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.
Lister, M. J; Andreassen, A; Bales, Shanda; Biddle, J. G; Chang, M. M; McCormick, R; Packard, W. J; Sun, T
Leveraging venture capital to the advantage of the Naval Services should be viewed as part of the larger project of reforming the acquisition system to permit rapid introduction of new technologies...
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, 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.
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.
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.
'Full text:' The emerging fuel cell industry is characterized by global cooperation and partnerships in commercial, technical, and financial aspects. In this talk, we would like to provide observations about international venture capital focused on fuel cells globally. The talk will refer to experiences Conduit Ventures has had with its portfolio companies and other investors in various countries. We discuss our approach to working with portfolio companies who are geographically remote from our main office in London. We also discuss the process of making investment decisions on possible investments in various countries. The talk will conclude with insights and 'lessons learned' which may be of interest to fellow members of Fuel Cells Canada. (author)
Samuel Kortum; Josh Lerner
While policymakers often assume venture capital has a profound impact on innovation, that premise has not been evaluated systematically. We address this omission by examining the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that the amount of venture capital activity in an indust...
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...
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
Full Text Available Created in the United States of America, Venture Capital is an asset class which attracted recently the attention of the policy makers all over the world. But the concept is still not clearly defined and understood. This paper attempts at introducing in the concept, its characteristics, and reviewing some of the benefits Venture Capital investments can bring at both the macroeconomic level, by looking at the correlation with the economic growth, and at the microeconomic level, for the portfolio companies.
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 c...
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.
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...
Full Text Available In the entrepreneurship field, this study examines what kinds of external endorsements are helpful for venture capitals investment and the growth of new technology ventures in developing countries. This study uses the signalling theory and the methodologies of multiple regression and survival analysis with the panel data of the ventures in Korea. In the results, collaboration with business groups and certification of government are positively influential in attracting venture capitals’ investment, which accelerate the growth of new technology ventures. The practical implication for entrepreneurs is that they need to obtain the endorsement from business groups and governments strategically.
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)
The reasons of why Tom Skype paid more attention to Venture Capital management have received more and more attentions from academic researchers in many current business studies. Based upon one case study in the Skype, this research has analyzed the significant of the Venture Capital. This research listed some differences of the situations in for the Skype and how it set up the Venture Capital strategic in China, then gave the author's own opinions to the research question.
Hirukawa, Masayuki; Ueda, Masako
For the sample period of 1965-1992, Kortum and Lerner (2000) find that venture capital (VC) investments have a positive impact on patent count at industry level, and this impact is larger than that of R&D expenditures. We confirm that this positive impact continued to be present and became even stronger in late 90s during which VC industry experienced an unprecedented growth. We then proceed to study if this positive impact of VC is also present on productivity growth, which is a measure of i...
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
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 Investing in sustainable projects can help tackle the current sustainability challenges. Venture capital investments can contribute significantly to the growth of sustainable start-ups. Sustainable venture capital (SVC research is just emerging. This paper identifies enablers for sustainable venture capital investments in Saudi Arabia taking into account different stakeholders and firm’s tangible and intangible resources. Using perspectives from venture capital experts in Saudi Arabia and the grey-based Decision-Making Trial and Evaluation Laboratory (DEMATEL method, this study pinpoints the most critical enablers and investigates their causal and effect interconnections. The methodological process consists of reviewing the SVC literature and consulting the experts to identify the SVC enablers, creating a questionnaire, acquiring the answers from four experts, analyzing the data with grey-based DEMATEL and performing a sensitivity analysis. The government use of international standards, policies and regulations for sustainable investments, the commitment of the venture capitalists to sustainability and their deep understanding of sustainable business models are the most influential enablers. The paper concludes with implications for different actors, limitations and prospective directions for the sustainable venture capital research.
The venture capitals and businesses in Australia are surveyed and reported. Venture Capital Guide (2000), annually issued by Polliticon Publications, estimates a total of 120 venture businesses raise a total funds B$7.393 from the domestic sources, of which B$3.546 is invested on 1113 enterprises as of the end of December, 2000. Of the enterprises on which the funds are invested, 766 are currently of portfolio enterprises and 347 have completely disposed them. The Government of Australia has introduced several venture capital supporting schemes, including PDF (Pooled Development Funds) to supply equity capitals to small- to medium-sized enterprises over extended periods, IIF (Innovation Investment Funds) to encourage early-stage investments on innovative small- to medium-sized enterprises, R and D Start to provide increased funds for small- to medium-sized enterprises now considering production on a commercial basis, COMET (Commercialising Emerging Technologies) and BITS (Building on Information Technology Strengths). (NEDO)
Goldfain, Ekaterina; Kovac, Eugen
We analyze innovation race in a moral hazard setting. We develop a model in which two competing entrepreneurs work independently on the same project. The entrepreneurs do not possess any wealth of their own and their research is financed by a venture capitalist. The project, if successful, generates a prize, which is to be shared between the winning entrepreneur and the venture capitalist. The venture capitalist cannot observe the allocation of funds he provides, which creates a moral hazard ...
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.
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
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
Harms, Rainer; Breitenecker, R.; Schwartz, E.J.; Wdowiak, M.A.
In the literature, there exists evidence on the capital structure determinants for small ventures, but empirical research for new ventures is limited. We seek to address this gap by presenting a confirmatory analysis of determinants of capital structure of a sample of small new ventures in Austria.
Due to the appearance of new knowledge and managerial approaches, entrepreneurship has developed substantially and the career of the entrepreneur has become more attractive. Venture capital has become an important source for financing the growth of small enterprises. Venture capital funds are a form of financing intended for prospective dynamic companies that cannot obtain financing from banks. Venture capital takes the form of proprietary capital since it enters the company as a co-owner for...
... Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets... Investment Advisers Registration Act of 2010--the new rules define ``venture capital fund'' and provide an... Venture Capital Strategy 8. Is a Private Fund 9. Application to Non-U.S. Advisers 10. Grandfathering...
Thomas Gstraunthaler; Galina Sagieva
This paper attempts to summarize and systematize the landscape of the global venture capital industry. It presents major basic business models and investment strategies, assesses the contribution of venture capital (VC) to economic growth, and the incentives and constraints for VC’s development, and it identifies research gaps in this area. Venture capital is often regarded as the only source of support for start-ups, particularly for those in high-tech innovative sectors. The authors explore...
Douglas J. Cumming
This paper explores factors that affect portfolio size among a sample of venture capital financing data from 214 Canadian funds. Four categories of factors affect portfolio size: (1) the venture capital funds' characteristics, including the type of fund, fund duration, fund-raising, and the number of venture capital fund managers; (2) the entrepreneurial firms' characteristics, including stage of development, technology, and geographic location; (3) the nature of the financing transactions, i...
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...
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.
Bottazzi, L.; Da Rin, Marco; Hellmann, T.
We examine the effect of trust in venture capital. Our theory predicts a positive relationship of trust with investment, but a negative relationship with success. Using a hand-collected dataset of European venture capital deals, we find that the Eurobarometer measure of trust among nations
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.
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.
Full Text Available The aim of the paper is to point out the importance and role of venture capital in creation of new values based on the knowledge economy. By reviewing relevant literature about venture capital, this paper presents the importance of the venture capital investments in innovative activities of SMEs that have an impact on economic growth. Pointing to the importance and quantifying the overall effects of venture capital investments, will be used the overview and trends in venture capital investments in the sectors of economy in Europe which generate a larger number of patents. According to data during the period of 2007 - 2015 will be defined venture capital investments and number of registered patents in the sectors of the knowledge economy. Empirical analysis indicated that the venture investments in the sectors of the knowledge economy generated more patents in those sectors. In addition, the paper analyzes the venture capital investment and innovation activities of SMEs, which are reflected in patent activities, where the result is a correlation between these activities in the European economies.
Many venture capital backed start-up companies have followed major technological innovations in recent years. However, the field of electronics based on the use of superconducting devices (i.e. the Josephson Junction) has been a noteworthy exception. Until 1983, the bulk of the American development effort on superconductivity electronics was conducted by IBM where the focus was to demonstrate the feasibility of a superconducting computer prototype. Other activities using Josephson Junctions involved the development and production of magnetic sensing instruments and modest quantities of magnetometers which were marketed by several very small companies primarily for laboratory use. In addition, other applications in radiation sensing and biomagnetism and research leading to practical systems were ongoing in several organizations
Full Text Available The present paper aims at characterising the venture capital market and identifying factors affecting the venture capital investments activity in Romania in the period 2000-2010. With a view to assessing the intensity of manifestation of various factors on the supply and demand of venture capital we use an econometric model of macroeconomic variables already tested in the literature. We consider, however, that we bring contributions to the approach, by analysing the features of the venture capital market in Romania and impact factors, our work being, at the same time, support in assessing the types of decisions to be adopted by policymakers to the formation of an authentic market and stimulating innovation. Our results indicate that the total R&D intensity is the main determinant of the venture capitals invested in this period in the two phases (for early stages and expansion. A significant incidence, mainly on the supply side, also shows the annual long term real interest rate, while the market capitalisation, the effective marginal tax rate on corporate income, the annual inflation or unemployment rate do not impact on the venture capital. Our recommendations, in terms of formation and development of the venture capital market, look as a priority, strengthening the demand for resources, respectively encouraging of enterprises to innovate, creating of conditions for the supply to be manifested in the seed and start-up stages and the compatibilization of the need for resources with prudential rules by adapting regulations for institutional investors.
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...
...) while keeping current equipment relevant and affordable. This issue paper introduces the idea that the Army should fund some of its technology development through a private venture capital organization...
... Venture Capital Program. 108.10 Section 108.10 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Introduction to Part 108 § 108.10 Description of the New Markets Venture Capital Program. The New Markets Venture Capital (“NMVC”) Program is a...
Antonio Gledson de Carvalho; Eduardo Madureira Rodrigues Siqueira; Humberto Gallucci Netto
This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC) funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influen...
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.
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.
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.
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.
Clay, S B
Providers can sponsor their own HMOs in one of three ways: by creating their own HMO, by joint venturing with an existing HMO, or by purchasing an existing HMO. When selecting the best option, providers must consider various market conditions. Managed care penetration in the area, potential competitive responses of existing HMOs, market demand, provider reputation, and provider marketing ability will all influence the feasibility of each option. Providers also must examine their own organizational identity, their ability to raise the necessary capital to start an HMO, their managed care expertise and risk contracting experience, and their information systems capabilities.
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.
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
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,…
Erkan Poyraz; Yusuf Tepeli
The prominent concept of venture capital is examined as a financing model to the financing of entrepreneurship according to related literature. Venture capital is used with success in developed countries for a long time. Venture capital is a modern financing model that allows entrepreneurs to perform dynamic, creative, and innovative investment ideas as well as management, marketing and business support without requesting financial strength from those entrepreneurs. However, venture capital h...
Gaddy, Benjamin E.; Sivaram, Varun; Jones, Timothy B.; Wayman, Libby
Venture capital (VC) firms spent over $25 billion funding clean energy technology (cleantech) start-ups from 2006 to 2011. Less than half of that capital was returned; as a result, funding has dried up in the cleantech sector. But as the International Energy Agency warns, without new energy technologies, the world cannot cost-effectively confront climate change. In this article, we present the most comprehensive account to date of the cleantech VC boom and bust. Our results aggregate hundreds of investments to calculate the risk and return profile of cleantech, and we compare the outcomes with those of medical and software technology investments. Cleantech posed high risks and yielded low returns to VCs. We conclude that among cleantech investments, “deep technology” investments—in companies developing new hardware, materials, chemistries, or manufacturing processes—consumed the most capital and yielded the lowest returns. We propose that broader support from policymakers, corporations, and investors is needed to underpin new innovation pathways for cleantech. - Highlights: • A venture capital boom in clean energy technology went bust in 2008. • Cleantech offered high risk and low returns to investors. • Poor performance due to long development time for materials and chemicals. • Breakthrough energy innovations are often not a match for venture capital. • More research on alternative financing and support for cleantech is needed.
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.
Andrew Metrick; Ayako Yasuda
We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings highlig...
Full Text Available One of the investors on Private Equity/Venture Capital market are corporations. The share of companies in total funds raised by PE/VC funds is still on the very low level. Beside indirect investments, companies invest directly, creating special entities in one corporate structure. Capital gains are one of the advantages of these investments for companies. However, the companies have also other purposes like the acquirement and the development of new technologies, as well as the transfer of knowledge. The participation of PE/VC fund in the investment process results in the support for company expansion and the creation of company value.
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 nu...... 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....
Existing literature suggests that entrepreneurs with prior firm-founding experience have more skills and social connections than novice entrepreneurs. Such skills and social connections could give experienced founders some advantage in the process of raising venture capital. This paper uses a large database of venture-backed companies and their founders to examine experienced founders' access to venture capital. Compared to novice entrepreneurs, entrepreneurs with venture-backed founding expe...
Kortum , and Josh Lerner , "Assessing the contribution of Venture Capital to Innovation," Rand Journal of Economics (2000), 28 Oct. 2005...Joshua Lerner , The Venture Capital Cycle, Cambridge Mass: MIT Press, 1999. 8 Venture Impact 2004, Arlington, VA: Global Insight, 2005, Venture Capital ...liability position.18 15 National Venture Capital Association Yearbook, New York: Thomson Venture Economics Information, 2005. 16 Samuel
Full Text Available The development of mobile applications has mushroomed in local and foreign industries. This provides a tremendous opportunity for developers. For technopreneur developer, the capital to run the business is one of the biggest problems despite the fact that they may have great competence in the field. The fact that the business has big potential market in Indonesia has invited investors from local and overseas to invest as venture capital. However, due to the lack of knowledge on building collaboration with the investors and on understanding the market and investor needs in a long term, the developer finds difficulties to grow its business and to compete with bigger competitors. The research intends to seek the influence in selecting the level of revenue and market segmentation to support the investment decisions in the business of mobile applications, so that the mobile application developer is able to monetize their business to attract investors to invest in the venture capital.
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.
Schwienbacher, A.; Hege, U.; Palomino, F.
Abstract: This paper compares the success of venture capital investments in the United States and in Europe by analyzing individual venture-backed companies and the value generated within the stage financing process. We document that US venture capitalists generate significantly more value with
Antonio Gledson de Carvalho
Full Text Available This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influencing the performance of investments are: size of the fund, number of investments, the practice of co-investment, experience and foreign origin of the managing organization, focus on late stage, intensity of contact between managers and portfolio companies and the number of seats on the boards of the invested companies. The number of successes grows with the number of investments at a declining rate. This can indicate 1 a limit to the ability of managers or 2 that a large number of investments allows for greater diversification of risk, directing investments to companies of high risk but with a high upside.
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 ...
