Journal articles on the topic 'Venture capital – Canada'

The paper justifies the necessity to improve the mechanisms of venture capital funding in Kazakhstan for sustainable and effective development of the country. The role of venture capital funding in the innovative development of the countries is investigated on the base of study of the experience of such countries as USA, Canada, Europe, India, and China. The recent research works related to the venture capital funding in different aspects are reviewed. The innovative activity and venture investments in the Republic of Kazakhstan were analyzed. The paper investigates the features of venture capital funding in Kazakhstan. The investigation results show that Kazakhstan system of venture investment is at its initial stage of development, and there are no tangible results of venture field development yet. The conducted research allowed revealing the factors limiting the development of venture investment in Kazakhstan, these are: poor systematic monitoring of funds efficiency invested by the national institutes; lack of effective strategies of venture capital funding; low innovative activity and intensity of venture appearance; uncertainty and gaps in the legislative base related to venture financing; absence of tax concessions and preferences not tied to FEZ or technological parks; absence of strong institutional venture investors; low capacity of securities market and scarcity of its instruments. The work suggests a set of measures directed on activation of venture financing. The implementation of the suggested measures assumes the increased control over the effectiveness of quasi-public structures investments and venture incomes, and creation of conditions for venture capital funding development. The research results can be a cut-off point for further investigations in the field of venture capital funding related to the innovative development of the country.

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

Entrepreneurship contributes significantly to economic growth and female entrepreneurs are strongly involved because their economic contribution is steadily increasing. However, research also reveals that female entrepreneurs face more financial barriers when compared to their male counterparts. Therefore, it is of prime importance to understand better female entrepreneurs’ behavior regarding financing. The purpose of this research was to explore gender differences related to financing with an intention to uncover why such differences exist. An empirical study involving a sample of 946 entrepreneurs from Canada and the United States was conducted to examine the issue. Results revealed that female entrepreneurs start their ventures with less capital than males, have a lesser tendency than males to obtain a bank loan and have a perception of being more in debt than their male counterparts are. Moreover, both variables depicting the smaller size of female-owned ventures and the intrinsic motivations expressed by female entrepreneurs acted as explanatory factors for the lower proportion of bank loans in the case of female-owned venture startups.

A major challenge for the forestry sector is providing Indigenous communities a fairer share of benefits resulting from forest-based development. This can be achieved by building Corporate-Indigenous Community Economic Partnerships (CICEPs). However, this avenue requires a better understanding of: 1) the structures that Corporate-Indigenous Community Economic Partnerships (CICEPs) can take and the impact of these structures on the relationship between both parties; and, 2) the necessary capitals for the creation of CICEPs so that they can meet the criteria of equitable sharing, while generating mutually profitable benefits. To address these knowledge gaps, we conducted a qualitative research involving 21 semi-structured interviews with Indigenous and industry representatives located in Québec, Canada. CICEPs can be divided into four structures: informal agreement, service contracting relationship, memorandum of understanding and joint venture. These partnerships can be translated into different forms of capital: human, social, political and financial. To promote and maximize CICEPs, it is necessary to link the structure-based approach with the capital-based approach. This research shows that more structured partnerships require larger investments in various forms of capital.

(1) Background: Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that foreign VC investments transfer the majority of economic activity to the investor country. On the one hand, start-ups welcome the foreign capital, expertise, and networks that accompany cross-border investments. On the other hand, policymakers are concerned that cross-border investments predominantly benefit foreign economies and fail to develop the local entrepreneurial ecosystem. This paper describes a framework for how policymakers can develop a set of policies toward cross-border VC investments. (2) Methods: The paper examines available data and trends about the role of cross-border investing, focusing on Europe, Israel, and Canada. Then, the paper explains the underlying economic challenges and develops a policy framework. (3) Results: The analysis shows that in addition to policies that aim to attract foreign investors, there are also important policies for the development of the domestic VC market. The analysis encompasses policies that are both financial and non-financial in nature. (4) Conclusions: A core insight for policymakers is to retain a balance of initiatives, attracting foreign investors while simultaneously making sure to strengthen the country’s domestic VC industry and innovation ecosystem. The mix of policies will adjust as the domestic ecosystem matures.

