The Physics Entrepreneurship Master's Program (PEP) at Case Western Reserve University is now in its 15th year of operation. PEP is a 27 credit-hour Master of Science in Physics, Entrepreneurship Track. The curriculum can be tailored to the needs of each student. Coursework consists of graduate-level classes in science, business, intellectual property law, and innovation. A master's thesis is required that is based on a real-world project in innovation or entrepreneurship within an existing company or startup (possibly the student's). PEP faculty help students connect with mentors, advisors, partners, funding sources and job opportunities. In this talk I will chronicle several pitfalls that we have encountered with our ''real world'' student projects and start-up businesses, several of which met their complete demise despite showing great promise for success. I will discuss how we have learned to avoid most of these pitfalls by taking surprisingly simple actions.
Carriere, Francois J.; Abouaf, Madeleine
Describes a joint venture between the Centre National de la Recherche Scientifique (CNRS) and the Department of Education in France that was created to allow students to do practical scientific work with the help of a CNRS researcher. Presents two practical projects done by students on organic polymers and on color. Concludes that this increases…
Teixeira, Aurora A. C.; Davey, Todd
Higher education institutions (HEIs) play an important role in the generation of high-tech "entrepreneurial capacity". As entrepreneurship education gives greater attention to the creation of new ventures, there is an urgent need for a better understanding of the attitudes of students, potentially the entrepreneurs of the future. Logit…
Astro-Venture is an educational, interactive, multimedia Web environment highlighting NASA careers and astrobiology research in the areas of Astronomy, Geology, Biology and Atmospheric Sciences. Students in grades 5-8 role-play NASA careers, as they search for and design a planet with the necessary characteristics for human habitation. Astro-Venture uses online multimedia activities and off-line inquiry explorations to engage students in guided inquiry aligned with the 5 E inquiry model. This model has proven to be effective with exceptional students. Students are presented with the intellectual confrontation of how to design a planet and star system that would be able to meet their biological survival needs. This provides a purpose for the online and off-line explorations used throughout the site. Students first explore "what" conditions are necessary to support human habitability by engaging in multimedia training modules, which allow them to change astronomical, atmospheric, geological and biological aspects of the Earth and our star system and to view the effects of these changes on Earth. By focusing on Earth, students draw on their prior knowledge, which helps them to connect their new knowledge to their existing schema. Cause and effect relationships of Earth provide a concrete model from which students can observe patterns and generalize abstract results to an imagined planet. From these observations, students draw conclusions about what aspects allowed Earth to remain habitable. Once students have generalized needed conditions of "what" we need for a habitable planet, they conduct further research in off-line, standards-based classroom activities that also follow the inquiry model and help students to understand "why" we need these conditions. These lessons focus on standards-based concepts such as states of matter and the structure and movement of the Earth's interior. These lessons follow the inquiry structure commonly referred to as the five E's as
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...
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…
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...
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...
Dow, Ewan G.
This article makes the case--in three parts--that many Anglo-Chinese university collaborations (joint ventures) to date have seriously underestimated Chinese (student) history, the Chinese university setting and Chinese national governmental steering as part of the process of "glocalisation". Recent turbulence in this particular HE…
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
The People's Republic of China has determined to assume a respected place amongst the world's foremost higher education providers. Its short term strategy is multi-pronged: attracting world-class scholars; attracting international students and encouraging Chinese universities to run branches overseas. As well, a small number of select foreign…
The purpose of this study was to bridge a gap in our understanding of the role business simulation games can play in the development of entrepreneurial capabilities in undergraduate students. While entrepreneurship education has come a long way from being a branch of business and management studies, to its current status as a core discipline in…
Manbachi, Amir; Kreamer-Tonin, Katlin; Walch, Philipp; Gamo, Nao J; Khoshakhlagh, Parastoo; Zhang, Yu Shrike; Montague, Charles; Acharya, Soumyadipta; Logsdon, Elizabeth A; Allen, Robert H; Durr, Nicholas J; Luciano, Mark G; Theodore, Nicholas; Brem, Henry; Yazdi, Youseph
Following the footprints of Bill Gates, Steve Jobs and Mark Zuckerberg, there has been a misconception that students are better off quitting their studies to bring to life their ideas, create jobs and monetize their inventions. Having historically transitioned from manpower to mind power, we live in one of the most rapidly changing times in human history. As a result, academic institutions that are supposed to be pioneers and educators of the next generations have started to realize that they need to adapt to a new system, and change their policies to be more flexible towards patent ownership and commercialization. There is an infrastructure being developed towards students starting their own businesses while continuing with their studies. This paper aims to provide an overview of the existing landscape, the exciting rewards as well as risks awaiting a student entrepreneur, the challenges of the present ecosystem, and questions to consider prior to embarking on such a journey. Various entities influencing the start-up environment are considered, specifically for the medical technology sector. These parties include but are not limited to: scientists, clinicians, investors, academic institutions and governments. A special focus will be set on the seemingly unbridgeable gap between founding a company and a scientific career.
Bell, Robin; Bell, Heather
As support for both university-level entrepreneurship education and the use of experiential learning methods to foster student entrepreneurs has increased, so too has the number of university-established or affiliated entrepreneurship centres. This study focuses on an activity designed to combine experiential learning methods with assets…
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....
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
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....
Caldeira, Kimberly M.; Kasperski, Sarah J.; Sharma, Eva; Vincent, Kathryn B.; O’Grady, Kevin E.; Wish, Eric D.; Arria, Amelia M.
The prevalence of substance use disorders (SUD) and aspects of the help-seeking process among a high-risk sample of 946 students at one large public university were assessed in personal interviews during the first three years of college. After statistically adjusting for purposive sampling, an estimated 46.8%wt of all third-year students met DSM-IV criteria for SUD involving alcohol and/or marijuana at least once. Of 548 SUD cases, 3.6% perceived a need for help with substance use problems; 16.4% were encouraged by someone else to seek help. Help-seeking was rare among SUD cases (8.8%), but significantly elevated among individuals who perceived a need (90.0%) or experienced social pressures from parents (32.5%), friends (34.2%), or another person (58.3%). Resources accessed for help included educational programs (38%), health professionals (27%), and twelve-step programs (19%). College students have high rates of substance use problems but rarely recognize a need for treatment or seek help. Results highlight the opportunity for early intervention with college students with SUD. PMID:19553064
Murad Mohammed Al-Nashmi
Full Text Available The purpose of this study was to investigate the effects of entrepreneurial characteristics (locus of control, self-confidence, need for achievement, independency and responsibility, risk-taking, creativity on entrepreneurial intentions among business students in the University of Science and Technology, Yemen. The researcher used descriptive analytical methods to answer the study questions, and used a questionnaire for collecting quantitative data from the study sample which consisted of 157 university students. The study findings showed that there was a significant effect of entrepreneurial characteristics on the intentions to start new ventures among business students in the University of Science and Technology. Based on the regression analysis applied in the study, results also showed that students' locus of control, and their creativity level were of the highest influencing variables on students' intentions, whereas self-confidence appeared to be the lowest influencing variable. The study concluded that students of administrative sciences have several characteristics and traits of a successful entrepreneur. This enhances their enthusiasm towards initiating their own businesses, given proper support. In light of the findings, the researcher presented a set of recommendations to the stakeholders. Keywords: Entrepreneurship, Entrepreneurial characteristics, Entrepreneurial intention, Small enterprises.
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
Kai Lit Phua
A rare earth elements (REE) extraction plant was built and began operating in Gebeng, Malaysia (near the city of Kuantan), from early December 2012. This plant, slated to be the world’s largest when it operates at full capacity, is very controversial in Malaysia. Various factors appear to have influenced the setting up of this foreign-owned REE extraction plant, although the source of its raw material is thousands of kilometers away in the desert of Western Australia. This article examines an...
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...
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.
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)
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...
In this paper, we review a variety of e-commerce startups created by senior information systems students, under the author's guidance, over a number of years at multiple universities. We compare the characteristics of the start-ups and comment on various factors which appear to have contributed to their success or failure. Our recommendations are…
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.
'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)
Hostager, Todd J.; Voiovich, Jason; Hughes, Raymond K.
The authors apply a software-based content analysis method to uncover differences in responses by expert entrepreneurs and undergraduate entrepreneur majors to a new venture investment proposal. Data analyzed via the Leximancer software package yielded conceptual maps highlighting key differences in the nature of these responses. Study methods and…
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...
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
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.
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)
... 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 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.
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...
Buchanan, Lucas W; Stavropoulos, S William; Resnick, Joshua B; Solomon, Jeffrey
Endovascular devices for the treatment of abdominal and thoracic aortic disease are poised to become the next $1 billion medical device market. A shift from open repair to endovascular repair, advances in technology, screening initiatives, and new indications are driving this growth. Although billion-dollar medical device markets are rare, this field is fraught with risk and uncertainty for startups and their venture capital investors. Technological hurdles, daunting clinical and regulatory timelines, market adoption issues, and entrenched competitors pose significant barriers to successful new venture creation. In fact, the number of aortic endografts that have failed to reach commercialization or have been pulled from the market exceeds the number of Food and Drug Administration-approved endografts in the United States. This article will shed some light on the venture capital mind-set and decision-making paradigm in the context of aortic disease.
The 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.
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.
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.
The open-ended activities in this book are designed to extend the imagination and creativity of students and encourage students to examine their feelings and values about historic eras. Civilizations addressed include ancient Egypt, Greece, Rome, Mayan, Stonehenge, and Mesopotamia. The activities focus upon the cognitive and affective pupil…
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...
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...
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.
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
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...
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...
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.
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
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.
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....
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....
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 ...
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...
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)
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
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…
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.
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.
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
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...
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...
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.
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
The refusal by a group of parents in Olds, Alberta, in 2003 to accept a provincial grant to renovate their high school set in motion a remarkable collaboration that spawned an innovative learning campus for an entire community and beyond. The new Olds High School, which opened in 2010, is part of a new Community Learning Campus (CLC), a joint…
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.
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.
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.
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...
... 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...
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...
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 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.
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
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.
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 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
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
Examines Japanese-U.S. joint venture language or U.S.-style education programs in Japan. These programs offer language and cultural education classes for those interested in English and for students who have failed in the Japanese education system. Problems facing these programs and the need to explore new, English-language education markets are…
Mehta, Khanjan; Zappe, Sarah; Brannon, Mary Lynn; Zhao, Yu
The Humanitarian Engineering and Social Entrepreneurship (HESE) Program engages students and faculty across Penn State in the rigorous research, design, field-testing, and launch of technology-based social enterprises that address global development challenges. HESE ventures are embedded in a series of five courses that integrate learning,…
Schlee, Regina Pefanis; Curren, Mary T.; Harich, Katrin R.
This study examines the implications of the increased popularity of social enterprise programs and social venture competitions for the marketing curriculum. Social enterprise programs and competitions are often offered outside the school of business and target students from a variety of academic backgrounds. Although social enterprises use…
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...
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)
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…
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...
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...
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
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
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
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
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…
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
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
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...
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.
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...
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.
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...
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…
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 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
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
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
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...
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...
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...
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...
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...
... 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...
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....
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...
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
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.
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
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…
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.
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
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
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.
Seanehia, Joy; Treibich, Carole; Holmberg, Christine; Müller-Nordhorn, Jacqueline; Casin, Valerie; Raude, Jocelyn; Mueller, Judith E
Several concepts are available to explain vaccine decision making by individual and inter-individual factors, including risk perception, social conformism and altruism. However, only a few studies have quantified the weight of these determinants in vaccine acceptance. Using a conjoint analysis tool, we aimed at eliciting preferences in a student population regarding vaccination against a rare, severe and rapidly evolving hypothetical disease, similar to meningococcal serogroup C meningitis or measles. During March-May 2016, we conducted an emailing survey among university students aged 18-24years (N=775) in Rennes, France. Participants were asked to decide for or against immediate vaccination in 24 hypothetical scenarios, containing various levels of four attributes: epidemic situation, adverse events, information on vaccination coverage, and potential for indirect protection. Data were analysed using random effect estimator logit models. Participants accepted on average 52% of scenarios and all attributes significantly impacted vaccination acceptance. The highest positive effects were seen with an epidemic situation (OR 3.81, 95%-CI 3.46-4.19), 90% coverage in the community (3.64, 3.15-4.20) and potential for disease elimination from the community (2.87, 2.53-3.26). Information on "insufficient coverage" was dissuasive (vs. none of friends vaccinated: 0.65, 0.56-0.75). Controversy had a significantly greater negative effect than a confirmed risk of severe adverse events (OR 0.05 vs. 0.22). In models including participant characteristics, preference weights were unchanged, while trust in health authorities and vaccination perceptions strongly influenced acceptance themselves. The greatest significant variation of preference weights between subgroups was observed with controversy among students using alternative medicine daily (OR 0.28) and among students relying on scientific vaccine information (OR 0.02). Among young adults, potential for indirect protection and
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.
