Academic literature on the topic 'Early-Stage Investments'
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Journal articles on the topic "Early-Stage Investments"
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Festel, Gunter, Pablo Breitenmoser, Martin Würmseher, and Jan Kratzer. "Early stage technology investments of pre-seed venture capitalists." International Journal of Entrepreneurial Venturing 7, no. 4 (2015): 370. http://dx.doi.org/10.1504/ijev.2015.073647.
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Herrera-Echeverri, Hernán, Jerry Haar, and Juan Guillermo Salazar-Duque. "Private Equity and Devaluation in Emerging Countries." Global Economy Journal 17, no. 1 (March 2017): 20160048. http://dx.doi.org/10.1515/gej-2016-0048.
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Abstract: Using a comprehensive database with 51 emerging countries studied over a 13 year period, we find that devaluation increases the PE investment. More years of annual devaluation have a higher impact in promoting PE investment. Conclusions are confirmed for total and high technology PE investments, but not for early stage PE investments. Devaluation does not benefit PE investment in firms in the early stages of development. Devaluation itself is not sufficient to encourage the appetite of investors; however, some country-level competitiveness variables are indispensable for making a country more fertile for PE investment when a devaluation occurs – the high relevance of competiveness increasing in the long term.
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Loureiro, Tatiana, Marta Gil, Rachel Desmaris, Annalisa Andaloro, Charikleia Karakosta, and Stefan Plesser. "De-Risking Energy Efficiency Investments through Innovation." Proceedings 65, no. 1 (December 23, 2020): 3. http://dx.doi.org/10.3390/proceedings2020065003.
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Three Horizon 2020 projects, EEnvest, Triple-A and QUEST, are exploring innovative approaches to de-risking energy efficiency investments, focusing on how to render those investments attractive to the financial sector. EEnvest aims to develop a platform in order to contribute to the risk reduction for building energy efficiency investments, Triple-A focuses on enhancing at an early stage the investment value chain of energy efficiency projects and, finally, QUEST wants to improve the quality of management investments in energy efficiency.
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Makushina, Elena. "Identification of Dependence Between Financial Instruments for Structuring a Venture Round of Financing and the Portfolio Company’s Investment Stage of Development." Vestnik Volgogradskogo gosudarstvennogo universiteta. Ekonomika, no. 4 (February 2022): 163–79. http://dx.doi.org/10.15688/ek.jvolsu.2021.4.13.
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The purpose of this article is to identify the financial instruments that a venture capital fund uses when structuring а round of financing and the investment stages of development of a portfolio company. Based on a systematic literature review we investigated the portfolio companies’ investment stages, at which venture capital investments are made: seed stage, start-up stage, early stage, expansion stage. As a result of this study the definition of “venture investments” has been clarified. This article examines the financial instruments that venture capital funds use to structure a deal with portfolio companies’ founders on the venture stages of development. It has been established that the choice of financial instruments is the result of the negotiation process between the venture capital fund and new venture founders and depends on the risk of failure, which is determined by the investment stage of the portfolio company. Moreover, shortcomings of the national legislative regulation system were highlighted, and positive trends were noted in the national rule-making process – the adoption of a federal law that establishes the procedure for using a convertible loan. The possible ways of structuring the transaction between the founders and domestic venture capital funds formed under investment partnership agreements were identified. The results obtained can be used to build a venture infrastructure with operating mechanisms that are understandable for foreign investors.
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Heukamp, Franz H., Heinrich V. Liechtenstein, and Nick Walkeling. "Do Business Angels Alter the Risk-Return Equation in Early Stage Investments?" Journal of Private Equity 10, no. 3 (May 31, 2007): 67–86. http://dx.doi.org/10.3905/jpe.2007.686431.
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Lawryshyn, Yuri. "A practical analytical model for valuing early stage investments using real options." International Journal of Operational Research 25, no. 4 (2016): 475. http://dx.doi.org/10.1504/ijor.2016.075293.
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Nam, Dae-il. "Advancing the Ecosystem of Early Stage Ventures through Equity Crowdfunding: A Focus on Platform Strategy." Academy of Entrepreneurship 4, no. 1 (March 30, 2023): 1–31. http://dx.doi.org/10.22815/jes.2023.4.1.1.
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Five years have passed since equity crowdfunding was introduced in Korea in 2016. In this article, I examine the growth, current states, and limitations of equity crowdfunding. Unlike previous studies that emphasized legal aspects, this study develops a discussion based on platform strategy. If innovative finance that connects individual companies with investors is the essence of crowdfunding, it would be of great significance to suggest academic, policy, and practical implications from the perspective of platform strategy. Furthermore, I believe that equity crowdfunding can provide an educational first step for individual investors who want to learn more about various investments. It is also hoped that investment will become a culture in Korea thereby accelerating the growth of venture ecosystem.
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Perera, Shrimal, Tabita Bertsch, and Jayasinghe Wickremanayake. "Exit market liquidity and venture capitalists’ investment behaviour: Evidence from Australia, Canada and the United Kingdom." Corporate Ownership and Control 8, no. 1 (2010): 743–57. http://dx.doi.org/10.22495/cocv8i1c8p1.
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This study investigates the effect of exit market liquidity on venture capitalists’ (VCs’) investment behaviour. The sample consists of 4,758 investment rounds disbursed by venture capital funds in three selected common law-based OECD countries (Australia, Canada and the United Kingdom) during 1990-2005. The results indicate that investments in early-stage projects by VCs are not related to exit market liquidity conditions after controlling for exogenous factors. Empirical results, however, show that exit market liquidity is positively associated with VCs’ investments in new projects (as opposed to follow-on projects). Put differently, new firms (including start-ups) are more likely to obtain venture capital funding during times of liquid exit market conditions. Arguably, these findings highlight the importance of ‘timing’ of new project launch
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Marič, Miha, Jasmina Žnidaršič, Miha Uhan, Vlado Dimovski, Marko Ferjan, Maja Djurica, Mitja Jeraj, and Matej Janežič. "Country’s Development as a Determinant of Early-Stage Entrepreneurial Activity." Organizacija 46, no. 3 (May 1, 2013): 75–86. http://dx.doi.org/10.2478/orga-2013-0011.
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Our study is built on the dependence of early-stage entrepreneurial activity on GDP per capita, GDP real growth rate, unemployment rate, inflation rate, investments and public debt of different countries. We divide the early-stage entrepreneurial activity into necessity-driven and improvement-driven opportunistic entrepreneurial activity. To establish the dependencies we have conducted the regression analyses. Our three main findings are: (a) early-stage entrepreneurial activity does depend on our predictors; (b) necessity-driven entrepreneurial activity is negatively correlated to country’s development; and (c) improvement-driven opportunistic entrepreneurial activity is positively correlated to country’s development.
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Doty, Aaron. "An examination of the value of the Victorian Government's investment logic map as a tool for front-end evaluation of investment proposals." Evaluation Journal of Australasia 8, no. 1 (March 2008): 26–39. http://dx.doi.org/10.1177/1035719x0800800105.
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This article considers a tool called an ‘investment logic map’ which was developed by the Victorian Government Department of Treasury and Finance to assist in testing the rationale for proceeding with investment proposals (particularly information and communications technology investments) while they are still at an early stage of development. The article views this tool through the lens of evaluation theory and practice, and situates the investment logic map within the practice of front-end evaluation. From this perspective, the article considers some of the drawbacks of the investment logic map as an example of program logic. The article argues that, because of the pivotal role the investment logic map plays in the management and review of investments through their lifecycle (as part of the government's broader Investment Management Standard), it needs to be underpinned by more robust evaluation practice. The article concludes by suggesting a way in which the strengths of the investment logic map can be retained, while reducing the risks inherent in its current use.
