Zeitschriftenartikel zum Thema „Mixed venture capital“

This article provides a discussion of venture capital regulation in Africa and Europe. It is based on a mixed-methods study of three representative cases across two geopolitical entities. The cases are Germany, Kenya and Nigeria. The article notes the lacuna in scholarly circles on the African continent with respect to venture capital and therefore lays the platform for robust engagement with the subject. Using analysis from Germany, it observes that lessons can be drawn on how effective institutions may not be a hindrance to capital but serve to continue to attract. With strong correlations between capital and investor protection as well as capital and taxation levels, a case is made for better institutions even in Eastern and West Africa.

Interest on the effect of ownership structure and financial performance has grown much, yet researchers have provided mixed results. This study aims at investigating the relationship between state-owned and joint venture type of ownership structures by testing whether or not there is a difference in their performance. The study used quantitative methods to find out if there is a significance difference in performance of two types of firms namely State Owned and Joint venture. The variables used were Return on asset, Return on Equity, Capital Adequacy, Non-performing Loans and Earnings per Share. Further, T-test was used to test the difference in performance of the two types of firms. The results have revealed that there is no significant difference in performance between the two types of ownership structure. Statistically, the performance of state-owned and joint ventures is the same. This means the efforts to radicalize the state-owned companies have paid off by eliminating the impact of ownership structure on financial performance of the firm.

This paper is intended to investigate the role of Venture-Capital Syndication (VCS) background in the relationship between intellectual capital (IC) and portfolio firm performance (PFP); specifically, this article examines the moderating effect of VCS’s leading firm background and member heterogeneity on the effect of IC on PFP. This study used a modified VAIC model to measure IC to compose a 4-component variable including human capital, structural capital, relational capital, and innovation capital. The data were collected from VCS-backed and listed firms in China during 2014 to 2018 applying the pooled OLS model for hypotheses test, Generalized Method of Moments (GMMs) to reduce endogeneity and unobserved factor control, and also return on equity (ROE) instead of ROA for the robustness test. Empirical results showed that IC and its components can improve PFP for VCS-backed firms in China; in detail, IC showed greater impact on performance of firms invested by foreign lead investors than in private or government VCS, specially reflected in the impact of innovation capital on PFP. Furthermore, IC showed weaker impact on PFP of mixed VCS-backed firms compared to pure VCS-backed firms and showed diminished effect on higher VCS member heterogeneity mainly reflected in the impact of relational capital on firm performance. These findings propose a new way of combining IC and VC to improve firm performance and are beneficial to theoretical development of IC and VC as well as a perspective for VC firm managers to choose suitable partners prior to join a VCS.

Purpose Female entrepreneurship has been part of the political agenda internationally. Public entities should promote entrepreneurship in general, and female entrepreneurship in particular, with dedicated resources and programs. Female entrepreneurs are considered a key asset for developing economic growth. However, women experience much more difficulties than men in opening their own ventures. Relational capital is particularly relevant when it comes to female entrepreneurship. The purpose of this study is to analyze the factors that affect the opening of new ventures and the role of relational capital in female entrepreneurship, taking into consideration the Italian context during the financial crisis. Design/methodology/approach This study uses a mixed-method approach analyzing data from a regional program to enhance the creation of new companies, trying to understand the issues of potential entrepreneurs in general and women in particular. A single case is then investigated using the characteristics – ambience – organization – sustainability model of micro-entrepreneurship and the network relationship model by Paoloni (2011). Findings The analysis highlights how women face much more difficulties in starting new ventures concerning their previous experience if their employment condition finds an extended period of inactivity. Additionally, potential female entrepreneurs are more sensitive to the complexity of the initiative, concerning the required investment and the number of employees, compared to male entrepreneurs. Relational capital is a crucial asset in fostering the success of the venture, especially in the start-up phase. Originality/value The purpose of the study is to contribute to the debate regarding the issues affecting the opening of new companies, as well as the link between relational capital and female enterprises. The paper offers some insights about a program covering a well-sized population during the financial crisis.

Purpose This study aims to investigate the use of convertible securities and control rights covenants for a sample of 53 Portuguese, Spanish and German venture capital (VC) firms. Design/methodology/approach A relatively new methodology in business sciences – a fuzzy set qualitative comparative analysis – that considers both quantitative and qualitative factors is used for obtaining a solution that best fits the empirical data. Findings The results show that the use of convertible securities is affected by agency predictions, namely, the anticipated severity of double-sided moral hazard problems. On the other hand, a mixed support is provided to the agency predictions regarding the use of control right covenants. The results seem to suggest that control right covenants tend to play a different role from convertible securities in the optimization of contract design for VC-backed investments. Originality/value Existing literature on VC contract design is extended by providing a cross-border analysis to VC financing decision.

This paper reports an investigation of governance issues in Italian academic spin-offs that arise from the need to balance the powers of two categories of partner: academic inventors and external investors (such as established companies and venture capital funds). The relationship between inventors and external investors, jointly pursuing a research-based entrepreneurial opportunity, provides an interesting case for the application of the agency theory construct to define adequate corporate governance procedures. The paper has two main objectives: to analyse the governance models adopted by academic spin-offs and to ascertain whether the very nature of entrepreneurial opportunity, and the associated uncertainties that a new venture faces, influence the choice of the governance model adopted. A sample group of 30 Italian academic spin-offs is analysed and three different governance models, inventor-led spin-offs, mixed-led spin-offs and investor-led spin-offs, are defined.

Majority youths (uneducated/unskilled) in Uganda face challenges identified with unemployment and high-risk practices. An estimated 78 % of Ugandan youth are jobless, need economic capital and life skills. The high rate of unemployment is principally brought about by the absence of employable skills, the lack of capacity of the economy to create as many jobs for the unskilled youth and the ever-increasing population driven by the rural-urban drift. The survey used a mixed methodology where semi-structured questionnaires were used to obtain both quantitative and qualitative primary data using the electronic devices (KoBo Collect software) to conduct the interviews, reaching a total of 770 marginalized youths. Findings from the survey show that vocational skills training, business, career guidance, multi-mixed behavioral and psychological interventions are major determinants of access to the job market for marginalized slum youths. To address youth unemployment, this article underlines the need for interventions that fall outside the regular limits of training and other labor market programs. Numerous young people looking for better jobs and livelihoods are indebted by variables that are not commonly considered in these programs. These incorporate, for instance, lack of access to credit which deters business enterprise. This article has featured solutions important for young people looking for their livelihood in self-employment and entrepreneurship.

Long Term Changes of Income Inequalities, Their Social Importance and Relationship With Economic Development – in the European and Global PerspectiveData analysis based on Gini index proves that income inequalities were growing in the 1980s and 1990s and next, mixed trends prevailed, with the exception of fast growth in the incomes of 1% top richest households. In spite of the fact that the expansion of knowledge-based economy has begun in the same time as income inequality growth, there are no direct connection between these two phenomena. The intermediary factor is financial capitalism. Innovations created in new economy (ICT) encourage the development of financial capitalism and quick growth of 1% of the highest incomes. The social importance of inequality growth is very low. The growth of income inequalities very slightly changes the evaluation of the existing income inequalities. The increase of salary inequality has not diminished work motivation in European enterprises. The growth of financial capitalism has encouraged growth of venture capital investment in sectors of knowledge-based economy.

Urban neighbourhoods are defined as much by their commercial character as their residential; retail services not only provide material needs for those living nearby, but less-tangible social and cultural capital as well. It is reasonable to expect, then, that excessive churn in these businesses can threaten the stability of a neighbourhood. Using a longitudinal data set on mixed-use neighbourhoods in New York City, we test whether or not neighbourhoods of varying circumstances and characteristics experience different degrees and types of retail turnover. Results suggest that there are meaningful differences in retail turnover across neighbourhoods. Retail turnover is directly associated with the type of business activity, commercial infrastructure and the neighbourhood’s consumer profile. However, when all three sets of factors are considered simultaneously in a regression analysis, consumer-related characteristics explain turnover more than those related to the local commercial environment. Specifically, businesses that provide necessity and more frequently consumed goods/services are more stable and chain establishments are more likely to venture into markets with some housing price discounts, growth potential and possibly less organised opposition. Neighbourhoods with less (and more heterogeneous) general retail (as opposed to food service) concentration, as well as bigger businesses, are more stable. More importantly, bigger households and higher shares of white residents are most strongly associated with less retail churn, and population growth is the strongest predictor of more turnover.