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)
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...
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 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.
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...
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.
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...
... 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...
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...
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
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.
...) 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...
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.
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...
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
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.
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.
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...
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.
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.
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.
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...
Fredrick, Wayne C.
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.
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.
... Production Act of 1993--Rare Earth Industry and Technology Association Notice is hereby given that, on March..., 15 U.S.C. 4301 et seq. (``the Act''), the Rare Earth Technology Consortium (``RETC'') has filed..., the identities of the parties to the venture are: Rare Earth Industry and Tecimology Association...
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
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
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
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
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.
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.
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....
Cranstone, D A
Rare earth elements are commonly extracted from the minerals monazite, bastnaesite, and xenotine. New uses for these elements are constantly developing; they have found applications in glass polishing, television tube phosphors, high-strength low-alloy steels, magnets, catalysts, refractory ceramics, and hydrogen sponge alloys. In Canada, rare earths have been produced as byproducts of the uranium mining industry, but there was no production of rare earths in 1978 or 1979. The world sources of and markets for the rare earth elements are discussed.
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.
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
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...
The conference was held from September 12 to 13, 1984 in Jetrichovice, Czechoslovakia. The participants heard 16 papers of which 4 were inputted in INIS. These papers dealt with industrial separation processes of rare earths, the use of chemical methods of separation from the concentrate of apatite and bastnesite, the effect of the relative permittivity of solvents in the elution of rare earth elements from a cation exchanger, and the determination of the content of different rare earth elements using X-ray fluorescence analysis and atomic absorption spectroscopy. (E.S.)
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...
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...
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…
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...
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
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
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…
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
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,…
(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...
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)
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...
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...
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
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.
The use of Accelerator Mass Spectrometry (AMS) to search for hypothetical particles and known particles of rare processes is discussed. The hypothetical particles considered include fractionally charged particles, anomalously heavy isotopes, and superheavy elements. The known particles produced in rare processes discussed include doubly-charged negative ions, counting neutrino-produced atoms in detectors for solar neutrino detection, and the spontaneous emission of 14 C from 223 Ra. 35 references
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
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.
Evidently, many reports cite Malaysia as having reasonably substantial amounts of rare earths elements. In fact, based on the rare earths found in the residual tin deposits alone, Malaysia has about 30,000 tonnes. This does not take into account unmapped deposits which experts believe may offer more tonnages of rare earths. Brazil which is reported to have about 48,000 tonnes has announced plans to invest aggressively in the rare earths business. China has on record the largest reserves with about 36 million tonnes. This explains why China has invested heavily in the entire value chain of the rare earths business. Chinas committed investment in rare earths started many years ago when the country's foremost leaders proclaimed the strategic position of rare earths in the world economy. That forecast is now a reality where the rise in the green high-tech economy is seen driving global demand for rare earths in a big way. Malaysia needs to discover and venture into new economic growth areas. This will help fuel the country's drive to achieve a high income status by 2020 as articulated in the New Economic Model (NEM) and the many supporting Economic Transformation Plans that the Government has recently launched. Rare earths may be the new growth area for Malaysia. However, the business opportunities should not just be confined to the mining, extraction and production of rare earths elements alone if Malaysia is to maximise benefits from this industry. The industry's gold mine is in the downstream products. This is also the sector that China wants to expand. Japan which now controls about 50 % of the global market for downstream rare earths-based high-tech components is desperately looking for partners to grow their stake in the business. Malaysia needs to embark on the right strategies in order to build the rare earths industry in the country. What are the strategies? (author)
... 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...
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
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.
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)
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.
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...
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.
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...
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
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.
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
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.
Dheensa, Sandi; Carrieri, Daniele; Kelly, Susan; Clarke, Angus; Doheny, Shane; Turnpenny, Peter; Lucassen, Anneke
Advances in genomics often lead healthcare professionals (HCPs) to learn new information, e.g., about reinterpreted variants that could have clinical significance for patients seen previously. A question arises of whether HCPs should recontact these former patients. We present some findings interrogating the views of patients (or parents of patients) with a rare or undiagnosed condition about how such recontacting might be organised ethically and practically. Forty-one interviews were analysed thematically. Participants suggested a 'joint venture' model in which efforts to recontact are shared with HCPs. Some proposed an ICT-approach involving an electronic health record that automatically alerts them to potentially relevant updates. The need for rigorous privacy controls and transparency about who could access their data was emphasised. Importantly, these findings highlight that the lack of clarity about recontacting is a symptom of a wider problem: the lack of necessary infrastructure to pool genomic data responsibly, to aggregate it with other health data, and to enable patients/parents to receive updates. We hope that our findings will instigate a debate about the way responsibilities for recontacting under any joint venture model could be allocated, as well as the limitations and normative implications of using ICT as a solution to this intractable problem. As a first step to delineating responsibilities in the clinical setting, we suggest HCPs should routinely discuss recontacting with patients/parents, including the new information that should trigger a HCP to initiate recontact, as part of the consent process for genetic testing. Copyright © 2017 The Authors. Published by Elsevier Masson SAS.. All rights reserved.
Limited Operational Exercise 1. 1A Limited Operational Exercise is a multiplayer experiment designed to exploit and study information sharing and...1.4 Summary of the Study The “rare event” of interest is an extreme, deliberate act of violence , destruction or socioeconomic disruption, such as an...connection with terrorism inves- tigations. The programs then use some combination of doctrinal revision and rewards to induce the people to abandon violence
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.
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.
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...
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 ...
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 ...
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...
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...
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...
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.
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.
Eastaugh, S R
For new business ventures to succeed, healthcare executives need to conduct robust risk analyses and develop new approaches to balance risk and return. Risk analysis involves examination of objective risks and harder-to-quantify subjective risks. Mathematical principles applied to investment portfolios also can be applied to a portfolio of departments or strategic business units within an organization. The ideal business investment would have a high expected return and a low standard deviation. Nonetheless, both conservative and speculative strategies should be considered in determining an organization's optimal service line and helping the organization manage risk.
Scarff, D. D.; Bloom, H. L.
Paper reviews technical, resource planning and marketing steps an industrial organization must perform in arriving at a decision to undertake space development and production of commercial products or services for Users on the ground. Technical elements are supported by particular examples. Analysis of required resources emphasizes facility and financial inter-relationships between commercial organizations and NASA. Marketing planning covers elements of profitability. Paper addresses questions related to protection of corporate stockholders and public interest, investment decision timing, budget variations. Paper concludes with observations on timeliness of planning shuttle-based commercial ventures and on key industry/NASA problems and decisions.
By proposing the joint-venture development of an ambulatory surgery center and medical office space with a group practice, one hospital succeeded in enhancing its relationship with the practice and paved the way for future collaboration. Although the hospital's proposal to jointly develop an ambulatory surgery center was not accepted, the hospital was able to dissuade the group practice from developing a competing ambulatory surgery facility while increasing the group's trust in and loyalty to the hospital. As a result, the hospital potentially will benefit from increased inpatient admissions.
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.
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.
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.
Ana Paula Avellar
Full Text Available As políticas de defesa da concorrência integram atualmente o conjunto fundamental de instituições necessárias à promoção do crescimento e a busca das sociedades por arranjos mais eficientes. O presente trabalho tem como objetivo realizar uma análise da política antitruste brasileira concentrando-se no tratamento dado pelas autoridades à constituição de joint ventures. Na realização dessa tarefa, foram feitas revisões teóricas, constatações acerca dos procedimentos de autoridades internacionais sobre o assunto e um estudo empírico abordando casos julgados no Brasil entre os anos de 2002 e 2010. O resultado encontrado revela a inexistência de normatização específica para o tratamento das joint ventures no Brasil, culminando, assim, em uma relativa discricionariedade por parte dos órgãos do SBDC na análise desses atos.
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.
The Kuok Group, owned by Malaysian tycoon Robert Kuok, has emerged as the latest potential investor in a petrochemicals joint venture in China. The group, which has assets including the Shangri-La chain of hotels and several urea formaldehyde plants in Malaysia and Singapore, has signed a memorandum of understanding with the local authorities of Beihai, Guangxi province to study a $3-billion refinery and petrochemicals complex. Beihai, in coastal southwestern China, is near the Vietnam border. The project, understood to be in the preliminary scoping phase, would include a 100,000-bbl/day refinery and a world-scale 450,000-m.t./year cracker that would feed a 450,000-m.t./year polyethylene unit. To make the operation competitive, the group is considering building an ethylene cracker and looking for a cheap source of natural gas. It is understood that an undisclosed Western company has joined forces in the joint venture, which is not one of the 14 petrochemicals complexes currently planned in China. Kuok, who has good contacts in China and has just agreed to develop a commercial complex in Shanghai's Zhabei district, has been approached by the Beihai authorities. Beihai, an economic development zone, would like its own refinery. The closest one is in Maoming. A decision is expected by the end of then year
The Kuok Group, owned by Malaysian tycoon Robert Kuok, has emerged as the latest potential investor in a petrochemicals joint venture in China. The group, which has assets including the Shangri-La chain of hotels and several urea formaldehyde plants in Malaysia and Singapore, has signed a memorandum of understanding with the local authorities of Beihai, Guangxi province to study a $3-billion refinery and petrochemicals complex. Beihai, in coastal southwestern China, is near the Vietnam border. The project, understood to be in the preliminary scoping phase, would include a 100,000-bbl/day refinery and a world-scale 450,000-m.t./year cracker that would feed a 450,000-m.t./year polyethylene unit. To make the operation competitive, the group is considering building an ethylene cracker and looking for a cheap source of natural gas. It is understood that an undisclosed Western company has joined forces in the joint venture, which is not one of the 14 petrochemicals complexes currently planned in China. Kuok, who has good contacts in China and has just agreed to develop a commercial complex in Shanghai's Zhabei district, has been approached by the Beihai authorities. Beihai, an economic development zone, would like its own refinery. The closest one is in Maoming. A decision is expected by the end of then year.
Full Text Available The joint venture of many members is common both in animal world and human society. In these public enterprizes, highly cooperative groups are more likely to while low cooperative groups are still possible but not probable to succeed. Existent literature mostly focuses on the traditional public goods game, in which cooperators create public wealth unconditionally and benefit all group members unbiasedly. We here institute a model addressing this public goods dilemma with incorporating the public resource foraging failure risk. Risk-averse individuals tend to lead a autarkic life, while risk-preferential ones tend to participate in the risky public goods game. For participants, group's success relies on its cooperativeness, with increasing contribution leading to increasing success likelihood. We introduce a function with one tunable parameter to describe the risk removal pattern and study in detail three representative classes. Analytical results show that the widely replicated population dynamics of cyclical dominance of loner, cooperator and defector disappear, while most of the time loners act as savors while eventually they also disappear. Depending on the way that group's success relies on its cooperativeness, either cooperators pervade the entire population or they coexist with defectors. Even in the later case, cooperators still hold salient superiority in number as some defectors also survive by parasitizing. The harder the joint venture succeeds, the higher level of cooperation once cooperators can win the evolutionary race. Our work may enrich the literature concerning the risky public goods games.
Wu, Te; Fu, Feng; Zhang, Yanling; Wang, Long
The joint venture of many members is common both in animal world and human society. In these public enterprizes, highly cooperative groups are more likely to while low cooperative groups are still possible but not probable to succeed. Existent literature mostly focuses on the traditional public goods game, in which cooperators create public wealth unconditionally and benefit all group members unbiasedly. We here institute a model addressing this public goods dilemma with incorporating the public resource foraging failure risk. Risk-averse individuals tend to lead a autarkic life, while risk-preferential ones tend to participate in the risky public goods game. For participants, group's success relies on its cooperativeness, with increasing contribution leading to increasing success likelihood. We introduce a function with one tunable parameter to describe the risk removal pattern and study in detail three representative classes. Analytical results show that the widely replicated population dynamics of cyclical dominance of loner, cooperator and defector disappear, while most of the time loners act as savors while eventually they also disappear. Depending on the way that group's success relies on its cooperativeness, either cooperators pervade the entire population or they coexist with defectors. Even in the later case, cooperators still hold salient superiority in number as some defectors also survive by parasitizing. The harder the joint venture succeeds, the higher level of cooperation once cooperators can win the evolutionary race. Our work may enrich the literature concerning the risky public goods games.