Dissertations / Theses on the topic "Early-Stage Investments"
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Galope, Reynold. "Public financing of risky early-stage technology." Diss., Georgia Institute of Technology, 2012. http://hdl.handle.net/1853/45801.
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This dissertation examines the role of public investments in inducing small firms to develop risky, early-stage technologies. It contributes to expanding our understanding of the consequences of research, innovation, and entrepreneurship policies and programs by investigating in more depth the effect of the Small Business Innovation Research (SBIR) program on the innovation effort, ability to attract external capital, and other metrics of post-entry performance of small business start-ups using a new sample and estimation approach.
Unlike prior R&D subsidy studies that concentrated almost exclusively on European countries, this dissertation focused on small business start-ups in the United States using a new scientific survey of new firms. It integrated the Kauffman Firm Survey (KFS) from the Ewing Marion Kauffman Foundation with the SBIR recipient dataset from the U.S. Small Business Administration (SBA) and used advances in statistical matching to achieve better comparability between the treated and control groups of small business start-ups. The integrated KFS-SBA dataset, which contains both recipient and non-recipient small firms, and statistical matching allowed us to empirically construct the counterfactual outcomes of SBIR recipients.
This dissertation balanced the pre-treatment characteristics of SBIR recipients and non-recipients through propensity score matching (PSM). It constructed the comparison sample by identifying non-recipients with nearly identical propensity scores as those of SBIR recipients. Consistent with the propensity score theorem, observations with the same distribution of propensity scores have the same distribution of observable characteristics. PSM made the comparison and treatment samples homogenous except in SBIR program exposure, making the fundamental assumption of ignorability of treatment assignment more plausible.
Using the realized outcomes of observationally similar non-recipient start-ups as the counterfactual outcomes of SBIR recipients, we found empirical evidence of the input additionality effect of the SBIR program. Had they not applied for and granted SBIR R&D subsidies, recipient start-ups would have spent only $185,000 in R&D, but with SBIR their R&D effort was significantly increased to $663,000, on average. The treatment effects analyses also found a significant positive effect of SBIR on innovation propensity and employment. However, it appears that public co-financing of commercial R&D has crowded-out privately financed R&D of small business start-ups in the United States. A dollar of SBIR subsidy decreased firm-financed R&D by about $0.16.
Contrary to prior SBIR studies, we did not find any significant "halo effect" or "certification effect" of receiving an SBIR award on attracting external capital. However, we discovered a different certification effect of the SBIR program: SBIR grantees are more likely to attract external patents. This finding also confirms that innovation requires a portfolio of internal and external knowledge assets as theorized by David Teece and his colleagues.
This dissertation's empirical results may be relevant to the Small Business Administration, SBIR participating agencies, the U.S. Congress, other federal, state and local policymakers, small high-tech start-ups, and scholars in the field of science, technology, and innovation policy.
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Eriksson, Robin, and Erik Angel. "The Pursuit of Entrepreneurial Opportunities : early-stage investment and initiation of start-ups." Thesis, Linköpings universitet, Projekt, innovationer och entreprenörskap, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-177279.
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The decreasing numbers of investments in early-stage start-ups indicate that fewer start-ups might become scale-ups and later sustainable business, affecting the eco- nomical development. Early-stage investment actors such as venture capital firms (VCs), incubators and business angels select and support investment in different ways. The VC and investment research mostly regards later-stage team and idea focused strategies. The thesis investigates what characterises and what is important for the early-stage process and selection of tenants pursued, through the investment process at the VC start-up Hidden Dreams, who combines incubator support with early stage investments. Organisational documents and previous research, presented in the frame of reference, lay the foundation for the analysis of the thesis. Research about VC selection strategies, investments, incubators, and more, paves the way of modeling a market need focused strategy combined with support. HD’s past pre-transaction processes and its current portfolio companies are analysed by the frame of reference. A model depicting the early-stage investment and support process is presented as a result, together with other findings in the analysis. The depiction explains the selection and support strategy and process by nine modules, each playing a role in the journeys of the VC and start-up. Insights about how the idea, team and market need affect the outcome of choice from the process are presented. The process becomes iteratively more characterised based on historical lessons. Since early-stage investments are considered risky, a way of minimising that risk can be seen through the combination of VC, incubator and business angel functions. The team and idea play a vital role in the process, especially the entrepreneur or advisor who contribute with market knowledge in the evaluation of market need. If the market inhibits competition the opportunity needs a hook, otherwise the initia- tors need to know why there is no competition. The team and idea plays important parts in the evaluation of market need. The idea works as initiator of the scope and to define value creation capabilities, whilst the entrepreneurial team, through the potential problem-owner, give each case market anchoring through experience and knowledge.Digital presentation
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Kemeny, Carlos Alexandre. "Three Studies on Institutional Environment and the Private Equity Continuum: From Early-Stage Venture Capital Investments to Buyouts." Research Showcase @ CMU, 2015. http://repository.cmu.edu/dissertations/525.
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This dissertation evaluates the effects of the institutional environment on investment and performance in the private equity industry. It provides insights on how trade secret protection can increase venture capital (VC) investment through a state court’s favorability toward the inevitable disclosure doctrine, the effect of anti-takeover regulation as it relates to private equity firm buyout performance, and the role that political context has in determining VC distributions to different states. Data analysis is based on Thomson Reuters’ VentureXpert for VC investment and geography, inevitable disclosure rulings gathered from multiple sources, a proprietary database on private equity firm buyout performance, and election results at the state and national levels of the United States. Three studies were conducted, which comprise this dissertation. The first paper investigates how inevitable disclosure, a form of trade secret protection, affects the geography of VC investment in the United States. Results show that a rule in favor of inevitable disclosure increases the overall amount of VC inflows and the proportion of investment by non-local VCs in a state more than an against or no rule. Mechanisms are addressed that can explain these findings by considering how a court decision on inevitable disclosure might increase the probability of obtaining a court injunction against a former employee departure and the predictability of that probability. The second paper extends experiential learning theory by arguing that the degree of causal ambiguity in firm decisions likely differs not only across different settings (i.e. operational vs. strategic), but also across different stages of the same strategic decision. With particular regard to acquisitions, the selection stage seems to be less causally ambiguous than the restructuring stage. Since experience translates into learning to a lesser extent when causal ambiguity is greater, acquisition experience translates more readily into learning to select than into learning to add value. Accordingly, results show that more experienced acquirers should perform better in scenarios when the focal acquisition is more selection- (rather than restructuring-) oriented, such as when (1) the educational background of the acquiring firm’s top management is more finance- (rather than business-) oriented; and (2) the information environment is less transparent. Results are largely consistent with the notion that correlation between acquisition experience and performance is more positive when the firm’s capacity to select target companies is more relevant. The third paper attempts to uncover the effects of political context, as it relates to VC distributions to different states across the United States. The primary finding is that VC investment distributions increase when states that elect a Republican governor also vote for a Democratic presidential candidate (regardless if that candidate wins). Additionally, as the stability of a Republican gubernatorial regime increases, VC investment decreases. Finally, results show that policies that improve the quality of financial institutions (through the number of IPOs) might help explain the political effects on VC, whereas tax policy (through capital gains tax rate) and proentrepreneurship policy (through the number of new firms) do not.
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Son, Hanei. "Three essays on Corporate Venture Capital Investment : Fostering Organizational Learning through Early-Stage Ventures." Electronic Thesis or Diss., Jouy-en Josas, HEC, 2023. http://www.theses.fr/2023EHEC0006.