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…
Guo, Dongwei; Zhang, Lanshu; Liu, Miao
This paper uses the small-world network and the random-network to simulate the relationship among the investors, construct the network model of the equity venture capital platform to explore the impact of the fraud rate and the bankruptcy rate on the robustness of the network model while observing the impact of the average path length and the average agglomeration coefficient of the investor relationship network on the income of the network model. The study found that the fraud rate and bankruptcy rate exceeded a certain threshold will lead to network collapse; The bankruptcy rate has a great influence on the income of the platform; The risk premium exists, and the average return is better under a certain range of bankruptcy risk; The structure of the investor relationship network has no effect on the income of the investment model.
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
In this paper we focus on the role of third party referrals in the venture capital funding process. Taking network theory as our theoretical perspective we explore if and how third parties play a role in the funding process. Hereby we focus on both the network ties between new venture teams and
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.
Full Text Available The presence of state also has an indirect and direct effect on the developement of the Hungarian venture capital market. Indirect effect is realized through the law legislation and the direct one by the operate of the different venture capital firms and funds which invest public financial sources. The main purpose of the direct intervention is to finance the under-capitalized small and medium-sized start-up companies with equity. The paper examines the Hungarian venture capital market from the aspect of state intervention. It starts with an European overview which summarizes the common and different attributes of state’s role in the venture capital market between several European countries. The paper focuses on the Hungarian situation, it describes concisely the effect and efficiency of the governmental instructions which were taken for the legislation of the venture capital market. Using the results of a previous research the paper also examines the characteristics of the direct instructions. The paper decribes briefly the main details of the publicprivate initiative called JEREMIE-program, which started on the Hungarian venture capital market in the recent past.
S. De Prijcker (Sofie); S. Manigart (Sophie); D.M. Wright (Mike); W. de Maeseneire (Wouter)
textabstractThis paper examines the effect of different types of international knowledge accumulation on the internationalization of venture capital firms, as a particular type of professional service firms. We distinguish between experiential knowledge acquired through previous activities,
.... 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...
...\\ Goldstein v. Securities and Exchange Commission, 451 F.3d 873 (D.C. Cir. 2006) (``Goldstein''). \\19\\ Section....'''). See also Loy Testimony, supra note 40, at 7 (noting the factors by which the venture capital industry... capital'' activity in capital formation for small businesses.\\47\\ The BDC provisions and venture capital...
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.
Defense Venture Catalyst Initiative, Welcome to Defense Venture Catalyst Initiative, undated. 10 A. McBride, Pentagon Turns to Silicon Valley for Leads...negotiating valuation and other terms, such as profit participation, stock redemption rights, board membership, and voting rights. The manager will very...to be an agile, flexible commercial firm that could work on its own terms with firms in Silicon Valley and throughout the world.”4 Since inception
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.
Charles E. Bamford
Full Text Available In this study we analyze a sample of initial public offerings (IPOs to infer the sources of firm-specific risk associated with investment by venture capitalists. The results indicate that IPO backing by venture capitalists is associated with risk factors related to operating profit margins and ongoing sales generation, but not operational financing. The results also indicate that venture-backed IPOs are associated with greater reductions in firm-specific risk over the course of a year that includes the date of the IPO. In sum, the findings suggest venture capitalists are willing to accept higher levels of uncertainty in those instances where they have an advantage in terms of managerial skill, and are able to reduce firm-specific risk subsequent to investment in order to maximize returns when they cash out. Our study also makes use of proxies that are representative of the ex-ante nature of firm-specific risk at the time of a new issue
Dooley, James J.
This report documents trends in U.S. venture capital investments over the period 1980 through the third quarter of calendar year 2010 (2010 Q1+Q2+Q3). Particular attention is given to U.S. venture capital investments in the energy/industrial sector over the period 1980-2010 Q1+Q2+Q3 as well as in the more recently created cross-cutting category of CleanTech over the period 1995-2010 Q1+Q2+Q3. During the early 1980s, U.S. venture capital investments in the energy/industrial sector accounted for more than 20% of all venture capital investments. However subsequent periods of low energy prices, the deregulation of large aspects of the energy industry, and the emergence of fast growing new industries like computers (both hardware and software), biotechnology and the Internet quickly reduced the priority accorded to energy/industrial investments. To wit, venture capital investments related to the energy/industrial sector accounted for only 1% of the $132 billion (in real 2010 US$) invested in 2000 by the U.S. venture capital community. The significant increase in the real price of oil that began in 2003-2004 correlates with renewed interest and increased investment by the venture capital community in energy/industrial investment opportunities. Venture capital investments for 2009 for the energy/industrial sector accounted for $2.4 billion or slightly more than 13% of all venture capital invested that year. The total venture capital invested in energy/industrial during the first three quarters of 2010 is close to $2.4 billion accounting for slightly less than 15% of all venture capital investments during the first three quarters of 2010. In 2009, the aggregate amount invested in CleanTech was $2.1 billion (11% of the total US venture capital invested in that lean year) and for the first three quarters of 2010 US venture capital investments in CleanTech have already exceeded $2.8 billion (18% of all US venture capital investments made during the first three quarters of
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
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.
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.
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
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
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
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.
Bogliacino, F.; Lucchese, M.
Financial constraints for young and small firms can prevent them from contributing to innovation and the creation of new jobs. The paper analyzes two of the several institutional mechanisms implemented to overcome that hurdle: the development of the venture capital market and access to the stock
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 In the 2007-2013 EU's budgetary period a new program was introduced for SMEs. JEREMIE - Joint European Resources for Micro to medium Enterprises - offers to EU Member States and regions the possibility to invest some of their EU structural funds allocations in revolving funds and so recycle financial resources in order to enhance and accelerate investments in enterprises. The market for venture capital and private equity is relatively small in Central and Eastern Europe, but has matured during the past decade and yields are better than in Western Europe. In 2009 Hungary got the first notification for the venture capital part of the JEREMIE program, and started to organize the channel to distribute this renewable source for Hungarian start-up and innovative (from micro to medium enterprises. 2010 was the first year of the “JEREMIE venture capital funds” in Hungary. There are no tangible results yet, but a snapshot could be taken about how this program affects the Hungarian venture capital market.
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.
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
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.
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
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.
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
Full Text Available The selection of a firm for venture capital investment is not an easy task for any investor and so it is important to decide certain factors based on which a firm will be selected for the investment. This paper is based on the 104 responses generated through fund managers, venture capitalists, managers of financial institutions, bank managers etc. and examined two important aspects, first the factors used by venture capitalists to evaluate an IT in order to make investment decisions and second the importance of factors across different investors. This study was conducted in 2014 to find out the important aspects affecting decision making process while selecting an Information Technology firm. We have analyzed the qualitative and quantitative aspects suggested by the previous studies and studied the relationship between choice of factors among different investors and assigning weightage for them with respect to screening of an IT firm for investment
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.
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 a...
de Groot, Niels; Antonsson, Jimmy
Business ethics is a fragmented and well covered scientific field. This Master thesis study concerns two type of organizations, namely family businesses (FB’s) and venture capital firms (VCF’s), in relation to the ethical decision-making process, which is a relatively undiscovered field. The study is conducted in the way it sheds a light on the influences on a manager when taking decisions concerning ethical considerations. Important scholars such as Colby and Kohlberg (1987) and Rest et al. ...
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.
In this paper, I analyze post-investment activities of venture capital firms (VCFs) based on a questionnaire survey and discuss the issues and challenges of post-investment activities of VCFs with new technology based firms (NTBFs) in Japan. The questionnaire survey reveals that business supports desired by NTBFs can be classified into four groups."business strategies adjustment and motivation", "business advice and networking", "finance and crisis management", and "recruitment assistance". T...
Wang, Jinmin; Wang, Jing; Ni, Hua; He, Shaowei
Under its specific institutional context, the public/private partnership approach needs to be interpreted differently from strategic level to operational level in China to improve the performance of venture capital guiding funds.
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
Full Text Available The aim of this paper is to compare the determinants of leveraged buyout activity, respectively venture capital activity in Eastern European countries. Additionally, this paper presents the main highlights in terms of evolution of leveraged buyout investments and venture capital investments during the recent crisis in the European emerging countries. The panel data analysis used in this paper will include determinants consecrated in previous studies such as GDP growth, market capitalization or R&D expenditures, as well as new variables such as productivity and corruption index. In order to estimate a panel data model with fixed and random effects, we collected data on leveraged buyout activity, respectively venture capital activity in Eastern European countries over the period 2000-2013. This paper will follow the methodology developed by Gompers and Lerner (1998, Jeng and Wells (2000, Romain and de La Potteria (2004, Félix (2007 and Bernoth and Colavecchio (2014. The present research paper shows that the LBO and the venture capital are differently affected by macroeconomic conditions. Based on our empirical results, we have pointed several strategic directions that are meant to support the development of the leveraged buyout and venture capital markets in Eastern Europe.
... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] American Capital Partners Limited, Inc., American Educators Financial Corp. (n/k/a Asia Ventures Corp.), Austral Pacific Energy Ltd., Bidville, Inc... lack of current and accurate information concerning the securities of American Capital Partners Limited...
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
Hain, Daniel; Johan, Sofia A.; Wang, Daojuan
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...... is more relevant for investments in emerging economies, and relational trust is more relevant for investments in developed economies....
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.
Full Text Available Understanding and recognizing of the investment criteria of private equity/venture capital seems to be crucial for all parties of this market. Entrepreneurs, who are looking for the capital for financing their businesses, can easier find the most proper fund and better formulate their expectations. For the funds, specifying theirs investment criteria is the reflection of the investment strategy leading to its better wording. The fund's investmentcriteriaare also importantfor investors - capital donors. First of allthey wantto knowin whattypes of assetswill be investedtheirfunds. That can help to assess the risk involved in the investment and calculate the expected rate of return. In addition topresentation ofthe investment criteriaof private equity/venture capital funds, thepaper refers to thecompany's financialsituationbefore investments. That draw the company profile, the funds are most interested to invest. The turnover, net profit, profitability ratios and liquidity were analyzed to specify this profile.
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.
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.
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…
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…
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.
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.
Ahern, Melissa M; Hendryx, Michael S
Trust in providers has been in decline in recent decades. This study attempts to identify sources of trust in characteristics of health care systems and the wider community. The design is cross-sectional. Data are from (1) the 1996 Household Survey of the Community Tracking Study, drawn from 24 Metropolitan Statistical Areas; (2) a 1996 multi-city broadcast media marketing database including key social capital indicators; (3) Interstudy; (4) the American Hospital Association; and (5) the American Medical Association. Independent variables include individual socio-demographic variables, HMO enrollment, community-level health sector variables, and social capital. The dependent variable is self-reported trust in physicians. Data are merged from the various sources and analyzed using SUDAAN. Subjects include adults in the Household Survey who responded to the items on trust in physicians (N=17,653). Trust in physicians is independently predicted by community social capital (pSocial capital plays a role in how health care is perceived by citizens, and how health care is delivered by providers. Efforts to build trust and collaboration in a community may improve trust in physicians, health care quality, access, and preserve local health care control.
Ebbers, J.J.; Wijnberg, N.M.
Although nascent ventures have not yet developed a performance-based reputation, the individual reputations of their founders, based on the performance of their earlier ventures, can function as important signals to investors. Selection system theory distinguishes between different types of
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.
Hain, Daniel; Jurowetzki, Roman
Purpose: In this paper, we explore the new phenomenon of international high-tech investments into entrepreneurial ventures at 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...
The financing of innovations in nuclear industry has been a public sector concern till recently, now in the last years about 50 start-ups operating in nuclear activities have been created in the US. A broad part of these new enterprises are financed by business angels or venture capitalists and generally they propose new kinds of reactors which is not surprising as public funding has the tendency to go to projects based on technologies already approved by the NRC. Breakthrough Energy Ventures (BEV) was launched in 2016 by Bill Gates with the purpose of financing clean energy projects. TerraPower promotes a new kind of reactor while Mission Innovation aims at doubling investment in clean technologies. Other start-ups like ALPHA (Accelerating Low-cost Plasma Heating and Assembly) or LPP Fusion or General Fusion are working on thermonuclear fusion. (A.C.)
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.
Madsen, Henning; Neergaard, Helle
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......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...
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 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...
George W. Blazenko; Andrey D. Pavlov
A key requirement for the start of many entrepreneurial businesses is private equity or venture capital financing. In the traditional approach to entrepreneurial investment analysis, an entrepreneur starts a new venture and a venture capitalist finances the new venture when business return exceeds the financial opportunity cost for comparable risk the cost of capital for the new venture. The real options literature recommends that entrepreneurs delay business start due to investment irreversi...
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.
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
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.
Traditionally the success of a venture capital model has been anchored around two dimensions‚ namely equity as a trade for investment and start-up valuation and profitable exits. Scholars have focused less on the inter-organizational interaction between the venture capital (VC) and start-up entre...
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
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.
Ding, Chuan; Chen, Jiacheng; Liu, Xin; Zheng, Junjun
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 ...
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...
This report examines the legal and commercial framework for UK manufacturers to collaborate in a construction venture for a small combustion/steam cycle power plant fueled with biomass. The integration of technology and project plan, the working capital and capitalisation, financial aspects, the market plan, turnkey packages, joint venture entities, and collaboration are discussed. (UK)
Gordon, Deborah C
Healthcare providers need to understand traditional and nontraditional financing options and other potential strategies for accessing capital. Common financing options include bonds, commercial lending, acquisition financing, and financing through the Department of Housing and Urban Development's Section 232 program. Alternative strategies for accessing capital include joint ventures, equity, sale of assets, fund-raising, capital leases, internal capital, public grants, and grants from foundations.
Jonathan T. Eckhardt; Scott Shane; Frédéric Delmar
Using a random sample of 221 new Swedish ventures initiated in 1998, we examine why some new ventures are more likely than others to successfully be awarded capital from external sources. We examine venture financing as a staged selection process in which two sequential selection events systematically winnow the population of ventures and influence which ventures receive financing. For a venture to receive external financing its founders must first select it as a candidate for external fundin...
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.
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.
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
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.
Lampe, Kerstin; Hofmann, Erik
The article analyzes the influence of company-, industry- and market-related variables on the cost of capital of logistics service providers, as well as on their systematic risk. Financial information has become more and more important in strategic decision making (especially in the international context); in addition of being a measure of performance, the cost of capital is an important variable for logistics service providers in decisions about investing capital and developing the appropria...
Joint venture projects undertaken between government and industry in western Canada are reviewed. The first significant involvement of the Alberta government was with the Syncrude oil sands project. In 1974, one of the original participants, Atlantic Richfield, pulled out of Syncrude for financial reasons. After a government review and search for replacement participation, three provincial governments took equity positions in the project. The Syncrude project has since had a very significant impact on Alberta and Canada in terms of oil production, employment, investment, and profits. The Other Six Leases Operation (OSLO), the OSLO New Ventures Project, and the Lloydminster Bi-Provincial Upgrader would also not have advanced to their present stages of development without government participation. Since oil sand/heavy oil development requires significant capital investment over long lead times, and since there are few private companies that can undertake such a commitment, government assistance is often required. It also makes sense for governments to share upfront risk in such projects for both the long-term economic gain and such immediate benefits as job creation and energy supply security. An industry/government joint venture provides a means of getting large, inherently economic projects such as oil sands developments under way while protecting taxpayers' interests. The success of such a joint venture depends not only on the financing brought to the project but also on the expertise, decision making capability, and balanced management of regulatory and policy issues
Munk, Kasper B.; Vintergaard, Christian
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...... initiatives to be taken to raise venture capitalists to a more direct and formal role in the contextof systems of innovation.Key words: Venture capital, innovation systems, innovation....