Despite the recognition that new ventures are potential candidates of creating innovations necessary for sustainability, little is know on how they actually engage in this journey. Sustainability-oriented new ventures are confronted with high levels of uncertainty that stem from the liabilities of
Full Text Available The study was conducted among 210 rural youth entrepreneurs of seven different ventures in Krishnagiri district to assess their marketing behaviour. The entrepreneurial ventures selected for the study were Sericulture, Mushroom Production, Hi-tech nurseries (Polyhouse, Fruit and flower nursery, Fisheries, Poultry farming and Value addition (Tamarind processing and Millet based cookies.
Stam, Wouter; Elfring, T.
While entrepreneurship scholars have generally examined the direct effects of entrepreneurial orientation (EO) on the performance of new ventures, we build on recent calls for a contingency framework and propose that ventures' network strategies intervene in the EO-performance relationship. Drawing
NTERNATIONAL UNIVERSITY RESEARCH VENTURES: IMPLICATIONS FOR US ECONOMIC COMPETITIVENESS AND NATIONAL SECURITY The views, opinions and/or findings...UNIVERSITY RESEARCH VENTURES: IMPLICATIONS FOR US ECONOMIC COMPETITIVENESS AND NATIONAL SECURITY Report Term: 0-Other Email: email@example.com...expected to inform political and economic theories about technology transfer, innovation, economic competitiveness, and democratization/civil
Jong, de A.; Song, M.; Song, L.Z.
This empirical study of 323 new ventures examines how task and relationship conflict in the founding top management team mediates the effect of lead founder personality on new venture performance. The results reveal that (1) openness and agreeableness increase task conflict, whereas
de Jong, Ad; Song, Michael; Song, Lisa Z.
This empirical study of 323 new ventures examines how task and relationship conflict in the founding top management team mediates the effect of lead founder personality on new venture performance. The results reveal that (1) openness and agreeableness increase task conflict, whereas
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
Kiss, Andreea N.; Williams, David W.; Houghton, Susan M.
We link research in international entrepreneurship and on behavioral decision making with the international business literature on firm degree of internationalization to advance an integrative model of new venture post-entry international growth. We test this model on a sample of 286 new ventures.
H.G. Barkema (Harry); G.A.M. Vermeulen (Freek)
textabstractAn international joint venture implies that a firm has to cooperate with a partner with a different cultural background. In this study, hypotheses about which differences in national culture are most disruptive for international joint ventures were developed and tested using Hofstede's
Vanhaverbeke, W.P.M.; Vrande, van de V.J.A.; Chesbrough, H.
Part of the advantages of using open innovation (compared to closed innovation) in corporate venturing can be explained by applying the real options approach. Open innovation in risk-laden activities such as corporate venturing has the following advantages: (i) benefits from early involvement in new
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
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
Andrew Milliken; Craig Watson; Chuck Hayes
The Atlantic Coast Joint Venture is a partnership focused on the conservation of habitats for migratory birds within the Atlantic Flyway/Atlantic Coast Region from Maine south to Puerto Rico. In order to be effective in planning and implementing conservation in this large and diverse area, the joint venture must work at multiple spatial scales, from the largest ?...
Bargagliotti, L. Antoinette; And Others
Joint venture among educational and practice institutions is well on its way toward becoming the norm in nursing education and practice. Kaiser Permanente and the University of San Francisco School of Nursing offer a venture that allows registered nurses to pursue a bachelor of science in nursing degree. (JOW)
Saltman, Kenneth J.
This is a cutting edge book that not only maps and criticizes venture philanthropy, but also offers a new and different way of conceptualizing public education in response to the neoliberal climate affecting all aspects of public education. This book contains the following chapters: (1) The Trojan School: How Venture Philanthropy is Corporatizing…
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…
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…
Parker, S.C.; van Praag, M.
We extend the well-known occupational choice model of entrepreneurship by analyzing the mode of entry. Individuals can become entrepreneurs by taking over established businesses or starting up new ventures from scratch. We argue that the new venture creation mode is associated with higher levels of
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.
... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Project No. 4254-009] Stephen Phillips, Brentwood Dam Ventures, LLC; Notice of Transfer of Exemption 1. By letter filed May 31, 2006 and supplemented on January 15, 2013, Stephen Phillips and Brentwood Dam Ventures, LLC informed the Commission that...
Kemp, R.G.M.; Ghauri, P.N.
This paper reports the results of a survey on joint venture collaborations. It focuses on the relations between the level and intensity of conflict, trust and norms of exchange, and ultimately the performance of a joint venture, in case of dependency asymmetry between the partners. In management
Bartek, Ronald J
The business model for medical therapy development has changed drastically. Large companies that once conducted their own Research and Development (R&D) and funded all the preclinical studies, all phases of clinical development and marketing of the products are increasingly turning to others for more and more of the earlier work in hopes of being able to in-license a de-risked program well downstream, take it through the final phases of clinical development and into the marketplace. This new paradigm has required patient-advocacy foundations, especially in the rare-disease space, to become far more effective in building relationships with all the players along the therapy-development pathway -- academic scientists, government agencies, other foundations with overlapping interests, biotechs, small biopharmaceutical entities and even the larger industry companies. From the perspective of the patient-advocacy community, these increasingly essential public-private partnerships have taken on the nature of what could be called joint-venture philanthropy and involve a broad spectrum of collaborations and financial relationships between foundations and industry partners that are not without concerns about potential conflicts of interest.
The Insight Conference featured twelve articles on the following topics: 1 - researching and understanding your legal partners; II - an aboriginal game plan - a plan for success; III - legal and management issues relating to aboriginal ventures; IV - tax status of reserve-based aboriginal people and businesses under the Indian Act; v - first nations as exempt bodies under the Income Tax Act; V I - innovative options for structuring oil and gas leases and exploration permits on aboriginal lands; VII - joint venture and partnership arrangements; V III - the impact of taxation on aboriginal ventures; I X - bankruptcy and insolvency issues for on-reserve businesses; X - financing options for oil and gas ventures with first nations; XI - Syncrude's commitment to aboriginal development; and X II - structuring oil and gas ventures with aboriginal communities. Articles abstracted/indexed separately include: I, II, V I (2), V III, X, XI, and X II
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.
In this chapter author reviewed the story of the EMO joint venture, joint-stock company, between Slovenske elektrarne, a. s. and EdF. EMO joint venture, joint-stock company, was established to complete the Mochovce nuclear power plant. EMO joint venture, joint-stock company was closed after one year of work. History of EMO joint venture, joint-stock company, was described by its former general manager Mr. Ladislav Loerinc.
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 ...
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…
... Production Act of 1993--Joint Venture To Perform Project Entitled Versatile Onboard Traffic Embedded Roaming... Cooperative Research and Production Act of 1993, 15 U.S.C. 4301 et seq. (``the Act''), Joint Venture to..., Trilion Quality Systems, Plymouth Meeting, PA, has been added as a party to this venture. Also, Witten...
... Production Act of 1993--Joint Venture Under Tip Award No. 70NANB10H014 To Perform Project Entitled: Automated..., 15 U.S.C. 4301 et seq. (the Act''), the Joint Venture under TIP Award No. 70NANB10H014 to Perform... Commission disclosing (1) the identities of the parties to the venture and (2) the nature and objectives of...
... connection with the formation of certain joint ventures or other corporations. 802.42 Section 802.42... acquisitions in connection with the formation of certain joint ventures or other corporations. (a) Whenever one or more of the contributors in the formation of a joint venture or other corporation which otherwise...
... Production Act of 1993--Joint Venture Under TIP Award Number: 70NANB10H012 Notice is hereby given that, on..., 15 U.S.C. 5 4301 et seq. (``the Act''), the Joint Venture under TIP Award Number: 70NANB10H012... Commission disclosing (1) the identities of the parties to the venture and (2) the nature and objectives of...
... Production Act of 1993 Joint Venture Under Tip Award Number: 7ONANB1OHOO1 Notice is hereby given that, on..., 15 U.S.C. 4301 et seq. (``the Act''), the Joint Venture under TIP Award Number: 7ONANB1OHOO1... Trade Commission disclosing (1) the identities of the parties to the venture and (2) the nature and...
... Production Act of 1993--Joint Venture Under Tip Award No. 70NANB10H009 Notice is hereby given that, on..., 15 U.S.C. 4301 et seq. (``the Act''), the Joint Venture under TIP Award No. 70NANB10H009 (``JV TIP... Commission disclosing (1) the identities of the parties to the venture and (2) the nature and objectives of...
... transfers between separately-owned joint venture members. 295.25 Section 295.25 Commerce and Foreign Trade...-Led Joint Research and Development Ventures § 295.25 Special rule for the valuation of transfers between separately-owned joint venture members. (a) Applicability. This section applies to transfers of...
... 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...
Brooks, Alison Wood; Huang, Laura; Kearney, Sarah Wood; Murray, Fiona E
Entrepreneurship is a central path to job creation, economic growth, and prosperity. In the earliest stages of start-up business creation, the matching of entrepreneurial ventures to investors is critically important. The entrepreneur's business proposition and previous experience are regarded as the main criteria for investment decisions. Our research, however, documents other critical criteria that investors use to make these decisions: the gender and physical attractiveness of the entrepreneurs themselves. Across a field setting (three entrepreneurial pitch competitions in the United States) and two experiments, we identify a profound and consistent gender gap in entrepreneur persuasiveness. Investors prefer pitches presented by male entrepreneurs compared with pitches made by female entrepreneurs, even when the content of the pitch is the same. This effect is moderated by male physical attractiveness: attractive males were particularly persuasive, whereas physical attractiveness did not matter among female entrepreneurs.
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)
Cantner, Uwe; Wolf, Tina
this approach to the regional innovator network, promoting region-specific knowledge spillovers. Two data bases are applied. First, patent data delivers the innovator network for Thuringia. The second data base contains firm specific information on innovative ventures founded in Thuringia in the period between......At least since Schumpeter published his work ‘The Theory of Economic Development’ (1912), a wide body of literature has focused on the evolutionary process behind firm growth and survival. Recently a growing interest is devoted to the variable ‘location’ as a critical factor, shaping firm...... performance. However, less attention has been paid to the region-specific characteristics that may play a relevant role in determining the growth and survival of a firm. Some works see university-based knowledge spillovers as one such factor (Audretsch and Lehmann 2005, Cassia et al. 2009). This paper extends...
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.
Nielsen, Ulrik B.
Entering and developing presence in emerging economies often require foreign firms to set up International Joint Ventures (IJVs) with local partners, especially when the prime motive of the operation is to capture opportunities in the local markets (Mohr & Puck, 2005). IJVs have therefore become...... an important way for firms to enter these markets and a significant force in shaping a firm’s global strategy in expanding international activities abroad. However, research has shown that IJVs in emerging economies are unstable, and firms have experienced that performance of their IJVs in these emerging...... economies often does not meet their expectations (Fang & Zou, 2010). Extant research has shown that, in general, management of IJVs appears to be a difficult issue. 60-70% of all partnerships are not successful (Lambe, Spekman, & Hunt, 2002). Inter-partner learning has been proposed in the literature...
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)
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.
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.
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.
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.
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
Silver, Lars; Berggren, Björn; Fili, Andreas
The financing of entrepreneurial ventures has been at the forefront of academic debate as well as policy-making discussion for almost a century. In general, there seems to be an agreement that the risks associated with business startups are higher than for mature firms, hence, these ventures will have to pay a higher interest rate than more mature and large firms. In this paper the authors analyze the role of a relatively new form of financing for entrepreneurial ventures – crowdfunding – and...
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.
... of a subsidiary, affiliate, or joint venture have on a PHA? 943.144 Section 943.144 Housing and Urban... CONSORTIA AND JOINT VENTURES Subsidiaries, Affiliates, Joint Ventures in Public Housing § 943.144 What financial impact do operations of a subsidiary, affiliate, or joint venture have on a PHA? Income generated...
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.