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Cette thèse étudie l’effet sur l’innovation entrepreneuriale et les autres acquis d’apprentissage des entreprises qui créent des relations avec des startups en phase de démarrage (dites "early-stage") grâce à l'investissement en capital-risque d'entreprise (Corporate Venture Capital; CVC). Dans la mesure où les startups early-stage ne possèdentpossedent pas encore nécessairement de produits ou services, celles-ci sont souvent considérées comme des cibles d'investissement incertaines en termes de potentiel de performances futures. En dépit de cette affirmation, des preuves empiriques établissent la participation d’un certain nombre d’entreprises à des opérations de CVC early-stage.Dans mon premier essai, j’effectue des recherches pour déterminer si l’augmentation des investissements dans des startups early-stage induit une meilleure performance en termes d’innovation pour les entreprises investisseurs en me basant sur la littérature sur l'apprentissage organisationnel. Je constate que les investissements dans les startups early-stage ont effectivement un effet positif sur l'innovation à court terme des investisseurs. De plus, je trouve que la diversité des investissements en termes d'industries diminue cet effet positif en raison de l’augmentation de la complexité de l'apprentissage organisationnel.Dans mon deuxième essai, j'examine la décision des investisseurs de former des relations exclusives avec des startups early-stage en fonction de la structure de leur équipe CVC. Je me concentre sur l'accès exclusif à des ressources précieuses que les investisseurs peuvent obtenir comme avantage clé en investissant dans ces startups. Je prédis que les équipes de CVC autonomes sont plus susceptibles d'opter pour des liens exclusifs avec des startups early-stage que les équipes de CVC intégrées, car les CVC intégrés sont souvent plus sensibles aux risques et à l'approbation de la direction. Je constate également que si les investisseurs autonomes ont des connaissances plus originales, cela peut réduire leur incitation à établir des liens exclusifs en préférant un large éventail de connaissances plutôt qu'une appropriation effective de certains pools de connaissance.Dans mon troisième essai, j'étudie la relation entre les investissements CVC et la performance sociale des entreprises (CSP). Je théorise que l'expérience accumulée à travers l'obtention de ressources auprès de ces startups peut contribuer à l'élévation de la réputation sociale des investisseurs grâce au développement de leur capacité à comprendre et répondre aux demandes de leurs parties prenantes. Cette recherche suggère que l’impact sur la responsabilité sociale des entreprises (RSE) n’est pas dû à un investissement spécifique, mais plutôt à l'expérience accumulée grâce à une série de tels investissements qui peut être positivement associée à des évaluations externesN examines the implications on corporate innovation and other learning outcomes of incumbents that build relationships with early-stage ventures through Corporate Venture Capital(CVC) investments. As entrepreneurial ventures draw the attention as external sources of valuable knowledge and skills, past literature has investigated how incumbents build inter-organizational relationships with these ventures through CVC investments. Among them, early-stage ventures without a visible product or service are often considered to be uncertain investment targets in terms of their technologies and potential performance. Contrary to this view, empirical evidence shows that number of incumbents are participating in early-stage CVC deals. This raises an intriguing question about what corporate investors can achieve by targeting such ventures with higher uncertainty.In my first essay, I examine whether firms achieve greater innovative performance when increasing their early-stage CVC investments. I theorize an find that early-stage CVC investments indeed increase firms’ short-term innovation even after controlling for total CVC investments and the investment in Independent Venture Capital (IVC)-backed ventures of corporate investors. Furthermore, I find empirical support that greater industry diversity of a firm’s CVC portfolio attenuates this relationship by adding knowledge complexity to organizational learning.In my second essay, focusing on exclusive access to valuable resources as a key advantage of early-stage CVC investments, I theorize that while exclusivity can serve as a strategy for corporate investors to form strong bonds with early-stage ventures, a trade-off exists as information asymmetries arise from the lack of external information to value these ventures as partners. I demonstrate that corporate investors with autonomous CVC units are more likely to opt for exclusive ties with early-stage ventures, as opposed to integrated CVC units, which are more sensitive to risk and managerial consent. In addition, this trend is moderated by the knowledge originality of corporate investors’ existing knowledge stocks.In my third essay, I examine the relationship between CVC investments and Corporate Social Performance (CSP), and propose that certain aspects of CVC investments can lead to positive outcomes from a CSR perspective. Specifically, I focus on early-stage CVC investments, which require resource acquisition under conditions of uncertainty. I theorize how accumulating resources through continuous investments in early-stage ventures can contribute to higher social outcomes. This research suggests that it is not just a single early-stage investment that impacts CSR, but rather the accumulated experience gained through such investments that can be positively associated with external evaluations of CSR
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Schröder, Christian [Verfasser]. "Empirical Studies on ICT Firm Growth and Knowledge Sp illover, ICT Cooperation Networks, and Early Stage Venture Capital Investments / Christian Schröder." Wuppertal : Universitätsbibliothek Wuppertal, 2013. http://d-nb.info/1033569852/34.
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Smith, Jennifer A. "Potential Bias in Early-Stage Venture Capital Funding." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/scripps_theses/892.
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This analysis examines the impact that personal characteristics like gender, race, years participating in the labor force, education, and previous entrepreneurship have on the amount of funding a startup receives from venture capital investors. Data for the analysis is taken from online venture capital database, Crunchbase, and includes investments made by venture capitalists between the years of 2002 and 2014. Findings from the regression analysis conclude that gender, the number of years a founder has been in the labor force, and a founder’s education background are significant determinants of the amount of funding a company receives in funding rounds. In addition, the sector the company falls under and the venture capital firms that the company seeks investment from are both significant determinants of the amount of funding received by the company and the founder.
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Sundström, Johannes, and Nikolas Dresmal. "How Early-Stage Investors Assess Investment Opportunities in the Swedish Video Game Industry." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-447617.
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Early-stage investors increasingly impact the surging video game industry. Thus, understanding their thought processes provides vital insight for entrepreneurs. This thesis explores how early-stage investors assess investment opportunities in the Swedish game industry by presenting semistructured interviews with three prominent angel investors. Thematic analysis was performed on the interview data to extract significant themes regarding investors’ thought processes. Themes were then contrasted with previous research on investor decision-making to establish emergent patterns in the game industry. Results indicate that investors regard the composition and reliability of the team and pursue long-term involvement in companies. It is particularly important for teams to inspire trust. If investors can connect to teams personally, it facilitates successful long-term collaboration. Future research should focus on interviewing investors in other flourishing game markets, such as the U.S. or Chinese. Congruent results may lay the foundation for a framework to aid developers with acquiring funds in the broader game industry.
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Booth, Christopher. "Formal venture capital investment into early-stage biotechnology companies : information asymmetries in the screening process /." [St. Lucia, Qld.], 2006. http://www.library.uq.edu.au/pdfserve.php?image=thesisabs/absthe19785.pdf.
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Li, Chen. "Venture Capital Early Stage Investment Success in ICT Industry: The Role of Technological and Financial Expertise." Thesis, Université d'Ottawa / University of Ottawa, 2019. http://hdl.handle.net/10393/39579.
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Using a human capital perspective, this study investigates the relationship between the specific human capital of the top management teams of venture capital firms (VCFs) and the firms’ investment performance. The results of this study demonstrate that, in the early-stage information technology and communication (ICT) industry, VCFs’ technological expertise strongly predict better venture capital firm performance in the form of greater portfolio exit ratio. While financial expertise shows a positive but not significant effect. This study finds that although venture capital investing is a financial activity, technological expertise is the human capital characteristic that is more appropriate for this sub-environment. Future research is suggested.
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Gerasymenko, Violetta. "Impact of post-investment involvement of early-stage venture capitalists on the performance of high tech ventures : The french case." Jouy-en Josas, HEC, 2008. http://www.theses.fr/2008EHEC0008.