ABSTRACT: This study exploits an exogenous change to audit committee policy in Canada and presents new evidence on how high-quality corporate governance mitigates managerial resource diversion and improves firm values. We first examine why some firms listed on the Toronto Venture Exchange (TSX Venture) voluntarily adopted the more stringent governance policy in 2004 that requires all audit committee members to be independent and financially literate. We develop a parsimonious analytical model that shows that both compliance costs and financing needs have an impact on firms' adoption decisions. Confirming the model's predictions, we find that TSX Venture firms with low compliance costs and greater future financing needs are more likely to adopt the new policy voluntarily. The analytical model also shows that high-quality audit committees enhance firm values by reducing the likelihood of managerial resource diversion. Consistent with the predictions of our analytical model, we find that the adoption decision has a positive impact on firm value and a negative impact on firms' cost of equity capital for both Toronto Stock Exchange (TSX) and TSX Venture firms. As corroborating evidence of the economic impact of the more stringent governance policy, we also show that both TSX and TSX Venture firms have improved investment efficiency following the adoption decisions. Data Availability: Data are available from public sources identified in the paper.

“The Profession” profiles scholars with a background in Religious Studies who have employed their training in compelling ways in, around, and outside of the academy. Brian Carwana works as the Executive Director of the Encounter World Religions Centre in Toronto, Canada. From working in venture capital, to studying to be a history teacher, to ultimately earning a PhD in Religious Studies from the University of Toronto, Carwana’s story shows how a non-traditional academic career path led to him being a non-traditional academic. Carwana leads groups of participants through content and theory classes, takes them to site visits across Toronto, and works to promote religious literacy through his programming.

Tourists make decisions that impact the places they visit. Through an economic and development perspective, tourism has grown into a capital venture for most countries all while having the challenging task of operating under specific policies that shape visiting experiences. These experiences are critical in assessing how, by and for whom land is developed and managed. This article explores three continents as case studies: Eastern Africa's Maasai Mara, Australia's Uluru-Kata Tuta site and the Torngat Mountains National Reserve Park in Canada. The African and Australian examples are based on participant-observation fieldwork by the authors while the Torngat Mountains serves as an example of what could become the new National Reserve Park in Canada and its possible tourism impact forecasting. Critical analysis is particularly important in this article as we examine, compare and contrast the development approach and land management policies from the tourist's experiential perspective. The purpose of this article is to illustrate the various levels and politics of planning involved in the recognition, nationalization and touristification of heritage sites as well as the creation of identities based on local confines. More specifically, with the focus on tourist experience, we attempt to uncover the nature of theory and practice in indigenous, private and public land management for tourism exploitation.

Purpose The purpose of this study is to investigate if non-US/non-Canada (international) equity listings in the Canadian stock exchanges increased with the adoption of International Financial Reporting Standards (IFRS) in Canada. A question of interest is whether the adoption of common global accounting standards (IFRS) was beneficial in attracting international firms to the Canadian exchanges. Design/methodology/approach The authors use difference-in-difference ordinary least square methodology to conduct inter-country (between Canada and the USA) and intra-country (between the Toronto Stock Exchange [TSX] and the TSX Venture Exchange [TSXV]) tests to investigate whether there is increased listings of international firms on Canada’s exchanges associated with mandatory adoption of IFRS in Canada compared to such listings in the American exchanges. Findings The authors did not find evidence of a relative increase in listings by international firms on the TSX and the TSXV after Canadian adoption of IFRS, but they did find that listings by international firms on the TSX, Canada’s primary exchange, increased when the authors include the year before mandatory Canadian adoption as part of the IFRS adoption period. The authors also find that international listings from outside the North American, European and Australasian regions increased on the TSXV, consistent with IFRS adoption making the smaller Canadian exchange more attractive to listers from these regions. Originality/value With the increasing use of IFRS throughout the world, US regulators, the US Congress and other capital market participants seek to understand the costs and benefits of potential IFRS adoption in the USA. The authors contribute to this debate by examining the effect of Canada’s adoption of IFRS on growth in international stock listings in the Canadian stock exchanges.

Abstract The concept of the Institutional Constructive Trust was first recognised in Australia in 1907 by the most senior court, i.e. the High Court of Australia, in Black v S Friedman & Co. This arose in a decision involving stolen funds. Its importance was addressed in the State of Victoria in Nolan v Nolan where what was in issue involved the Limitations Act of the State of Victoria. It must be appreciated that in the Commonwealth of Australia, State Acts can, and sometimes do, differ. In 1985, in Muschinski v Dodds, Deane J of the Australian High Court placed different emphasis on the court’s ability to recognise and construe such a trust and gave it the imprimatur of “Remedial Constructive Trust”. The latter, whilst adopted in New Zealand and Canada, has had what might fairly be described as its critics in the UK and, indeed the UK Supreme Court in FHR European Venture LLP v Cedar Capital Partners LLC has stated at [47] that the remedial constructive trust is not part of the law of the UK.