Bonke, Sten; Campacnac, Elisabeth; Stanghellini, Stefano
This text presents a condensed, yet comprehensive review of the methodology and interim findings of a large international comparative study. Construction joint-ventures in five European countries have been investigated with the aim of identifying preconditions to and consequenses...
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,
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...
Coordinated Care Services Inc., a joint venture of Carle Foundation and Carle Clinic Association in Urbana, IL, shares its initial successes and ongoing challenges after one year of operation. The biggest barrier to further improvements remains insufficient information management capability.
Wilson, James W.
Examines why joint ventures are formed and discusses a number of factors related to the success of such interaction. Focus is on four factors: goal compatibility, boundary-spanning structures and processes, locus of need satisfaction, and organizational incentives. (CT)
Pons Rotger, Gabriel; Gørtz, Mette; Storey, David
Governments in virtually all developed countries subsidise “guided preparation” for entrepreneurial activity. Despite being so widespread, the evidence that this assistance enhances venture performance remains in dispute, primarily because of a lack of consensus over statistical approaches...
...) Endangered Species Recovery Plans that meet the recovery plan requirements; and the percent of Corps acreage included within North American Waterfowl Management Joint Venture Implementation Plans where proposed work has been accomplished...
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...
.... 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...
Turcan, Romeo V.; Fraser, Norman
This study is positioned at the intersection of legitimation and international entrepreneurship theories. It is a longitudinal ethnographic case study that explores the process of emergence of an international new software venture from an emerging economy and the effect this venture has on the pr......This study is positioned at the intersection of legitimation and international entrepreneurship theories. It is a longitudinal ethnographic case study that explores the process of emergence of an international new software venture from an emerging economy and the effect this venture has...... invoking familiar cues and scripts, promote and defend incentives and operating mechanisms in political negotiations, and overcome the country-of-origin effect by pursuing a technology legitimation strategy....
Greenberg, J. S.
The DOMSAT II stochastic communication satellite business venture financial planning simulation model is described. The specification of business scenarios and the results of several analyses are presented. In particular, the impacts of NASA on-orbit propulsion and power technology programs are described. The effects of insurance rates and self-insurance and of the use of the Space Shuttle and Ariane transportation systems on a typical fixed satellite service business venture are discussed.
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.
ÖZORHON, Beliz; ALTUN, Hasan
Internationaljoint ventures (IJVs) have a great importance as a strategic alternative inglobal competition. Cultural differences between partners from differentcountries may cause lower performance levels in such ventures. The majorobjective of this study is to investigate the influence of national andorganizational culture adaptation of partnerson the IJV performance. In this respect, a questionnaire survey wasadministered to medium to large scale contractors,thgat are members of the Turkish...
McGrath, Rita Gunther; Keil, Thomas
The high failure rate among new business ventures is usually chalked up to the fundamental uncertainty of the process. In actuality, say McGrath and Keil, flawed ways of assessing and managing ventures may account for the disappointing amount of value they generate. Instead of taking the go/no-go approach, whereby a project either advances toward launch or is killed, decision makers should consider a range of alternatives: recycling the venture by aiming it at a new target market; spinning it off to other owners or a joint venture; spinning it in to an established business unit; or salvaging useful elements such as technologies, capabilities, knowledge, and patents. Firms that excel in value extraction--the "value captors" whose practices and mind-set this article explores--have created formal processes to systematically mine successes, failures, and everything in between. They know that a venture should be treated like a scientific experiment, in which learning plays a critical role. They are ready to seize new opportunities if a venture falters on its original course. They foster networks to promote cooperation and collaboration between established business leaders and venture teams and involve people from throughout the company in the venture review process. They don't allow financial criteria to dominate the reviews, and they recognize that the best people to launch a business may not be the ones who developed the idea. If your innovation pipeline is dry, your promising projects are being strangled for lack of a speedy payback, or someone else has made a fabulous business out of a slightly altered idea that you abandoned, consider the value captor's path.
>venture>, the leading Swiss-wide business plan competition, is an ideal partner for young start-ups and entrepreneurs. For the upcoming tenth anniversary edition the competition will receive an update. Building upon a successful base of the past nine editions and equipped with contemporary networking events and more know-how transferring seminars, >venture> will fit even better into the Swiss start-up ecosystem.
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.
Sandbak, L. A.; Rai, A. R.
Weak rock masses of high grade Carlin-trend gold mineralization are encountered in the Turquoise Ridge Joint Venture underground mine. The sediments consist of very weak and altered limestone, mudstone, and carbon-rich clays. The rock mass ratings are described as very poor to poor (Bieniawski in Proceedings of the symposium on exploration for rock engineering, Johannesburg, South Africa, pp. 97-106, 1976). The undercut and fill or boxes stoping mining methods are used because of the low dipping ore body geometry, complex geology, and weak rock mass. Design criteria are chosen to keep openings in weak rock as small as possible to prevent unraveling and to minimize supplementary support. Typical ground support for drifting includes the use of bolts, mesh, spiling, and shotcrete. Quality control of cemented rock fill (CRF) through sampling and aggregate sieve testing is necessary to insure high support strength. Specific support may include shotcrete arches with steel ring sets and CRF "arches" as a replacement of weak rock masses around long-term mine openings. Movement monitoring is utilized in problem areas and is needed to quantify and validate computer modeling.
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.
Crandell, K.; Lazarus, S.; Gardner, P. J.
ARCH is interested in building leading, highly-valued companies from leading research. Toward that end we value innovations created by the leading researchers in the world, many of which are funded to solve critical scientific challenges including those in the instrumentation and CBRNE area. The most important CBRNE innovations we have seen at ARCH are breakthroughs involving significant unaddressed technology risk and have the potential for broad proprietary intellectual property as a result. The model ARCH has evolved in instrumentation is to look for a breakthrough innovation, with strong intellectual property and continue to strengthen the patent estate through the life of the company. ARCH looks to build companies around leading interdisciplinary scientific and engineering teams, and we favor platform technology that can be applied to multiple market applications both commercial and government. As part of a strategy to build a great company, addressing important CBRNE challenges can help a company strengthen its technical team and its IP estate. This supports a focus on early low volume markets on the way toward addressing a fuller portfolio of applications. Experienced Venture Capitalists can help this process by identifying important executive talent, partners and applications, offering financial syndication strength, and helping shape the company's strategy to maximize the ultimate value realized.
Sanders, Michael I
Health care exempt organizations have many options regarding their structure and affiliations with for-profit entities. As long as any joint ventures are carefully structured and the nonprofit retains control over the exempt health care activities, the Internal Revenue Service should not question the structure. However, as outlined above, if the for-profit entity effectively gains control over the activities of the venture, the structure is not likely to be upheld by the IRS or the courts, and either the exempt status of the nonprofit will be denied or revoked, or health care income will be subject to the unrelated business income tax. In summary, the health care industry has been severely impacted by many economic forces, including uncertainty in the area of joint ventures between nonprofits and for-profit health care systems. The uncertainty as to whether the joint venture would negatively impact the nonprofit's tax-exempt status undoubtedly caused many nonprofits to form for-profit subsidiaries and otherwise expanded operations in a for-profit marketplace. Fortunately, with the guidance that is currently available in the form of Revenue Ruling 98-15, Redlands, St. David's, and now Revenue Ruling 2004-51, health care institutions can move forward with properly structured joint ventures with greater confidence that the joint venture will not endanger the tax-exempt status of the nonprofit.
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.
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.
Midwest Joint Venture (MJV) owns a high-grade uranium deposit in northern Saskatchewan. The deposit is located too deep below surface to be mined economically by open pit methods, and as a consequence, present plans are that it will be mined by underground methods. High-grade uranium ore of the type at MJV, encased in weak, highly altered ground and with radon-rich water inflows, has not before been mined by underground methods. The test mining phase of the project, completed in 1989, had three objectives: To evaluate radiation protection requirements associated with the handling of large quantities of radon-rich water and mining high-grade uranium ore in an underground environment; to investigate the quantity and quality of water inflows into the mine; and, to investigate ground conditions in and around the ore zone as an aid in determining the production mining method to be used. With information gained from the test mining project, a mining method for the production mine has been devised. Level plans have been drawn up, ventilation system designed, pumping arrangements made and methods of ore handling considered. All this is to be done in a manner that will be safe for those doing the work underground. Some of the mining methods planned are felt to be unique in that they are designed to cope with mining problems not known to have been encountered before. New problems underground have required new methods to handle them. Remote drilling, blasting, mucking and backfilling form the basis of the planned mining method
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.
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.
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
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.
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.
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...
Bondar', I.A.; Vinogradova, N.V.; Dem'yanets, L.N.
Rare earth germanates attract close attention both as an independent class of compounds and analogues of a widely spread class of natural and synthetic minerals. The methods of rare earth germanate synthesis (solid-phase, hydrothermal) are considered. Systems on the basis of germanium and rare earth oxides, phase diagrams, phase transformations are studied. Using different chemical analysese the processes of rare earth germanate formation are investigated. IR spectra of alkali and rare earth metal germanates are presented, their comparative analysis being carried out. Crystal structures of the compounds, lattice parameters are studied. Fields of possible application of rare earth germanates are shown
Full Text Available According to recent research, the knowledge of species, interest in nature, and nature experiences arethe factors that best promote interest in and understanding of environmental issues and sustainable life style. However, during the past 20 years the knowledge of species has decreased alarmingly among pupils, but also among their teachers. The aim of this study is to make a survey of student teachers’ level of knowledge of species and of factors that have influenced their interest in and capacity for identifying species. Totally 335 student teachers were tested through a species identification test, a questionnaire, and completing interviews. Pupils in grades 7 and 9 and adults were used as reference groups. Student teachers had very varying levels of knowledge of species. Most of them, however, considered it useful to know the most common species of plants and animals in their local environment. The student teachers who had nature-related hobbies as well as practical nature studies in their education, had a considerably better level of knowledge than the others. More than 25 % of the student teachers, however, had a lower level of knowledge (of species than the average pupils ingrades 7 and 9.
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.
Fein, E; Gordon, T J; King, R; Kropp, F G; Shuchman, H L; Stover, J; Hausz, W; Meyer, C
Application of venture analysis would, at a minimum, need to address issues involving careful definition of the product/service being considered; market needs that the product will satisfy; investment/manufacturing costs; minimum selling price needed to achieve desired ROI or other financial measure; market potential at relevant prices; potential for competitors to obsolete the product before investment is recovered; assessment of companies' resources and capabilities to supply the product. There is clearly no single method for performing every venture analysis, because the economic and structural environment associated with each industry varies widely. These and other factors produce differences in cost structure, marketing organizations, and nature of products which dictate that an appropriate method of venture analysis must be tailored to each industry. The initial chapter of the report presents some brief remarks concerning the important concepts that all venture analyses must consider and then describes in detail the method used for the venture analyzed in this report. The case study addresses IEUS for commercialization. The type of IEUS investigated supplies electricity and thermal energy; the thermal energy distributed in the form of high-temperature water, i.e., water from at least 90/sup 0/C upwards to 200/sup 0/C. (MCW)
Weiss, Gary M.
Rare cases are often the most interesting cases. For example, in medical diagnosis one is typically interested in identifying relatively rare diseases, such as cancer, rather than more frequently occurring ones, such as the common cold. In this chapter we discuss the role of rare cases in Data Mining. Specific problems associated with mining rare cases are discussed, followed by a description of methods for addressing these problems.