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Cette thèse vise à démontrer comment l’implication des fonds de capital-risque d’amorçage dans les différentes activités post-investissement influence la performance des entreprises de haute technologie. Le recours aux théories de l’agence et de la dépendance envers les ressources permet de tester l’impact de l’implication des managers des fonds, respectivement dans le remplacement du chef d’entreprise et dans l’apport de ressources managériales à l’entreprise. Le modèle théorique a été testé avec les données collectées par questionnaires auprès d’une large partie des fonds d’amorçage français ayant en portefeuille près de 300 entreprises dans les secteurs de la biotechnologie et des TIC. Les résultats ont montré l’impact positif de l’apport par le fonds de ressources managériales sur la performance de l’entreprise. L’implication du fonds dans le remplacement du chef d’entreprise s’avère moins efficace en l’absence d’un accompagnement managérial. Ces résultats permettent de conclure à une complémentarité entre la théorie de l’agence et celle de la dépendance envers les ressources. Ils permettent également de tirer des implications pratiques pour les différents acteurs du marchéThe objective of this thesis is to show how different post-investment activities of early-stage venture capitalists influence the performance of ventures. The combination of the agency and resource dependence theories enabled to test respectively the impact of early-stage venture capitalists’ involvement in CEO replacement and in provision of a variety of managerial resources. The theoretical model has been tested on data collected through questionnaires from a large proportion of early-stage venture capitalists in France having in their portfolio around 300 ventures in ITC and biopharmaceutical sectors. The findings revealed that managerial resources provided by early-stage venture capitalists positively influenced the ventures’ performance. In addition, while CEO replacement conducted by French venture capitalists was not efficient, when conducted together with provision of value-adding resources by an early-stage venture capitalist, it was positively associated with ventures’ performance. These results have implications for theoretical and empirical literature and provide some useful insights for activities of different actors including government bodies, fund of fund managers, venture capitalists and entrepreneurs
Books on the topic "Early-Stage Investments"
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Financing innovative development: Comparative review of the experiences of UNECE countries in early-stage financing. New York ; Geneva: United Nations, 2007.
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Winning Angels: The 7 Fundamentals of Early Stage Investing. FT Press, 2001.
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Margulis, Joel, and Gerald A. Benjamin. The Angel Investor's Handbook: How to Profit from Early-Stage Investing. Bloomberg Press, 2001.
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Preston, Susan L. Angel Financing for Entrepreneurs: Early-Stage Funding for Long-Term Success. Wiley & Sons, Incorporated, John, 2011.
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Angel Financing for Entrepreneurs: Early-Stage Funding for Long-Term Success. Jossey-Bass, 2007.
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Preston, Susan L. Angel Financing for Entrepreneurs: Early-Stage Funding for Long-Term Success. Wiley & Sons, Incorporated, John, 2011.
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Yamauchi, Futoshi, and Yanyan Liu. School Quality, Labor Markets and Human Capital Investments: Long-Term Impacts of an Early Stage Education Intervention in the Philippines. The World Bank, 2012. http://dx.doi.org/10.1596/1813-9450-6247.
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Degenhardt, Jane Hwang. Globalizing Fortune on The Early Modern Stage. Oxford University PressOxford, 2022. http://dx.doi.org/10.1093/oso/9780198867920.001.0001.
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Abstract Offering in-depth discussions of plays by Shakespeare, Marlowe, Heywood, Dekker, and others, this study considers how England’s economic expansion through global commerce and nascent colonial exploration produced new understandings of the role of fortune in the world, both as a philosophy of chance and luck and a means by which to accumulate wealth. While largely derided as a sinful, earthly distraction in the Boethian tradition of the Middle Ages, fortune made a comeback on the Renaissance stage as a force associated with virtuous opportunities, valiant risks, and ennobling adventures. Fortune’s Empire shows how a pagan goddess who blindly spins the wheel of our lives becomes an avatar for new understandings of risk and investment that underwrite capitalist systems of value in a period of globalization. The book also demonstrates how fortune helped to foster a philosophy of action in a Protestant culture where divine providence remained largely incomprehensible and inaccessible to human consciousness. Like the history of English seaborne expansion, the history of English theater was also a history of fortune. For theater itself depended on novel commercial structures that were vulnerable to speculation and risk, and the success of its live performances required careful management of accident, contingency, and unpredictable audience responses. Drawing attention to an archive of plays dramatizing maritime travel, trade, and adventure, Fortune’s Empire shows how the popular stage shaped evolving understandings of fortune by cultivating new viewing practices and mechanisms of theatrical wonder, as well as proper ethical responses to new forms of economic investment.
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Library, The Law. Small Business Investment Companies - Early Stage Sbics (Us Small Business Administration Regulation) (Sba) (2018 Edition). Independently Published, 2019.
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Polzin, Friedemann, Mark Sanders, and Ulrika Stavlöt. "Mobilizing Early-Stage Investments for an Innovation-Led Sustainability Transition." In Designing a Sustainable Financial System, 347–81. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-66387-6_13.
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Broom, Donald M. "Maternal and neonatal behaviour." In Broom and Fraser’s domestic animal behaviour and welfare, 210–24. 6th ed. Wallingford: CABI, 2021. http://dx.doi.org/10.1079/9781789249835.0020.
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Abstract This chapter provides information on the behaviour of domestic animals during early and parental stage which includes the following topics: parental investment; initiation of maternal behaviour; maternal motivation; milk let-down; nursing and suckling; and behaviour of the newborn animals in various species.
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Schaberg, Ulf G. "“IP Is Paramount:” The Significance of IP in Early-Stage Start-Up Investment Decisions." In Management for Professionals, 91–116. Cham: Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-16993-9_6.
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Crosbie, Christopher. "Introduction: On Revenge Tragedy and the Shaping Influence of Classical Philosophy." In Revenge Tragedy and Classical Philosophy on the Early Modern Stage, 1–40. Edinburgh University Press, 2019. http://dx.doi.org/10.3366/edinburgh/9781474440264.003.0001.
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This chapter examines how the modern creation of revenge tragedy as a genre has estranged theatrical revenge from most forms of philosophical inquiry in our critical hermeneutic. The first half of the introduction reveals how the constellation of conventions used to identify "revenge tragedy" imprecisely fits the plays it ostensibly describes. After charting how this contributes to obscuring the deeper philosophical investments of theatrical revenge, the chapter briefly summarizes the argument of each of the book’s chapters. The introduction argues that revenge dramatists tether their revenge narratives to specific ontological assumptions about how the worlds they create work and, in doing so, create a sense of retribution as fitting, as seeming consonant with those worlds’ most fundamental operations.
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Arundale, Keith, and Colin Mason. "Private Equity & Venture Capital." In A New World Post COVID-19. Venice: Fondazione Università Ca’ Foscari, 2020. http://dx.doi.org/10.30687/978-88-6969-442-4/014.
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Private equity has successfully weathered economic crises in the past and appears to be well-placed to manage the current coronavirus crisis. Whilst both fundraising and investments will be significantly reduced from pre-pandemic levels for some time these are expected to recover and resume the historic overall growth trend. Private equity firms may find opportunities through taking undervalued public companies private and in restructuring under-performing businesses. However, start-ups may find seed and early stage finance hard to access. Government support measures need to meet the characteristics and needs of high growth enterprises.
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Włosik, Katarzyna. "Initial coin offering jako nowa forma finansowania i inwestycji." In Innowacje finansowe w gospodarce 4.0, 70–87. Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu, 2021. http://dx.doi.org/10.18559/978-83-8211-083-8/4.
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This part of the monograph is related to initial coin offering – a mechanism that allows blockchain-based companies or projects to obtain financing. In return for financial support, ICO participants are offered different types of digital tokens – payment, utility or investment tokens. The chapter contains the systematization of issues related to ICO and tokens as well as a description of stages of initial coin offering. The SWOT analysis of ICO highlights the strengths and opportunities related to ICO – inter alia the possibility of portfolio diversification and the limited access for individual investors to early-stage investments (apart from ICO). Also the weaknesses of initial coin offering (e.g. the need to prepare a due diligence by an investor) and associated risks (e.g. regulatory uncertainty) are considered. Moreover, the author identifies research areas related to ICO. They include, among others, the identification of ICO success factors and the identification of factors affecting the rates of return on tokens.