Defined as those firms with three or fewer full time employees and annual sales of less than $200,000, many micro-enterprises may find it more difficult than larger firms to obtain the debt capital necessary for both expansion and on-going operations. This is because micro-enterprises are often perceived as risky and because banks are not in the venture capital business. Moreover, banking institutions benefit more from the economies of scale inherent in making larger loans. It follows that the terms onwhich lending is extended to small enterprises may be more onerous than the termsextended to larger firms. To the extent that micro-enterprise is dominated by women-owned businesses, the potential scarcity of debt capital could also be experienced as a gender issue. This argumentation motivates the empirical analyses reported in this paper. These arguments lead to two testable hypotheses that this research probes empirically. The first hypothesis is that access to and terms of credit for micro-enterprises are more severe than they are for larger firms. The second hypothesis is that within the micro-enterprise sector access to, and terms of, credit for women owners are, ceteris paribus, more demanding. A taxonomy of the very small business sector is advanced. It is found that size indeed counts against microbusinesses in their banking relationships, but that gender is not a factor. The paper closes by suggesting the development of new technologies to improve the lending efficiencies of micro-loan transactions and the establishment of new lending vehicles. Such changes might be profitable for banks, useful for very small firms, and helpful to community economic development agencies. The high incidence of dissatisfied small business customers suggests the need for a less concentrated small business banking market. To this end, the recommendations of other researchers are endorsed, recommendations for legislative changes that would permit the entry into the lending market of small cooperative banking institutions (such as credit unions and caisses populaires in Canada).

In 2007 the Croatian energy legislation underwent a series of changes. Along with the opening of the electricity market to all legal entities, on 1 July 2007 a package of five bylaws on the incentives to electricity generation from renewable energy resources entered into force. The incentive method Croatia has opted for are feed-in tariffs, the widest-spread and currently most successful method in the European Union. In Croatia a massive venture capital interest in renewables is recently manifest, especially wind power projects. This raises a question about the real profitability of such projects and whether or not the incentive puchase price is high enough to make the wind power projects viable. The present work analyses a generic wind power plant project, installed power 25 MW (the reasons why this rating has been chosen are given later on), by using RETScreen International Software, developed in Canada and used throughout the world. The introductory part, which describes the current situation in Croatia regarding renewables, is followed by a brief overview of newly introduced bylaws aimed to provide incentives for electricity generation from renewables. The works explains in detail the input of all relevant technical, economic and financial parameters and shows the results of modelling a wind power plant with capacity factors of 18 %, 20 %, 22 %, 25 %, 27 % and 30 % by using RETScreen International Software. A detailed susceptibility and risk analysis is given for a wind power plant with the capacity factor of 25%, followed by a conclusion.

PurposeThe purpose of this paper is to examine the elements of asymmetric motives, i.e., initial cross-border joint venture (CBJV) conditions and relative partner characteristics in emerging nations. The two main objectives of the present research are to identify the elements affecting asymmetric motives in Indian bilateral CBJV and to construct modified total interpretive structural modelling (TISM) for the identified elements of asymmetric motives.Design/methodology/approachFor the current study, the qualitative technique named total interpretive structural modelling was used. The TISM (Sushil, 2012) is a novel extension of interpretive structural modelling (ISM) where ISM helps to understand the “what” and “how” of research (Warfield, 1974) and TISM answers the third question, i.e., “why” in the form of TISM; further checks for the correctness of TISM are given in Sushil (2016). TISM provides a hierarchical model of the elements selected for study and the interpretation of each element by iterative process and also a digraph that systematically depicts the relationship among various elements. TISM is an innovative modelling technique used by researchers in varied fields (Srivastava and Sushil, 2013; Wasujaet al., 2012; Nasim, 2011; Prasad and Suri, 2011). Steps involved in TISM are shown in Figure 1. It uses reachability matrix and partitioning of elements similar to ISM. Also, along with traditional TISM, the modified TISM process was also used where both paired comparisons and transitivity checks were done simultaneously which helped in minimising the redundant comparisons being made in the original process. Furthermore, for identifying the elements of study, SDC Platinum database was used, which was taken from research papers of major journals namelyBritish Journal of Management,Administrative Science Quarterly,Strategic Management Journal,Management Science,Academy of Management JournalandOrganization Science(Schilling, 2009). The database included all joint ventures that were formed in India, having India as one of the partner firms during fiscal year April 2000 and March 2010. From these, 361 CBJVs and 76 domestic joint ventures were identified. Although 54 CBJVs were excluded from these, a total number of 307 CBJVs were studied in the current research. Among these 307 CBJVs, 201 were from super-advanced nations (G7), 40 CBJVs from developing nations and 66 CBJVs from other developed nations. As 65 per cent of the CBJVs came from G7 nations (France, Italy, Japan, Canada, Germany, USA and UK), in the current study, we tried to examine Indian CBJVs with G7 partners only for a period of ten years as mentioned above.FindingsThe results of the study indicate that asymmetric motives are directly affected by critical activity alignment and interdependency. Thus, we can conclude that critical activity alignment of partners in CBJV is an antecedent of CBJV motive and thereby minimises the number of asymmetric motives. Bottom level variables such as culture difference and relative capital structure are considered as strong drivers of asymmetric motives. Diversification, resource heterogeneity and inter-partner conflict are middle level elements. Effect of these elements on asymmetric motives can only be improved and enhanced when improvement in bottom level variables is found. It has been believed that as the relative capital structure among firm increases, CBJVs’ asymmetric motives also increase, the reason being that as the difference in capital structure occurs, gradual change in bargaining power will also occur.Originality/valueTISM used in the present study provides valuable insights into the interrelationship between identified elements through a systematic framework. The methodology of TISM used has its implications for researchers, academicians as well for practitioners. Further study also examines driver-dependent relationship among elements of interest, i.e., relative partner characteristics and initial CBJV conditions by using MICMAC analysis, which can be viewed as a significant step in research related to bilateral CBJV.