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
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 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
1 - Description of program or function: The VENTURE program solves the usual neutronics eigenvalue, adjoint, fixed source, and criticality search problems. It treats up to three dimensions, maps power density, and does first-order perturbation analysis at the macroscopic cross section level. The BURNER code solves the nuclide chain equations to estimate the nuclide concentrations and burnup at the end of an exposure time or after a shutdown period. This package is based on the CCC-459/BOLD VENTURE IV code system developed at Oak Ridge National Laboratory. In January 1989 the University of Cincinnati contributed the first VENTURE-PC package to RSICC's collection. It was a subset of the mainframe version consisting of the VENTURE and BURNER modules plus several processing modules. VENTURE-PC was distributed as CCC-459 until July 1997 when a new version (with updated source code compatible with newer FORTRAN-77 compilers, some revisions, and extensions to solve much larger problems) was contributed by Argonne National Laboratory. The principle code modules included in the VENTURE-PC system are: VENTURE: Multigroup neutronics finite-difference diffusion theory. BURNER: Depletion calculation for reactor core analysis. Other modules within VENTURE-PC are: DVENTR: Venture input processor; DCRSPR: Neutron cross section processor; DUTLIN: Control file (CNTRL) input processor; DCMACR: Citation format cross section input processor; CRXSPR: Cross section processor; DENMAN: Fuel repositioning module. In August of 1999, Argonne again contributed an updated version of the code which overcomes problem size constraints caused by binary record length limits inherent to the Fortran 90 compiler. The need for long records is detected and avoided by sub-blocking them. Also, the latest Fortran 95 compiler offers substantial speed gains on the newest processors. The source code is updated to be compatible with either Fortran 90 or Fortran 95. In August 2002, the package was updated with
Hannibal, Martin; Evers, Natasha; Servais, Per
Extant research suggests that the founder’s activities and interactions are considered pivotal in driving the opportunity recognition process leading to international new venture emergence. This paper aims to explore the opportunity recognition process and international new venture emergence...... in the context of university high-technology spin-offs that are internationally market driven from inception. University spin-offs (USOs) are defined as ‘new firms created to exploit commercially some knowledge, technology or research results developed within a university’ (Pirnay et al., Small Bus Econ 21...... that the inventor-founders are typically engaged in opportunity recognition processes that are characterized as creative, driven by scientific innovations. It is indicated that the process of USO emergence and continuous development involves activities and interactions similar to typical international new ventures...
Full Text Available The magnitude of business dynamics has increased rapidly due to increased complexity, uncertainty, and risk of large-scale infrastructure projects. This fact made it increasingly tough to “go alone” into a contractor. As a consequence, joint venture contractors with diverse strengths and weaknesses cooperatively bid for bidding. Understanding project complexity and making decision on the optimal joint venture contractor is challenging. This paper is to study how to select joint venture contractors for undertaking large-scale infrastructure projects based on a multiattribute mathematical model. Two different methods are developed to solve the problem. One is based on ideal points and the other one is based on balanced ideal advantages. Both of the two methods consider individual difference in expert judgment and contractor attributes. A case study of Hong Kong-Zhuhai-Macao-Bridge (HZMB project in China is used to demonstrate how to apply these two methods and their advantages.
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
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.
Full Text Available This article focuses on the position that South African commercial banks adopt when evaluating an application for finance of new business ventures. The role and importance of the business plan in the decision-making process is highlighted and investigated. This article begins to qualitatively describe the decision-making processes, criteria and processes instituted by the four major South African commercial banks that between them serve 96 per cent of the banking services for small business. It then questions the barriers placed on applicants applying for finance and recommends how these barriers can be removed. The article concludes that banks finance business ventures with poor potential for success if the applicant is creditworthy or has the necessary security rather than assist applicants with good plans and ventures with potential, but lacking sufficient security.
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.
Komissarova, L.N.; Shatskij, V.M.; Pokrovskij, A.N.; Chizhov, S.M.; Bal'kina, T.I.; Suponitskij, Yu.L.
Results of experimental works on the study of synthesis conditions, structure and physico-chemical properties of rare earth, scandium and yttrium sulfates, have been generalized. Phase diagrams of solubility and fusibility, thermodynamic and crystallochemical characteristics, thermal stability of hydrates and anhydrous sulfates of rare earths, including normal, double (with cations of alkali and alkaline-earth metals), ternary and anion-mixed sulfates of rare earths, as well as their adducts, are considered. The state of ions of rare earths, scandium and yttrium in aqueous sulfuric acid solutions is discussed. Data on the use of rare earth sulfates are given
Cavanaugh, J. Michael; Giapponi, Catherine C.; Golden, Timothy D.
Digital technology has proven a beguiling, some even venture addictive, presence in the lives of our 21st century (millennial) students. And while screen technology may offer select cognitive benefits, there is mounting evidence in the cognitive neuroscience literature that digital technology is restructuring the way our students read and think,…
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.
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...
Greenberg, J. S.
An economic evaluation and planning procedure which assesses the effects of various policies on fixed satellite business ventures is described. The procedure is based on a stochastic financial simulation model, the Domsat II, which evaluates spacecraft reliability, market performance, and cost uncertainties. The application of the Domsat II model to the assessment of NASA's ion thrusters for on-orbit propulsion and GaAs solar cell technology is discussed. The effects of insurance rates and the self-insurance option on the financial performance of communication satellite business ventures are investigated. The selection of a transportation system for placing the satellites into GEO is analyzed.
Mapedza, Everisto; van Koppen, Barbara; Sithole, Pinimidzai; Bourblanc, Magalie
Joint Venture schemes based on the floppy irrigation technology are being promoted in the post-Apartheid South Africa's Limpopo Province. Access to land and water resources in South Africa are largely viewed as a mechanism for re-dressing the Apartheid injustices. This research was part of a broader applied research to help inform irrigation practise in the Limpopo Province. The research used literature review, key informant interviews and a questionnaire survey. The overall research question sought to understand how the Joint Venture Schemes had benefited the smallholder farmers. This paper argues that the joint venture partnership created a new injustice. Firstly, the Joint Venture Scheme design is fundamentally a bad idea which disempower farmers not only to water access but also land as well. The choice of the 'efficient' floppy irrigation technology was made by the state and entailed that land had to be managed as a single unit. In order to make more effective use of this highly sophisticated new technology, the smallholder farmers also needed to go into a joint venture partnership with a white commercial farmer. By virtue of signing the Joint Venture agreement the farmers were also forfeiting their land and water rights to be used for crop production. The smallholder farmers lost access to their water and land resources and were largely relegated to sharing profits - when they exist - with hardly any skills development despite what was initially envisaged in the Joint Venture partnership. Secondly, the implementation of the JVS has been skewed from the start which explains the bad results. This paper further shows how the negative outcomes affected women in particular. As the smallholder farmers argue the technological options chosen by the state have excluded both male and female farmers from accessing and utilising their land and water resources in order to improve their livelihoods; it has entrenched the role of the state and the private interests at the
Song, Ki Dong; Kim, S. S.; Choi, Y. D.; Park, C. S.; Bae, C. I.; Chung, J. M.; Roe, S. P
The objective of this study is to suggest feasible strategy for foreign market penetration of nuclear venture technology business. Especially, this study focuses on the technology and product export to the Frankfurt-Hoechst Industrial Park in Germany. This study analyzed the operating system of German Industrial Park, especially the Frankfurt-Hoechst Industrial Park. This study also analyzed the current status of Industrial Science Parks in Northern European countries such as Finland, Sweden, and England. Then, this study suggested the strategy for nuclear technology venture business to penetrate German export market effectively.
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.
Song, Ki Dong; Kim, S. S.; Choi, Y. D.; Park, C. S.; Bae, C. I.; Chung, J. M.; Roe, S. P.
The objective of this study is to suggest feasible strategy for foreign market penetration of nuclear venture technology business. Especially, this study focuses on the technology and product export to the Frankfurt-Hoechst Industrial Park in Germany. This study analyzed the operating system of German Industrial Park, especially the Frankfurt-Hoechst Industrial Park. This study also analyzed the current status of Industrial Science Parks in Northern European countries such as Finland, Sweden, and England. Then, this study suggested the strategy for nuclear technology venture business to penetrate German export market effectively
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
... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. EL13-58-000] J.P. Morgan Ventures Energy Corp. v. Midwest Independent System Operator, Inc. PJM Interconnection, L.L.C.; Notice of Complaint Take notice that on April 10, 2013, J.P. Morgan Ventures Energy Corporation (JPMVEC or Complainant...
... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. EL12-103-000] J.P. Morgan... statements by J.P. Morgan Ventures Energy Corporation constitute violations of section 35.41(b) of the Commission's regulations under the Federal Power Act (FPA).\\1\\ J.P. Morgan Ventures Energy Corporation, 140...
This qualitative study explored the political, economic, socio-cultural, and educational challenges of administering a Sino-U.S. joint-venture campus in the People's Republic of China. China American University (CAU) is an educational joint venture between China Investment Company (CIC) and American University (AU) in the U.S. that resulted in…
... Manufacturing, Inc., Formerly a Joint Venture of General Motors Corporation, and Toyota Motor Corporation, Including On- Site Leased Workers From Corestaff, ABM Janitorial, and Toyota Engineering and Manufacturing... joint venture of General Motors Corporation and Toyota Motor Corporation, including on-site leased...
... Manufacturing, Inc. Formerly a Joint Venture of General Motors Corporation and Toyota Motor Corporation Including On- Site Leased Workers From Corestaff, ABM Janitorial, Toyota Engineering and Manufacturing North... Manufacturing, Inc., formerly a joint venture of General Motors Corporation and Toyota Motor Corporation...
... Manufacturing, Inc., Formerly a Joint Venture of General Motors Corporation and Toyota Motor Corporation... United Motor Manufacturing, Inc., formerly a joint venture of General Motors Corporation and Toyota Motor... reviewed the certification for workers of the subject firm. The workers assemble the Toyota Corolla and the...
... Manufacturing, Inc., Formerly a Joint Venture of General Motors Corporation and Toyota Motor Corporation, Including On- Site Leased Workers From Corestaff, ABM Janitorial, Toyota Engineering and Manufacturing North... Motor Manufacturing, Inc., formerly a joint venture of General Motors Corporation and Toyota Motor...
...\\ 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...
Park, W.S.; Lee, K.M.; Lee, C.S.; Lee, J.T.; Oh, S.K.
In this work, the validity and quantitative uncertainty of WIMS (KAERI) - VENTURE code system for the design and analysis of KMRR core was tried to be inferred using a well known benchmark code, MCNP. WIMS (KAERI) showed an excellent agreement with MCNP code. For three different control rod positions at a simulated core which has a quarter symmetry, total peaking factors and three sub-factors (radial, axial, and local) obtained from VENTURE were compared with those of MCNP. The comparison proved the validity of VENTURE and showed better agreement in the order of radial, axial, and local factors. The uncertainty of WIMS (KAERI) - VENTURE system was inferred using the 2σ band of total peaking obtained by MCNP. The uncertainty of WIMS (KAERI) - VENTURE system were found to be 18.5 % for the operating condition. (author)
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
Heukamp, Franz; Liechtenstein, Heinrich; Wakeling, Nick
Venture capitalists in German-speaking countries do not value the contribution of business angels in co-invested deals. Business angels do not reduce the risk perceived by venture capitalists in early-stage deals, even if the business angels have what venture capitalists regard as an ideal profile. Venture capitalists also refute that deals with business angels typically generate higher internal rates of return than deals without business angels.
The RARECARE Project (Rare Cancers in the Europe) supported by the European Union defined the rare cancers by the incidence rate of less than 6/100 000. There are several variants of lung cancer which are rare according to this definition. From the clinical point of view the most interesting are the rare adenocarcinomas and large cell neuroendocrine carcinoma. There are important differences in the diagnostic probability of EGFR and ALK mutations in the mutinous and non-mucin ous adenocarcinomas, in the signet ring cell adenocarcinomas, and large cell carcinomas. The optimal chemotherapy for neuroendocrine large cell carcinomas remains undefined. There is only very limited number of clinical trials aimed on the rare lung cancers and actually none phase III trial. Rare lung cancers continue to be a challenge both for the laboratory and the clinical research. (author)
Szathmary , Laszlo; Napoli , Amedeo; Valtchev , Petko
site de la conférence : http://ictai07.ceid.upatras.gr/; International audience; We describe here a general approach for rare itemset mining. While mining literature has been almost exclusively focused on frequent itemsets, in many practical situations rare ones are of higher interest (e.g., in medical databases, rare combinations of symptoms might provide useful insights for the physicians). Based on an examination of the relevant substructures of the mining space, our approach splits the ra...
Zubritskaya, D.I.; Sergeeva, A.N.; Pisak, Yu.V.
