commitment of each personnel. Only committed personnel will provide their best for the organization. Only through the best contributions of every personnel, human capital can be built and developed. Leadership is useless if it can not obtain and create commitment. Personnel are useless, no matter how many and how skilfull they are, if they do not contribute the best for the organization. The presence of personnel without their comitment will be the same with their absence; even they may actually be detrimental to the organization.
This paper aims to offer a framework of interpreting the “evolution” of capitalism that is reaching every corner of the world and has achieved greater legitimacy than at any time in human history. It covers an interdisciplinary discussion on the development of market capitalism that has been...... characterized by a dual process: unanticipated origin (cultural and historical) and anticipated progress (political economy). The point of departure of this paper is that although the advancement of market capitalism is a process of societal development involving historical, cultural and religious causes...... (historical, divine, spiritual, miraculous), the establishment of capitalism is less the result of a force for cultural and economic dynamism than the realization of a political project. In other words, from being an enterprise within defined geographical boundaries to becoming a global project is first...
Ph. D. Student Ioana - Julieta Josan
Full Text Available Once with the development of the human capital theory, the education received an economic value. Leading theorists and specialists in the field have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. At the hand, the allocation of resources in human capital brings performance and benefits to companies investing in their employees. Also, the investment in human capital is strategic for any country that seeks to create a knowledge economy. Considering the above arguments, the aim of this paper is to highlight the characteristics of investment in human capital, the types of investment, the factors of education investment and the entities interested in investing and their benefits.
Wright, Martin; Forster, Gary; Beale, John
Development partners and donors have encouraged and incentivized governments in developing countries to explore ways of working with third-party service suppliers to reduce costs and increase service delivery capacity. The distribution of vaccines and medicines has for a long time shown demand for outsourcing but public health systems have struggled to develop the expertise and capital assets necessary to manage such ventures. Existing transport and logistics capacity within public health systems, in particular, is well documented as being insufficient to support existing, let alone future immunization needs. Today, a number of countries are contracting party logistics providers (3PLs) to supplement the in-house distribution operations of public health systems. This commentary reflects on recent, leading examples of outsourcing initiatives to address critical gaps in transport and logistics. Copyright © 2017. Published by Elsevier Ltd.
... of a subsidiary, affiliate, or joint venture have on a PHA? 943.144 Section 943.144 Housing and Urban... CONSORTIA AND JOINT VENTURES Subsidiaries, Affiliates, Joint Ventures in Public Housing § 943.144 What financial impact do operations of a subsidiary, affiliate, or joint venture have on a PHA? Income generated...
Lorz, Jens Oliver
This paper analyzes the impact of international capital mobility on redistributive capital taxation and on lobbying activities by interest groups. It employs a model where different capital endowments lead to a conflict between households concerning their most preferred capital tax rate. Three main results are derived: First, redistributive source based capital taxes or subsidies decline as international tax competition intensifies. Second, lobbying activities of certain interest groups may e...
Ph. D. Student Ioana - Julieta Josan
Once with the development of the human capital theory, the education received an economic value. Leading theorists and specialists in the field have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. At the hand, the allocation of resources in human capital brings performance and benefits to companies investing in their employees. Also, the investment in hu...
Coordinated Care Services Inc., a joint venture of Carle Foundation and Carle Clinic Association in Urbana, IL, shares its initial successes and ongoing challenges after one year of operation. The biggest barrier to further improvements remains insufficient information management capability.
Wilson, James W.
Examines why joint ventures are formed and discusses a number of factors related to the success of such interaction. Focus is on four factors: goal compatibility, boundary-spanning structures and processes, locus of need satisfaction, and organizational incentives. (CT)
US Fish and Wildlife Service, Department of the Interior — This document is a general approach towards a mini-joint venture between Near River Migratory Bird Refuge and Utah State University. It is focused on the Great Salt...
Pons Rotger, Gabriel; Gørtz, Mette; Storey, David
Governments in virtually all developed countries subsidise “guided preparation” for entrepreneurial activity. Despite being so widespread, the evidence that this assistance enhances venture performance remains in dispute, primarily because of a lack of consensus over statistical approaches...
den Engelse, Natalie; Wijnhoven, Alphonsus B.J.M; Groen, Arend J
.... Little is known on how these media are used by entrepreneurs for information acquisition and to what extent entrepreneurs use social media information in their decision-making during venture development...
Turcan, Romeo V.; Fraser, Norman
This study is positioned at the intersection of legitimation and international entrepreneurship theories. It is a longitudinal ethnographic case study that explores the process of emergence of an international new software venture from an emerging economy and the effect this venture has...... invoking familiar cues and scripts, promote and defend incentives and operating mechanisms in political negotiations, and overcome the country-of-origin effect by pursuing a technology legitimation strategy....
Stuetzer, Michael; Goethner, Maximilian; Cantner, Uwe
We analyze longitudinal data on innovative start-up projects and apply Lazear’s jack-of-all-trades theory to investigate the effect of nascent entrepreneurs’ balanced skills on their progress in the venture creation process. Our results suggest that those nascent entrepreneurs who exhibit a sufficiently broad set of skills undertake more gestation activities towards an operational new venture. This supports the notion that a balanced skill set is an important determinant of entrepreneurial ma...
>venture>, the leading Swiss-wide business plan competition, is an ideal partner for young start-ups and entrepreneurs. For the upcoming tenth anniversary edition the competition will receive an update. Building upon a successful base of the past nine editions and equipped with contemporary networking events and more know-how transferring seminars, >venture> will fit even better into the Swiss start-up ecosystem.
Tunstall, Richard; Jordain, Clair; Pittaway, Luke; Thomas, Brychan C
This principally conceptual paper explores how, in conjunction with its market orientation, a firm's internal and external strategic relationships may be used in implementing corporate venturing to achieve its strategic intent. Conceptually, the paper begins by exploring work on strategic corporate venturing. Building on this analysis, a dichotomy between internally sustained and externally partnered strategic relationships is discussed, as is the role of market orientation. From this discuss...
Corporate venturing as a strategy for international business development has become significant in view of the process of globalization resulting into the free trade and business development opportunities for multinational companies. This study is based on empirical investigation through semi-structured interviews administered to the managers of multinational companies operating in Mexico. The success of the corporate ventures in Mexico has been evaluated from the perspectives of economic and...