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...
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
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
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.
De Bettignies , Jean-Etienne; Chemla , Gilles
We provide new rationales for corporate venturing, based on competition for talented managers. As returns to venturing increase, firms engage in corporate venturing for reasons other than capturing these returns. First, higher venturing returns increase managerial compensation, to which firms respond by increasing incentives. Managers increase effort, prompting firms to reallocate them to new ventures, where the marginal product of effort is highest. Second, as returns to venturing become lar...
Pearson, William S; King, Dana E; Richards, Chesley
Patient education is a critical component of the patient-centered medical home and is a powerful and effective tool in chronic disease management. However, little is known about the effect of practice payment on rates of patient education during office encounters. For this study we took data from the 2009 National Ambulatory Medical Care Survey. This was a cross-sectional analysis of patient visits to primary care providers to determine whether practice payment in the form of capitated payments is associated within patient education being included more frequently during office visits compared with other payment methods. In a sample size of 9863 visits in which capitation status was available and the provider was the patient's primary care provider, the weighted percentages of visits including patient education were measured as a percentages of education (95% confidence intervals): 75% capitation, 74.0% (52.2-88.1). In an adjusted logistic model controlling for new patients (yes/no), number of chronic conditions, number of medications managed, number of previous visits within the year, and age and sex of the patients, the odds of receiving education were reported as odds ratios (95% confidence intervals): 75% capitation, 3.38 (1.23-9.30). Patients are more likely to receive education if their primary care providers receive primarily capitated payment. This association is generally important for health policymakers constructing payment strategies for patient populations who would most benefit from interventions that incorporate or depend on patient education, such as populations requiring management of chronic diseases.
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.
Li, Juan; Abrahamsson, Jan Tony
New ventures started by entrepreneurs need access to the right amount of financial resourcesin order to grow and expand businesses. Venture capital financing and partnerships withventure capital firms is a common route for entrepreneurial companies to acquire the neededfinancing for growing the venture, which in turn benefits a country’s economy as a whole.The partnership between the venture capital firm and the entrepreneur may involve conflicts,due to different goals and objectives towards ...
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.
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
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.
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 control...... over their joint company....
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. This commen......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...
This document provides the basis for the Hydrologic Monitoring Program (HMP) for the Puna Geothermal Venture. The HMP is complementary to two additional environmental compliance monitoring programs also being submitted by Puma Geothermal Venture (PGV) for their proposed activities at the site. The other two programs are the Meteorology and Air Quality Monitoring Program (MAQMP) and the Noise Monitoring Program (NMP), being submitted concurrently.
This paper reports that since 1987, Soviet efforts to attract Western E and P investment have been evolving through the framework provided by the 1987 Joint-Venture Law. While this law and dozen or so regular acts, decrees, and amendments have sought to stimulate interest, they have failed to address significant failings in the Soviet Union's institutional organization of the petroleum industry. While we anticipate that institutional authority will continue to devolve away from the All-Union central control in Moscow to the republican authorities, many obstacles to investors still have not been addressed by the joint-venture laws. Among these are the export regime, fiscal regime (which we expect will get stiffer), and the rules for joint-venture capitalization and valuation
Drazan, John F; Scott, John M; Hoke, Jahkeen I; Ledet, Eric H
A hands-on learning module called "Science of the Slam" is created that taps into the passions and interests of an under-represented group in the fields of Science, Technology, Engineering and Mathematics (STEM). This is achieved by examining the use of the scientific method to quantify the biomechanics of basketball players who are good at performing the slam dunk. Students already have an intrinsic understanding of the biomechanics of basketball however this "hidden capital" has never translated into the underlying STEM concepts. The effectiveness of the program is rooted in the exploitation of "hidden capital" within the field of athletics to inform and enhance athletic performance. This translation of STEM concepts to athletic performance provides a context and a motivation for students to study the STEM fields who are traditionally disengaged from the classic engineering outreach programs. "Science of the Slam" has the potential to serve as a framework for other researchers to engage under-represented groups in novel ways by tapping into shared interests between the researcher and disadvantaged populations.
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.
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.
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.
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…
Bhatia, N.K.; Garb, R.H.; Statton, T.D.
This paper discusses the basis and mechanics for forming a multinational joint venture. The topics of the paper include the motivations for a joint venture, selection of the appropriate co-venturer, management of the multinational joint venture, and the joint venture agreement. The authors state that a joint venture is not applicable or desirable in all instances and to be successful, must be carefully planned
Yabancı Sermaye ve Türkiye'de Elektronik, Kimya ve Toprak Sektörlerinde Faaliyet Gösteren Yatırım Ortaklıklarının Performanslarının İncelenmesi = Study of the Foreign Capital and the Performance of the Joint Ventures That Operate in The Electronical, Chemical and Cement Sectors in Turkey
Full Text Available Firms have started to cooperate with other firms due to globalization and rapidly increasing competition. They can have quick access to the most recent technology and different markets by cooperating with other firms. Thus by increasing their cross-border operations, multinational companies prefer to establish joint ventures. Joint ventures are the forms of cooperation that is widely used by multinational firms. In Turkey, Foreign Capital Law (No : 6224 has been enacted on January, 18th, 1954. This law has been enacted to encourage foreign capital investments. Even though, it is quite liberal, the amount of foreign capital inflow is not at a desirable level. Therefore, it is necessary and very important to research the reasons for the inadequacy in foreign capital inflows to Turkey. In this paper, the performance of joint ventures in electronic, chemistry and cement sectors are studied. The joint ventures in which the foreign partner has an equity share of less than ninety percent are included in the scope of the study.
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.
Edmée van Dijk
Full Text Available 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 study was performed according to the grounded theory method. After a literature review, six entrepreneurs were interviewed who had founded a venture that received venture capital investment. Results indicate that distributive justice, formal procedures, informational justice, and interpersonal justice, among others, are important factors that can influence responses to the breach. This article discusses implications for both venture capitalists and entrepreneurs to make better decisions concerning ways to manage an effective relationship. In addition, a conceptual model is presented as a suggestion for future research.
Teppo, T. [Helsinki Univ. of Technology, Espoo (Finland). Development and Management in Industry
Many factors have emerged for change towards cleaner and more efficient technologies and services: climate change, increasing oil demands, and rising living standards in many parts of the world are putting an ever-increasing strain on the environment. Recently, these drivers have fueled the formation of a clean energy venture capital market where both independent venture capitalists (VCs) and corporate venture capitalists (CVCs) have invested in clean energy start-ups. Financing of clean energy market creation is the focus of this dissertation. The dissertation contributes to several bodies of literature in the area of entrepreneurship, new industry creation, corporate venturing, and venture capital research. The dissertation uses a grounded theory approach. The study is guided by three data collection approaches with an emphasis on the first two. First, interviews with European and North American VC and CVC firms that have invested in the clean energy sector were carried out. Second, a clean energy venture financing survey that consisted of qualitative, essay-format questions and some quantitative questions was carried out. Third, interviews with clean energy stakeholders were carried out in order to gain a better understanding of the emerging sector. The research results consist of three main findings. First, the research results suggest that clean energy ventures face the following three main entrepreneurial challenges: financing, market education, and growth management. A further study of three clean energy industry categories revealed additional challenges that varied according to the industry development stage. Second, the results demonstrate that, from a venture capitalist perspective, clean energy venture risk characteristics can be divided into two groups: generally recognized risk characteristics and cognitive risk characteristics. The identified generally recognized risk characteristics were market demand and adaptation, incompatibility with the VC model
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...... is to understand if and how US venture capitalism affect the evolvement of venture capitalism in Europe. We study the emergence of a venture capitalist industry in Denmark and Italy, and thus, by selecting two countries with distinctive differences in cultures and institutions, we study learning and adaptation...
Turcan, Romeo V.
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......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......, 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...
Discusses the need to develop a psychological climate conducive to change in schools, the financing necessary for adequate system of research and development, and the limits research proposals should encompass to meet community needs. (RK)
... 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... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Private Capital for NMVC Companies...
Simon C. Parker; C. Mirjam van Praag
We analyse the decision to become an entrepreneur by either taking over an established business or starting a new venture from scratch. A model is developed which predicts how several individual- and firm-specific characteristics influence entrepreneurs' entry mode. The new venture creation mode is associated with higher levels of schooling and wealth, whereas managerial experience, new venture start-up capital requirements and risk promote the takeover mode. Entrepreneurs whose parents run a...
Romeli, Norsyakilah; Muhamad Halil, Faridah; Ismail, Faridah; Sufian Hasim, Muhammad
As many developed country practise, the function of the infrastructure is to connect the each region of Malaysia holistically and infrastructure is an investment network projects such as transportation water and sewerage, power, communication and irrigations system. Hence, a billions allocations of government income reserved for the sake of the infrastructure development. Towards a successful infrastructure development, a joint venture approach has been promotes by 2016 in one of the government thrust in Construction Industry Transformation Plan which encourage the internationalisation among contractors. However, there is depletion in information on the actual practise of the infrastructure joint venture projects in Malaysia. Therefore, this study attempt to explore the real application of the joint venture in Malaysian infrastructure projects. Using the questionnaire survey, a set of survey question distributed to the targeted respondents. The survey contained three section which the sections are respondent details, organizations background and project capital in infrastructure joint venture project. The results recorded and analyse using SPSS software. The contractors stated that they have implemented the joint venture practice with mostly the client with the usual construction period of the infrastructure project are more than 5 years. Other than that, the study indicates that there are problems in the joint venture project in the perspective of the project capital and the railway infrastructure should be given a highlights in future study due to its high significant in term of cost and technical issues.
Full Text Available As many developed country practise, the function of the infrastructure is to connect the each region of Malaysia holistically and infrastructure is an investment network projects such as transportation water and sewerage, power, communication and irrigations system. Hence, a billions allocations of government income reserved for the sake of the infrastructure development. Towards a successful infrastructure development, a joint venture approach has been promotes by 2016 in one of the government thrust in Construction Industry Transformation Plan which encourage the internationalisation among contractors. However, there is depletion in information on the actual practise of the infrastructure joint venture projects in Malaysia. Therefore, this study attempt to explore the real application of the joint venture in Malaysian infrastructure projects. Using the questionnaire survey, a set of survey question distributed to the targeted respondents. The survey contained three section which the sections are respondent details, organizations background and project capital in infrastructure joint venture project. The results recorded and analyse using SPSS software. The contractors stated that they have implemented the joint venture practice with mostly the client with the usual construction period of the infrastructure project are more than 5 years. Other than that, the study indicates that there are problems in the joint venture project in the perspective of the project capital and the railway infrastructure should be given a highlights in future study due to its high significant in term of cost and technical issues.
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)
Helleboogh, David; LAVEREN, Eddy; LYBAERT, Nadine
This paper contributes to the general knowledge of bootstrap financing among new family ventures in two ways. Firstly, this research reveals which human capital characteristics of the owner-manager has an impact on financial bootstrapping use. The empirical results indicate that the use of bootstrapping techniques does not depend upon the family's business founder's education, but that it is a skill which is absorbed from self-employed parents or during the founder's prior work and management...
Masum, Hassan; Chakma, Justin; Simiyu, Ken; Ronoh, Wesley; Daar, Abdallah S; Singer, Peter A
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. 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. 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 returns. Such funds should be structured to overcome the
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....
Federal agencies sometimes use long-term leases and special-purpose public/private ventures to acquire capital assets without having to obtain Congressional appropriations for the full costs up front...
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)
The purpose of the article is to identify groups of costs that are inherent in life-cycle stages of venture companies and which directly are the objects of accounting. The author distinguishes stages of the life cycle of the venture company with an indication of the degree of risk and the need for venture capital, which determine the accounting tasks required to reflect it. The model of lifecycle accounting of venture company is grounded. The conventional range of expected return on the inves...
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…
Contracts between health insurers and providers are private; i.e. not public. By modelling this explicitly, we find the following. Insurers with bigger provider networks,pay higher fee-for-service rates to providers. This makes it more likely that a patient is treated and hence health care costs
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.
Robelen, Erik W.
The NewSchools Venture Fund is a non-profit organization with a mission to "transform public education through powerful ideas and passionate entrepreneurs", support education entrepreneurs who are working to better serve disadvantaged children, and provide "thought leadership" to help bring about "broad systematic…
Obschonka, Martin; Silbereisen, Rainer K.; Schmitt-Rodermund, Eva; Stuetzer, Michael
What predicts a person's venture creation success over the course of the career, such as making progress in the venture creation process and multiple successful venture creations? Applying a life span approach of human development, this study examined the effect of early entrepreneurial competence in adolescence, which was gathered retrospectively by means of the Life History Calendar method. Human and social capitals during the founding process were investigated as mediators between adolesce...
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.
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.
The authors provide an assessment of the venture investing opportunities in superconductivity and some guidelines to follow. There were many elements that made Silicon Valley a leader in technology, not the least of which were the distinguished research universities located here. However, the application of the research results that they produced was done by groups of extraordinary people--people who had ideas, who were willing to take risks, and who inspired others to follow them into the unknown. They sometimes succeeded, but they often didn't. However, they never stopped trying. People like that will be the key to success in advancing and applying superconductivity technology just as they have been in semiconductors
Clark, Rebecca Culver; Allison-Jones, Lisa
The well-documented shortage of nurses and the impact of educational preparation of nurses on patient care outcomes provide a compelling argument for the need to increase the number of registered nurses and to advance their educational preparation. This article describes the application of human capital theory in a creative venture between a health system and a school of nursing that has demonstrated success in addressing these issues. A tuition advancement program was developed to support interested personnel in attaining the associate degree in nursing and to support current RNs in attaining the baccalaureate degree. The venture included support for graduate preparation of nurses interested in becoming faculty.
... 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... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Adequate capital for NMVC...
International joint venture (IJV) is not a new organizational phenomenon in international business. Existing research in IJVs has provided a well-established body of knowledge informing much of the joint venture process from parent firms’ strategic consideration to implementation phase...... 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...
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 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.
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.
... 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...
"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).
Full Text Available The aim of our research is to verify if Italian listed companies financial statements provide adequate information about the capitalization of costs related to intangible assets and if the information provided are reliable. Moreover, we investigated if they merely comply with law or provide additional information on cost capitalization and reveal if internal control systems (especially managerial accounting systems or other information systems are applied to support the measurement process and the cost control, thus guaranteeing the verifiability and representational faithfulness of the information disclosed. This paper is an empirical analysis and is concerned to investigate the financial statements of 250 Italian listed companies.