Subject/topic. At the present stage of development in the Russian Federation, all the necessary prerequisites for the implementation of venture activities in industrial enterprises have developed, which include: global factors (determined by global eco-nomic development and its evolution), macroeconomic (determined by the characteristics of the functioning of the national economy) and microeconomic (deter-mined by the specifics of individual business activities subjects). Goals/objectives. The purpose of this article is the development and scientific justification of theoretical and methodological foundations, methodological approaches and practical recommendations on the venture activities of domestic industrial enterprises in the con-text of their sustainable development. The object of research is the theoretical and methodological foundations of venture activity in industrial enterprises. The subject of the study is a complex of systemic ties and economic relations arising between subjects of venture activity. Research Methods. The methodological basis of the re-search is the dialectical method of scientific knowledge, the general scientific principles of conducting integrated research, the fundamental principles of modern eco-nomic theory, marketing, and the conceptual principles of managing innovative activities. In the research process were used: statistical analysis – in the study of the state of development of industrial enterprises; abstract logical analysis – when developing a conceptual model of venture financing; system-functional – in the study of the conceptual foundations of a breakthrough strategy for industrial enterprises and the essential characteristics and structural components of the economic mechanism of venture activity of industrial enterprises; methods analysis and synthesis – when substantiating the methodological aspects of the venture activity of domestic industrial enterprises. Results. The article suggests the process of attracting venture capital business to the development of industrial enterprises, which takes into ac-count the specifics of the activities of domestic economic entities. The author pro-poses to use the liability allocation matrix to account for additional organizational costs.

Economic system is the integral part of every social system. Globalized economy introduces three types of economic systems which are private, public, and mixed ownership. Despite people take part of these three systems in major countries, the frequent fi nancial crunches and questioning of reliability on conventional fi nancial system, many countries try to bring an alternative fi nancial system that can consistently work on transparency and accountability in all economic spheres. Islamic economic system is solution of such thinking due to its success and safety operations in all practicing countries.In Gulf Cooperation Council countries, all Islamic banks are performing triumphantly which include 25 banks. Its products and services are based on profi t loss sharing mechanisms which adhere to the principles Islamic shariah. Mudaraba, Musharaka, and Murabaha are the main instruments which are usedmostly in all fi nancial sectors. The present system of commercial banking is based on minimization of risk and maximization of profit. On the contrary, Islamic fi nancing is performed as social fi nancial system so as it is highly attracted by non -Muslim customers also for them that stands as safe and connected to real economy. Even Islamic fi nance is at adolescence stage in its growth in India, its applicability is well subjected overall the Indian fi nancial services such as mutual fund, microfi nance, non-banking financial company (NBFC) based fi nancial system, and venture capital. The recent launching of Cheraman Financial Services Limited and some movements like SBI Shariah mutual funds elevate this study to introduce an alternative system to those people who suffocate in the knot of Interest. India has approximately 175 million Muslims, they are highly to be excluded from access to banking productsand services due to absence interest free fi nancial services.The gap is prevailing by the lack of mediatory functions such as Islamic financial sectors and other investment institutions. The present RBI regulations such as Repo rate, statutory liquidity ratio, and cash reserve ratio, constrain to practicing Islamic banking in India. However, excessive demand and working forms such as NBFC, Non-Government Organization, and Nidhi, show the ways to applying Islamic economic system in the Indian scenario too. So, the presentstudy focuses to fi nd out feasible models for implementing Islamic economic principles and its practical products and services in India.It is an attempt to analyze the prospects, challenges, and drawing solutions to regulatory problems. It also illustrates basic Islamic shariah principles, the Indian financial system with reference shariah based fi nancial services. To do research, exploratory method will be used and data will be collected on secondary basis.

Women increasingly start and lead growth ventures yet receive a small proportion of external equity funding. Term sheet negotiation is a pivotal moment for obtaining growth capital. We employ a multi-method, mixed mode research design to explore strategies of women entrepreneurs who have negotiated term sheets and discuss our quantitative findings. Results indicate that women entrepreneurs in our sample worked hard to achieve optimal outcomes yet come up short because of exogenous and endogenous factors linked to second generation gender bias in the negotiation process. Propositions for future research are generated given the results of this exploratory research.

Abstract Background: WHIM (Warts, Hypogammaglobulinemia, Infections, Myelokathexis) Syndrome is a serious, ultrarare genetic disorder caused by a gain-of-function mutation in CXCR4 that causes profound neutropenia and lymphopenia associated with increased rates of bacterial and viral infections. Long-term sequelae include hearing loss, bronchiectasis, and HPV-associated malignancies. The cancer risk in WHIM patients is estimated at 30% by age 40. There is currently no treatment that addresses the underlying mechanism of disease. G-CSF increases neutrophil counts but does not appear to reduce infection rates; use of parenteral gamma globulin has had mixed reports of benefit, but no controlled trials have been reported; Plerixafor, a CXCR4 antagonist, has been shown to increase leukocyte counts and reduce infection rates when absolute neutrophil counts (ANC)>600 mm-3 and absolute lymphocyte counts (ALC)>1000 mm-3, but is a parenteral agent that must be administered twice daily. X4P-001 is an orally available, allosteric inhibitor of CXCR4 that is being developed to treat WHIM. We report here the PK/PD data from the Phase 2 portion of Phase 2/3 trial X4P-001 MKKA (NCT03005327) in WHIM patients that led to selection of the dose for Phase 3 development. Methods: Study X4P-001 MKKA is a Phase 2/3 study. The primary objective of Ph2 portion was to assess the dose required to achieve a consistent increase in circulating neutrophils and lymphocytes. Adult patients with WHIM syndrome, with documented WHIM-associated genotype, and either ANC <400 mm-3 and/or ALC<650 mm-3 were treated with escalating doses of X4P-001. After at least 5 weeks on a dose, patients were hospitalized overnight for rich PK sampling. At each sampling point ANC and ALC were also determined. An area under the curve for ANC and ALC was calculated using the trapezoidal rule and normalized to AUCs assuming maintenance of the threshold values of 600 mm-3 for ANC and 1000 mm-3 for ALC over 24hr. Dose escalation was permitted for adjusted AUC value <0 cell/hours/μL. AUC values ≥0 were considered as having met the primary objective for Phase 2. Results: Eight patients were enrolled and were evaluable for efficacy. 6 of 8 were female, and the mean (SD) age was 35.5 (13.37). Two patients started treatment with 50 mg, then received, 100, 150, 300 and 400 mg; 2 started at 100 and then received 200 and 300 mg; 2 started at 200 mg; 1 escalated to 300 and 400 mg while the other terminated after 1 week due to an adverse event (AE). Two started at 300 mg and did not escalate. Doses of at least 300 mg/day were needed to achieve success criteria for ANC, while at doses ≥100 mg/day, 50-100% met success criteria for ALC. (Figure 1) Two patients discontinued: 1 due to an AE of grade 1 rash, and 1 voluntarily withdrew. No serious AEs were reported. One patient had unrelated cholecystitis (grade 3). All other AEs were grade 1 or 2. Conclusions: Treatment of WHIM patients with X4P-001 results in meaningful increases in ANC at doses ≥300 mg, and in ALC at doses ≥100 mg per day for at least 5 weeks. These doses are anticipated to be associated with clinically meaningful outcomes in terms of infections and warts. X4P-001 appeared to be safe and well-tolerated at doses of 50-400 mg per day.4 Disclosures Dale: Athelas, Inc.: Equity Ownership; Amgen: Consultancy, Research Funding; Sanofi-Aventi: Consultancy, Honoraria; Cellerant: Other: Scientific Advisory Board; Hospira: Consultancy; Prolong: Consultancy; Beheringer-Ingelheim: Consultancy; Coherus: Consultancy. Hartmann:Cetara: Employment; X4P Pharmaceuticals: Consultancy. Brown:Certara: Employment; X4P Pharmaceuticals: Consultancy. Ebrahim:X4Pharmaceuticals: Employment. Gorelick:X4 Pharma: Consultancy; PIN Pharma: Consultancy; Shire: Consultancy; NGN Capital: Consultancy, Other: Venture partner; IntraBio: Consultancy; Zymo Consulting Group LLC: Employment.