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Diamond, Arthur M. "Funding Entrepreneurs." In Openness to Creative Destruction, 153–66. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190263669.003.0011.
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At the key early stage of most breakthrough innovations, when innovative ideas are hardest to communicate and most widely doubted, the innovations will be largely self-funded through job income, mortgage loans, or family investments. Many examples illustrate early self-funding, including Walt Disney, Frederic Tudor, Soichiro Honda, Steve Jobs, and Harold Hamm. Self-funding remains important at later stages of growth of the entrepreneurial firm because it allows the original innovative entrepreneur to maintain the enough control to continue innovating. This is especially important for project entrepreneurs. Centrally planned funders, such as MITI in Japan or DARPA in the United States, are unlikely to be the main agents of breakthrough innovations. Self-funding is easier to achieve when taxes are limited. The garage is the symbol of the importance of self-funding, where the inventor does not need to ask permission to invent, and the entrepreneur does not need to ask permission to innovate.
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Gilligan, John, and Mike Wright. "The Private Equity Market." In Private Equity Demystified, 1–39. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198866961.003.0001.
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This chapter defines private equity, describes the origins of the private equity market, and examines the data on the size and growth of the private equity industry. Private equity is risk capital provided outside the public markets. The businesses invested in by private equity range from early stage ventures, usually termed venture capital investments, through businesses requiring growth or development capital to the purchase of an established business in a management buyout or buy-in. Much, but not all, of the investing done in the private equity market is by private equity funds. The objective of a private equity fund is to invest equity or risk capital in a portfolio of private companies which are identified and researched by the private equity fund managers. The chapter then considers what private equity fund managers do. It also provides a brief history of private equity before assessing how big the private equity market is.
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Fornes, Gaston, and Maria Altamira. "Setting the Scene for the Development of Differentiation Strategies in Emerging Markets." In Advances in Finance, Accounting, and Economics, 250–64. IGI Global, 2014. http://dx.doi.org/10.4018/978-1-4666-6224-7.ch014.
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This chapter analyses the differentiation strategies of Chinese Multinational Corporations (MNCs) in Latin American (LA) emerging economies. This requires an institutional theory approach (i.e., how the institutional environment in the domestic market shapes the strategies pursued in the host country). The premise is that there is a positive relationship between the home institutional environment and the policies followed in foreign investments. It does this through a qualitative analysis of data collected in in-depth interviews from a theoretical sample of six Chinese MNCs operating in LA. The analysis focuses on three main areas, the informal institutions, the domestic institutional environment as a barrier and/or facilitator, and the strategies in different institutional frameworks. The results show that China's firms in LA are at an early stage in their international marketing and expansion strategies. These companies are leveraging their price competitiveness (based mainly on low cost manufacture at home) on the differentiation and/or market strengths of local partners with whom they have developed networks of Joint Ventures (JVs) in the region. This is also the consequence of a short international experience that has resulted in weak cross-cultural awareness. In addition, at this stage these companies are mainly looking to have better access to the customers in the host market and as such are creating ad-hoc structures in each of the countries where they operate without a clear differentiation strategy. These findings are similar to those in previous works on Chinese MNCs in developed economies.
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Degenhardt, Jane Hwang. "Fortune’s Early Modern Turn." In Globalizing Fortune on The Early Modern Stage, 1–49. Oxford University PressOxford, 2022. http://dx.doi.org/10.1093/oso/9780198867920.003.0001.
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Abstract This substantial introductory chapter offers a detailed overview of the economic, religious, imperial, and philosophical contexts for understanding the expanding role of fortune in early modern England. It includes a discussion of the radical shifts in fortune’s meaning from the classical and medieval periods into the Renaissance, including an overview of major philosophical and poetic treatments of the topic by writers ranging from Boethius to Machiavelli to John Dee. It also includes a consideration of fortune’s evolving iconographical tradition in the sixteenth century (including a discussion of more than a dozen images). Finally, it sets forth an argument about the popular theater’s role in authorizing a new meaning of fortune that offered a model for maximizing and ethically justifying new global investment practices as well as its own reliance on paying audiences, outside investors, and commercial profits.
Conference papers on the topic "Early-Stage Investments"
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Ha, Taehoon, Jinwoo Kim, and Youngkeun Choi. "The Interplay of the Backgrounds of Venture Capitalists and Venture Capitals’ Fund Size for their Propensities of Early-Stage Investments." In Business 2014. Science & Engineering Research Support soCiety, 2014. http://dx.doi.org/10.14257/astl.2014.47.26.
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Pakšytė, Ieva, and Daiva Jurevičienė. "STUDY ON THE ELIGIBILITY OF VENTURE CAPITAL FUNDS IN THE UNITED STATES MARKET." In 12th International Scientific Conference „Business and Management 2022“. Vilnius Gediminas Technical University, 2022. http://dx.doi.org/10.3846/bm.2022.778.
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Experience shows that 9 out of 10 start-ups and SMEs do not survive in the market and fail at an early stage. This study aims to fill a gap on how start-ups and SMEs are affected by venture capital fund investments, i.e., identifying the criteria for selecting a potentially best VCF, ensuring the success of the investment and reducing pos-sible bankruptcy risk. The object is VCFs in the United States. The data was used from a publicly available statistical database Crunchbase. Using the complex proportional assessment method CORPAS for evaluating and ranking VCF criteria and the cluster analysis – for identifying similarities between VCFs and dividing VCF into clusters, the inves-tigation determines the crucial criteria. The most important are: Years in business of VCF; The number of employees working for VCF; The fund’s marketing strategy. The study results can help further to develop an evaluation system of VCF eligibility criteria.
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Bari, Abdul, Mohammad Rasheed Khan, M. Sohaib Tanveer, Muhammad Hammad, Asad Mumtaz Adhami, Sarmad S. Siddiqi, Talha Zubair, et al. "A Cognitive Data-Driven Single-Well Modeling Workflow for Reservoir Deliverability Predictions – Expanding the Wireline Formation Tester Application Envelope." In SPE Middle East Oil & Gas Show and Conference. SPE, 2021. http://dx.doi.org/10.2118/204802-ms.
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Abstract In today's dynamically challenging E&P industry, exploration activities demand for out-of-the-box measures to make the most out of the data available at hand. Instead of relying on time consuming and cost-intensive deliverability testing, there is a strong push to extract maximum possible information from time- and cost-efficient wireline formation testers in combination with other openhole logs to get critical reservoir insight. Consequently, driving efficiency in the appraisal process by reducing redundant expenditures linked with reservoir evaluation. Employing a data-driven approach, this paper addresses the need to build single-well analytical models that combines knowledge of core data, petrophysical evaluation and reservoir fluid properties. Resultantly, predictive analysis using cognitive processes to determine multilayer productivity for an exploratory well is achieved. Single Well Predictive Modeling (SWPM) workflow is developed for this case which utilizes plethora of formation evaluation information which traditionally resides across siloed disciplines. A tailor-made workflow has been implemented which goes beyond the conventional formation tester deliverables while incorporating PVT and numerical simulation methodologies. Stage one involved reservoir characterization utilizing Interval Pressure Transient Testing (IPTT) done through the mini-DST operation on wireline formation tester. Stage two concerns the use of analytical modeling to yield exact solution to an approximate problem whose end-product is an estimate of the Absolute Open Flow Potential (AOFP). Stage three involves utilizing fluid properties from downhole fluid samples and integrating with core, OH logs, and IPTT answer products to yield a calibrated SWPM model, which includes development of a 1D petrophysical model. Additionally, this stage produces a 3D simulation model to yield a reservoir production performance deliverable which considers variable rock typing through neural network analysis. Ultimately, stage four combines the preceding analysis to develop a wellbore production model which aids in optimizing completion strategies. The application of this data-driven and cognitive technique has helped the operator in evaluating the potential of the reservoir early-on to aid in the decision-making process for further investments. An exhaustive workflow is in place that can be adopted for informed reservoir deliverability modeling in case of early well-life evaluations.