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.
Churkin, M. Jr.
Glaznost, the freedom of expression in both the public and private sectors of the Soviet Union, has rapidly transformed the country form a largely isolated and closed society to one that is rapidly becoming more cosmopolitan and open to the West. Now that the Soviet Union is moving toward a free-market economy, a number of new laws are being generated to create a favorable environment for Western investment, especially joint ventures. First, crude oil sales have provided over 75% of much-needed hard currency, and oil has been the principal barter for manufactured goods produced in eastern Europe. Second, joint oil ventures with Western companies can reverse declining production levels and provide sufficient stimulus to turn around the economic recession. The Soviet Union has a very large inventory of discovered but undeveloped oil and gas fields. Most of these fields are difficult for the Soviets to produce technically, financially, and environmentally safely, and they are actively seeking appropriate Western partners. From an exploration point of view, the Soviet Union has probably the largest number of undrilled and highly prospective oil basins, which may replenish declining reserves in the West. Finally, the Soviet Union represents in the long term a large unsaturated market eager to absorb the surplus of goods and services in the Western world. Again, joint oil ventures could provide the convertible currency to increase East-West trade
The challenges faced by the petroleum industry in establishing successful joint ventures are discussed. Good management practices are cited as one of the most important factors in ensuring the success of joint ventures. There are several reasons why companies pursue joint ventures. They often search for the competitive advantages that can arise from rationalization of operations and facilities, consolidation of management tasks and new opportunities for technological innovation. Joint ventures also allow companies to spread risk, get more capital and improve collective competencies. The importance for Canadian companies to make greater efforts at improving their international joint ventures, was emphasized. An 'alliance building capacity' to manage joint ventures was recommended. 18 refs., 3 figs
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.
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
... NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.210 Minimum capital requirements for NMVC Companies. You must have Regulatory Capital of at... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Minimum capital requirements for...
Harrison, Jeffrey P
This quantitative research study assesses the organizational characteristics, market factors, and profitability of US hospitals that operate joint ventures with other health care organizations. Data was obtained from the 2001 American Hospital Association annual survey, the Area Resource File, and the Center for Medicare and Medicaid Services Minimum Data Set. These data files provide essential information on individual acute care hospitals, the communities they serve, and the level of financial performance. Descriptive statistics were evaluated and a logistic regression model was utilized to examine hospitals operating joint ventures. The study found hospitals that operate joint ventures are located in communities with more elderly patients, lower unemployment, and lower HMO penetration. From an operating performance perspective, hospitals that operate joint ventures have a higher occupancy rate, a higher average length of stay, more clinical services, lower long-term debt, and a greater number of managed care contracts. The results also appear to indicate that joint ventures have a positive financial impact on US hospitals. The study has managerial implications supporting the use of joint ventures to improve hospital performance and policy implications on resource allocation.
Sun, Jing; Zhang, Xiaotian; Zhang, Zou; Wagner, Anita K.; Ross-Degnan, Dennis; Hogerzeil, Hans V.
ObjectivesTo assess a new Chinese insurance benefit with capitated provider payment for common diseases in outpatients. MethodsLongitudinal health insurance claims data, health administrative data and primary care facility data were used to assess trajectories in outpatient visits, inpatient
Hallam, K; Gardner, J
Most Americans know Medicare as the health insurance program that covers the elderly. But to providers it's much more that. The program pays for medical education, finances capital projects and subsidizes care for the indigent. Should Medicare continue making those add-on payments? Is that the program's mission? The debate is intensifying.
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.
Full Text Available Venture capitalists provide money and non-monetary contributions to high-growth ventures to help them become great companies. Although it is known that these contributions have an impact on the growth of the firm, little is known in Mexico of their nature, how they get into the venture, and how they contribute to the development of the company. The present article reports a proposed substantive theory that explains how the venture capitalist work hand in hand with the entrepreneur to grow the company. This substantive theory emerged from data collected through interviews to nine venture capitalists and nine entrepreneurs, and analyzed as proposed by the grounded theory methodology. The resulting substantive theory acknowledges that contributions of venture capitalists, often called value-added, are relative to building an exit for the investment.
S. Greenberg, Joel
Private sector investment in space transportation, as in most business situations, requires the development of realistic and believable business plans that demonstrate that if an investment is made that there is a reasonable chance that the indicated financial performance will attract the necessary financing. The business plan must also indicate the assumptions upon which the plan rests, and as has become almost second nature to the space transportation industry, the necessary role of the government in risk reduction and/or capital formation [i.e., government actions that are necessary to make the business venture financially attractive]. This paper discusses and describes several factors that must be considered, by both government and industry, when developing a business plan for obtaining financing for space transportation business ventures.
The author shows how a performing National Company can efficiently contribute, in line with the producing State, to the negotiation with International Companies and the success of large oil ventures contemplated by reserves-short countries. Fully entrepreneurial, the National Company will usefully ''explore'' touchy matters, and bring closer national rationale and petroleum rationale. (Author)
After three years of evaluating prospects and negotiating with government and industry representatives, Gulf Canada established its first joint venture in the Russian Federation with Komineft, a production association from the Komi autonomous republic. Komineft has a 50% share of the venture, and the rest is shared equally between Gulf and British Gas. The operating area is at the Vozey and Upper Vozey fields in the Timan-Pechora Basin, some 1,500 km northeast of Moscow just inside the Arctic Circle. An attractive feature of the Upper Vozey project is low development costs of ca $2/bbl. In the Vozey field, the venture will set up an enhanced oil recovery demonstration project to test techniques perfected in Alberta. About 60 Canadians are involved on the project, and headquarters are in Usinsk, ca 100 km south of the oil fields. In the first half of 1992, oil production in the first phase of the venture averaged around 10,000 bbl/d and continues to increase
... 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...
This paper reports that Occidental Petroleum Corp. has begun exporting oil from Russia as part of an enhanced recovery joint venture in western Siberia. Oxy holds a 50% interest in the joint venture company, Vanyoganneft, and will market the oil. In other activity, two Canadian companies are marking progress with Russian upstream joint ventures
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
Jackson, Matthew O.
I provide a typology of social capital, breaking it down into seven more fundamental forms of capital: information capital, brokerage capital, coordination and leadership capital, bridging capital, favor capital, reputation capital, and community capital. I discuss how most of these forms of social capital can be identified using different network-based measures.
...'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...
... ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM NMVC Company's Noncompliance With Terms of Leverage Computation of Nmvc Company's Capital Impairment § 108.1830 NMVC Company's Capital Impairment definition and... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false NMVC Company's Capital Impairment...
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....
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...... experiences are both considered to be critical to the entrepreneurial process, as they both seem to impact on new venture establishment. The longer the career path before venture founding, the more experience an entrepreneur has gathered. Therefore, age seems to have a positive influence on the success...... 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....
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...
The uranium mining industry has undergone a substantial change over the past decade. A few rather informal statistics relevant to this change have been gathered together, with particular emphasis on the corporate and capital structures which existed in the industry in the 1970s and 1980s. These data offer interesting insights on the availability of capital for new uranium mining ventures, and lead to a sketch of the finances of a hypothetical new venture. The results of this work suggest that there may be few producers likely to start work on a greenfield site in the next few years, even if the market recovers from its present doldrums. (author)
Konstantin Maschke; Dodo zu Knyphausen-Aufseß
This paper reviews research findings on entrepreneurial top management teams within the last 20 years. It concentrates on team-based management factors and their influence on a new ventures growth and ability to raise capital. This paper integrates recent findings and provides an overview of the current state of research. Moreover, it contributes to the overall topic by proposing five clusters of major team-specific influences, derives determinants of success and failure, and reveals recomme...
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 ...
Jong, SoSon; Carrico, Adam; Cooper, Bruce; Thompson, Lisa; Portillo, Carmen
Social capital is "features of social organizations-networks, norms, and as trust that facilitate coordination and cooperation for mutual benefit". People with high social capital have lower mortality and better health outcomes. Although utilization of social networks has grown, social capital continues to be a complex concept in relation to health promotion. This study examined 1) associations between social capital and quality of life (QoL), 2) factors of social capital leading to higher QoL among people living with HIV (PLWH), 3) role of health care providers (HCP) as a mediator between social capital and QoL. This is a secondary analysis of the International Nursing HIV Network for HIV/AIDS Research. This cross-sectional study included 1673 PLWH from 11 research sites in the United States in 2010. Using path analysis, we examined the independent effect of social capital on QoL, and the mediating effect of PLWH engagement with HCP. The majority of participants were male (71.2%), and 45.7% were African American. Eighty-nine percent of the participants were on antiretroviral therapy. Social capital consisted of three factors - social connection, tolerance toward diversity, and community participation - explaining 87% of variance of social capital. Path analysis (RMSEA = 0, CFI = 1) found that social connection, followed by tolerance toward diversity, were the principal domain of social capital leading to better QoL (std. beta = 0.50, std. error = 0.64, p capital was positively associated with QoL ( p capital on QoL was mediated by engagement with HCP ( p capital effectively, interventions should focus on strengthening PLWH's social connections and engagement to HCP.
Kim, Hwa Sup; Song, Ki Dong; Chung, Whan Sam; Pae, Jang In; Choi, Young Duck; Rhee, Yong Duck; Kim, Seung Sim; Jeon, Hyoung Won
This study reviewed the concepts of venture business and surveyed venture business support system nationwide. The venture business support system is summarized in depth to help the pre-entrepreneurs under establishing venture business. This study also reviewed the technology management system of KAERI and surveyed its historical accomplishment of technology transfer. Then, this study suggested its future direction by surveying the system of advanced countries and also suggested the measures to meet the future direction. The main finding of this study is that the direct investment to venture business by KAERI could greatly contribute to promoting venture business. Therefore, the government and KAERI should make efforts to change the technology management system toward the direct investment. Finally, this study concluded by offering policy suggestions to the government on improvement of technology management system
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....
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.
Allen, Z.; Colligan, M.J.
Poland represents the largest market in Central Europe with 38 million people and an installed electrical generating capacity of about 32 gigawatts. Since 1989, when the process of governmental restructuring along free market principals began, the allure to IPP developers has been evident, but is of yet unrealized. The natural model for IPP development in Poland would seem to be joint ventures with Polish generating companies. These enterprises already have sites, franchises, and a going business to contribute to a joint company. There are a number of reasons why so few deals have been concluded in Poland to date, and a number of barriers still exist that tend to hamper the realization of project finance funded power joint ventures. But, these barriers are not insurmountable. Overcoming them in the context of a joint venture relationship with a domestic partner requires patience, work, and an ability to bridge the gaps between the realities of working in a post-Communist environment and the practicalities of structuring projects that can be financed in the international capital markets. The new Energy Law in Poland establishes a framework for a viable private sector power generation business. But the enabling regulations are yet to be published or approved. There is still effective political risk on account of the uncertainty this creates. Pressure is mounting on the Polish Government, especially due to its expressed interest in joining the EU, to get the power sector to operate on private sector terms, if not in private hands. The trends are pointing in the direction of increased market driven policies and practices. The conclusion is that, despite the delays of the past, independent power projects will start to happen in Poland on a joint venture basis, with increasing frequency in the next years.
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...
Törmälä, Minna; Gyrd-Jones, Richard I.
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...
Heimer, Thomas; Hölscher, Luise; Werner, Matthias Ralf
SMEs play a crucial role for European economies. The numbers show the high importance of SMEs for national economies. Accordingly, it is no surprise that the regulatory framework SMEs are imbedded in is the subject of an important political discussion. In the discussion it is frequently mentioned by representatives of SMEs as well as associations of SMEs, that the access to finance for SMEs is still inferior. Based on the importance of SMEs for national economies and the discussion on the acc...
Rochemont, de M.H.; Vrande, van de V.J.A.; Sistermans, J.
Sinds bedrijven in toenemende mate gebruik maken van open innovatie voor het ontwikkelen van nieuwe technologieën en producten (Chesbrough, 2003), worden ook de strategieën van samenwerking met andere organisaties steeds belangrijker. Behalve samenwerkingsverbanden zoals strategische allianties,
Some experts say that investors funding innovative startup companies can disrupt American health care, making it smarter and more efficient. Others warn that incentives must change if VC money is to make a real difference. It's a trend no one in health care can ignore.
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...
Malavika Sundararajan; Binod Sundararajan
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 successf...
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.
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.
Karlsson, Tomas; Middleton, Karen Williams
New ventures, being heavily subjected to liabilities of newness, are seen to engage in legitimacy strategies to overcome these liabilities. Building on an adapted theoretical framework of organizational legitimacy, self-reported weekly diaries of twelve entrepreneurs were analysed to identify strategies used by new ventures to create legitimacy.…
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)
Cohn, Kenneth H; Allyn, Thomas R; Rosenfield, Robert H; Schwartz, Richard
An ongoing environment of reimbursement lagging behind escalating expenses has led physicians to explore new sources of revenue. The goal of physician-hospital ventures is to create a valuable entity that benefits patients, physicians, and the hospital. Physicians may choose to invest in healthcare facilities to improve patient care and obtain increased control over daily operations. If so, they should seek counsel to avoid violating Stark laws and anti-kickback laws. Modalities for investing in physician-hospital ventures are joint equity (stock) ventures, participating bond transactions (PBTs), and contractual integration, a new method to align the goals of specialists and hospital management without using joint equity ventures. Physicians and management should invest time in developing a shared vision of the future before beginning contract negotiations. Successful partnering requires transparency and stepwise building of trust. The greatest gain in joint ventures arises when both sides become active owners, rather than passive investors.
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
... venture capital investments in small, early-stage and developing enterprises. Rand's principal objective... Capital Corporation, et al.; Notice of Application February 1, 2012. AGENCY: Securities and Exchange... Act'') granting an exemption from section 13(a) of the Exchange Act. Applicants: Rand Capital...
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…
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.
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.
Kenkel, Philip L.; Park, John L.
Producer-owned business models are rapidly evolving. Producer-owned, value-added ventures face a number of organizational challenges, including capital acquisition, security exchange registration, antitrust exemption, borrowing eligibility, and operational flexibility. This paper examines the success of evolving producer-owned business models in addressing these challenges. The need for uniform criteria to distinguish producer-owned business from other business forms throughout the complex st...
Helleboogh, D.; Laveren, E.; LYBAERT, Nadine
This paper contributes to the general knowledge of bootstrap financing among new family ventures in two ways. Firstly, this research reveals which human capital characteristics of the owner-manager has an impact on financial bootstrapping use. The empirical results indicate that the use of bootstrapping techniques does not depend upon the family business founder's education, but that it is a skill which is absorbed from self-employed parents or during the founder‟s prior work and management e...
Kremnev, V.; Gavrilov, S.; Fedunina, A.; Hladky, E.
High technology, science and capital intensive productions of nuclear power and industry have considerable possibilities for developing by cooperation with different countries, corporations and firms, especially on plant life extension, decommissioning, and radioactive waste treatment. One of the first joint ventures is JV DECOM set up in 1989. JD VECOM is a multinational firm whose main activities are concerned with plant life extension and decommissioning. Issues which favor this development and have contributed to the success of JD VECOM are described
... 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...