Purpose The purpose of this paper is twofold: first, to identify and rank the challenges influencing the delivery of the housing public-private partnership (HPPP) in Tanzania; and second, to suggest solutions in the form of a conceptual public-private partnership (PPP) framework model that will address the identified challenges and boost the chances of success. Design/methodology/approach Using a convergent parallel (concurrent) mixed method approach, data were collected from 28 stakeholders involved with HPPP projects in Tanzania using a hand-delivered and e-mail survey and 13 semi-structured interviews with public and private sector respondents. The quantitative data included subjecting the 19 challenges as identified from the literature to parametric tests such as one-sample t-tests and descriptive statistics tests such as measures of central tendencies and frequency analysis through Statistical Package for Social Sciences (SPSS 22.0). Qualitative data employed content analysis. The research was further underpinned by a number of theoretical perspectives such as Gidden’s structuration theory, contingency theory, relational and equity theory. Findings The top five ranked challenges influencing the delivery of HPPP were “inadequate PPP skills and knowledge”; “poor contracting and tendering documents”; “inadequate project management”; “inadequate legal framework”; and “misinformation on financial capacity of private partners”. The least six ranked and most significant challenges based on the one-sample (single) t-tests were as follows: “Poor risk allocation”; “inexperienced private partner”; “unequal qualification and contributions of expertise”; “poor enabling environment to attract competent partners”; “inadequate mechanisms for recovery of private investors’ capital”; and “high costs in procuring PPP projects”. The qualitative study further confirmed the challenges and cited the reason for the failure of joint venture projects as the lack of motivation for undertaking similar PPP projects. Despite the increased awareness of PPP projects and associated marginal benefits, the main impediment to the uptake and delivery of PPP housing projects remained the lack of skills and expertise. Research limitations/implications The proposed framework model is not yet tested, but since this paper is part of the ongoing research, the next stage involves the testing and validation of the model. Future studies could test the applicability of the proposed framework in other HPPP projects in Tanzania, and in other similar developing countries. Second, the validated framework can contribute towards addressing similar challenges as well as providing guidance. The proposed framework model is not yet tested, but since this paper is part of the ongoing research, the next stage involves the testing and validation of the model. Furthermore, recommendation for future research is to test the alignment of the identified challenges to the proposed remedial solutions across the five phases within the proposed PPP framework with a number of case studies. Practical implications The identified challenges were used to form the basis of the framework presented in this paper. Furthermore, these provide useful information, thus leading to increased awareness to enable successful delivery of HPPP in Tanzania. Similarly, both the government and policy makers could use the findings as the basis for re-examining the existing PPP policy and regulations, and reflecting on the existing situation with a view to improving the delivery of future HPPP projects. Originality/value The empirical study is among the first that identifies and ranks the challenges of PPP for housing projects delivery within the Tanzanian context. The identification of the challenges enabled their ranking, resulting in the mapping out of the most critical challenges. Furthermore, using the Gidden’s structuration theory, the study illustrates how institution mechanisms (structures) address these delivery challenges, thus influencing the implementation of HPPP in Tanzania, and how individual stakeholders (human agents or agency) are able to make choices (advocated solutions) in dealing with the challenges. More so, these constraints (challenges) as identified and viewed through the contingency and equity theoretical lenses form the foundation for developing the PPP conceptual framework. The proposed framework would thus serve as a mechanism for providing practical solutions as well as reducing the level of severity of the identified challenges.

Upon South Africa’s transition to democracy in 1994, there were great hopes for an economic revival in the country, underpinned by supportive economic policies that prioritised job creation and the elimination of longstanding poverty and inequality. Until now, the efficacy of economic policy in bringing about these much-coveted outcomes – particularly improvements on the employment front – has received little attention. This paper ventures into relatively uncharted territory by analysing how political dynamics and accompanying economic policy frameworks have impacted the structure and momentum of employment growth in South Africa over the past two decades. This is achieved by examining the changes in employment and, more specifically, the changes in the cost-neutral change in the capital-to-labour (K/L) ratio from 1995 to 2013. For the purpose of the analysis, a dynamic CGE model of the South African economy is used, with the focus being primarily on changes in the capital and labour markets during the period in question across a range of sectors. Among the results are that there was an increase in capital relative to labour (K/L) during the period, despite there being an increase in the rental price of capital relative to wages (PK/PL). The results suggest that at any given ratio of real wages relative to the rental price of capital, industries would choose a K/L ratio 8.1% higher in 2013 than in 1995. The study offers new insights into what is hampering employment in South Africa, which has been eroding the economy’s productive base and prompting serious questions about the country’s growth prospects. Clearly, South Africa needs a well-informed and responsive economic policy framework if it is to escape the potentially explosive unemployment crisis in which it has long been mired.

This exploratory study provides a review of the neglected area of entrepreneurial founder team turnover. A novel distinction is made between entrepreneurial founder team member entry and team member exit. Ninety owner–managed ventures were monitored between 1990 and 2000. Presented hypotheses relating to a team's human capital were explored using multivariate logistic regression analysis. Variables associated with entry were found not to be the same as those associated with exit. The size of the founding team was significantly negatively associated with subsequent team member entry. The link between team turnover and entrepreneurial team heterogeneity was mixed. Functional heterogeneity was weakly significantly positively associated with team member entry. Heterogeneity of prior entrepreneurial experience was significantly positively associated with team member exit. In addition, family firms were significantly negatively associated with team member exit. The average age of the team was not significantly associated with team member entry or exit. Additional insights in future research may be gathered if a broader definition of team turnover (i.e., considering team member entry and exit) is considered. Practitioner awareness of the different factors associated with team member entry and exit may encourage them to provide assistance, which facilitates the team building process over time in developing firms. Promising areas for additional research are highlighted.

<p>This paper examines agricultural advancement, agrochemical use, suicide ideation and social responsibility within the agriculture industry in Guyana. Suicide in Guyana is a serious public health problem. The country is ranked fourth in suicides per capita worldwide, with the highest rate amongst South American and Caribbean nations. Suicide is also ranked as the seventh of the ten major causes of death in Guyana. It is the leading cause of death among young people ages 15-24 and the third leading cause of death among persons ages 25-44. A mixed method was used, as documents were reviewed and thematic areas identified. The influence of locality and gender were both examined in this paper, as farmers in rural communities are engaged in both subsistence and commercial agricultural ventures. Some studies have shown a correlation between localities where there was an overexposure to agrochemicals and suicide ideation. Resultantly, the paper articulates that agricultural advancement must have a human face recognizing that the industry that is boosting Guyana’s economy is also contributing to the demise of a vital section of its populace. It proposes a tripartite process where all stakeholders –governments, the agrochemical industry and the consumers have a responsibility for furthering clinical research, and commit to a rigorous information, education and communication plan, which also fosters dialogue on the reduction of the dependency on agrochemicals. Highlighting education as a medium for change, the paper suggests that education needs to be more than the writings on labels and must be accompanied by enforceable protocols.</p>

Purpose Using an integrated framework for performance management of nonprofit organizations, this paper aims to present an analysis of the activities of an Indigenous social enterprise in the town of Yirrkala in northeast Arnhem Land in the Northern Territory of Australia. The evaluation focuses on the social effectiveness of the organization and its ability to help generate income and employment and drive social capital creation. Design/methodology/approach The analysis is informed by data derived from “yarns” with social enterprise staff and semi-structured interviews conducted with key informants who were selected using snowball sampling. Data were transcribed and analyzed thematically. Findings The analysis reveals that the organization provides a successful community-based pathway for increasing Indigenous economic participation on local terms at a time of regional economic decline and high levels of Indigenous unemployment nationally. Practical implications The measured effectiveness of Nuwul highlights the need for targeted policy support for Indigenous enterprises and that social entrepreneurship is far more likely to be successful in a supportive government policy environment, a critical need for government-initiated policies to encourage the formation of Indigenous social enterprises that are entrepreneurial and innovative in their solutions to poverty and marginalization. Such policies should not only aid the establishment of Indigenous ventures but also facilitate their long-term growth and sustainability. Originality/value Although Indigenous entrepreneurial activities have been found to be effective in addressing Indigenous disadvantage in Australia, little is known about their community impact. The article provides original empirically grounded research on the measurement of Indigenous entrepreneurial activities and their wider community impact. The data show, against the backdrop of mixed results of government efforts to drive Indigenous economic mainstreaming, that the entrepreneurial activities analyzed in this paper are an example of more flexible and culturally appropriate pathways for achieving Indigenous equality in rural and remote regions of Australia.

AbstractThe creation of new ventures involves a great deal of risk and uncertainty. However, research has been theoretically divergent and empirically inconclusive about the influence of individuals’ risk tolerance on entrepreneurial entry. In this paper, we argue that this relationship is contingent on the reference point of individuals, taking into account the human capital and the opportunity cost of individuals when they decide to start a venture. This approach allows us to clarify some of the previous mixed results in the literature. We use a sample of almost 600,000 individuals from 90 countries that have participated in the Global Entrepreneurship Monitor project between 2010 and 2014. Our results show that individuals with previous experience as entrepreneurs do not need to be so risk-tolerant to set up their own venture, while individuals with a job and/or a high educational level need to be especially risk-tolerant to become entrepreneurs.

Purpose This study aims to examine the extent to which board size, the use of power by venture capital investors and entrepreneurs’ interpersonal tactics such as persuasion to sway board decisions, influence the long-term survival of start-ups. Design/methodology/approach This study used a mixed-methods approach. The quantitative part is based on data collected from 179 chief executive officers (CEOs) of high-tech start-ups community financed by venture capitalists (VCs) in Israel of which 59 did not survive. To achieve a better understanding of these findings, semi-structured interviews with 12 entrepreneurs were conducted. Findings Smaller boards were positively associated with venture survival. The use of power by VC investors positively influenced start-up survival. CEO persuasion had a negative effect on venture survival; however, its interaction with board size suggests that it had a lesser effect on very small boards. Practical implications Although investors’ control over decision-making contributes to long-term survival, entrepreneurs should be aware of the possible detrimental effects of exercising a high level of persuasion in board processes. The findings also suggest that a small board size is preferable for start-up survival. Originality/value Exploring the effect of board processes on venture survival is considered complex. A unique sample of high-technology start-ups consisting of both surviving and failed start-ups was analyzed to explore the effects of persuasion and power in board processes.