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Zarrouk, Hajer, and Rawdha Alnuaimi. "Early-Stage Entrepreneurial Investment decision making: Challenges and Dynamics." In 6th International Conference on Applied Research in Management. Acavent, 2022. http://dx.doi.org/10.33422/6th.iarmea.2022.11.10.
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Hillner, Matthias. "Towards a Democratisation of Innovation." In 13th International Conference on Applied Human Factors and Ergonomics (AHFE 2022). AHFE International, 2022. http://dx.doi.org/10.54941/ahfe1001518.
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Singapore is an innovation-intensive nation. In 2020 Prime Minister Lee Hsien Loong pledged to inject ‘up to S$150million’ in the country’s startup ecosystem (Channel News Asia). This paper discusses the distribution of public funds amongst startups in Singapore. It raises questions about the effectiveness of early-stage pre-seed funding and discusses medium and long-term impact of distributed funds on business performance. The paper defines startups as growth-oriented independent SMEs in pursuit Series A investments. It distinguishes between bootstrap initiatives and funding-intensive initiatives. The paper argues that there is currently a problematic emphasis on funding-intensive startups, and a potentially compromising neglect of bootstrap ventures who do typically not have equal access to smart funds, mentoring schemes and support frameworks. Equally importantly, bootstrap initiatives often escape the radar of government authorities, thus compromising the authorities’ capabilities of monitoring innovation performance across the entire spectrum.This paper uses a mixed-method approach. It draws on a series of exchanges with experts — entrepreneurs, incubator managers, investors, VC firms, as well as representatives of government funding bodies — and secondary research findings. The primary research data has been collected over a period of nine years. The preliminary hypothesis is that the support mechanisms in the context of contemporary startup ecosystems tend to be ill-directed and may compromise overall innovation performance. Various studies carried out in different parts of the world raise questions about the effectiveness of government funding for innovations that are pursued by startups and suggest that the distribution of public funds does often not benefit innovation performance generally: Following an investigation of public fund distribution in China, Hong et al. (2015) claim that ‘government grants negatively impact the overall innovation efficiency in the high-tech sector.’ Other studies (Liu and Rammer, 2016) point towards the possibility that government grants are often used as substitute for private innovation investment by established businesses who, in the absence of public funding, would be able to afford R&D financing internally, whilst early-stage startups that are in greater need of funding, often miss out on support due to requirements related to match funding or trading history. This means that early-stage startups are often disadvantaged, in particular bootstrap initiatives, whilst established SMEs and large businesses do not enhance their innovation performance through subsidies. It is also thought that there is a prioritisation of incremental innovations and a lack in funding for potentially disruptive innovations because the latter are at higher risk of economic failure. As a result, firms tend to prioritise incremental innovation, in conjunction with which it is easier to predict viability.This paper, which primarily focuses on the distribution processes used by Enterprise Singapore (ESG) and other public institutions in Singapore, raises questions about the effectiveness of public spending in relation to innovation. Bootstrap ventures that might benefit from smart-fund injections, are not captured by the Singapore authorities, and there is currently no reliable progress tracking to objectively monitor startup performance. Instead, various funding organisations including universities, VC firms, as well as the ESG, rely on each other’s recommendations in their decision-making. There is a likelihood that the selection process is subject to bias which may have compromising macro-economic implications in the long term.To summarise the above, the proposed paper raises questions about the tracking of government funded startups, and it explores the consequences of startup funding from an economic and a sociopolitical point of view. The paper discusses possibilities of reversing this trend by empowering independent startups through accessible support frameworks that operate autonomously and independent from profit-oriented incubators, VC firms and angel investment networks.Sample Sources:Hong, J. et al. (2015): Government Grants, Private R&D Funding and Innovation Efficiency in Transition Economy, Abingdon-on-Thames, UK: RoutledgeLiu, R., Rammer, C. (2016): The Contribution of Different Public Innovation Funding Programs to SMEs’ Export Performance, ZEW Discussion PapersSoetanto, D. P., van Geenhuizen, M. (2015): Getting the right balance: University networks’ influence on spin-offs’ attraction of funding for innovation, in: Technovation, Volumes 36–37, February–March 2015, Pages 26-38, Amsterdam, Netherlands: Elsevier Teece, D. (2009): Business Models, Business Strategy and Innovation, Amsterdam, Netherlands: Elsevier
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Hulse, Daniel, Christopher Hoyle, Kai Goebel, and Irem Y. Tumer. "Optimizing Function-Based Fault Propagation Model Resilience Using Expected Cost Scoring." In ASME 2018 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2018. http://dx.doi.org/10.1115/detc2018-85318.
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Complex engineered systems are often associated with risk due to high failure consequences, high complexity, and large investments. As a result, it is desirable for complex engineered systems to be resilient such that they can avoid or quickly recover from faults. Ideally, this should be done at the early design stage where designers are most able to explore a large space of concepts. Previous work has shown that functional models can be used to predict fault propagation behavior and motivate design work. However, little has been done to formally optimize a design based on these predictions, partially because the effects of these models have not been quantified into an objective function to optimize. This work introduces a scoring function which integrates with a fault scenario-based simulation to enable the risk-neutral optimization of functional model resilience. This scoring function accomplishes this by resolving the tradeoffs between the design costs, operating costs, and modeled fault response of a given design in a way that may be parameterized in terms of designer-specified resilient features. This scoring function is adapted and applied to the optimization of controlling functions which recover flows in a monopropellant orbiter. In this case study, an evolutionary algorithm is found to find the optimal logic for these functions, showing an improvement over a typical a-priori guess by exploring a large range of solutions, demonstrating the value of the approach.
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Turlakova, Teodorina. "METRICS AND INDICATORS OF REGIONAL DIFFERENCES IN ENTREPRENEURIAL ACTIVITY." In 9th SWS International Scientific Conferences on SOCIAL SCIENCES - ISCSS 2022. SGEM WORLD SCIENCE, 2022. http://dx.doi.org/10.35603/sws.iscss.2022/s04.046.
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The economic development of the regions in Bulgaria is characterized by growing regional business differences. The transition in a substantive and retrospective plan from an exogenous approach to the development of regions to an endogenous one puts the questions of entrepreneurial activity and its regional determinism in the center of research. In economic and management literature, concepts such as "regional entrepreneurship", "rural entrepreneurship", "entrepreneurial activity" and others have gained wide popularity, which describe entrepreneurial activity from the point of view of the relationship with the characteristics of the region and regional development. Regional entrepreneurial activity as an indicator is used in analyses, comparisons and evaluations of differences in the levels of spread and development of entrepreneurship in individual regions. In its metrication, the following metrics are often used: rank of formation of new companies in a specific region; general index of entrepreneurial activity in the initial phase of the entrepreneurial process; "breadth" and "depth" of regional entrepreneurship (entrepreneurship breadth and depth), characterizing the territorial dispersion and concentration of high-value entrepreneurs for the region, etc. In this regard, the purpose of the report is to reveal the levels of territorial disparities in Bulgaria's entrepreneurial activity through scientifically based and popular metrics for its metrication. Local government measures to overcome regional disparities should be based on objective empirical analyzes and comparable indicators such as the Total Early-stage Entrepreneurial Activity (TEA Index); Index of Theil et al. This report clarifies the main characteristics of regional business models, their manifestations and trends, including those based on green investments.
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Daneshkhah, Vahid, Gholamreza Younesi, Meisam Karbalaee Akbari, and Hamed Daneshkhah. "Essential Ingredients of Effective Project Management: A Case Study of Project Execution in the South Pars Mega-Projects." In Gas & Oil Technology Showcase and Conference. SPE, 2023. http://dx.doi.org/10.2118/214032-ms.