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...
This paper concentrates on the economic realities of the joint venture in order to anticipate the basic problems that will be encountered so as to permit legislating by contrast how the problems are to be handled as between the parties
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
van Oorschot, Robin; Gottlieb, Frederik
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...... constraints between the persons involved in creating the new venture, paradoxically at the same time opening up and closing down opportunities, which affects the decision making....
RAUF, MIAN SHAMS; ZAINULLAH, MOHAMMAD
After rigorous criticism on trait approach and with the emergence of behavioral approach in entrepreneurship during 1980s, the researchers started to introduce learning and cognitive theories in entrepreneurship to describe and explain the dynamic nature of entrepreneurship. Many researchers have described venture creation as a core and the single most important element of entrepreneurship. This thesis will discuss and present the role of entrepreneurial learning and heuristics in venture cre...
Turkish acrylic fiber maker Aksa (Yalova), part of the Akkok textile conglomerate, is studying construction of a world-scale polypropylene (PP) plant as part of its diversification plans. The company says it is engaged in discussions with three 'multinations in the PP business' on the possibility of a joint venture. One of the firms is understood to be Amoco. Aksa is looking at three possible locations for the 100,000 m.t.-150,000 m.t./year plant: Yalova, near Istanbul, where its existing plants are located; Zonguldak, on the Black Sea coast; and within one of the existing complexes or a new site belonging to state-owned Petkim. Aksa has not yet discussed that option with Petkim, which recently received approval to build a $2.5-billion petrochemical complex. The Aksa PP plant would cost about $100 million and would use propylene from world markets. The onstream date depends on Aksa's ability to link up with a foreign partner, but it hopes to complete the unit within three years. Turkey has only one PP plant, a 65,000-m.t./year Petkim unit at Aliaga. The domestic market is currently two to three times that amount and is growing. Petkim also plans a 200,000-m.t./year PP plant as part of its new complex
McCarthy, Ellen E
...: To provide an agile, adaptive, integrated, and innovative defense intelligence workforce through a deliberate process identifying, implementing, and directing human capital organizational, doctrinal...
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 the simple risk weight
Ostap Boiko; Olga Pogaidak; Petro Khariv
The activity of venture companies and peculiarities of each management stage of venture financing which in modern terms is quite risky has been described in the article. The state of venture entrepreneurship in the world and in Ukraine has been analyzed, the main problems faced by domestic venture enterprises have been outlined and ways of their solution have been determined. The method of forming the system for the venture controlling at industrial...
This thesis is about business plans in new ventures. It takes an institutional perspective with a particular focus on how external actors influence ventures through norms, regulations and way of thinking. Through an intensive study of six new ventures at a business incubator, and a structured, computer-aided analysis, this study probes the following questions: How are new ventures influenced to write business plans, and what sources influence them? What strategies do new ventures use to deal ...
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.
Bukh, Per Nikolaj; Christensen, Karina Skovvang
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...
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...... in their nascent ventures. This personal financial commitment is known as “skinin the game.” Founders that invest more of their own money into their ventures signal greater commitment to potential business partners, suppliers, and resource providers.This studyexamines the amount of personal funds invested by 1...
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...
New Medicines for Malaria Venture (MMV) is a public/private, nonprofit initiative to develop 1 new drug against malaria every 5 years. It will operate under the umbrella of Roll Back Malaria, a new project launched by World Health Organization (WHO) Director General, Dr. Gro Harlem Brundtland. The UNDP/World Bank/WHO Special Program for Research and Training in Tropical Diseases (TDR) helped establish the MMV through its product R&D unit, and there has been considerable industrial input. The World Bank and the Global Forum for Health Research are other international agencies involved in the initiative, while several philanthropic organizations such as the Rockefeller Foundation and the Wellcome Trust have also played major roles. MMV will create a fund and operate by financing and resourcing a limited number of projects in a manner compatible with industrial procedures. The fund is mainly supported financially by the public sector, while a funding commitment of US$15 million/year rising to US$30 million a year is being sought. Companies are providing mainly in-kind support.
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.
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....... the phenomenon is manifested intensely, but not extremely. A family-owned venture located in Moldova that is in the business of processing fruit and vegetables was selected for this study. It started up in 2000 and from its inception the sales from exports grew almost 120% per year. Data collection took place...
This paper reports that the foreign presence in the Soviet oil industry is destined to grow as a result of ventures by Canadian, British, and French companies. Gulf Canada Resources Ltd., Calgary, last week disclosed the government of the Russian republic has granted approvals necessary to enable Gulf Canada and British Gas plc's KomiArctic Oil joint venture to begin production operations immediately. The approvals follow the registration of Komi Arctic Oil by the Minister of Finance of the Russian Federation in November, at which time it became a legally constituted independent company in Russia. Canadian Fracmaster Ltd., also of Calgary, disclosed it plans to spend $75-100 million on three new joint venture production deals in the Russian republic in 1992
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.
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...... building, the paper introduces the typology of captivity, and the four types that have emerged: captive industry supplier, captive dyadic partner, captive market leader, and free market leader. The effects of captivity types on the acquisition of external legitimacy and its survival, on reaching legitimacy...
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
Porteous, Bruce; Tapadar, Pradip
The impact that capital structure and capital asset allocation have on financial services firm economic capital and risk adjusted performance is considered. A stochastic modelling approach is used in conjunction with banking and insurance examples. It is demonstrated that gearing up Tier 1 capital with Tier 2 capital can be in the interests of bank Tier 1 capital providers, but may not always be so for insurance Tier 1 capital providers. It is also shown that, by allocating a bank or insuranc...
National Capital Planning Commission — Transcripts of the monthly (with the exception of August) National Capital Planning Commission meeting transcripts are provided for research to confirm actions taken...
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.
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)
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...... 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...... guide in the spring 2016, and collected secondary data on the firms. Results and Implications Our findings describe the motivations and distinctive characteristics of the signaling actions. Cleantech ventures pursue several parallel signaling strategies, shifting from resources to customers’ acquisition...
Klijn, E.; Reuer, J.J.; Buckley, P.J.; Glaister, K.W.
Purpose – Prior research on joint venture (JV) formation often examines a single focal firm and assumes it has a single motive for collaboration. This study seeks to investigate how formation motives of partner firms are symmetrically coupled. It considers motives in the context of different
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...
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…
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)
Many are the joint ventures taken during last year by the oil companies as a move towards the ever existing rules of the oil market: integration, economies of scale and reduction of competitive market uncertainty. This article discusses some of the most interesting points of the recent events and the initiatives in the Italian market
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
Fernald, Kenneth; Hoeben, Ruud; Claassen, H.J.H.M.
Venture capitalists (VCs) aim at trade sales as a preferred exit-strategy for biotechnology companies they invest in. Therefore, VCs pay close attention to the wishes of larger (bio)pharmaceutical acquirers. In this paper we explore VCs' behavior and strategies by analyzing the technology fields and
Boersma, Margreet Francina; Ghauri, Pervez N.; Buckley, Peter J.
International joint ventures (IJVs) are frequently stated to be increasingly popular but with significant managerial dissatisfaction in their operations (Madhok, 1995a). Therefore, a great deal of attention has been paid to the performance of IJVs (e.g. Contractor and Lorange, 1988; special issue of
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...
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
... 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...
Pascucci, S.; Dentoni, D.; Mitsopoulos, D.
In this paper we discuss how cooperation and trust among entrepreneurs can be challenged when they are dealing with venture creation in the context of radical innovation. Entomology-based foods are considered as one of the most promising innovation in the food sector. However they impose radical changes in food consumption habits with high risk of low consumer acceptance. Four European entrepreneurs joined forces in a new venture operating in this sector, trying to make it a successful busine...
The article discusses SMEs' situation with reference to the process of creating an innovative economy. The presented discussion covers both non-material and financial barriers impeding the development of innovations. The examined range of new solutions designed to finance innovation includes types of capital support such as leasing, franchising, venture capital, Business Angels, NewConnect.
Davis, Scott B; Robinson, Phillip J
Whether the slowing economic recovery, tight credit markets, increasing costs, or the uncertainty surrounding health care reform, the health care industry faces some sizeable challenges. These factors have put considerable strain on the industry's traditional financing options that the industry has relied on in the past--bonds, banks, finance companies, private equity, venture capital, real estate investment trusts, private philanthropy, and grants. At the same time, providers are dealing with rising costs, lower reimbursement rates, shrinking demand for elective procedures, higher levels of charitable care and bad debt, and increased scrutiny of tax-exempt hospitals. Providers face these challenges against a back ground of uncertainty created by health care reform.
W. Erwin Diewert
The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are considered: (1) one hoss shay; (2) straight line depreciation; (3) declining balance or geometric depreciation; (4) linearly declining efficiency profiles and (5) linearly increasing maintenance profiles. The l...
Dittmann, Ingolf; Maug, Ernst; Kemper, Johannes
textabstractThis paper studies how the use of alternative valuation methodologies affects investment performance for a sample of 53 German venture capitalists. We measure investment performance by the amount of investments they need to write off and by the number of companies they take public. We find that a significant number of investment managers use discounted cash flow (DCF) techniques, but only a minority appears to use a discount rate related to the cost of capital. The majority applie...
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......, and usually larger, transactions backed by law. For economic development, the systemic form becomes crucial but needs to be compatible with relational norms. The dimensions of social capital are often dual in nature. This article employs a theory that accepts this and analyses the phenomena as yin......–yang balancing, seeing trust as a culturally determined enabler of social cooperation. The evolutions of trustworthiness in Japan, China, and the Philippines are analysed. This article contributes to the literature on varieties of capitalism and business systems as well as that on social capital. It raises...
Ewing, Samuel D., Jr.; Maloney, Clifton H. W.
This minority capital resource handbook consists of a guide to raising capital for minority entrepreneurs and a listing of sources that provide such capital. The first section deals with the process of raising capital. The realities of raising capital, intermediaries and financial advisors, and assessing needs are outlined. Factors considered in…
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....
This paper reports that Texaco Inc. and Union Carbide Industrial Gases Inc. (UCIG) have formed a joint venture to develop and operate hydrogen plants. The venture, named HydroGEN Supply Co., is owned by Texaco Hydrogen Inc., a wholly owned subsidiary of Texaco, and UCIG Hydrogen Services Inc., a wholly owned subsidiary of UCIG. Plants built by HydroGEN will combine Texaco's HyTEX technology for hydrogen production with UCIG's position in cryogenic and advanced air separation technology. Texaco the U.S. demand for hydrogen is expected to increase sharply during the next decade, while refinery hydrogen supply is expected to drop. The Clean Air Act amendments of 1990 require U.S. refiners to lower aromatics in gasoline, resulting in less hydrogen recovered by refiners from catalytic reforming units. Meanwhile, requirements to reduce sulfur in diesel fuel will require more hydrogen capacity
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.
The author feels that natural gas will remain a competitive energy alternative and the preferred fuel for many residential and industrial customers around the globe. The article attempts to explain where liquefied natural gas will fit into the global picture. The paper discusses the growth in the Asia-Pacific region; the complex interactions in a LNG project involving buyers, sellers, governments, financial institutions, and shipping companies; the cost of development of such projects; and the elements of a LNG venture
This article examines African and Middle East oil and natural gas project financing. Capital markets financing, Ras Laffan's project bonds, capital market issues in Saudi Arabia, the movement toward gas and away from oil, and Islamic opportunities are discussed, African and Middle East oil and gas projects are listed. (UK)
du Gay, Paul; Morgan, Glenn
This chapter places The New Spirit of Capitalism in the context of the development of capitalism over the last twenty years, up to and including the 200-7-8 financial crisis and the ongoing economic crisis which has developed out of this and is now focused on the relationship between state expend...
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…
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 paper is addressed to geologists who must raise external funds for prospect acquisition, exploratory and development drilling, or to a limited extent, production acquisition. In the ranks of independent geologists, external funding is what separates a dreamer with a good idea from a successful oil and gas producer who gets ideas evaluated on a regular basis. The quantity of external funding usually dictates the level of drilling activity for independent geologists and small companies. Companies or individuals with high levels of internal cash flow set budgets to determine their drilling activity. The purpose of this paper is to provide an independent geologist with an overview of raising external funding. The scope is purposely general. The real motivation behind this paper is not to provide a cookbook for selling prospects. Instead, the author hopes to stimulate geologists to become students of salesmanship and thereby increase the effectiveness of their fund
This negotiation case describes a situation in which an investment manager of a large chemical company (ACE) has to decide about a corporate venturing investment in a small high-tech start-up (Sanus). To win board approval for this investment, an ACE business unit (in this case, ACE Food Specialties) must write a letter of commitment. The investment manager of ACE Venturing cannot invest in the start-up without a MoU between the start-up and the business unit of ACE. This case provides the re...
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.
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.
Ohashi, Yuki; Taguchi, Atsuko; Omori, Junko; Ozaki, Akiko
Harnessing community assets may help public health nurses address health inequalities. Cultural factor is one such asset, which is assumed to be capital in a community. Cultural capital is a key concept for understanding the causes of public health issues. This paper provided an in-depth analysis of "cultural capital" as a concept. Rodgers' evolutionary methodology was used for concept analysis. Forty-two studies published in English between 1998 and 2015 were retrieved from MEDLINE by searching for "cultural capital" in the title field. Antecedents of cultural capital included "educational environment," "belongingness in one's social group," "existing health/social inequalities," and "daily behavior." Cultural capital's identified attributes were "social cultivation," "reproductive rubric," "practical knowledge," and "autogenic ability." Cultural capital's consequences were "improving productivity," "reducing health/social inequality," and "enhancing well-being." Cultural capital is defined as capital characterized by cultivation, rubric, knowledge, and ability. These aspects of cultural capital are typically autogenic, and accumulate and reproduce through lifelong community membership. Cultural capital reduces inequality and ultimately enhances the well-being of individuals and the community through bonding, bridging, and linking economic and social capital. © 2017 Wiley Periodicals, Inc.
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...
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.
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.
Ozmel, Umit; Reuer, J. J.; Wu, Cheng-Wei
Research summary: This article shows that there is a positive association between the changes in the number of prior acquisitions or the changes in the prominence of prior acquirers within the focal venture's subfield and the venture's likelihood to be acquired. Results are in line with the existence of frequency- and trait-based imitation in acquisitions targeting tech ventures. More importantly, these positive associations are more pronounced when (a) exogenous technological uncertainty wit...
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.
Liao, Jianwen; Welsch, Harold; Pistrui, David
This study examines the sources of venture financing of Chinese entrepreneurs in Wuhan, China. Based on a sample of 222, we found that Chinese entrepreneurs in Wuhan mainly rely on venture financing on their own or parties that are within their close social networks such as parents, relatives and friends. External financing sources are notably missing. We also found that entrepreneurs who use significantly more personal saving in venture financing are older (>37 years), female, with high scho...