Purpose The purpose of this paper is to identify the impact of public support through equity instruments on firm performance, as measured by growth in employment, turnover and innovative activities. Design/methodology/approach The paper draws on available academic literature and policy evaluation studies and using a mixed-method approach based on evaluation synthesis. Findings The key findings reflect positive, albeit quantifiably small, outcomes for this type of policy intervention for employment and turnover and no effect on innovation. There is some concentration of positive results, which is also dependent on the number and quality of the available target companies. Research limitations/implications The evaluations used in this study vary considerably in their design, nature and the input and output variables used and, thus, limit a robust comparison of their outputs. Most of the evaluations examined in this paper did not control for multiple simultaneous treatment effects and/or subsequent funding rounds. Practical implications The evaluations are rarely designed to compare the treatment effects of alternative policy choices. Only seldom is an evaluation designed to assess the impact of the scheme in the context of the broader policy mix (with its framework conditions, etc.) which would provide more fine-grained policy implications. Originality/value The recent literature (Duruflé et al., 2017, Da Rin et al., 2011) highlights the dearth of studies exploring the role of government policies supporting venture and, more broadly, equity investments beyond comparisons of the efficiency of independent venture capital and government-backed venture capital. Most studies explore the impact in terms of exits, initial public offering and leverage effects whereas fewer studies look at output effects on companies such as turnover and employment growth. The paper aims to collect the existing evidence including less analysed policy evaluation studies and draw lessons for public policy.

PurposeExisting entrepreneurship literature has provided mixed evidence as to whether resource providers discriminate against female-led innovative start-up ventures in their resource commitment decisions either in terms of the likelihood or conditions of resource provision. While some studies revealed evidence indicative of negative discrimination against female entrepreneurs, others have provided evidence suggestive of positive discrimination. In light of these divergent findings, the purpose of this paper is to develop a more nuanced and integrative approach to studying gender biases in entrepreneurial resource provision with greater attention paid to both moderating contingency factors and mediating mechanisms.Design/methodology/approachThe authors develop a conceptual model and empirically testable propositions describing whether, how and when entrepreneurial resource providers are likely to under-, over- and equivalue female-led innovative start-up ventures relative to equivalent male-led start-up ventures. The model applies not only to institutional or private investors as providers of financial capital to start-up ventures as discussed extensively in extant entrepreneurship literature but also to prospective employees as providers of human capital and prospective consumers as providers of money in exchange for an entrepreneurial product or service. The authors discuss the gender-typing of the entrepreneur's core product/service offering as a key contingency factor likely to moderate the proposed relation. The authors further delineate the importance of what they refer to as the “first”- and “second-order” mediating mechanisms underlying the hypothesized relation between resource provider evaluations of the male versus female founder-CEO, the attractiveness of his/her start-up venture and the (conditions of) resource provision to their start-ups.FindingsBuilding on social-psychological theories of descriptive and prescriptive gender stereotypes and extant entrepreneurship literature, the authors establish that gender biases are likely to occur because of resource providers' perceptions of women entrepreneurs at the helm of male-typed start-up ventures to be less competent and agentic, as well as less warm and other-oriented than equivalent male entrepreneurs leading male-typed start-up ventures. The authors discuss the implications of such gender-biased evaluations for the application of stricter performance standards to female-led-male-typed start-up ventures and the likelihood and conditions of resource provision to their companies. The authors further discuss why and when female founder-CEOs of a female-typed (gender-neutral) start-up venture are likely to be overvalued (equivalued) compared to equivalent male founder-CEOs. The authors also develop propositions on additional contingency factors and mediators of the gendered evaluations of founder-CEOs and their start-up ventures, including resource providers' “second-order” gender beliefs, the high-cost versus low-cost resource commitment, individual differences in gender stereotyping and the perceived entrepreneurial commitment of the founder-CEO. The authors conclude by suggesting some practical implications for how to mitigate gender biases and discrimination by prospective resource providers.Originality/valueDiscussing the implications of descriptive and prescriptive gender stereotypes on evaluative decisions of entrepreneurial resources providers, this study advances not only the women's entrepreneurship literature but also the more-established scholarship on the role of gender stereotypes for women's advancement opportunities in the corporate world that has traditionally viewed entrepreneurship as the solution for women fleeing the gender-stereotype-based discrimination in the corporate setting to advance their careers.

This article uses mini- case studies of three early stage organizations that pursued different pathways or models for bringing emerging, transformative digital technologies to the healthcare market. These organizations were each focused on different applications of digital health: Stentor was a venture capital backed, university spinoff focused in the field of digital radiology; Omnyx was formed as a joint venture (JV) by an academic medical center and industrial partner to transform the field of digital pathology; and, IBM Watson operating as an IBM unit, focused on the promise of artificial intelligence and machine learning for broad uses in cancer diagnosis and treatment. Each took a different organizational and business model path that resulted in mixed outcomes. While there are always many reasons for success or failure, we observe that these digital healthcare markets are more complex than typical consumer or technology markets. While any solution in healthcare demands patient centricity; healthcare markets additionally require a strong understanding and appreciation of the supporting ecosystem or network consisting of physicians and providers; and of constraints from payers and regulators. The value propositions of each member of the ecosystem must be understood and addressed. To meet this challenge, we advocate the formation of an integrated multidisciplinary commercialization team that addresses the multidimensional value proposition across the company life cycle. And importantly, that team should work collaboratively, and include service design as a key team member - along with the technology, business, marketing, reimbursement, and regulatory components.

Agriculture plays most important role in Sri Lankan economy like some other developing nations in South Asia such as India, Bangladesh, Pakistan, Nepal and Bhutan. In this way, the agricultural farming sector is identified as a key tool for the economic development in Sri Lanka and it helps to effectively utilize the invaluable resources of the country such as green lands and appropriate climate as it should be and to significantly boost the wealth of the country as well. Furthermore, as it helps to expand the level of GDP, the Interest rates as well as the inflation rates are mostly estimated at present depending on the level of agricultural cultivation sector in the country. It is noteworthy to point out at this occasion that as Sri Lanka is mainly an agricultural nation the most people are involving in individual and joint venture farming activities. At the same time, it is also very important to mention here that most people who involve in agricultural cultivation reach the banks and financial institution for the purpose of getting loans to meet their agricultural financial needs. In this context, this research aims to identify the loan systems which are implemented in agricultural sector among the Muslim community, especially among Muslim farmers who are living in Kekirawa divisional secretariat in Anuradhapura district. The research would be extremely significance due to there is no sufficient previous studies find concerning with agricultural loan systems among Muslim community in particular research area in Sri Lanka. This research is designed as mixed method with the inclusion of qualitative and quantitative data which collected in term of finding the correct solutions and providing appropriate recommendations. The findings of the research reveals that the farmers who live in Kekirawa divisional secretariat of Anuradhapura do not depend and connect with banks or other financial institutions to get any advances, but they use to fulfil their needs of capital for farming from money lenders, shopkeepers, friends relatives and NGOs. Therefore, the system should be introduced under the Islamic banks and financial institutions to promote the Shariah compliance products and interest free loan systems not only for Muslim farmers but also to all citizens who wish to involve in agricultural cultivations. Moreover, NGOs and shopkeepers who provide agricultural credit services should be adapted in accordance with the Islamic Shariah compliance. KEY WORDS: Agriculture, Loan Systems, Farmers, Kekirawa. Shariah Compliance, Islamic Banks

Although early-stage finance is critical to the growth of most ventures, it is even more important for social ventures as they face the challenges of balancing their social and commercial objectives. Drawing on institutional logics and signaling theory, this study uses a panel data set of 3,401 nascent social ventures to investigate the important role philanthropic grant funding plays in the organizational and financial development of social ventures. We find mixed results, with positive effects on employment and subsequent access to debt finance, but no effects on revenues and access to equity. Our findings connect these theories by suggesting philanthropic grants provide social ventures with flexibility to invest in human capital without pushing them to pursue short-term financial objectives, and that receiving a philanthropic grant provides a signal that is interpreted differently by debt and equity financiers. These findings are especially relevant as funders increasingly use grants to support social entrepreneurship.

PurposeBuilding on research about entrepreneurship and social capital, the purpose of this paper is to explore how women founders of technology-based ventures in Canada access and use formal external entrepreneurial networks to build their companies.Design/methodology/approachThe study draws on 25 semi-structured interviews with women founders of technology firms and leaders of formal networks.FindingsThe authors demonstrate the positive impact of women only networks (WON) for founders including increasing entrepreneurial diversity, access to financing, and founder credibility and sponsorship. The authors show how women founders use mixed gender and WON to build their businesses and conclude that membership in WON can be a vital step.Research limitations/implicationsThe sample size is small and most participants reside in highly urban areas, which may limit generalizability. Findings may not generalize beyond Canada due to cultural and structural differences.Practical implicationsThe research suggests that external WON should be encouraged as important resources for founder identity work which may enable positive change.Social implicationsThis research can assist in designing initiatives that support women entrepreneurs and promote gender parity.Originality/valueThe authors draw on research in women's leadership development to explain how WONs for entrepreneurs help founders create overlapping strategic networks – a unique form of social capital – and serve as identity workspaces for the identity work women founders must complete. The authors argue that the identity work in WONs can be a mechanism by which gender structures are challenged and eventually changed.