Optimal conditions for synthesis of rare-earth octacyanomolybdates(4) of the Ln 4 [Mo(CN) 8 ] 3 xnH 2 O composition (where Ln is a rare-earth element, other than Pr, Pm, Lu, Tb) have been worked out. The synthesis has been accomplished by neutralization with octacianomolybdic acid with rare-earth carbonates. The composition and structure of the compounds synthesized have been studied by infrared-spectroscopy. It has been established that rare-earth octacyanomolybdates(4) form three isostructural groups
J.A. Talman (Joke)
textabstractThis paper addresses the question what determines management control in joint ventures. The model developed for this purpose draws on two existing frameworks. The first, by Dekker (2004), shows how control in strategic alliances can be structured around two control problems, coordination
Fein, E; Gordon, T J; King, R; Kropp, F G; Shuchman, H L; Stover, J; Hausz, W; Meyer, C
The appendices for a case-study application of venture analysis for an integrated energy utility for commercialization are presented. The following are included and discussed: utility interviews; net social benefits - quantitative calculations; the financial analysis model; market penetration decision model; international district heating systems; political and regulatory environment; institutional impacts.
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....
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
de Vries, J.
Inherent in transnational planning are obstacles which cause spatial planners to venture into unknown territory. The scale, the issues and the institutional context are significantly different from planning at the national level or below. What does this mean for the role of spatial plan-making,
Greenburg, J. S.; Gaelick, C.; Kaplan, M.; Fishman, J.; Hopkins, C.
Commercial organizations as well as government agencies invest in spacecraft (S/C) technology programs that are aimed at increasing the performance of communications satellites. The value of these programs must be measured in terms of their impacts on the financial performane of the business ventures that may ultimately utilize the communications satellites. An economic evaluation and planning capability was developed and used to assess the impact of NASA on-orbit propulsion and space power programs on typical fixed satellite service (FSS) and direct broadcast service (DBS) communications satellite business ventures. Typical FSS and DBS spin and three-axis stabilized spacecraft were configured in the absence of NASA technology programs. These spacecraft were reconfigured taking into account the anticipated results of NASA specified on-orbit propulsion and space power programs. In general, the NASA technology programs resulted in spacecraft with increased capability. The developed methodology for assessing the value of spacecraft technology programs in terms of their impact on the financial performance of communication satellite business ventures is described. Results of the assessment of NASA specified on-orbit propulsion and space power technology programs are presented for typical FSS and DBS business ventures.
Gielnik, Michael M.; Zacher, Hannes; Frese, Michael
Combining upper echelons and lifespan theories, we investigated the mediating effect of focus on opportunities on the negative relationship between business owners' age and venture growth. We also expected that mental health moderates the negative relationship between business owners' age and focus
H.G. Barkema (Harry); O. Shenkar (Oded); G.A.M. Vermeulen (Freek); J.H.J. Bell (John)
textabstractSuccessful international joint ventures entail both learning to operate across national boundaries and learning to cooperate. Hypotheses grounded in organizational learning theory were tested with event-history analysis and data on 1,493 expansions of 25 large Dutch firms between 1966
... competitive solicitations, unless the action is categorically excluded from preparation of an EA or EIS under...-source joint ventures, unless the action is categorically excluded from preparation of an EA or EIS under... reasoned decision. (g) The environmental critique will focus on environmental issues that are pertinent to...
Walker, Derek H. T.; Johannes, Derick S.
Interviews with nine Hong Kong managers involved in joint ventures with other organizations focused on the organizational learning aspects of collaboration: attitudes toward interorganizational learning, acquisition of knowledge assets, and learning motivation. An important motivation for developing alliances was to learn from each other, fill…
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.
Anglin, R. L.
Stereosat, a free flying Sun synchronous satellite whose purpose is to obtain worldwide cloud-free stereoscopic images of the Earth's land masses, is proposed as a joint private sector/government venture. A number of potential organization models are identified. The legal, economic, and institutional issues which could impact the continuum of potential joint private sector/government institutional structures are examined.
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.
Eckel, Peter D.; Green, Madeleine F.; Affolter-Caine, Britany
For universities in industrialized nations such as the United States, globalization poses relatively little threat and offers many benefits. This article identifies and describes one trend emerging from globalization--how American colleges and universities are leveraging their curricula internationally through joint ventures between universities…
Ross, Fiona; Woodfield, Steve
As market-led higher education systems become the "new normal", a wider variety of organisational forms is likely to emerge. This paper reports on the findings of a qualitative and historical study that aimed to explore the meaning of collaborative governance in a unique and long-standing higher education joint venture in England.…
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..
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...
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…
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.
Turcan, Romeo V.
This theory-building study makes an attempt to advance the field of international entrepreneurship that is (i) fragmented and suffers from theoretical paucity, as well as from coverage bias by focusing mostly on high-technology international new ventures from developed economies and (ii) that needs...
International new ventures use e-mail frequently to communicate with globally dispersed contacts. In this paper we present and discuss a qualitative research method to map international network development based on company e-mails. Our approach also allows for combinations of inductive and deductive
Zeira Y; Shenkar O
ILO pub. Working paper, research report on personnel management decision making in foreign owned subsidiarys of multinational enterprises and international joint ventures - discusses legal aspects, the role of absentee top management, host country employers organizations and other interest groups, etc.; examines employees attitudes, management attitudes, trade union attitudes government attitude, particularly regarding workers participation, recruitment and promotion. References, statistical ...
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
G. Xi (Guoqian); J.H. Block (Jörn); F. Lasch (Frank); F. Robert (Frank); A.R. Thurik (Roy)
textabstractFocusing on entrepreneurship entry modes, we investigate two research questions regarding firm survival: how does the survival probability differ between business takeovers and new venture start-ups? And how do the determinants of survival differ between the two entry modes? Using a
... DEPARTMENT OF TRANSPORTATION Surface Transportation Board [Docket No. FD 35454] Big Four Terminal Railroad, LLC--Operation Exemption--RMW Ventures, LLC Big Four Terminal Railroad, LLC (BFTR), has filed a verified notice of exemption under 49 CFR 1150.31 to operate over 5.2 +/- miles of rail line between...
J.H. Block (Jörn); A.R. Thurik (Roy); P.W. van der Zwan (Peter); S. Walter (Sascha)
textabstractWhereas the determinants of entrepreneurial choice have been thoroughly analyzed in the literature, little is known about the preferred mode of entry into entrepreneurship, such as taking over an existing business or starting a new venture. Using a large international dataset, this study
Francisco Puig Blanco
Full Text Available Las empresas conjuntas internacionales(International Joint Ventures se caracterizan pordos factores íntimamente relacionados: el control y eloportunismo. En este trabajo, trataremos de analizarla relación entre ambos factores y estudiaremos quétipos de control ayudarían a prevenir o a reducirel oportunismo en este tipo de empresas. Además,trataremos de identificar las ventajas e inconvenientesasociados al control y analizaremos el caso de unaInternational Joint Venture formada por dos empresas,una española y la otra americana, cuyo fracaso se debió,en gran parte, a la ausencia de control (confianza y aloportunismo. ABSTRACT International Joint Ventures are distinguished bytwo closely related factors: control and opportunism.In this paper we will try to analyze the relationshipbetween both factors and we will study what controlswould help prevent or reduce opportunism in thisclass of enterprises. Besides, we will attempt to identifythe advantages and inconveniences associated withcontrol, and analyze one case of an International JointVenture comprised by two companies, a Spanish and anAmerican one whose failure was largely due to lack ofcontrol (trust and opportunism.
Song, Michael; Di Benedetto, Anthony
Supplier involvement is essential to a new venture seeking to develop a radical innovation. Despite this, prior literature has not adequately addressed supplier involvement in radical innovation, nor what the antecedents to increased supplier involvement are. We build and test a conceptual model of
I. Verheul (Ingrid); M.A. Carree (Martin); A.R. Thurik (Roy)
textabstractThis paper investigates time allocation decisions in new ventures of female and male entrepreneurs using a model that distinguishes between effects of preferences and productivity on the number of working hours. Using data of 1,158 entrepreneurs we find that the preference for work time
I. Verheul (Ingrid); M.A. Carree (Martin); A.R. Thurik (Roy)
textabstract[Please note that there exists an updated version of this publication at http://hdl.handle.net/1765/8989] This study investigates the factors explaining the number of hours invested in new ventures, making a distinction between the effect of preference for work time versus leisure time
I. Verheul (Ingrid); M.A. Carree (Martin); A.R. Thurik (Roy)
textabstractThis paper investigates time allocation decisions in new ventures of female and male entrepreneurs using a model that distinguishes between effects of preferences and productivity on the number of working hours. Using data of 1,158 entrepreneurs we find that the preference for work time
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.
Michor, Lukas; Harms, Rainer; Schwarz, Erich; Breitenecker, Robert
This article aims at analyzing configuration studies and their respective variable selection in the context of entrepreneurship and SMEs. New ventures as well as SMEs are both confronted with a high amount of dynamism and complexity. The configuration approach is well suited to capture that and
As students venture off campus for university-sponsored activities, are they at risk, given that universities are better able to control risk factors on campus than they can for their off-campus activities? Co-operative education is a formalized and longstanding academic program that often sees students spend upwards of a third of their time off…
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.
1 - Description of program or function: The system of codes can be used to solve nuclear reactor core static neutronics and reactor history exposure problems. BOLD/VENTURE-4: First order perturbation and time-dependent sensitivity theories can be applied. Control rod positioning may be modeled explicitly and refueling treated with repositioning and recycle. Special capability is coded to model the continuously fueled core and to solve the importance and dominant harmonics problems. The modules of the code system are: VENTNEUT: VENTURE neutronics module; DRIVER and CONTRL: Control module; BURNER: Exposure calculation for reactor core analysis; FILEDTOR: File editor; INPROSER: Input processor; EXPOSURE: BURNER code module; REACRATE: Reaction rate calculation; CNTRODPO: Control rod positioning; FUELMANG: Fuel management positioning and accounting; PERTUBAT: Perturbation reactivity importance analyses; sensitivity analysis; DEPTHMOD: Static and time-dependent perturbation sensitivity analysis. The special processors are: DVENTR: Handles the input to the VENTURE module; DCMACR: Converts CITATION macroscopic cross sections to microscopic cross sections; DCRSPR: Produces input for the CROSPROS module; DUTLIN: Adds or replaces problem input data without exiting the program; DENMAN: Repositions fuel; DMISLY: Miscellaneous tasks. Standard interface files between modules are binary sequential files that follow a standardized format. VENTURE-PC: The microcomputer version is a subset of the mainframe version. The modules and special processors which are not part of VENTURE-PC are: REACRATE, CNTRODPO, PERTUBAT, FUELMANG, DEPTHMOD, DMISLY. 2 - method of solution: BOLD-VENTURE-4: The neutronics problems are solved by applying the multigroup diffusion theory representation of neutron transport applying an over-relaxation inner iteration, outer iteration scheme. Special modeling is used or source correction is done during iteration to solve importance and harmonics problems. No
Sánchez Bocanegra, Carlos Luis
Rare Disease Video Portal (RD Video) is a portal web where contains videos from Youtube including all details from 12 channels of Youtube. Rare Disease Video Portal (RD Video) es un portal web que contiene los vídeos de Youtube incluyendo todos los detalles de 12 canales de Youtube. Rare Disease Video Portal (RD Video) és un portal web que conté els vídeos de Youtube i que inclou tots els detalls de 12 Canals de Youtube.
Bondar', I.A.; Vinogradova, N.V.; Dem'yanets, L.N.
From the viewpoint of structural chemistry and general regularities controlling formation reactions of compounds and phases in melts, solid and gaseous states, recent achievements in the chemistry of rare earth germanates are generalized. Methods of synthesizing germanates, systems on the base of germanium oxides and rare earths are considered. The data on crystallochemical characteristics are tabulated. Individual compounds of scandium germanate are also characterized. Processes of germanate formation using the data of IR-spectroscopy, X-ray phase analysis are studied. The structure and morphotropic series of rare earth germanates and silicates are determined. Fields of their present and possible future application are considered
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
Vaughn, Danny M.
Several papers have been given to national level meeting and a paper has been published in an international journal. Several additional papers have been co-author by students. The initial research project on the Atchafalaya Delta seems to have died in part due to a transfer of the NASA colleague to another location and subsequent reassigment to another job title. I have continued to include credit to NASA for many of my papers presented and published: A major debris flow along the Wasatch front in Northern Ogden; Spatial and volumetric changes in the Atchafalaya delta, Louisiana; An analysis of prehistoric Greenstone artifact in northern Alabama; An assessment of surfacing algorithm; Analysis of georeferencing algorithms to assess spatial accuracy.
This book focuses on rare category analysis where the majority classes have smooth distributions and the minority classes exhibit the compactness property. It focuses on challenging cases where the support regions of the majority and minority classes overlap.