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.
Although one may ask four financial experts their opinion on the future of the hospital capital market and receive five answers, the blatant need for financial strategic planning is evident. Clearly, the hospital or system with sound financial management will be better positioned to gain and/or maintain an edge in the competitive environment of the health care sector. The trends of the future include hospitals attempting to: Maximize the efficiency of invested capital. Use the expertise of Board members. Use alternative capital sources. Maximize rate of return on investments. Increase productivity. Adjust to changes in reimbursements. Restructure to use optimal financing for capital needs, i.e., using short-term to build up debt capacity if long-term financing is needed in the future. Take advantage of arbitrage (obtain capital and reinvest it until the funds are needed). Delay actual underwriting until funds are to be used. Better management of accounts receivable and accounts payable to avoid short-term financing for cash flow shortfalls. Use for-profit subsidiaries to obtain venture capital by issuing stock. Use product line management. Use leasing to obtain balance sheet advantages. These trends indicate a need for hospital executives to possess a thorough understanding of the capital formation process. In essence, the bottom line is that the short-term viability and long-term survival of a health care organization will greatly depend on the financial expertise of its decision-makers.
... joint venture of any product, process, or service, other than the distribution among the parties to such venture, in accordance with such venture, of a product, process, or service produced by such venture, the... INNOVATION PROGRAM General § 296.9 Activities not permitted for joint ventures. The following activities are...
... 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...
Gao, Yuchen; Hu, Yimei; Wang, Jingyi
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....... 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...
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...... the no-transfer rule (where no revenue bubbles up) and the full-transfer rule (where all the revenues bubble up to the top of the hierarchy). Intermediate rules within the family are reminiscent of popular incentive mechanisms for social mobilization or multi-level marketing....
Full Text Available nnovative enterprises based on scientific research conducted by academic centres are beginning to play an increasingly important role in modern economy. Opening to business ventures as well as building up abilities to release entrepreneurial potential among research workers, students and candidates for doctoral degree, constitute an attractive way for the growth of higher education institutions in many regions and countries. The aim of the article is to point out the significance, peculiarity and conditioning of the academic entrepreneurship development in Poland.
Pascucci, S.; Dentoni, D.; Mitsopoulos, D.
In this paper we discuss how cooperation and trust among entrepreneurs can be challenged when they are dealing with venture creation in the context of radical innovation. Entomology-based foods are considered as one of the most promising innovation in the food sector. However they impose radical
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.
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...
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)
... 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...
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...
This paper reports that U.S. and Russian partners expect late this moth to register their second oil and gas joint venture in western Siberia. If plans proceed on schedule following registration, Golden Mammoth partners about June 1992 will begin drilling joint venture wells in the Bakhilovsk region
Song, L.Z.; Benedetto, Di A.C.; Song, Michael
The new venture launching its first product faces substantial risks and is typically resource-poor. Moreover, failure with the first product is closely related to failure of the new venture itself, as investors seek alternate investments with better track records. While much guidance appears in the
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)
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.
All managed care stakeholders--health plan members, employers, providers, community organizations, and government entitites--share a common interest in reducing healthcare costs while improving the quality of care health plan members receive. Although capitation is a usually thought of primarily as a payment mechanism, it can be a powerful tool providers and health plans can use to accomplish these strategic objectives and others, such as restoring and maintaining the health of plan members or improving a community's health status. For capitation to work effectively as a strategic tool, its use must be tied to a corporate agenda of partnering with stakeholders to achieve broader strategic goals. Health plans and providers must develop a partnership strategy in which each stakeholder has well-defined roles and responsibilities. The capitation structure must reinforce interdependence, shift focus from meeting organizational needs to meeting customer needs, and develop risk-driven care strategies.
Full Text Available This paper presents a case study of the DHL Express and Lufthansa Cargo strategic joint venture cargo airline ‘AeroLogic’, the global air cargo industry’s largest operative joint venture between an airline and a leading international express and logistics provider. The study used a qualitative research approach. The data gathered for the study was examined by document analysis. The strategic analysis of the AeroLogic joint venture was based on the use of Porter’s Five Forces framework. The study found that the AeroLogic joint venture airline has provided synergistic benefits to both partners and has allowed the partners to access new markets and to participate in the evolution of the air cargo industry. The new venture has also enabled both joint venture partners to enhance their competitive position in the global air cargo industry through strengthened service offerings and has provided the partners with increased cargo capacities, a larger route network, and greater frequencies within their own route networks. The study also found that the AeroLogic business model is unique in the air cargo industry. A limitation of the study was that AeroLogic’s annual revenue or freight traffic data was not available. It was, therefore, not possible to analyse the business performance of the joint venture.
Full Text Available Share capital of stock corporations is a monetary value whose equivalent shareholders are obliged to contribute to a company, and which cannot be paid back by a company to shareholders throughout its duration. Share capital exercises three functions: legal, economic and security-enforcing. From a traditional perspective the security (guarantee function is the most important and it entails that share capital constitutes a guarantee of protecting a company’s creditors. In the literature, however, the ability of share capital to perform this function has been more and more often undermined and consequently proposals are put forward to resign from the construction of share capital. The decision to reform share capital of a limited liability company in Polish law, too, seems already to have been decided upon. It is, however, unacceptable to completely resign from the protection of creditors’ interests since the law must provide protection for weaker participants of trading such as small entrepreneurs in relation to stock companies. A serious alternative to share capital, however, seems to be the protection of creditors through the so-called solvency test, which subjects the payments for the benefit of shareholders to the condition that a company’s assets at least balance its liabilities after such a payment. The protection of creditors based on the solvency test is not, however, free from faults. If the construction of share capital was to be resigned from and the solvency test was to be adopted to serve the function of a means of protecting creditors, it seems necessary to develop a characteristic buffer which would prevent using the construction of a limited liability company in high risk ventures and shifting a considerable amount of this risk on to the company’s business partners, not to mention defending against making use of it for common fraud. The role of such a buffer might be played by an obligatory reserve capital based on the
This paper reviews the case for and against mandatory legal capital rules. It is argued that legal capital is no longer an appropriate means of safeguarding creditors' interests. This is most clearly the case as regards mandatory rules. Moreover, it is suggested that even an 'opt in' (or default) legal capital regime is unlikely to be a useful mechanism. However, the advent of regulatory arbitrage in European corporate law will provide a way of gathering information regarding investors' prefe...
... to face one of the season’s biggest problems: tree pollen . Common symptoms of springtime allergies include: Runny nose Itchy eyes Sneezing Congestion “Our Spring Allergy Capitals report is a valuable tool to help identify cities where seasonal allergy symptoms can create challenges,” ...
Bryan, Dick; Rafferty, Michael; Wigan, Duncan
on measuring (by accountants), managing (by corporations) and monitoring (by International Political Economy scholars and regulators), this article explores the longer term implications of accumulation of internationalised capital in intangible and abstract forms, and the prominent role of finance and offshore...
Kjærgaard, Annemette L.
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......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...... (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...
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.
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.
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
Shorr, A B
This four part series, "The Physician/Hospital Joint Venture: Developing a Win/Win Strategy," will examine the philosophical basis of marketing to physicians, the options for the organization in formulating a strategy for joint venture development, structuring and negotiating the deal, and finally how to build the physician loyalty and commitment essential for the joint venture's continued success. In this first article, the author emphasizes the organization's need to develop a strategic plan that includes a program for attracting physicians. It also points out the need for sensitivity to physicians' concerns and provides examples of successes and failures.
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
A world away, in the Cape Winelands, architects of Stellenbosch struggle for the identity of the city, the capital of the unique cultural landscape. Here the traditional African culture is mixed with three century-long tradition of winegrowing and winemaking. This wonderful mixture was placed on the UNESCO Tentative List of World Heritage Sites. The authors of the project use cultural heritage protection laws to protect their city from chaotic development.
Full Text Available A new form of digital economic circulation has emerged, wherein ideas, knowledge, labour and use rights for otherwise idle assets move between geographically distributed but connected and interactive online communities. Such circulation is apparent across a number of digital economic ecologies, including social media, online marketplaces, crowdsourcing, crowdfunding and other manifestations of the so-called ‘sharing economy’. Prevailing accounts deploy concepts such as ‘co-production’, ‘prosumption’ and ‘peer-to-peer’ to explain digital economic circulation as networked exchange relations characterised by their disintermediated, collaborative and democratising qualities. Building from the neologism of platform capitalism, we place ‘the platform’ – understood as a distinct mode of socio-technical intermediary and business arrangement that is incorporated into wider processes of capitalisation – at the centre of the critical analysis of digital economic circulation. To create multi-sided markets and coordinate network effects, platforms enrol users through a participatory economic culture and mobilise code and data analytics to compose immanent infrastructures. Platform intermediation is also nested in the ex-post construction of a replicable business model. Prioritising rapid up-scaling and extracting revenues from circulations and associated data trails, the model performs the structure of venture capital investment which capitalises on the potential of platforms to realise monopoly rents.
The radiology business manager in today's environment must become proficient in contract evaluations and negotiations. Health care is focusing on preventive medicine. Third-party payers are offering plans and programs to provide ''well-patient'' care. For prepaid (HMO-IPA-PTO) plans to succeed, demands for reduced fees and other entrepreneurial contractual arrangements are developed. This presentation will focus on specific items contained in most contracts. The issues of withhold, billing procedures, prompt-payment rewards, medical liability, capitation determinations, and modified capitation plans will be discussed. It is the intent of this presentation to share with the audience methods of evaluating contracts, the importance of negotiating specific terms, and an approach to determination of capitation amounts
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...
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 p...
Sloan, F A; Valvona, J; Hassan, M; Morrisey, M A
This paper provides estimates of the cost of equity and debt capital to for-profit and non-profit hospitals in the U.S. for the years 1972-83. The cost of equity is estimated using, alternatively, the Capital Asset Pricing Model and Arbitrage Pricing Theory. We find that the cost of equity capital, using either model, substantially exceeded anticipated inflation. The cost of debt capital was much lower. Accounting for the corporate tax shield on debt and capital paybacks by cost-based insurers lowered the net cost of capital to hospitals.
... unlevel playing field between banking organizations and other financial services providers. For example, a... for banking organizations. The final rule consolidates three separate notices of proposed rulemaking... minimum capital requirement, a higher minimum tier 1 capital requirement, and, for banking organizations...
Full Text Available Capital structure selection is fundamentally important in corporate financial management as it influence on mutually return and risk to stakeholders. Despite of Malaysia’s position as one of the major players of Islamic Financial Market, there are still lack of studies has been conducted on the capital structure of shariah compliant firms especially related to hybrid securities. The objective of this study is to determine the hybrid securities issuance model among the shariah compliant firms in Malaysia. As such, this study is to expand the literature review by providing comprehensive analysis on the hybrid capital structure and to develop dynamic Islamic hybrid securities model for shariah compliant firms. We use panel data of 50 companies that have been issuing the hybrid securities from the year of 2004- 2012. The outcomes of the studies are based on the dynamic model GMM estimation for the determinants of hybrid securities. Based on our model, risk and growth are considered as the most determinant factors for issuing convertible bond and loan stock. These results suggest that, the firms that have high risk but having good growth prospect will choose hybrid securities of convertible bond. The model also support the backdoor equity listing hypothesis by Stein (1992 where the hybrid securities enable the profitable firms to venture into positive NPV project by issuing convertible bond as it offer lower coupon rate as compare to the normal debt rate
Frederiksen, Anders; Kato, Takao
capital formally through schooling for career success, as well as the gender gap in career success rates. Second, broadening the scope of human capital by experiencing various occupations (becoming a generalist) is found to be advantageous for career success. Third, initial human capital earned through......Denmark’s registry data provide accurate and complete career history data along with detailed personal characteristics (e.g., education, gender, work experience, tenure and others) for the population of Danish workers longitudinally. By using such data from 1992 to 2002, we provide rigorous...... formal schooling and subsequent human capital obtained informally on the job are found to be complements in the production of career success. Fourth, though there is a large body of the literature on the relationship between firm-specific human capital and wages, the relative value of firm-specific human...
This paper reports on the status of foreign investment in Soviet oil and gas joint ventures which has reached a critical juncture. Just as the U.S. is considering granting most favored nation trade status to the U.S.S.R., the joint venture petroleum deal seen as the litmus test for such deals-Chevron Corp.'s proposed addition of supergiant Tengiz oil field to its Caspian Sea joint venture-has stalled amid controversy. Unconfirmed reports from Soviet officials and other foreign joint venture participants in the U.S.S.R. have Chevron pulling out of the long negotiated, multibillion dollar project after the Soviets rejected the company's terms. Chevron, however, insists the project is still alive
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
Puna Geothermal Venture (PGV) plans to construct and operate the 25 MW Puna Geothermal Venture Project in the Puna District of the Island of Hawaii. The project will drill geothermal wells within a dedicated 500-acre project area, use the produced geothermal fluid to generate electricity for sale to the Hawaii Electric Light Company for use on the Island of Hawaii, and inject all the produced geothermal fluids back into the geothermal reservoir. Since the project will use injection wells, it will require an Underground Injection Control (UIC) permit from the Drinking Water Section of the State of Hawaii Department of Health. The PGV Project is consistent with the State and County of Hawaii's stated objectives of providing energy self-sufficiency and diversifying Hawaii's economic base. The project will develop a new alternate energy source as well as provide additional information about the nature of the geothermal resource.
cross section variation or correlation on nuclide concentrations is provided, but a temperature dependence is coded. Steady state condition with continuous fueling is established by a global iterative scheme that applies the criticality search scheme in the neutronics and models fuel movement directly in the exposure code. Time-dependent sensitivity data applies the forward march, reverse importance approach. The codes do not process data from the user input data stream allowing flexible task assignment along selected calculational paths. Multigroup cross section data are produced locally using the PSR-0063/AMPX II or CCC-0450/SCALE-2 code systems to produce resonance shielding (NITAWL) and cell weighted (XSDRN) microscopic cross sections. Locally, each code is compiled and loaded, and only one version is maintained in a quality assurance state in load module form. An on-line catalog procedure, installed with system support, provides job control instructions with nominal default of space allocation to files. Executing the catalog procedure makes the driver memory resident. The first user input data line must be the control module name used for the run. VENTURE-PC: The VENTURE module applies the finite-difference diffusion or a simple P1 approximation. VENTURE uses an outer-inner iteration scheme with several different data handling methods. Over-relaxation is applied to the inner and outer iterations, and succeeding flux iterates may be accelerated with the Chebychev process. - The BURNER code (module EXPOSURE) uses a difference formulation based on average generation rates; or a matrix exponential formulation to approximate the solution of the coupled burnup differential equations; or an explicit solution for simply coupled nuclide chains. Space dependence is included by working with zone averaged fluxes
We have witnessed major changes in the 1980s in the US fuel, energy and environmental areas. From the structure of heavily-regulated local and regional monopolies that predated World War 2, Federal and State governments have begun moving toward a more market-oriented approach to fuel supply, fuel transport and power generation with the goal of increasing competition to effect lower prices for consumers. Although some utilities have resisted this trend - arguing, for example, that third-party power purchasing threatens system reliability - others have joined the market by diversifying into the non-regulated side of the industry. Similarly, beginning with creation of the Superfund, continuing with last year's amendments to the Clean Air Act, and on into the future with anticipated changes for water, solid waste, and other areas, Congress and the EPA have created a regulatory structure that cries out for more capital yet makes such investment more risky. This paper examines joint venture strategies in the context of developing new business in the energy and environmental areas. This paper focuses on the interaction of three aspects of such efforts: (1) the issues of primary importance to the entity engaging in such efforts, (2) the impact of various strategies on the resolution of the issues, and (3) the use of joint ventures to maximize benefits and minimize risks
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
Maguiña F., Raúl
This article proposes a managerial competitiveness strategy using the Joint- Venture enterprise, rising out of alliances linking business units, by analizing its making-up process through legal and clear compromise requirements, framed within the peruvian law, and with the purpose of getting feasibility of various investment projects, in any production sector in our country. El artículo propone una estrategia de competitividad empresarial utilizando el joint venture, a partir de alianzas q...