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Abstract During the past decades hundreds of wells have been constructed in the giant South Pars gas field with different approaches and methodologies leading to diverse outcomes and results. Interestingly enough there have been many operators in the field with distinct performances yet by deploying the same vendors and service providers held in common. By considering that it is statistically proven that the larger the project budget, there are higher chances for failure, effective tailoring of methodologies in large scale mega-projects would be crucial and decisive. In many cases failures are a consequence of simply applying methodologies already experienced in small scale projects on complex and sophisticated projects with a variety of influential factors and a huge network of stakeholders. The study has provided an insight on how effective approaches in project management or conversely mismanagement could play as the main rout cause in a chain of events corresponding to either saved time or Non-Productive Times in well construction operations by presenting real cases elaborated in detail. Cases show how failure in collecting requirements and recognizing the interdependencies among each necessity in the early stages of the project and subsequently overlooking the related cost, time and risks could cause massive cumulative financial loss. Additionally, failure to recognize wise investments in vendors and service providers as the 1-10-100 rule which explains how failure to take notice of one initial investment escalates the financial loss exponentially would have staggering consequences. The current paper explains how being proactive in an extensive planning phase could ease the execution stage as a great investment in time spent. From a human resource perspective, it has been demonstrated that how the ability and skills of the project team e.g. effective communication in complex networks with multiple reporting relationships and data-driven decisions by statistics could prevent cognitive biases and errors in decision making. Furthermore, powerful alignments come from shared and common motivations and morale for all engaged parties and the supply chain being service providers, rig contractors or the field operator and there should be an answer to the question, what's in it for me when asked by each of these parties. Overall the study presents real cases and lessons learned showing how the main rout causes of Non-Productive Times could go back deeply to ineffective project approaches from a project management perspective in a system dynamic chain of events rather than to just address the emerged symptoms of failure in drilling operation.
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Dissel, M. C., R. Phaal, C. J. Farrukh, and D. Probert. "Value Roadmapping: A Structured Approach for Early Stage Technology Investment Decisions." In 2006 Technology Management for the Global Future - PICMET 2006 Conference. IEEE, 2006. http://dx.doi.org/10.1109/picmet.2006.296713.
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Libkovska, Una, and Ivo Lemss. "THE ROLE OF ECO MANAGEMENT IN ENVIRONMENTAL MANAGEMENT PROCESSES IN LATVIA." In 22nd SGEM International Multidisciplinary Scientific GeoConference 2022. STEF92 Technology, 2022. http://dx.doi.org/10.5593/sgem2022/5.1/s21.089.
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Research will focus on investments for the development of the company. Transition to the circular economy is understood in many cases only as an unnecessary obstacle, not as the new business model. Production based on the linear model "take, make, dispose of" is not possible anymore based on decreased environmental quality. Increased production efficiency could help promote the company's prestige, gain tax allowances, create optimistic co-operation with the state, municipality, and maintain sustainability in terms of the balance achieved between economic, environmental and social interests. Although the research until now is in an early stage, some answers had been received from questionnaire from different stakeholders. The research purpose is to create an adapted model for the implementation of the circular economy for the small and medium enterprises of Latvia in a long-term perspective. Research will focus on the following qualitative data analysis methods � SWOT, factor, economic contribution, structured interviews at expert level, overall structured interview in the form of the questionnaire. From quantitative methods, hierarchical cluster or partial cluster method will be used in this research, analysing 3966 organisations in the Eco-Management and audit scheme (from now on � EMAS) at the European level that ensure compliance with the essential environmental requirements under EMAS Regulation. Until now within the research, the number of EMAS organisations have been selected between 29 different countries in 5 sectors (energy, water, waste management, food industry, port terminals), allowing to make the cross-country comparison and describe the involvement level of EMAS in each country. Before using the cluster method, it is essential to assess the cluster trend and whether the cluster method is suitable for research data. The next step will involve using a hierarchical cluster or partial cluster method (a certain number of clusters will be created). It is necessary to use different techniques to evaluate and interpret the created cluster results in future work.
Reports on the topic "Early-Stage Investments"
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Kim, Yujin, Chirantan Chatterjee, and Matthew Higgins. Moving Beyond the Valley of Death: Regulation and Venture Capital Investments in Early-Stage Biopharmaceutical Firms. Cambridge, MA: National Bureau of Economic Research, October 2018. http://dx.doi.org/10.3386/w25202.
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Rankin, Nicole, Deborah McGregor, Candice Donnelly, Bethany Van Dort, Richard De Abreu Lourenco, Anne Cust, and Emily Stone. Lung cancer screening using low-dose computed tomography for high risk populations: Investigating effectiveness and screening program implementation considerations: An Evidence Check rapid review brokered by the Sax Institute (www.saxinstitute.org.au) for the Cancer Institute NSW. The Sax Institute, October 2019. http://dx.doi.org/10.57022/clzt5093.
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Background Lung cancer is the number one cause of cancer death worldwide.(1) It is the fifth most commonly diagnosed cancer in Australia (12,741 cases diagnosed in 2018) and the leading cause of cancer death.(2) The number of years of potential life lost to lung cancer in Australia is estimated to be 58,450, similar to that of colorectal and breast cancer combined.(3) While tobacco control strategies are most effective for disease prevention in the general population, early detection via low dose computed tomography (LDCT) screening in high-risk populations is a viable option for detecting asymptomatic disease in current (13%) and former (24%) Australian smokers.(4) The purpose of this Evidence Check review is to identify and analyse existing and emerging evidence for LDCT lung cancer screening in high-risk individuals to guide future program and policy planning. Evidence Check questions This review aimed to address the following questions: 1. What is the evidence for the effectiveness of lung cancer screening for higher-risk individuals? 2. What is the evidence of potential harms from lung cancer screening for higher-risk individuals? 3. What are the main components of recent major lung cancer screening programs or trials? 4. What is the cost-effectiveness of lung cancer screening programs (include studies of cost–utility)? Summary of methods The authors searched the peer-reviewed literature across three databases (MEDLINE, PsycINFO and Embase) for existing systematic reviews and original studies published between 1 January 2009 and 8 August 2019. Fifteen systematic reviews (of which 8 were contemporary) and 64 original publications met the inclusion criteria set across the four questions. Key findings Question 1: What is the evidence for the effectiveness of lung cancer screening for higher-risk individuals? There is sufficient evidence from systematic reviews and meta-analyses of combined (pooled) data from screening trials (of high-risk individuals) to indicate that LDCT examination is clinically effective in reducing lung cancer mortality. In 2011, the landmark National Lung Cancer Screening Trial (NLST, a large-scale randomised controlled trial [RCT] conducted in the US) reported a 20% (95% CI 6.8% – 26.7%; P=0.004) relative reduction in mortality among long-term heavy smokers over three rounds of annual screening. High-risk eligibility criteria was defined as people aged 55–74 years with a smoking history of ≥30 pack-years (years in which a smoker has consumed 20-plus cigarettes each day) and, for former smokers, ≥30 pack-years and have quit within the past 15 years.(5) All-cause mortality was reduced by 6.7% (95% CI, 1.2% – 13.6%; P=0.02). Initial data from the second landmark RCT, the NEderlands-Leuvens Longkanker Screenings ONderzoek (known as the NELSON trial), have found an even greater reduction of 26% (95% CI, 9% – 41%) in lung cancer mortality, with full trial results yet to be published.(6, 7) Pooled analyses, including several smaller-scale European LDCT screening trials insufficiently powered in their own right, collectively demonstrate a statistically significant reduction in lung cancer mortality (RR 0.82, 95% CI 0.73–0.91).(8) Despite the reduction in all-cause mortality found in the NLST, pooled analyses of seven trials found no statistically significant difference in all-cause mortality (RR 0.95, 95% CI 0.90–1.00).