Purpose This paper aims to investigate the moderating dynamics of social competence in the relationship between intangible resources and the performance of women businesses from an emerging market context. Developed economy literature provides ample evidence of a positive relationship between intangible resources and the performance of women business ventures. Little is known of the complexity of this orthodoxy in developing markets such as Ghana. In particular, this paper investigates the moderating role of social competence in the relationship between intangible resources available to women entrepreneurs and performance. Design methodology approach An exploratory sequential mixed method research design was used. First phase involved qualitative data collected through interviews, and the second phase was quantitative data collected from 264 participants. Content analysis and multiple regression analysis were used. Findings Social competence is important to the success of women businesses as it influences the outcome of entrepreneurial interactions and communications. Also, it positively moderated the relationship between organisational reputational capital (RC) and women business growth. On the flip side, it negatively moderated the relationship between human capital, social capital, individual RC and women business growth. Practical implications To sustainably grow their businesses, women entrepreneurs must ascertain the right level of social competence needed. The utilization of social competence at higher rather than lower levels could mean more costs and more training for which the business may not have immediate use. Originality value This paper advocates the need to improve the content of entrepreneurial training packages to include the reinforcement of social competency skills in terms of relationship management as this may be the key to the facilitation of access to resources for innovation and growth.

Introduction – Polish GrungeThe main objective of this article is to examine the grunge scene of the 1990s in Poland in the context of acculturation and assimilation processes. Polish grunge was, on the one hand, the expression of trends that were observable in music industry since the late 1980s. On the other hand, it was symptomatic of a rapid systemic transformation. Youth culture was open for the diffusion of cultural patterns and was ready to adopt certain patterns from the West.Thus, we suggest that the local grunge scene was completely modelled on the American one: the flow of cultural practices and subcultural fashion were the manifestations of the assimilation processes in Poland, observable not only in art (i.e. rock music), but also in the domains of politics and economy, as well as in the broader social sphere. We explore how young people were ready to adopt only the surface level of the phenomenon as they were familiar with it through the media coverage it received. Young people in Poland circa the early ‘90s primarily wanted to gain access to an imaginary Western lifestyle rather than learn about real living conditions in capitalist societies, and they could do this through their involvement in grunge culture.Grunge as a Cultural PhenomenonGrunge as a popular music trend arose in the USA during the late 1980s and early 1990s, in the work of bands such as Nirvana, Pearl Jam, Stone Temple Pilots, Soundgarden, and Alice in Chains. Grunge was initially opposed to consumerism and capitalist values. Nevertheless, A&R scouts recognised the commercial potential of this music: for example, Nirvana’s Nevermind was released by Geffen Company, and Pearl Jam’s Ten by Epic. As Grzegorz Brzozowicz and Filip Łobodziński put it (313),the success of Nirvana was a post-mort triumph of punk rock and, more importantly, it indicated the potential of alternative music, which suddenly stepped outside an aesthetic ghetto and became a hot stuff. This influence was also visible as regards fashion and customs – Dr. Martens’ shoes, flannel shirts, frayed jeans, and wool caps became an outfit common for the young (…). Grunge influenced visual art, film and photography.In Poland, grunge as a subculture and sub-genre of rock music emerged in the early 1990s following the international commercial success of bands such as those listed above, and it entailed the assimilation of the Western cultural patterns. Although assimilation processes were typical primarily for youth culture, they were observed in the wider context of the changes and adaptations that Polish system underwent after the fall of the centrally planned economy and subjugation to the communist party power after the Yalta agreements (1945-1989/1990).In this context, the concept Centre/Periphery (Gopinathan, Saravanan and Altbach; Hannerz; Langholm; Pisciotta) appears as the field for the dissemination of popular culture. Popular culture is a battlefield for creating and negotiating the meanings that are inherent within cultural practices (Barker). Cultural practices play a double role in the dissemination of ideas or objects. Firstly, they come as a result of adaptation in a defined culture, and secondly, they make new cultural patterns stabile, visible, and easy to practice by people as flexible patterns of behaviour. This point is clearly visible in the context of the East European states that underwent rapid acculturation processes in which new patterns of economic and social solutions were established in centre-planned economies: the tensions of the “old” and the “new” patterns dominating in the political and social systems of those countries (e.g. Poland, the Czech Republic, Latvia, Lithuania, etc.) were visible and affected societies to a considerable degree (Pisciotta). Thus, the practices generated in cultural Centres tend to disseminate easily and to “conquer” other cultural systems, especially in the Periphery.In the case of popular culture, the flow of influences usually takes a one-dimensional form and is disseminated from the Centre to the Periphery. As Marek Jeziński (162-163) argues, both Centre and Periphery are functional systems. These systems have generated their own mythology, which separates one from another. However, as in the case of mythological systems in general, Centre and Periphery tales overlap frequently, and there are evidence that the bands that originated in the Periphery were assimilated by the Centre. For example, Nirvana and Pearl Jam were both successful in market terms and both built their own status based on the Peripheral components that were skilfully overtaken by the Centre narrative. While the Peripheral narratives are concentrated mainly on the undermining of the definition of situation and present dysfunctional character towards cultural system as such, the Centre narratives aim to maintain the definition of situation supporting mainstream values and their prevailing position in a system (Jeziński 164). Grunge is the epitome of such an implementation of cultural patterns. That is, grunge started as a fringe peripheral cultural phenomenon. The major records companies, however, recognised its potential and provided the space in the music market to support the new bands. Most of the groups in the US started as independent local acts related to independent record companies that built their status.In relation to the assimilation of grunge culture in Poland, we can distinguish two key phenomena. The first is concerned with the adaptation of general subcultural components, e.g. fashion and group identification. Here, the acculturation processes run as a primary form of mimicry, as the Polish grunge scene adopted elements typical of the grunge subculture, such as oversize sweaters, flannel shirts, Dr. Martens shoes or Converse trainers, long hair, and beanies. A newly formed subculture was different from the others popular in the 1990s. For example, punk and metal subcultures implied strong group identity, style homogeneity, rigid group limitations, and firm membership rules. Conversely, it seems that the grunge subculture was based more on a level of liquid and fragmented patchwork identity than on very inflexible group values and internal ideology or political attitudes (cf. Muggleton). Such patchwork identity formation was a result of a rapid clash between the adaptation of grunge cultural patterns from the West and the Polish economic transformation of the early 1990s.Poland underwent rapid changes that were also visible in the politics, culture and social domain, joining liberal democracies and liberal free market economies of the West. These changes resulted from a transformation of the system as a whole: from a central planned system to decentralisation of the power at both local and state levels (Sarnecki). Equally important were the changes in the political culture of Poles and their value system: they accepted the democratic changes but simultaneously, the mentality of Poles remained traditionalist (which is visible in surveys— the most important values for them were “family” and “work”), and their attitude towards the processes of cultural and institutional changes was impermanent (Garlicki; Jasińska-Kania).During the transformation, the changes were visible in the everyday lives of Polish citizens: examples include the shortages in the market that were evident after the socialist regime ended, and the easy availability of Western clothes such as jeans, shirts, denim jackets in ordinary stores. Consequently, the economic rates in the 1990s were higher in comparison to the previous decade (Bałtowski and Miszewski). Those changes resulted in a phase shift in the modernisation process, where patterns of economic and cultural development and were faster than the enculturation and socialisation processes.On the one hand, the free market allowed for almost unlimited commodification with unprecedented access to goods and services. On the other hand, the low cultural capital and economic possibilities of the citizens evolved rapidly. The communist-shaped social division fell apart, and the new class designations based of consumption/commodification patterns were