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...... of joint venture autonomy. A conceptual framework developed from these empirical insights invites further generalizing efforts, and more importantly, contributes to a dynamic understanding of HRM in small IJVs....
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.
Caroline Sumathi; Manimekalai Jambulingam; Gobindran Raj Rajagopal
The study examines the challenges encountered by small entrepreneurs when venturing into Facebook commerce. Social media has revolutionized not only our daily lives, but also the business world. This study involved 50 small entrepreneurs and adopted mixed method of quantitative and qualitative designs to collect data. The study revealed that lack of IT knowledge and set of cost significantly affected the respondents ‘decision to venture into Facebook commerce. However, many small entrepreneur...
The treatise is the first coherent and comprehensive presentation of the important sub-field of "technology entrepreneurship" emphasizing the science and engineering perspectives. It is a presentation of technology entrepreneurship as an inter-cultural approach referring to the US and Germany. It integrates micro- and macro aspects referring to numerous cases of firms' foundations. The book provides also a new semi-quantitative approach to growth of new technology ventures.
The treatise is the first coherent and comprehensive presentation of the important sub-field of "technology entrepreneurship" emphasizing the science and engineering perspectives. It is a presentation of technology entrepreneurship as an inter-cultural approach referring to the US and Germany. It integrates micro- and macro aspects referring to numerous cases of firms' foundations. The book provides also a new semi-quantitative approach to growth of new technology ventures.
Peters, G R
Catholic health care facilities must consider the business and legal risks, canon law, and other constraints when planning a joint venture with physicians. Participants should first establish goals and compatibility, then determine the venture's type (property, service), form ("true," lease, contract), and structure (corporation, partnership, joint property ownership, trust). The administrator must decide whether the facility will participate directly in the venture or form a separate organization. Participants must determine their relationships with the venture, choosing among many options. The administrator should consider whether a venture raises any canon law issues, especially regarding ecclesiastical and secular assets, approval by the local bishop or Holy See, and need for consultation. Other pertinent legal issues include: Fraud and abuse. The venture should not appear as compensation to induce referrals. Physician referrals. Many states prohibit or restrict referrals by physician participants. Antitrust law. Participants may be liable for actions constituting on antitrust violation. Securities low. Organizers must clarify Securities and Exchange Commission registration exemptions and observe state "blue sky" laws. Tax issues. Catholic health care facilities must consider such factors as tax-exempt status, unrelated business income, taxable subsidiaries, and public charity status. Other considerations include tax ramifications for physicians; tax shelter registration; certificate of need (CON), licensing, and building standards; effects on reimbursement and pension plans; organizational and bond documents; corporate medical practice and fee-splitting questions; and labor and contractual issues.
New and small firms are important for the national economic growth, and hence there is a growing interest among policy makers and researchers in understanding the start-up processes among new ventures in order to facilitate more new venture creations. Prior research addressing new ventures' start-up processes focus mainly on the individual behind the venture or different activities in the start-up process. The overall purpose of this study is to increase the understanding of new venture s...
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...
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.
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.
Carrillo Álvarez, Elena; Riera Romaní, Jordi
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. Copyright © 2016 SESPAS. Publicado por Elsevier España, S.L.U. All rights reserved.
Andersen, Poul Houman; Rask, Morten
This paper considers the legitimacy-creating efforts of Better Place, an international new venture (INV) providing infrastructure services linking electrical vehicles and power grid networks. We analyze the debate on Better Place’s attempts to communicate its business idea to constituents in Denm...... to the growing literature on INVs and on institutions in international business. For practice, our aim is to improve managers’ awareness and understanding of the importance of storytelling in the market contexts they seek to enter....... in Denmark, Israel, Canada, and Australia using expert interviews as well as content analysis of newspaper articles and other secondary sources. Storytelling, which is found to be central to the legitimacy-creating efforts of international business ventures, interacts with existing discourses in the diverse...
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
Svendsen, Gunnar Lind Haase
of capital means a coherent stock of capital, including social, cultural and physical capital, which belongs to a local community. The case of civic organization in rural Denmark 1800-1900 shows how the three capitals successively acted as driving forces: physical capital about year 1800, social capital...... about year 1880, and cultural capital about year 1900. In each case, one form of capital changed the two others in a chain reaction process, which ultimately led to a major reorganization of the triads of capital in the local rural communities....
Etheredge, D.A.; Lilja, J.R.
Various options are presented for tackling the problem in mining today of the high capital costs required for a new mine combined with the front end exposure that the exploiters face. Equity finance from the producers, private investors, oil companies, consumers and governments is discussed as well as loan finance from export credit agencies, international agencies, production-related loans, leasing and commercial bank loans. The future in financing mining is outlined and it is proposed that the future will lie in smaller projects financed primarily with equity. (U.K.)
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.
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. PMID:28617202
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.
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...
Some general issues regarding joint ventures and how they come about were discussed. The first section of the presentation identified potential joint venture candidates as being gas suppliers, project developers, steam hosts, financiers, facility owners, fuel managers and non-regulated utility affiliates. An explanation of the joint venture process and the motives driving it was then presented. There are many sources of potential conflicts of interest in a cogeneration venture. These include changes in either deregulation, prices markets, competitive environment or financial position of participants. Another section of this paper discussed some of the lessons learned from forced cogeneration restructuring and buyouts. Three examples of cogeneration projects which did not survive the challenges of partnership were presented. These included the New York cogeneration project at a manufacturing plant, the Pacific Northwest cogeneration project at a refinery, and the Quebec City cogeneration project at a pulp and paper mill. The last section of this paper discussed the pros and cons of joint venture and other types of deals
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
Fried, J M
As hospitals search for means of financing renovation during the next decade, physicians will represent a source of capital through tax-shelter financing. Limited partnerships, condominiums , and joint ventures in acquiring medical equipment or syndicating existing facilities are among the most promising investment vehicles for taking advantage of tax benefits that normally do not apply to nonprofit institutions. In a hospital-physician limited partnership, tax deductions are passed through to the partners, of which there are two kinds: general partners and limited partners. Income (or loss) and tax credits from the entire venture can be divided among the partners and reflected on an individual limited partner's tax return. Rather than shouldering the whole cost of renovating a medical office building, thereby losing the potential tax credit, a hospital could carry out the renovation through a limited partnership with physicians. This would reduce the hospital's capital costs and debt requirements, maintain its credit, and enable it to take advantage of the depreciation deduction. In a condominium venture, the individual physician actually owns the office within which he or she works. As with the limited partnership, the hospital will want to restrict physicians' ability to dispose of their ownership interests.(ABSTRACT TRUNCATED AT 250 WORDS)
Conclusions: This study emphasizes importance of social connections and mediating role of HCP in improving QoL for PLWH. To develop social capital effectively, interventions should focus on strengthening PLWH's social connections and engagement to HCP.
... (CONTINUED) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.11 Applications for capital grants. (a) To apply for a capital grant, an applicant must obtain from VA a capital grant application package and... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Applications for capital...
... minimum level of required capital and NEV ratios after the funds are called. (4) Liquidation. In the event...) Capital ratio. A corporate credit union will maintain a minimum capital ratio of 4 percent, except as otherwise provided in this part. A corporate credit union must calculate its capital ratio at least monthly...
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......-political legitimacies, the model theorizes temporal emergence of these at organizational and industry levels, leading ultimately to institutionalization. The authors advocate for further research at the intersection between legitimation, international entrepreneurship and emerging markets in order to further advance...
Dao, Li Thuy; Napier, Nancy
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...... 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...
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...
Botsakos, Michael T
.... Cost and schedule overruns are the consequence of the software development models selected, inaccurate estimation of size, time, and cost, the instability of user requirements, and poor decision...
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 necessary and innovating has increased its role as a critical driver o...
Migendt, Michael; Polzin, Friedemann|info:eu-repo/dai/nl/413317404; Schock, Florian; Täube, Florian A.; von Flotow, Paschen
In recent years, scholarly interest in financing for innovation has grown, particularly for mitigating cli-mate change. However, extant literature has neglected the interaction of actors along the equity financing value chain, and the indirect effects of innovation and financial policy on the supply
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…
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,
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.
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.
Pihl, Patricia; Albertsen, Karen; Hogh, Annie; Andersen, Lars Peter Sønderbo
Workplace bullying is a serious stressor with devastating short- and long-term consequences. The concept of organizational social capital may provide insights into the interactional and communicative dynamics of the bullying process and opportunities for prevention. This study aimed to explore the association between organizational social capital and being a target or observer of workplace bullying. Based on self-reported cross-sectional data from a large representative sample of the Danish working population (n = 10.037), logistic regression analyses were conducted to explore at the individual level the associations between vertical and horizontal organizational social capital with being a target or observer of workplace bullying. In the fully adjusted models, low organizational social capital (vertical and horizontal) was associated with significantly increased odds ratios of both self-labelled (vertical: OR = 3.25; CI = 2.34-4.51; horizontal: OR = 3.17; CI = 2.41-4.18) and observed workplace bullying (vertical: OR = 2.09; CI = 1.70-2.56; horizontal: OR = 1.60; CI = 1.35-1.89), when compared with high organizational social capital. This study supports that characteristics of the psychosocial work environment are of importance in the development of workplace bullying, and provides focus on the importance of self-reported organizational social capital.
Ledenyov, Dimitri O.; Ledenyov, Viktor O.
Investment in Capital Markets creates a strategic vision on the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods. The book is written with a main goal to explain the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language. We would like to highlight the three interes...
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…
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 ampersand 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
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.
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...
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
Song, Michael; Podoynitsyna, K.S.; Bij, van der J.D.; Halman, J.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
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
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
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...
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
... 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... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Dissolution of joint research and...
... 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...
... 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...
Full Text Available The article describes both types of Russian venture funds and forms of the state participation in venture investment. Besides, the article mentions the scheme of regional venture fund creation in Ural district, principles of its participants` interaction and some management issues. Moreover, we can see here the fund's development which includes market, technological, integration and investment components.
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.
Klimaatportaal is the digital entry of Dutch ‘climate' knowledge centres, which are collaborated in the Platform Communication on Climate Change (PCCC). This collaborative venture was established in 2003 by the Dutch climate research community to improve the quality, efficiency and effectiveness of the communication of Dutch climate research. By now, eight Dutch knowledge centres are participating and still more want to join. The Ministry of Housing, Spatial Planning and the Environment (VROM) supports the PCCC and the project is implemented in collaboration with the BSIK ‘Climate Changes Spatial Planning' programme. The website provides actual and background climate change information for a wide audience on the national scale from policy makers, media to general public. By supplying integral climate information, such as observations of climate change, causes and consequences of climate system, adaptation, mitigation and energy issues, a wide spectrum of target groups will be served. The information is offered in different forms, because of the needs of different target groups. Klimaatportaal contains therefore news on climate issues, frequently asked questions and popular science reports, like the annually brochure De Staat van het Klimaat (‘The State of the Climate'). Recently, also a portal for students is added, where they can find information for their assignments. Beside the website, PCCC is organising activities as symposia and workshops and is supplying information on international issues, for example the content of the Kyoto protocol and the IPCC fourth assessment report (2007). Finally, informing the public through contacts with the media is also an important part of the PCCC. The presentation will address the strengths and weaknesses of this approach which may serve as an example for combining knowledge in outreach activities in other countries.
Hashemi, Seyyed Mahmoud; Hedjazi, Yousef
This paper presents work to identify factors affecting effectiveness of agri-business ventures (A-BVs) on the side of providers as perceived by their members. A survey was conducted among 95 members of A-BVs in Zanjan province, Iran. To collect data, a questionnaire was designed. Two distinct groups of A-BVs with low (group 1) and high (group 2) perceived (evaluated) levels of effectiveness were revealed. The study showed that there were significant differences between the two groups on important characteristics of A-BVs and their members. The study also found that there were statistically significant relationships between A-BVs' governance structure and capacity, management and organization characteristics and the perceived effectiveness, whereas there were no statistically significant relationships between A-BVs' advisory methods characteristic applied by members and the perceived effectiveness. Logistic regression results also showed that level of application of rules encouraging members' active participation in important decision makings, clear terms of reference to guide contracting procedures, roles, and responsibilities of parties involved, type of people served and geographical area of program coverage, and members' ability to use Information and Communication Technologies (ICTs) were predictors of the perceived (evaluated) effectiveness of A-BVs. The study showed that evaluation of members of effectiveness of A-BVs would not be the same. It is suggested that Iranian public agricultural extension organization, as responsible organization for monitoring and evaluating services conducted by A-BVs, considered these differences between members with different levels of some important variables. 2010 Elsevier Ltd. All rights reserved.
Peter J. Graham; Milind Sathye
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 suita...
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.
.... The leadership provided by this subcommittee and the Senate Committee on Governmental Affairs has been especially important in focusing attention on the federal government s human capital challenges.
C. Spechler, Martin; Ahrens, Joachim; Hoen, Herman W.
The book specifies the type of economic system that has arisen in Central Asian. It presents three types of state-capitalism established in the former Soviet Union states in Eurasia - crony, dual sector, and predatory capitalism.
... 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...
... PHAs selecting partners for a joint venture? 943.148 Section 943.148 Housing and Urban Development... VENTURES Subsidiaries, Affiliates, Joint Ventures in Public Housing § 943.148 What procurement standards apply to PHAs selecting partners for a joint venture? (a) The requirements of part 85 of this title are...
Prakash Loungani; Paolo Mauro
This paper documents the scale of capital flight from Russia, compares it with that observed in other countries, and reviews policy options. The evidence from other countries suggests that capital flight can be reversed once reforms take hold. The paper argues that capital flight from Russia can only be curbed through a medium-term reform strategy aimed at improving governance and macroeconomic performance, and strengthening the banking system. Capital controls result in costly distortions an...