Late last year, a symposium entitled 'Rare Decays' attracted 115 participants to a hotel in Vancouver, Canada. These participants were particle physicists interested in checking conventional selection rules to look for clues of possible new behaviour outside today's accepted 'Standard Model'. For physicists, 'rare decays' include processes that have so far not been seen, explicitly forbidden by the rules of the Standard Model, or processes highly suppressed because the decay is dominated by an easier route, or includes processes resulting from multiple transitions.
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...
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.
Neil A. Thompson
Full Text Available Sustainable ventures often lack legitimacy (perceived to be desirable and appropriate because various stakeholder groups use contradictory institutions (rules and norms to make their judgements, which leads to there being fewer resources available and higher failure rates. Using an institutional theory framework and a multi-case research design with 15 biofuel ventures operating in the Netherlands, this study asks how sustainable entrepreneurs attempt to gain legitimacy in these circumstances. Analysis reveals that the entrepreneurs use a combination of rhetorical, reconciliatory and institutional change strategies to obtain legitimacy from different stakeholder groups. These findings further our understanding of sustainable entrepreneurial behavior by revealing how and why different legitimation strategies are used in complex institutional environments.
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...
Full Text Available The New Civil Code makes the transition, for the first time in the Romanian legal system, from the duality to the unity of private law. Consequently, the Civil Code contains a legal regulation more structured and comprehensive, although not entirely safe from any criticism, in relation to the company, with particular reference to the simple company, regulation that expressly characterizes itself as the common law in this field. Within these general provisions, the legislator has considered the joint venture, to which, however, as in the previous regulation contained in the old Commercial Code – now repealed –, it does not devote too many legal provisions, in order to maintain the flexibility of this form of company. Therefore, this approach appears particularly useful for analysts in law and, especially, for practitioners, since it aims to achieve a comprehensive analysis of the joint venture, form of company with practical incidence.
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.)
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.
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.
... Production Act of 1993--Joint Venture To Perform Project Entitled Robotic Rehabilitation of Aging Water... Cooperative Research and Production Act of 1993, 15 U.S.C. 4301 et sect. (``the Act''), Joint [[Page 14191
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
Mathet, Eric; Castello, Gerard
This Power Point presentation presents the ATMEA company (a joint venture of Areva and Mitsubishi), the main features of its medium power reactor (ATMEA1) and its building arrangement, indicates the general safety objectives. It outlines the features of its robust design which aim at protecting, cooling down and containing. It indicates the regulatory and safety frameworks, comments the review of the safety options by the ASN and the results of this assessment
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...
Nunnenkamp, Peter; Sosa Andrés, Maximiliano
Using count data on Indian joint ventures (JVs) and wholly owned subsidiaries (WOS), we present an empirical analysis of FDI-related ownership choices and their relation with host country characteristics and indicators of transaction costs. Our Negative Binomial regression models offer only weak support for the bargaining perspective, according to which JVs should be more likely if the host countries were particularly attractive in terms of market access or resource endowments. Geographical a...
Vondy, D.R.; Fowler, T.B.; Cunningham, G.W.
User input data requirements are presented for certain special processors in a nuclear reactor computation system. These processors generally read data in formatted form and generate binary interface data files. Some data processing is done to convert from the user oriented form to the interface file forms. The VENTURE diffusion theory neutronics code and other computation modules in this system use the interface data files which are generated
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. ...
Vondy, D.R.; Fowler, T.B.; Cunningham, G.W.
This report presents user input data requirements for certain special processors in a nuclear reactor computation system. These processors generally read data in formatted form and generate binary interface data files. Some data processing is done to convert from the user-oriented form to the interface file forms. The VENTURE diffusion theory neutronics code and other computation modules in this system use the interface data files which are generated
Simon Halberstadt; Matthias G. Raith; Thomas Zomack
The fascination of venture creation is associated with an entrepreneur’s opportunity of achieving personal fulfillment. In reality, however, many nascent entrepreneurs discover that much of their original vision is sacrificed in the process of creating a startup. In this paper we address the conflict between the entrepreneur’s fulfillment and the startup’s competitiveness from a negotiationanalytic perspective. We show how the nature of this conflict is transformed in the process of business ...
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.
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.
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...
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...
Block, J.H.; Thurik, A.R.; van der Zwan, P.W.; Walter, S.
textabstractWhereas the determinants of entrepreneurial choice have been thoroughly analyzed in the literature, little is known about the preferred mode of entry into entrepreneurship, such as taking over an existing business or starting a new venture. Using a large international dataset, this study reports considerable differences in takeover preferences across 33 countries. Hierarchical (multi-level) regressions are performed to explore individual-level and country-level determinants of the...
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.
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
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 managerial approach. Using cases from a modest sample of Danish – Vietnamese joint ventures, we propose that HRM is significantly associated with creating a healthy and adaptive environment for mutua...
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....
Full Text Available Insurance industry stands as a service business that plays a significant role in Indonesiaeconomical condition. The development of insurance industry in Indonesia, both of generalinsurance and life insurance, has increased very fast. The general insurance industry itselfdivided into two major players which are local private company and Joint Venture Company.Lately, the use of statistical techniques and financial ratios models to asses financial institutionsuch as insurance company have been used as one of the appropriate combination inpredicting the performance of an industry. This research aims to distinguish between JointVenture General Insurance Companies that have a good performance and those who are lessperforming well using Discriminant Analysis. Further, the findings led that DiscriminantAnalysis is able to distinguish Joint Venture General Insurance Companies that have a goodperformance and those who are not performing well. There are also six ratios which are RBC,Technical Reserve to Investment Ratio, Debt Ratio, Return on Equity, Loss Ratio, and ExpenseRatio that stand as the most influential ratios to distinguish the performance of joint venturegeneral insurance companies. In addition, the result suggest business people to be concernedtoward those six ratios, to increase their companies’ performance.Key words: general insurance, financial ratio, discriminant analysis
Whitecloud, T S; Smathers, J E; Barrack, R L
As with any joint venture in any given industry, positive and negative impacts are felt. Tulane University School of Medicine experienced impacts on its academic and clinical missions as a result of the joint venture between Tulane University and HCA, a for-profit public company. The laws of business had entered the halls of medicine. Although patients, personnel, and physicians experienced culture shock and inconveniences, Tulane University School of Medicine has been able to maintain viable training programs, and its faculty physicians have a hospital and corporately run clinics across the street. In addition, multidisciplinary centers of excellence, long spoken of in the academic realm, came to fruition through the corporate world. This may not have been the case, had Tulane University not entered into ajoint venture with HCA. Is it worth the effort? For Tulane University, whether one likes the entire package or not, the answer must be yes. The greatest impact is that the orthopaedic surgeons still are in a position to fulfill their academic and clinical missions.
Marina Carrilho Soares
Full Text Available This study aims to identify cases of new international ventures in the Brazilian sugarcane industry, specifically as regards ethanol production, i.e., companies that are established from start to have an international profile. The paper explores the case of one such enterprise in the light of the theories addressed. In the last few years, a rising number of companies with this profile have appeared. This runs contrary to the main classical theories of internationalization, which present this process as evolutionary. As for the sugarcane industry, it has expanded considerably in recent years, which led many groups to invest in this segment. This study is a descriptive, qualitative piece of research and is based on the case study of a company recently established in this sector. Analyzing the chosen organization and comparing it to the studied theories, the authors concluded that there is, indeed, a type of organization with the profile of a new international venture. Key-words: Internationalization. New international ventures. Sugarcane industry. Brazil.
Guillory, Anthony R.; Denkins, Todd C.; Allen, B. Danette
The Earth System Science Pathfinder (ESSP) Program Office (PO) is responsible for programmatic management of National Aeronautics and Space Administration's (NASA) Science Mission Directorate's (SMD) Earth Venture (EV) missions. EV is composed of both orbital and suborbital Earth science missions. The first of the Earth Venture missions is EV-1, which are Principal Investigator-led, temporally-sustained, suborbital (airborne) science investigations costcapped at $30M each over five years. Traditional orbital procedures, processes and standards used to manage previous ESSP missions, while effective, are disproportionally comprehensive for suborbital missions. Conversely, existing airborne practices are primarily intended for smaller, temporally shorter investigations, and traditionally managed directly by a program scientist as opposed to a program office such as ESSP. In 2010, ESSP crafted a management approach for the successful implementation of the EV-1 missions within the constructs of current governance models. NASA Research and Technology Program and Project Management Requirements form the foundation of the approach for EV-1. Additionally, requirements from other existing NASA Procedural Requirements (NPRs), systems engineering guidance and management handbooks were adapted to manage programmatic, technical, schedule, cost elements and risk. As the EV-1 missions are nearly at the end of their successful execution and project lifecycle and the submission deadline of the next mission proposals near, the ESSP PO is taking the lessons learned and updated the programmatic management approach for all future Earth Venture Suborbital (EVS) missions for an even more flexible and streamlined management approach.
The study aimed to identify factors that affect the decision of tertiary agricultural students in Ghana to enter agribusiness as a self-employment venture after graduation. The results showed that tertiary agricultural students in Ghana were predominantly males with little or no farming background. They had a rather moderate ...
Student engagement has become a key feature of UK higher education policy and analysis. At the core of this is a notion of engagement characterised by dialogue and joint venture. The article explores this by considering the role of student representation in university governance. It focuses on the system of course representation that is a feature…
Wold, Donald C.
MILAGRO is a water-Cherenkov detector for observing cosmic gamma rays over a broad energy range of 100 GeV to 100 TeV. MILAGRO will be the first detector that has sensitivity overlapping both air-Cherenkov and air-shower detectors. With this detector scientists in the collaboration will study previously observed celestial sources at their known emission energies, extend these observations into a new energy regime, and search for new sources at unexplored energies. The diffuse gamma-radiation component in our galaxy, which originates from interactions of cosmic rays with interstellar gas and photons, provides important information about the density, distribution, and spectrum of the cosmic rays that pervade the interstellar medium. Events in the Compton Gamma Ray Observatory (GRO) are being observed up to about 30 GeV, differing by slightly more than order of magnitude from the low energy threshold of MILAGRO. By looking in coincidence at sources, correlated observations will greatly extend the astrophysics potential of MILAGRO and NASA's GRO. A survey of cosmic-ray observatories is being prepared for scientists and others to provide a resource and reference which describes high energy cosmic-ray research activities around the world. This summary presents information about each research group, such as names of principal investigators, number of persons in the collaboration, energy range, sensitivity, angular resolution, and surface area of detector. Similarly, a survey of gamma-ray telescopes is being prepared to provide a resource and reference which describes gamma-ray telescopes for investigating galactic diffuse gamma-ray flux currently observed in the GeV energy range, but is expected to extend into the TeV range. Two undergraduate students are compiling information about gamma-ray telescopes and high energy cosmic-ray observatories for these surveys. Funding for this project was provided by the Arkansas Space Grant Consortium. Also enclosed Appendix A, B, C, D
This paper reviews the different properties of rare-earths and actinides, either as pure metals or as in alloys or compounds. Three different cases are considered: (i) First, in the case of 'normal' rare-earths which are characterized by a valence of 3, we discuss essentially the magnetic ordering, the coexistence between superconductivity and magnetism and the properties of amorphous rare-earth systems. (ii) Second, in the case of 'anomalous' rare-earths, we distinguish between either 'intermediate-valence' systems or 'Kondo' systems. Special emphasis is given to the problems of the 'Kondo lattice' (for compounds such as CeAl 2 ,CeAl 3 or CeB 6 ) or the 'Anderson lattice' (for compounds such as TmSe). The problem of neutron diffraction in these systems is also discussed. (iii) Third, in the case of actinides, we can separate between the d-f hybridized and almost magnetic metals at the beginning of the series and the rare-earth like the metals after americium. (orig.)
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
Zandvoort, H.; Van Hasselt, G. J.; Bonnet, J. A. B. A. F.