established (Jeziński; Wojtkowski). Those factors resulted in high cross-generational mobility, lower entrance barriers, and higher openness indicators (cf. Polska klasa średnia; O ruchliwości społecznej w polsce).Hence, in cultural conditions based on capitalist consumption practices, the grunge subculture evolved with a commodified sense of style rather than with a firm identity. Yet, in the case of grunge style, relatively high costs of subculture commodities (e.g. Dr. Martens shoes, Converse trainers, or band t-shirts) led to DIY practices such as buying cheaper no-name shoes, and sewing badges with the names of bands and albums on jackets or backpacks.The second phenomenon encompasses the adaptation of music patterns. The Polish grunge scene was not as diversified in terms of genre variations as its US counterpart. In the beginning, the Polish grunge scene was more distressed geographically, with no specific Centre-Periphery relations. However, one of the most important bands, Hey, was established in the Northwest. When one looks at Polish grunge evolution as a ‘clash’ of American genre and the specific character of a time and place where Polish bands were recording, she or he will notice multiple similarities with the US scene.Firstly, we could name two approaches to grunge music among Polish performers: ‘intellectual’ and ‘rebel’. The ‘intellectual’ approach encompasses the group Hey. This band was established in Szczecin (the Northwest Poland), but after the success of their first album – Fire (1993), they moved to Warsaw. Hey released 11 studio records, but only the first three could be classified as “grunge” (cf. Sankowski). On the level of musical references, Fire sounds like a mixture of early Pearl Jam combined with Alice in Chains. With English lyrics and song topics that were typical for grunge— e.g., The Choice (“You’ve got a gun/You can use it now”)—similarities with Pearl Jam, in particular, are striking. The band evolved, and on their second album, Ho! (1994), Hey mixed equally Polish and English lyrics with the dynamic and specific Seattle sound (cf. Prato). Hey’s most distinctive feature comparing with other Polish grunge bands is its highly developed melodic approach to music and the poetic, sensual style of its lyrics. The third record, ? (1995), closes the band’s early stage. The next album, Karma (1997), opens the period when the amalgamation of electronics, hard rock and grunge dominated Hey’s music, with the album [sic!] (2001) representing the turning point in the group’s music style. The band suspended their work in 2017 and will probably never reunite.Over time, Hey gained one of the most dedicated audiences in Polish rock music. The music industry and critics have acknowledged Hey as one of the best Polish groups in the post-communist period. Hey has received the most nominations in the history of Fryderyki, the key Polish music awards. The group and Nosowska have won twenty-three times in multiple categories. As the longest-operating grunge-origin band in the country, Hey could be considered as a most important trend setting and scene-forming group.The more “rebellious” approach to grunge encompasses bands such as Illusion (1992-1999, 2014-present) and Houk. The former was based on the grunge and hardcore mixture of influences from Alice in Chains, Soundgarden, and Rage Against the Machine (especially in terms of rap-oriented lyrics). With the preservation of certain consistency, the band named first three albums: Illusion (1993), Illusion II (1994), and Illusion III (1995). Illusion marks the band’s aggressive style and lyrics simplicity but the studio production flattens the whole and gives an impression of a post-punk DIY venture rather than a coherent composition. The second record, however, is entirely conceptualised and thought out in terms of music and lyrics. Sharp riffs, hard rock tuning of instruments and aggressive lyrics that were focused on Polish life gave the album a needed consistency. The band’s third record is the most varied stylistically and politically engaged in their history. The harder-edged tunes from previous releases are accompanied by more psychedelic compositions (Wrona) that recall Alice in Chains’ slow songs and Layne Staley’s voice.Houk’s music similarly to other Polish grunge bands was the amalgamation of various genres and their style evolved in time. Initially, the band was regarded as an example of alternative rock music. The first album Soul Ammunition (1992) was named by music monthly Tylko Rock as a debut of the year (polskirock.art.pl). The combination of grunge, hardcore, hard rock, reggae and socio-politically engaged lyrics helped the group to establish a strong fan base. The band’s unique style was recognised internationally and Houk supported New Model Army and Bad Brains during the performances in the mid-1990’s (polskirock.art.pl). The band’s second studio release Generation X (1995) was recorded prior the multiple membership reorganizations that finally ended the grunge-orientation period of Houk’s history. One of the songs, Sleep, was dedicated to Kurt Cobain and reflected Nirvana’s approach to songwriting, which can be heard in songs such as “Lithium” (1991). Such a commemoration of Cobain’s figure is characteristic of Polish grunge culture’s establishment of strong ties with the American equivalent. Here and in many similar cases, Cobain serves not only as a grunge hero (or even a martyr) but also as a commodified pop culture figure (cf. Strong). Concerning both spheres - that is, the adaptation of grunge subculture and a development of the music scene -Polish grunge follows a different pattern to the US genre. Grunge was introduced to Poland after it was popularised and commodified by the major labels and media industry in the USA, so the adopted version was the mainstream one rather than the underground movement. Hence, the simplistic dichotomy between “underground” and “mainstream” culture does not function in terms of the Polish grunge culture, and probably is misstated even when it comes to the American phenomenon. Grunge could be perceived in Poland as both the first and the last “true” subcultural trend. At the same time, though, it was an affirmation not of ‘the rebel’ and ‘the underground’ but of capitalism and the cultural values of the West. Indeed, the Polish grunge culture couldn’t be fully aware of what grunge was warning us against while Polish society faced the rapid market and cultural transformation that allowed for its opening to Western trends.Conclusion – Is Grunge Really Dead?Although the popularity of grunge phenomenon in Poland was relatively short, the most important groups of this sub-genre - Illusion, Hey, Ahimsa, Houk, and Kr’shna Brothers - widely contributed to the emergence of the new wave of fashion for rock and hard-rock music in Poland in the mid-1990s. The most successful group of the era, Hey epitomises the transformation of grunge in Poland. Starting as a typical grunge band (modelled heavily on the US groups), they underwent a serious transition, substantially changing their music into more mainstream-oriented rock (that is, as music that was considered acceptable by rock music and AOR-focused radio stations). At the same time, grunge as a rock sub-genre underwent the contrary changes: it broke into the mainstream relatively quickly in the first half of the 1990s, establishing new rock stars of the scene (Illusion, Houk, Ahimsa, Hey), but in the late 1990s it went back to being a rock niche again. It seems that today grunge serves as a point of reference (in fact, it was an important period of rock history) for the new bands that intentionally use this sub-genre as a form of commodified, media-friendly nostalgia.ReferencesBałtowski, Maciej, Miszewski, Maciej. Transformacja gospodarcza w Polsce. Warszawa: PWN, 2006.Biografia Houk. 25 Nov. 2018 <https://www.polskirock.art.pl/houk,z346,biografia.html>.Brzozowicz, Grzegorz, and Filip Łobodziński. Sto płyt, które wstrząsnęły światem: Kronika czasów popkultury. Warszawa: Iskry, 2000.Domański, Henryk. Polska klasa średnia. Wrocław: FNP i W. Wrocławskie, 2002.Domański, Henryk. O ruchliwości społecznej w Polsce. Warszawa: IFiS PAN, 2004.Garlicki, Jan. “Tradycje i dynamika kultury politycznej społeczeństwa polskiego.” Dylematy polskiej transformacji. Ed. Jan Błuszkowski. Warszawa: DW Elipsa, 2007. 155-174.Gopinathan, Saravanan, and Philip G. Altbach. “Rethinking Centre–Periphery.” Asia Pacific Journal of Education 25.2 (2005): 117-123.Hannerz, Ulf. “Culture between Center and Periphery: Toward a Macroanthropology.” Ethnos: Journal of Anthropology 54.3-4 (1989): 200-216.Houk. Soul Ammunition. 23 Nov. 2018 <https://www.polskirock.art.pl/soul-ammunition,houk,3051,plyta.html>.Jasińska-Kania, Aleksandra. “Dynamika zmian wartości Polaków na tle europejskim: EVS 1990-1999-2008.” Polska po 20 latach wolności. Eds. Marta Bucholc, Sławomir Mandes, Tadeusz Szawiel and Joanna Wawrzyniak. Warszawa: Wydawnictwo Uniwersytetu Warszawskiego, 2011. 225-239.Jeziński, Marek. Mitologie muzyki popularnej. Toruń: WN Uniwersytetu Mikołaja Kopernika, 2014.Jeziński, Marek, and Łukasz Wojtkowski. “Nostalgia Commodified: Towards the Marketization of the Post-Communist Past through the New Media.” Medien und Zeit 4 (2016): 96–104.Langholm, Sivert. “On the Concepts of Center and Periphery.” Journal of Peace Research 8.3-4 (1971): 273-278.Muggleton, David. Inside Subculture. The Postmodern Meaning of Style. Oxford: Oxford UP, 2000.Pisciotta, Barbara. “The Center-Periphery Cleavage Revisited: East and Central Europe from Postcommunism to Euroscepticism.” Nationalism and Ethnic Politics 22.2 (2016): 193-219.Sankowski, Robert. “Hey, czyli któtka historia polskiego popu.” Wyborcza.pl, 3 Nov. 2012. 1 Aug. 2018 <http://wyborcza.pl/1,75410,12788097,Hey__czyli_krotka_historia_polskiego_popu.html>. Sarnecki, Paweł. “Od kumulacji do podziału władzy.” Transformacja ustrojowa w Polsce 1989-2009. Eds. Maria Kruk and Jan Wawrzyniak. Warszawa: Wydawnictwo Naukowe Scholar, 2011. 37-58.Strong, Catherine. Grunge and the Memory. London: Routledge, 2016.