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.
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.
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.
Jæger, Mads Meier
do not possess cultural capital. This paper uses extremely rich longitudinal data that provides a better basis than previous studies for holding ‘everything else’ constant. In addition to children and parents’ cultural capital, I control for children’s actual academic ability, physical appearance......, health impairments, social behaviour, antenatal influences, and many family background characteristics. My analysis shows, first, that both children and parents’ cultural capital have independent effects on teacher ability ratings. Second, for oral ability I find that parents’ cultural capital ‘protects...
When Russia opened its doors to foreign oil companies in 1990, there was a rush to secure a piece of the country's potentially vast oil wealth. Since then, many of the ventures between Russian and non-Russian partners have become bogged down with operational problems and an ever changing tax and legal regime. There is a stockpile of massive developments building, while government grinds with seeming reluctance toward passing laws that will allow outside firms to do big business. For major development projects the main stumbling block is the lack of production sharing contract legislation. The paper describes the problems, the current legislation, and operating problems, then highlights several joint ventures that have been successful and several that have ended in pullouts of the foreign investor
Guillory, A.; Denkins, T.; Allen, B. Danette; Braun, Scott A.; Crawford, James H.; Jensen, Eric J.; Miller, Charles E.; Moghaddam, Mahta; Maring, Hal
In 2010, NASA announced the first Earth Venture (EV-1) selections in response to a recommendation made by the National Research Council for low-cost investigations fostering innovation in Earth science. The five EV-1 investigations span the Earth science focus areas of atmosphere, weather, climate, water and energy and, carbon and represent earth science researchers from NASA as well as other government agencies, academia and industry from around the world. The EV-1 missions are: 1) Airborne Microwave Observatory of Subcanopy and Subsurface (AirMOSS), 2) Airborne Tropical Tropopause Experiment (ATTREX), 3) Carbon in Arctic Reservoirs Vulnerability Experiment (CARVE), 4) Deriving Information on Surface Conditions from Column and Vertically Resolved Observations Relevant to Air Quality (DISCOVER-AQ), and 5) Hurricane And Severe Storm Sentinel (HS3). The Earth Venture missions are managed out of the Earth System Science Pathfinder (ESSP) Program Office (Allen, et. al. 2010b)
Batterham, Robert L.; Fraser, K.I.
This paper reviews the literature on the optimal replacement of capital equipment, especially farm machinery. It also considers the influence of taxation and capital rationing on replacement decisions. It concludes that special taxation provisions such as accelerated depreciation and investment allowances are unlikely to greatly influence farmers' capital equipment replacement decisions in Australia.
This paper analyzes the economical reasons which have led BP and Mobil companies to join their forces in 1996. Thanks to their complementarity and to their European implantation, the two companies could win the first or second position in petroleum products marketing in 8 European countries. The cumulated petrol sales and the number of petrol stations of the BP/Mobil joint venture are the highest in Europe (800 petrol stations in France). (J.S.)
Zhang, Lihong; Goffin, Keith
International joint venture (IJV) manufacturing is important for both the Chinese economy and a large number of foreign investors. A review of the literature from both Western and Chinese researchers showed that although the purpose and advantages of IJV manufacturing in China are known, a vital aspect – operations management – has largely been ignored. Therefore, exploratory interviews with managers at six companies were conducted to investigate the operations management is...
World Bank Group; World Wildlife Fund
Like many organizations working in the tourism sector, the authors believe that private sector investment is one of the key drivers of development. Over the past few years, the private sector has been a central innovator in forging business partnerships with local communities for tourism purposes around the world. Having demonstrated some extraordinary development results, joint ventures increasingly need to demonstrate their commercial viability over the long term. Moving out of the donor an...
The importance of strategic alliances in the form of international joint ventures (IJVs) is growing in the present international business environment where competition is on a global scale. A review of the IJV literature, especially in developing countries, shows an over-emphasis on China and the NIEs (the first tier newly-industrialising economies: Taiwan, Singapore, Hong Kong, and South Korea). To date, relatively little attention has been paid to the ASEAN4 countries (the high-performing e...
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
Full Text Available What type of capitalism do we live in today? My answer to this question draws upon two interrelated lines of argument. Firstly, I will argue that we inhabit an epoch of global capitalism. The precursors of this kind of capitalism originated from the late nineteenth century when the development of telegraph networks, modern transport systems and world time zones provided a global template for industrialisation and Western imperialism. From about 1980 a confluence of global events and processes bought a fully-fledged global capitalism into being. These included the collapse of Fordist Keynesianism, national Keynesianism and Soviet Communism along with First, Second and Third World demarcations; the international proliferation of neo-liberal policy regimes; the growth of transnational corporations in all economic sectors; the predominance of financialisation and the reconstitution of global workforces. Secondly, I will argue that the shift from organic surface energy to underground fossil energy intertwined the time of the earth with the time of human history as nature was being instrumentalised as a resource for humanity. Understanding the capitalist relations of power involved here requires that we rethink the emergence of industrial capitalism in the historical context of a world system built upon unequal socio-ecological exchange between core and periphery. Today, global capitalism has intensified the anthropogenic feedback loops associated with CO2 emissions and climate change and universalised the organisational frameworks of profit extraction and socio-ecological destruction. I refer here to the transnational systems of fossil fuel capitalism along with their interlinkages with financialisation and advertising/commodity fetishism. From the preceding lines of argument I will briefly outline the intra-capitalist and planetary-ecological crises out of which transnational coalitions of opposition might emerge.
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
Adnan, H.; Rosman, M. R.; Rashid, Z. Z. Ahmad; Mohamad Yusuwan, N.; Bakhary, N. A.
This study was conducted with the aim to identify the application of the Delphi Technique in validating findings obtained from questionnaire surveys and interviews done in- depth on the subject of joint venture projects in Malaysia. The Delphi technique aims to achieve a consensus of opinion amongst expert panellist that were selected on the primary factors in JV projects. To achieve research objectives, a progressive series of questions was designed where a selected panel of expert to confirm and validate the final findings. The rationale, benefits, limitations and recommendations for the use of Delphi were given in this study. From the literature review done, twenty-one factors were identified as critical factors to the making any joint venture project successful. Detail information from contractors were obtained by using the questionnaire survey method and forty-three in-depth interviews were carried out. Trust between partners, mutual understanding, partner selection criteria, agreement of contract, objective compatibility, conflict, and commitment were confirmed by the Delphi panel to be the critical success factors besides another fourteen factors which were found to be the Failure Reduction Criteria. Delphi techniques has proven to successfully assist in recognising the main factors and would be beneficial in supplementing the success of joint venture arrangements application for construction projects in Malaysia.
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.
This paper reports that Russia is stepping up the pace of joint ventures and imports of petroleum technology and hardware. Among the latest action: Polar Lights, a 50-50 venture of Conoco Timan-Pechora Ltd. and Arkhangelskgeologia (AAG), started drilling in the first new-field oil-development project in Russia to include a US partner; The governments of Oman and the Kazakhstan republic signed an agreement covering oil and gas exploration, field development, and production in Kazakhstan; Phibro Energy Inc., Greenwich, Conn., last week reported the sale and delivery of the first full cargo of Russian crude oil produced and exported by a Russian-American joint venture; Era Aviation Inc., Anchorage, Alas., is sending two helicopters with crewmen to Russia to help assess the feasibility of oil and gas development off Sakhalin Island; In deals involving Canadian companies, SNC-Lavalin Inc., Montreal, received a contract for initial work on a $350 million (US) modernization of the Volvograd refinery in southern Russia
The new joint venture between Engelhard (Iselin, N) and Procatalyse (Paris), jointly owned by process licenser Institut Francais de Petrole (IFP; Rueil Malmaison, France) and Rhone-Poulenc (RP; Paris), marks the latest episode in the worldwide catalyst industry's restructuring. The operation will combine Engelhard's catalyst line, apart from its fluid catalytic cracking (FCC) and emission catalysts, with Procatalyse's offering. To be launched at the beginning of 1993, the venture will have annual sales of about $75 million. Reforming catalysts will be the biggest part of the venture's lineup at the outset, making it number three in the US, behind UOP - which dominates the sector - and Criterion. IFP is starting to establish a presence in North America with its reforming technology. But flat gasoline demand and reductions on aromatics in gasoline limit requirements for new reforming units, comments one competitor. Although lower sulfur specifications are putting some new demand into the hydrodesulfurization (HDS) catalyst market, both partners play down their prospects. The sector, whose leaders are Akzo and Crtierion, is continuing to suffer from severe overcapacity. Procatalyse's HDS business is mainly linked to IFP licensees, while Engelhard is due to mothball its Salt Lake City HDS catalyst plant by year-end, transferring output to Elyria
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
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,
...) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.10 Capital grants—general. (a) VA provides capital grants to public or nonprofit private entities so they can assist homeless veterans by helping to... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Capital grants-general...
The treatise is the first coherent and comprehensive presentation of the important sub-field of "technology entrepreneurship" emphasizing the science and engineering perspectives. It is a presentation of technology entrepreneurship as an inter-cultural approach referring to the US and Germany. It integrates micro- and macro aspects referring to numerous cases of firms' foundations. The book provides also a new semi-quantitative approach to growth of new technology ventures.
Royal Bank Financial Group has a long history of service to the Aboriginal community having supported Aboriginal initiatives with specialized products or educational programs and grants. An overview is included of recent initiatives including partnerships with the Inuit Tapirisat of Canada, the Metis National Council, First Nations and the Council for the Advancement of Native Development Officers. The bank's Aboriginal employee focus groups in several provinces provide advice and guidance on Aboriginal banking requirements and employment/training needs. Royal Trust is the only financial institution to establish a national Aboriginal Advisory Service for Aboriginal communities for investment, trust and land claim settlement services. Royal Bank donated $25,000 to the Council for the Advancement of Native Development Officers to promote entrepreneurial training seminars and a university accredited curriculum for Aboriginal Economic Development Officers. The Bank supports and encourages employees to serve with organizations such as Aboriginal Capital Corporations, National Association of Financing Centres and various Native Employment Services associations
This "issue report" contains three articles centered around the concept of "social capital", and the role of the schools in community revitalization. "Social captial" consists of organizational networks of communication and shared values that provide collective support for adults and youth in a community. In "Social Capital and the Rebuilding of…
Kauppinen, Ilkka; Kaidesoja, Tuukka
Academic capitalism is currently a widely studied topic amongst higher education scholars, especially in the United States. This paper demonstrates that the theory of academic capitalism also provides a fruitful perspective for analysing the restructuring of Finnish higher education since the 1990s, although with reservations. It will be argued…
... of financial institutions to provide capital, credit and financial services in underserved markets... Part IV Department of the Treasury Community Development Financial Institutions Fund 12 CFR Part... TREASURY Community Development Financial Institutions Fund 12 CFR Part 1807 RIN 1559-AA00 Capital Magnet...
Sussman, A J; Fairchild, D G; Colling, M C; Brennan, T A
By anticipating the arbitrage potential of cash flow under budgeted capitation, healthcare organizations can make the best use of cash flow as a revenue-generating resource. Factors that determine the magnitude of the benefits for providers and insurers include settlement interval, withhold amount, which party controls the withhold, and incurred-but-not-reported expenses. In choosing how to structure these factors in their contract negotiations, providers and insurers should carefully assess whether capitation surpluses or deficits can be expected from the provider. In both instances, the recipient and magnitude of capitation arbitrage benefits are dictated largely by the performance of the provider.
Hermes, Niels; Lensink, Robert; Murinde, Victor
In this paper, we review the theoretical and empirical literature on capital flight. First, we discuss the measurement of capital flight. Next, we provide information on the magnitude as well as the ‘burden’ of capital flight for a selected set of developing countries in four regions of the world (South Asia, East Asia, Sub-Saharan Africa and Latin America). Moreover, we review the literature on the determinants of capital flight and provide an overview of empirical studies that have analysed...
Murillo, David; Vallentin, Steen
capital are interrelated, turning social capital into a powerful instrument to better explain what academic literature has called silent CSR practices. The analysis that follows questions some of the basic tenets that underpin the branch of business ethics that deals with the nature of SMEs' approach...... this type of action d) Any study of this kind of practice requires a dual approach: a) normative when using tools developed by CSR; and b) descriptive and instrumental using the notion of social capital....... in the automotive sector, took the distinctive approach of trying to understand the nature of CSR-like activities developed not by best-in-class CSR-driven companies but by purely competitiveness-driven firms. The case studies provide explicit evidence that the CSR activities of SMEs and the notion of social...
Oszustowicz, R J; Dreachslin, J L
In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.
Ziegler, Magnus Møller
In this working paper, I provide an alternative to William Clare Roberts's argument (in "Marx's Inferno", 2017) that Marx structured "Capital" based on Dante's "Inferno". In stead I argue that the "socialist infernalism" which Roberts identifies in Marx has its roots in Moses Hess's Feuerbachian ...
Bruff, Ian; Horn, Laura
In this introduction to the special issue, we provide a brief overview of the two distinct but connected meanings of the phrase ‘varieties of capitalism in crisis’: (1) the crisis of empirical political economies under conditions of capitalist diversity; and (2) the crisis of the institutionalist...
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.
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
of entrepreneurial activity. The key insight is that, among other institutional factors, the perception of entrepreneurial activity positively moderates the role of innate predisposition to entrepreneurship. The second essay looks at the problem of resource acquisition when entrepreneurs have experienced business...... is that perception of familiarity and creativity of category labels has an influence on their adoption to represent the technology product category. More precisely, I find that for both familiarity and creativity, there is an inverted U-shaped relationship associated to category labels’ adoption. Through diverse...... theories and methodologies, the dissertation provides empirical support to the role perceptions play during the entrepreneurship process, and suggests rhetorical strategies entrepreneurs can exploit to gather resources and achieve competitive advantage....
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.
Provance, Mike; Donnelly, Richard G.; Carayannis, Elias G.
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.
Past literature has emphasized on large, long-established multinational enterprises (MNEs) in international business. However, the emerging phenomenon of international new ventures has attracted much attention due to their distinctive internationalization processes. Skype Technologies S.A. is one of these international new ventures with comparable characteristics, albeit it has shown differences compared with the typical international new ventures. This research aims to compare and contrast t...
Norudin bin Mansor; Azman Bin Che Mat
The decision to venture into business is relatively differ from each entrepreneur. Some are attracted to the pulling factors while others may be geared based on pushing factors. However the significant of the venturing success are believed to be as a result of inner psychological drive that mobilized their energy to venture into business related sectors. Thus this paper attempts to empirically discuss the effect of psychological and environmental factors in encouraging women to be in business...
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.
Andersen, Ida Gran; Jæger, Mads Meier
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....... 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...
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.
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 ...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Capital advance funds. 891.808... Partnerships and Mixed-Finance Development for Supportive Housing for the Elderly or Persons with Disabilities § 891.808 Capital advance funds. (a) HUD is authorized to provide capital advance funds to expand the...