(8) However, cancer-specific mortality is currently the most relevant outcome in cancer screening trials. These seven trials demonstrated a significantly greater proportion of early stage cancers in LDCT groups compared with controls (RR 2.08, 95% CI 1.43–3.03). Thus, when considering results across mortality outcomes and early stage cancers diagnosed, LDCT screening is considered to be clinically effective. Question 2: What is the evidence of potential harms from lung cancer screening for higher-risk individuals? The harms of LDCT lung cancer screening include false positive tests and the consequences of unnecessary invasive follow-up procedures for conditions that are eventually diagnosed as benign. While LDCT screening leads to an increased frequency of invasive procedures, it does not result in greater mortality soon after an invasive procedure (in trial settings when compared with the control arm).(8) Overdiagnosis, exposure to radiation, psychological distress and an impact on quality of life are other known harms. Systematic review evidence indicates the benefits of LDCT screening are likely to outweigh the harms. The potential harms are likely to be reduced as refinements are made to LDCT screening protocols through: i) the application of risk predication models (e.g. the PLCOm2012), which enable a more accurate selection of the high-risk population through the use of specific criteria (beyond age and smoking history); ii) the use of nodule management algorithms (e.g. Lung-RADS, PanCan), which assist in the diagnostic evaluation of screen-detected nodules and cancers (e.g. more precise volumetric assessment of nodules); and, iii) more judicious selection of patients for invasive procedures. Recent evidence suggests a positive LDCT result may transiently increase psychological distress but does not have long-term adverse effects on psychological distress or health-related quality of life (HRQoL). With regards to smoking cessation, there is no evidence to suggest screening participation invokes a false sense of assurance in smokers, nor a reduction in motivation to quit. The NELSON and Danish trials found no difference in smoking cessation rates between LDCT screening and control groups. Higher net cessation rates, compared with general population, suggest those who participate in screening trials may already be motivated to quit. Question 3: What are the main components of recent major lung cancer screening programs or trials? There are no systematic reviews that capture the main components of recent major lung cancer screening trials and programs. We extracted evidence from original studies and clinical guidance documents and organised this into key groups to form a concise set of components for potential implementation of a national lung cancer screening program in Australia: 1. Identifying the high-risk population: recruitment, eligibility, selection and referral 2. Educating the public, people at high risk and healthcare providers; this includes creating awareness of lung cancer, the benefits and harms of LDCT screening, and shared decision-making 3. Components necessary for health services to deliver a screening program: a. Planning phase: e.g. human resources to coordinate the program, electronic data systems that integrate medical records information and link to an established national registry b. Implementation phase: e.g. human and technological resources required to conduct LDCT examinations, interpretation of reports and communication of results to participants c. Monitoring and evaluation phase: e.g. monitoring outcomes across patients, radiological reporting, compliance with established standards and a quality assurance program 4. Data reporting and research, e.g. audit and feedback to multidisciplinary teams, reporting outcomes to enhance international research into LDCT screening 5. Incorporation of smoking cessation interventions, e.g. specific programs designed for LDCT screening or referral to existing community or hospital-based services that deliver cessation interventions. Most original studies are single-institution evaluations that contain descriptive data about the processes required to establish and implement a high-risk population-based screening program. Across all studies there is a consistent message as to the challenges and complexities of establishing LDCT screening programs to attract people at high risk who will receive the greatest benefits from participation. With regards to smoking cessation, evidence from one systematic review indicates the optimal strategy for incorporating smoking cessation interventions into a LDCT screening program is unclear. There is widespread agreement that LDCT screening attendance presents a ‘teachable moment’ for cessation advice, especially among those people who receive a positive scan result. Smoking cessation is an area of significant research investment; for instance, eight US-based clinical trials are now underway that aim to address how best to design and deliver cessation programs within large-scale LDCT screening programs.(9) Question 4: What is the cost-effectiveness of lung cancer screening programs (include studies of cost–utility)? Assessing the value or cost-effectiveness of LDCT screening involves a complex interplay of factors including data on effectiveness and costs, and institutional context. A key input is data about the effectiveness of potential and current screening programs with respect to case detection, and the likely outcomes of treating those cases sooner (in the presence of LDCT screening) as opposed to later (in the absence of LDCT screening). Evidence about the cost-effectiveness of LDCT screening programs has been summarised in two systematic reviews. We identified a further 13 studies—five modelling studies, one discrete choice experiment and seven articles—that used a variety of methods to assess cost-effectiveness. Three modelling studies indicated LDCT screening was cost-effective in the settings of the US and Europe. Two studies—one from Australia and one from New Zealand—reported LDCT screening would not be cost-effective using NLST-like protocols. We anticipate that, following the full publication of the NELSON trial, cost-effectiveness studies will likely be updated with new data that reduce uncertainty about factors that influence modelling outcomes, including the findings of indeterminate nodules. Gaps in the evidence There is a large and accessible body of evidence as to the effectiveness (Q1) and harms (Q2) of LDCT screening for lung cancer. Nevertheless, there are significant gaps in the evidence about the program components that are required to implement an effective LDCT screening program (Q3). Questions about LDCT screening acceptability and feasibility were not explicitly included in the scope. However, as the evidence is based primarily on US programs and UK pilot studies, the relevance to the local setting requires careful consideration. The Queensland Lung Cancer Screening Study provides feasibility data about clinical aspects of LDCT screening but little about program design. The International Lung Screening Trial is still in the recruitment phase and findings are not yet available for inclusion in this Evidence Check. The Australian Population Based Screening Framework was developed to “inform decision-makers on the key issues to be considered when assessing potential screening programs in Australia”.(10) As the Framework is specific to population-based, rather than high-risk, screening programs, there is a lack of clarity about transferability of criteria. However, the Framework criteria do stipulate that a screening program must be acceptable to “important subgroups such as target participants who are from culturally and linguistically diverse backgrounds, Aboriginal and Torres Strait Islander people, people from disadvantaged groups and people with a disability”.(10) An extensive search of the literature highlighted that there is very little information about the acceptability of LDCT screening to these population groups in Australia. Yet they are part of the high-risk population.(10) There are also considerable gaps in the evidence about the cost-effectiveness of LDCT screening in different settings, including Australia. The evidence base in this area is rapidly evolving and is likely to include new data from the NELSON trial and incorporate data about the costs of targeted- and immuno-therapies as these treatments become more widely available in Australia.
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Venture Capital Fund Toolkit: A guide to set up a VC fund in Latin America and the Caribbean. Inter-American Development Bank, December 2022. http://dx.doi.org/10.18235/0004618.
Full textAbstract:
Venture Capital Fund Toolkit, developed by Angel Ventures, is a “how-to” manual for actors willing to set up a venture capital fund in emerging markets, with a special focus on Latin American and the Caribbean. The toolkit seeks to provide the following: -A deeper understanding of the early-stage investments, main trends and the importance of the sector for emerging markets. -A framework to map and analyze all relevant components of the ecosystem, as a first step of a fund structuration process. -A framework to map and analyze the main variables in an entrepreneurial ecosystem to identify its maturity and sophistication stage, underlying drivers, trends and main players. -A framework to identify, analyze and size opportunities and their associated outcomes in the early-stage investments space. -A methodology to design a funds investment thesis, to make sure no important criteria is left behind or below expectations. -A methodology to analyze potential risks and return on investment as well as stress test the assumptions, for the funder manager to strengthen his case and get better prepared for fundraising. -A framework to generate value for portfolio companies, to maximize returns on investments. -A set of frameworks and methodologies enabling best-in-class operations from Day 1 for the Fund manager. -A stakeholder analysis framework to identify key resources needed for the fund to perform. -A key documents checklist, to make sure the fund manager does not miss on important materials.