Longing on a large scale is what makes history.Don DeLillo, UnderworldIntroductionWhile the media industries have been rather thoroughly dissected for their capacity to generate enthusiasm through well-honed practices of marketing and patterns of consumerism, any analysis of the shift underway to capture and modulate the ‘enthusiastic’ and affective labour of media industry practitioners themselves may still have much to learn by reaching back to the long tradition in Western philosophy: a tradition, starting with the Greeks that has almost always contrasted enthusiasm with reason (Heyd). To quote Hume: “Hope, pride, presumption, a warm imagination, together with ignorance, are … the true sources of enthusiasm” (73). Hume’s remarks are contextualised in protestant theological debates of the 18th century, where enthusiasm was a term for a religious practice, in which God possesses the believer. Especially English preachers and theologians were putting considerable energy into demonising this far too ecstatic form of belief in god (Heyd). This ambivalent attitude towards enthusiasm time-travels from the Greeks and the Enlightenment period straight into the 20th century. In 1929, William Henry Schoenau, an early author of self-help literature for the white-collar worker, aimed to gain a wider audience with the title: “Charm, Enthusiasm and Originality - their Acquisition and Use”. According to him, enthusiasm is necessary for the success of the salesman, and has to be generated by techniques such as a rigorous special diet and physical exercises of his facial muscles. But it also has to be controlled:Enthusiasm, when controlled by subtle repression, results in either élan, originality, magnetism, charm or “IT”, depending on the manner of its use. Uncontrolled enthusiasm results in blaring jazz, fanaticism and recklessness. A complete lack of enthusiasm produces the obsequious waiter and the uneducated street car conductor. (7)Though William Henry Schoenau got rather lost in his somewhat esoteric take on enthusiasm – for him it was a result of magnetic and electric currents – we argue that Schoenau had a point: Enthusiasm is a necessary affect in many forms of work, and especially so in the creative industries. It has to be generated, it sometimes has to be enacted, and it has also to be controlled. However, we disagree with Schoenau in one important issue: For us, enthusiasm can only be controlled up to a certain degree. Enthusiasm in the Creative IndustriesSchoenau wrote for an audience of salesmen and ambitious managers. This was simultaneous with the rise of Fordism. Most labour in Fordism was routine labour with the assembly line as its iconic representation. In mass-production itself, enthusiasm was not needed, often not even wanted. Henry Ford himself noted dryly: “Why do I get a human being when all I want is a pair of hands” (Kane 128). It was reserved for few occupational groups situated around the core of the mass-produced economy, such as salesmen, inventors, and leaders like him. “Henry Ford had a burning enthusiasm for the motor car” (Pearle 196).In industrial capitalism enthusiasm on a larger scale was not for the masses. It could be found in political movements, but hardly in the realm of work. This was different in the first socialist state. In the 1920s and 1930s Soviet Union the leaders turned their experience in stimulating a revolutionary mindset into a formula for industrial development – famously documented in Dziga Vertov’s “Enthusiasm. Symphony of the Donbass”.In capitalist countries things changed with the crisis of Fordism. The end of mass production and its transformation to flexible specialisation (Piore/Sabel) prepared the ground for a revival of enthusiasm on a large scale. Post-industrial economies rely on permanent innovation. Now discourses in media, management, and academia emphasise the relevance of buzzwords such as flexibility, adaptability, change, youth, speed, fun, and creativity. In social science debates around topics such as the cultural economy (Ray/Sayers, Cook et al., du Gay/Pryke, Amin/Thrift), affective labour (Lazzarato, Hardt/Negri, Virno) and creative industries (Florida, Hartley) gained in momentum (for an interesting take on enthusiasm see Bröckling). Enthusiasm has become an imperative for most professions. Those who are not on fire are in danger of getting fired. Producing and Consuming EnthusiasmOur interest in enthusiasm as affective labour emerged in an ethnographic and experimental project that we conducted in 2003-2007 in London’s creative industries. The project brought together three industrial and one academic partner to produce a reality TV show tailor-made for IPTV (internet-protocol-based television). During this project we encountered enthusiasm in many forms. Initially, we were faced with the need to be enthusiastic, while we established the project coalition. To be convincing, we had to pitch the commercial potential of such a project enthusiastically to our potential partners, and often we had to cope with rejections and start the search and pitch again (Caldwell). When the project coalition was set up, we as academic partners managed the network. In the following two years we had to cope with our partner’s different directions, different rhythms and different styles of enthusiasm. The TV producer for example had different ways to express excitement than the new media firm. Such differences resulted in conflicts and blockades, and part of our task as project managers was to rebuild an enthusiastic spirit after periods of frustration. At the same time enthusiasm was one of the ingredients of the digital object that we produced: `Real’ emotions form the material of most reality TV shows (Grindstaff). Affects are for reality TV, what steel was for a Fordist factory. We needed an enthusiastic audience as part of the filmed material. There is thus a need to elicit, select, engineer and film such emotions. To this aim we engaged with the participants and the audience in complex ways, sometimes by distancing ourselves, other times by consciously manipulating them, and at even other times by sharing enthusiasm (similar processes in respect to other emotions are ethnographically described in Hesmondhalgh/Baker). Generating and managing enthusiasm is obviously a necessary part of affective labour in the creative industries. However, just as Hesmondhalgh/Baker indicate, this seemingly simple claim is problematic.Affective Labour as Practice‘Affective labour’ is a term that describes labour through its products: ‘A feeling of ease, well-being, satisfaction, excitement, or passion’ (Hardt/Negri 292-293). Thus, the term ‘affective labour’ usually describes a sector by the area of human endeavour, which it commodifies. But the concept looses its coherence, if it is used to describe labour by its practice (for an analogue argument see Dowling). The latter is what interests us. Such a usage will have to re-introduce the notion of the working subject. To see affective labour as a practice should enable us to describe in more detail, how enthusiasm shapes the becoming of a cultural object. Who employed affect when and what kinds of affects in which way? Analysing enthusiasm as social practice and affective labour usually brings about one of two contrasting perceptions. On the one hand one can celebrate enthusiasm – like Pekka Himanen – as one of the key characteristics for a new work ethic emerging alongside the Protestant Ethic. On the other hand we find critique of the need to display affects. Barbara Ehrenreich shows how a forced display of enthusiasm becomes a requirement for all office workers to survive in late capitalism. Judging from our experience these two approaches need to be synthesized: Much affective labour consists in the display of affects, in showing off, in pretending. On the other hand, enthusiasm can only realise its potential, if it is ‘real’ (as opposed to enacted).With Ehrenreich, Hochschild and many others we think that an analysis of affective labour as a practice needs to start with a notion of expression. Enthusiasm can be expressed through excited gestures, rapid movements, raised voices, eyes wide open, clapping hands, speech. For us it was often impossible to separate which expression was ‘genuine’ and which was enacted. Judging from introspection, it is probable that many actors had a similar experience to ours: They mixed some genuine enthusiasm with more or less enforced forms of re-enactment. Perhaps re-enactment turned to a ‘real’ feeling: We enacted ourselves into an authentic mood - an effect that is also described as “deep acting” (Grandey). What can happen inside us, can also happen in social situations. German philosopher Max Scheler went to substantial lengths to make a case for the contagiousness of affects, and enthusiasm is one of the most contagious affects. Mutual contagiousness of enthusiasm can lead to collective elation, with or without genuine enthusiasm of all members. The difference of real, authentic affects and enacted affects is thus not only theoretically, but also empirically rather problematic. It is impossible to make convincing claims about the degree of authenticity of an affect. However, it is also impossible to ignore this ambivalence. Both ‘authentic’ and ‘faked’ enthusiasm can be affective labour, but they differ hugely in terms of their productive capacities.Enthusiasm as Productive ForceWhy is enthusiasm so important in the first place? The answer is threefold. Firstly, an enthusiastic worker is more productive. He or she will work more intensively, put in more commitment, is likely to go the so-called extra mile. Enthusiasm can create a surplus of labour and a surplus of value, thus a surplus of productivity. Secondly enthusiasm is part of the creative act. It can unleash energies and overcome self-imposed limitations. Thirdly enthusiasm is future-oriented, a stimulus for investment, always risky. Enthusiasm can be the affective equivalent of venture capital – but it is not reified in capital, but remains incorporated in labour. Thus enthusiasm not only leads to an increase of productivity, it can be productive itself. This is what makes it to one of the most precious commodities in the creative industries. To make this argument in more detail we need to turn to one of the key philosophers of affect.Thinking Enthusiasm with SpinozaFor Spinoza, all affects are derivatives of a first basic drive or appetite. Desire/appetite is the direct equivalent of what Spinoza calls Conatus: Our striving to increase our power. From this starting point, Spinoza