We present our experience, spanning more than 10 years of teaching a course on "ethics and engineering" for a group of MSc programmes in applied sciences at Delft University of Technology. The course is taught by a team of teachers from the faculty of Applied Sciences and from the department of Philosophy of the Faculty of Technology,…
Late last year, a symposium entitled 'Rare Decays' attracted 115 participants to a hotel in Vancouver, Canada. These participants were particle physicists interested in checking conventional selection rules to look for clues of possible new behaviour outside today's accepted 'Standard Model'. For physicists, 'rare decays' include processes that have so far not been seen, explicitly forbidden by the rules of the Standard Model, or processes highly suppressed because the decay is dominated by an easier route, or includes processes resulting from multiple transitions
Full Text Available Rare (Earth Elements is a cycle of works for solo piano. The cycle was inspired by James Dillon’s Book of Elements (Vol. I-V. The complete cycle will consist of 14 pieces; one for each selected rare (earth element. The chosen elements are Neodymium, Erbium, Tellurium, Hafnium, Tantalum, Technetium, Indium, Dysprosium, Lanthanium, Cerium, Europium, Terbium, Yttrium and Darmstadtium. These elements were selected due to their special atomic properties that in many cases make them extremely valuable for the development of new technologies, and also because of their scarcity. To date, only 4 works have been completed Yttrium, Technetium, Indium and Tellurium.
The decay properties of muons, especially their rare decays, can be used to study very accurately deviations from the Standard Model. Muons with extremely low energies and good spatial definition are preferred for the majority of such studies. With the upgrade of the 590-MeV ring accelerator, PSI possesses the most powerful cyclotron in the world. This makes it possible to operate high-intensity beams of secondary pions and muons. A short review on rare muon processes is presented, concerning μ-e conversion and muonium-antimuonium oscillations. A possible new search for μ→eγ is also mentioned
van der Zwan, Johannes Martinus
The widespread incidence and effects of cancer have led to a growing development in cancer prevention in the form of screening and research programs and cancer registries. Because of the low number of patients with rare cancers this improvement is not applied to the same extent to all cancer
Emilian M. Dobrescu
Full Text Available On our planet, over a quarter of new technologies for the economic production of industrial goods, are using rare earths, which are also called critical minerals and industries that rely on these precious items being worth of an estimated nearly five trillion dollars, or 5 percent of world gross domestic product. In the near future, competition will increase for the control of rare earth minerals embedded in high-tech products. Rare minerals are in the twenty-first century what oil accounted for in the twentieth century and coal in the nineteenth century: the engine of a new industrial revolution. Future energy will be produced increasingly by more sophisticated technological equipment based not just on steel and concrete, but incorporating significant quantities of metals and rare earths. Widespread application of these technologies will result in an exponential increase in demand for such minerals, and what is worrying is that minerals of this type are almost nowhere to be found in Europe and in other industrialized countries in the world, such as U.S. and Japan, but only in some Asian countries, like China and Afghanistan.
Majkrzak, C.F.; Kwo, J.; Hong, M.
Advances in molecular beam epitaxy deposition techniques have recently made it possible to grow, an atomic plane at a time, single crystalline superlattices composed of alternating layers of a magnetic rare earth, such as Gd, Dy, Ho, or Er, and metallic Y, which has an identical chemical structure...
People like others who share their attitudes. Online dating platforms as well as other social media platforms regularly rely on the social bonding power of their users' shared attitudes. However, little is known about moderating variables. In the present work, I argue that sharing rare compared with sharing common attitudes should evoke stronger interpersonal attraction among people. In five studies, I tested this prediction for the case of shared interests from different domains. I found converging evidence that people's rare compared with their common interests are especially potent to elicit interpersonal attraction. I discuss the current framework's theoretical implications for impression formation and impression management as well as its practical implications for improving online dating services.
Cremers, Serge; Aronson, Jeffrey K
Estimates of the frequencies of rare disorders vary from country to country; the global average defined prevalence is 40 per 100 000 (0.04%). Some occur in only one or a few patients. However, collectively rare disorders are fairly common, affecting 6-8% of the US population, or about 30 million people, and a similar number in the European Union. Most of them affect children and most are genetically determined. Diagnosis can be difficult, partly because of variable presentations and partly because few clinicians have experience of individual rare disorders, although they may be assisted by searching databases. Relatively few rare disorders have specific pharmacological treatments (so-called orphan drugs), partly because of difficulties in designing trials large enough to determine benefits and harms alike. Incentives have been introduced to encourage the development of orphan drugs, including tax credits and research aids, simplification of marketing authorization procedures and exemption from fees, and extended market exclusivity. Consequently, the number of applications for orphan drugs has grown, as have the costs of using them, so much so that treatments may not be cost-effective. It has therefore been suggested that not-for-profit organizations that are socially motivated to reduce those costs should be tasked with producing them. A growing role for patient organizations, improved clinical and translational infrastructures, and developments in genetics have also contributed to successful drug development. The translational discipline of clinical pharmacology is an essential component in drug development, including orphan drugs. Clinical pharmacologists, skilled in basic pharmacology and its links to clinical medicine, can be involved at all stages. They can contribute to the delineation of genetic factors that determine clinical outcomes of pharmacological interventions, develop biomarkers, design and perform clinical trials, assist regulatory decision
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.
Vondy, D.R.; Fowler, T.B.; Cunningham, G.W. III.
This report is a condensed documentation for VERSION III of the BOLD VENTURE COMPUTATION SYSTEM for nuclear reactor core analysis. An experienced analyst should be able to use this system routinely for solving problems by referring to this document. Individual reports must be referenced for details. This report covers basic input instructions and describes recent extensions to the modules as well as to the interface data file specifications. Some application considerations are discussed and an elaborate sample problem is used as an instruction aid. Instructions for creating the system on IBM computers are also given
Brem, Alexander; Voigt, K.-I.
, development and sales. Here especially, differentiating potentials are offered for emerging technology ventures. But it is important that idea and innovation management are integrated during the building-up stage while internal and external network structures are still manageable and often consist...... of the managers' and founders' personal contacts. Hence, the earlier an integrated idea management is implemented, the greater is the probability of high numbers of successful innovations.......For decades, suggestion systems have been used to include employees in the innovation process. However, in order to gather superior ideas, integrating external stakeholders is critical to the innovation success. Within this paper, the authors derive a sophisticated model of an integrated idea...
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.
Kaiser, Ulrich; Kuhn, Johan Moritz
Subsidized research joint ventures (RJVs) between public research institutions and industry have become increasingly popular in Europe and the US. We study the long-run effects of such a support scheme that has been maintained by the Danish government since 1995. To cope with identification...... problems we apply nearest neighbor caliper matching and conditional difference-in-difference estimation methods. Our main findings are that (i) program participation effects are instant for annual patent applications and last for three years, (ii) employment effects materialize first after one year...
Kaiser, Ulrich; Kuhn, Johan Moritz
Subsidized research joint ventures (RJVs) between public research institutions and industry have become increasingly popular in Europe and the US. We study the long-run effects of such a support scheme that has been maintained by the Danish government since 1995. To cope with identification...... problems we apply nearest neighbor matching and conditional difference-in-difference estimation methods. Our main findings are that (i) program participation effects are instant for annual patent applications and last for three years, (ii) employment effects materialize first after one year and (iii...
Full Text Available International new ventures (INVs that pursue rapid internationalisation have received a growing amount of attention worldwide. This study, therefore, examined characteristics of INVs, and hence investigated empirically the relationships among the technological characteristics of INVs, the characteristics of their chief executive officers (CEOs (i.e., global orientation, and their internationalisation such as the level of internationalisation. The findings of this study can be summarised as follows: all of the technological characteristics (e.g., technological capacity, imitation, innovation, and standardisation have significant effects on the internationalisation of INVs. Furthermore, the CEO’s global orientation mediated the relationship between the technological characteristics and internationalisation.
Sanders, D.; Zverev, A.
As foreign investment in the Russian oil industry is now being permitted for the first time, many international companies are experiencing difficult and unreceptive conditions. This article suggests that the Russian domestic oil industry must seek to restructure itself in an orderly fashion, so that foreign investors are treated on a rational, open and fair basis. However western oil companies will need, alongside these changes, to invest in existing operations or actively seek the participation of local partners if privatization and co-venturing are to be a success. (UK)
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
Hamilton, Tobias; Tenne, Fredrik
För små till medelstora företag (SMEs) vars kännetecken är bristande resurser kan konsekvensen av ett felaktigt etableringssätt vid internationell expansion vara skillnaden mellan överlevnad och konkurs (Kuo & Li 2003). Etableringar på utländska marknader kan genomföras via en rad olika etableringssätt. Två av dessa kommer att behandlas i denna uppsats; export och joint venture. Det amerikanska SME-företaget Pro Spot tillverkar svetsar till bilverkstäder och önskar expandera på den europe...
Full Text Available A decision to start a business is not easy because it is result of the economic conditions, cultural context, but also “push” and “pull” factors. In order to determine woman motivational factors, a survey of 1,157 Eastern Croatia respondents was conducted. The purpose of the research was to determine which motivations the potential future entrepreneurs believe trigger women entrepreneurs’ decision to start an entrepreneurial venture. The results show that women are considered to be financially motivated. The fact that real-life women entrepreneurs from previous research have stated slightly different motivations shows that there is room for improvement of entrepreneurship education.
Vondy, D.R.; Fowler, T.B.; Cunningham, G.W. III.
This report is a condensed documentation for VERSION III of the BOLD VENTURE COMPUTATION SYSTEM for nuclear reactor core analysis. An experienced analyst should be able to use this system routinely for solving problems by referring to this document. Individual reports must be referenced for details. This report covers basic input instructions and describes recent extensions to the modules as well as to the interface data file specifications. Some application considerations are discussed and an elaborate sample problem is used as an instruction aid. Instructions for creating the system on IBM computers are also given.
Full Text Available AIM Amongst the branchial arch anomalies third arch anomaly occurs rarely and more so the fourth arch anomalies. We present our experience with cases of rare branchial arch anomalies. PATIENTS AND METHODS From June 2006 to January 2016, cases having their external opening in the lower third of sternocleidomastoid muscle with the tract going through thyroid gland and directing to pyriform sinus (PFS or cysts with internal opening in the PFS were studied. RESULTS No fourth arch anomaly was encountered. One cyst with internal opening which later on formed a fistula, three fistulae from beginning and two sinuses were encountered. The main stay of diagnosis was the fistula in the PFS and the tract lying posterior to the internal carotid artery. Simple excision technique with a small incision around the external opening was done. There was no recurrence. CONCLUSION Third arch fistula is not very rare as it was thought. Internal fistula is found in most of the cases. Though radiological investigations are helpful, fistulae can be diagnosed clinically and during operation. Extensive operation of the neck, mediastinum and pharynx is not required.
T. Faez (Telli)
textabstractAs a person, always fascinated with the presence of physics in the daily life challenges, let me share this joy with you! But before leaving you with complicated medical terms, allow me to tell you a story. My grandmother passed away when I was nine years old. She was the sweetest
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.
Mohammad Khasro Miah
Full Text Available The purpose of this research is to examine the conditions of home and host country culture as well as country of origin effect of HRM practices and its result on organizational performance (OP. The empirical findings showed that Japanese and U.S subsidiaries and joint ventures adapt localization practices with their modifying home host technique with the local business environment. The findings recommend that managers in the US and Japanese subsidiaries and joint ventures in Bangladesh are more strongly influenced by its host country’s national culture (as an adoptive host country national and corporate culture. Finally, it can be stated that foreign subsidiaries and joint ventures are trying to achieve the location advantage to create a particular type of HRM practices, with a combined and confined HRM practice that can fit for better organizational performance.
Provance, Mike, E-mail: firstname.lastname@example.org [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.
Марина Николаевна Мосейкина
Full Text Available The object of this research is to support the statement about the prevalence of the economic interest over the political ones, taking as an example the reestablishment of the Soviet-Spanish bilateral relations. The historical context of the creation of the Soviet-Spanish joint venture “Sovhispan”is highlighted as the final outcome of the secret negotiations and previous business practices between Spain and the Soviet Union in the late 1960s. The Soviet-Spanish economic relations started ten years before their normalization in 1977, the Canary Islandsbeing one of the places of their development. The principal conclusions of the research are: the geostrategic position of Spain was appreciated by the USA, via installation of the military bases on the mainland, and the USSR, using the Canary Islands as an operational base for the Soviet Fishing Fleet. “Sovrybflot”, an internal structure of the Ministry of Fisheries of the USSR, managed the overseas activity of the Soviet Fishing fleet abroad. Thus, the arrival of avast Soviet fishing fleet in the Canary Islands and the creation of the joint venture “Sovhispan” was a result of its work. “Sovhispan” was a “bridge” in the normalization of the Soviet-Spanish bilateral relations, and bankrupted with the dissolution of the USSR.