derives two basic affects: pleasure/joy and sadness/pain. Pleasure/joy is the result of an increase of our power, and sadness/pain is the result of its decrease. Spinoza explains all other affects through this basic framework. Even though enthusiasm is not one of the affects that Spinoza mentions, we want to suggest that Spinoza’s approach enables us to understand the productivity of enthusiasm. Enthusiasm is a hybrid between desire (the drive) and joy (the basic affect). Like hope or fear, it is future-oriented. It is a desire (to increase our power) combined with an anticipated outcome. Present and the future are tightly bound. Enthusiasm differs in this respect from its closest relatives: hope and optimism. Both hope and optimism believe in the desired outcome, but only against the odds and with a presumption of doubt. Enthusiasm is a form of ecstatic and hyper-confident hope. It already rewards us with joy in the present.With Spinoza we can understand the magical trick of future-oriented enthusiasm: To be enthusiastic means to anticipate an outcome of an increased power. This anticipation increases our power in the present. The increased power in the present can then be used to achieve the increased power in the future. If successful, it becomes a self-fulfilling prophecy. It is this future-orientedness, which can make enthusiasm productive. Actions and PassionsIn its Greek origin (‘enthousiasmos’) to be enthusiastic meant to be possessed or inspired by a god. An enthusiast was someone with an intense religious fervour and sometimes someone with an exaggerated belief in religious inspiration. Accordingly, enthusiasm is often connected to the devotion to an ideal, cause, study or pursuit. In late capitalism, we get possessed by different gods. We get possessed by the gods of opportunity – in our case the opportunities of a new technology like IPTV. Obsessions cannot easily be switched on and off. This is part of affective labour: The ability to open up and let the gods of future-oriented enthusiasm take hold of us. We believe in something not for the sake of believing, but for the sake of what we believe in. But at the same time we know that we need to believe. The management of this contradiction is a problem of control. As enthusiasm now constitutes a precious commodity, we cannot leave it to mere chance. Spinoza addresses exactly this point. He distinguishes two kinds of affects, actions and passions. Actions are what we control, passions are what controls us. Joy (= the experience of increased power of acting) can also weaken, if someone is not able to control the affection that triggered the joy. In such a case it becomes a passion: An increase of power that weakens in the long run. Enthusiasm is often exactly this. How can enthusiasm as a passion be turned into an action? One possible answer is to control what Spinoza calls the ‘ideas’ of the bodily affections. For Spinoza, affections (affectiones) ‘strike’ the body, but affect (affectus) is formed of both, of the bodily affectiones, but also of our ideas of these affectiones. Can such ideas become convictions, beliefs, persuasions? Our experience suggests that this is indeed possible. The excitement about the creative possibilities of IPTV, for example, was turned into a conviction. We had internalised the affect as part of our beliefs. But we had internalised it for a prize: The more it became an idea the more stable it got, but the less it was a full, bodily affect, something that touched our nervous system. We gained power over it for the price that it became less powerful in its drive.Managing the UnmanageableIn all institutions and organisations enthusiasm needs to be managed on a regular basis. In project networks however the orchestration of affects faces a different set of obstacles than in traditional organizations. Power structures are often shifting and not formally defined. Project partners are likely to have diverging interests, different expectations and different views on how to collaborate. What might be a disappointing result for one partner can be a successful result for another one. Differences of interest can be accompanied by differences of the expression of enthusiasm. This was clearly the case in our project network. The TV company entered a state of hype and frenzy while pitching the project. They were expressing their enthusiasm with talk about prominent TV channels that would buy the product, and celebrities who would take part in the show. The new media company showed its commitment through the development of beautifully designed time plans and prototypes – one of them included the idea to advertise the logo of the project on banners placed on airplanes. This sort of enthusiastic presentation led the TV producer to oppose the vision of the new media’s brand developer: She perceived this as an example of unrealistic pipe dreams. In turn the TV producer’s repeated name-dropping led other partners to mistrust them.Timing was another reason why it seemed to be impossible to integrate the affective cohorts of all partners into one well-oiled machine. Work in TV production requires periods of heightened enthusiasm while shooting the script. Not surprisingly, TV professionals save up their energy for this time. In contrast, new media practitioners create their products on the go: hype and energy are spread over the whole work process. Their labour becomes materialised in detailed plans, concepts, and prototypes. In short, the affective machine of a project network needs orchestration. This is a question of management.As this management failed so often in our project, we could discover another issue in the universe of enthusiasm: Disappointed high spirits can easily turn into bitterness and hostility. High expectations can lead to a lack of motivation and finally to a loss of loyalty towards the product and towards other project partners. Thus managing enthusiasm is not just about timing. It is also about managing disappointment and frustration. These are techniques, which have to be well developed on the level of the self-management as well as group management.Beyond the ProjectWe want to conclude this paper with a scene that happened at the very end of the project. In a final meeting, all partners agreed – much to our surprise – that the product was a big success. At that time we as academic partners found this irritating. There were many reasons why we disagreed: we did not produce a new format, we did not get positive user feedback, and we could not sell the show to further broadcasters (our original aims). However, all of this did not seem to have any impact on this final assessment. At the time of the meeting this looked for us like surreal theatre. Looking back now, this display of enthusiasm was indeed perhaps a ‘rational’ thing to do. Most projects and products in the creative industries are not successful on the market (Frith). To recreate the belief that one will eventually be successful (McRobbie) seems to be the one task of affective labour that stands out at the end of the lifecycle of many creative project networks.References Amin, Ash, and Nigel Thrift, eds. The Blackwell Cultural Economy Reader. Oxford: Blackwell, 2004.Broeckling, Ulrich. “Enthusiasten, Ironiker, Melancholiker. Vom Umgang mit der unternehmerischen Anrufung.” Mittelweg 36.4 (2008): 80-86.Caldwell, John Thornton. Production Culture: Industrial Reflexivity and Critical Practice in Film and Television. Durham, NC: Duke UP, 200. Cook, Ian, et al., eds. Cultural Turns/Geographical Turns. Harlow: Prentice Hall, 2000.Dowling, Emma. “Producing the Dining Experience: Measure, Subjectivity and the Affective Worker.” Ephemera 7 (2007): 117-132.Ehrenreich, Barbara. Bait and Switch: The Futile Pursuit of the Corporate Dream. London: Granta, 2005.Florida, Richard. The Rise of the Creative Class. New York: Basic Books, 2002.Du Gay, Paul. and Michael Pryke, eds. Cultural Economy. Cultural Analysis and Commercial Life. London: Sage, 2002.Grandy, Alicia. “Emotion Regulation in the Workplace: A New Way to Conceptualise Emotional Labour.” Journal of Occupational Health Psychology 5 (2000): 95-110.Grindstaff, Laura. The Money Shot: Trash, Class, and the Making of TV Talk Shows. Chicago: U of Chicago P, 2002.Hartley, John, ed. Creative Industries. Malden, MA: Blackwell, 2005.Hesmondhalgh, David, and Sarah Baker. “Creative Work and Emotional Labour in the Television Industry.” Theory, Culture and Society 25.5 (2008): 97-119.Heyd, Michael. “Be Sober and Reasonable." The Critique of Enthusiasm in the Seventeenth and Early Eighteenth Centuries. Leiden: E.J. Brill, 1995.Himanen, Pekka. The Hacker Ethic. London: Random House, 2002.Hume, David. “Of Superstition and Enthusiasm.” Essays, Moral Political and Literary, I.X.3. Indianapolis: Liberty Fund, 1742/1987.Johnson, Gregory. “The Tree of Melancholy. Kant on Philosophy and Enthusiasm.” Kant and the New Philosophy of Religion. Eds. Chris L. Firestone and Stephen R. Palmquist. Bloomington: Indiana UP, 2006. 43-61.Kane, Pat. The Play Ethic: A Manifesto for a Different Way of Living. London: Pan Books, 2005.Lazzarato, Maurizio. "Verwertung und Kommunikation." Umherschweifende Produzenten. Eds. Negri et al., Berlin: ID Verlag, 1998.Lutz, Burkart. Der kurze Traum immerwährender Prosperität: Eine Neuinterpretation der industriell-kapitalistischen Entwicklung im Europa des 20. Jahrhunderts. Frankfurt a.M.: Campus, 1984.Mandel, Ernest. Late Capitalism. London, 1978.McRobbie, Angela. “From Holloway to Hollywood: Happiness at Work in the Cultural Economy.” Cultural Economy: Cultural Analysis and Commercial Life. Eds. Paul du Gay and M. Pryke. London: Sage, 2001. 97-114.Pearle, Norman V. Enthusiasm Makes the Difference. Worl's Work: Kingswood and London, 1967.Piore, Michael, and Charles Sabel. Das Ende der Massenproduktion. Studie über die Requalifizierung der Arbeit und die Rückkehr der Ökonomie in die Gesellschaft. Frankfurt: Fischer, 1985.Ray, Larry, and Andrew Sayer, eds. Culture and Economy after the Cultural Turn. London: Sage, 1999.Reich, Robert. The Work of Nations: Preparing Ourselves for 21st-Century Capitalism. New York: Knopf, 1991.Scheler, Max. Wesen und Formen der Sympathie. Gesammelte Werke, VII. Bonn: Bouvier, 1973 [1913].Schoenau, William H. Charm, Enthusiasm and Originality: Their Acquisition and Use. Los Angeles: Eln Publishing, 1929.Spinoza, Baruch. Ethics. The Collected Works of Spinoza I, trans. E. Curley. Princeton, N.J.: Princeton UP, 1985. Virno, Paolo. A Grammar of the Multitude. For an Analysis of Contemporary Forms of Life. Los Angeles: Semiotext(e), 2004.