The European Bank for Reconstruction and Development was established in 1991 and is owned by the western industrialized countries, including Canada, and the former communist countries of Europe and Central Asia. Its purpose is to assist the latter countries to make the transition from command to market economies in a democratic framework. The Bank, with an initial capital of approximately US$1.2 billion, directs 60 per cent of its resources towards private enterprises and state-owned enterprises which are being privatized. The remainder of the EBRD's lending is directed to governments for infrastructure development. The EBRD's lending, now at US$1.5 to 2 billion a year, is small in relation to the investment needs of its countries of operation. As a result, the Bank tries to maximize its leverage by limiting its share in total project financing to 35 per cent and encouraging co-financing by other lenders and investors. Through its lending it tries to create a demonstration effect and to encourage institutional reforms which increase private investment flows. In the energy sector, most of the EBRD's lending has been in the oil and gas sector in Russia, but it is open for business in other sectors and in all countries of operation. Unlike other development banks, the EBRD is prepared to finance nuclear power projects, especially for improving the safety and extending the operating life of nuclear power stations built before the fall of communism. In this connection, it operates a Nuclear Safety Account established by the G-7 countries after the 1992 Munich Summit. The Bank also is prepared to finance conventional power plants where these would permit the closure of obsolete or unsafe nuclear plants. In the oil and gas sector, most of the EBRD's lending has related to private sector, joint venture projects in Russia, aimed at oilfield rehabilitation and development. Three of the eight projects done so far have involved Canadian firms, reflecting their expertise in secondary and tertiary recovery, and cold weather operations. The private sector ventures supported by the Bank normally involve joint stock companies owned 50 per cent by western partners and 50 per cent by Russian state oil companies, which are being privatized or are operating according to private sector principles. The joint stock companies make up the difference between the EBRD's financing and total project cost through equity contributions in cash and kind, and through debt financing. The EBRD adds value not simply through its own financing. Its involvement in a project promotes co-financing by other investors. Its influence on behalf of foreign and local investors can help overcome administrative and regulatory difficulties affecting projects. Furthermore, the EBRD can give potential clients the benefit of its accumulated knowledge on how to structure the deal to meet host country priorities and regulations and to benefit from the greatest possible financing from the EBRD and from other lenders and investors.

Purpose Canada has lagged in access to capital for high-potential, growth-oriented new ventures, but has made considerable strides in the past decade. This study aims to examine the evolving state of the market for risk capital in Canada during the COVID-19 pandemic, providing a critical assessment of government policy from the perspective of angel investors and diverse communities of entrepreneurs. Design/methodology/approach A thematic analysis was conducted of seven COVID-19 roundtable discussions hosted by the National Angel Capital Organization that included 51 global and national-level business and political leaders. The analysis extracted the most salient details from the discussions, distilling them into timely and actionable insights for policymakers. Findings The analysis suggests that the government’s economic policy response to the COVID-19 crisis fails to address the sudden liquidity problems faced by new ventures. Entrepreneurs and angel investors have remained resilient, rallied as a community and demonstrated an extraordinary level of trust. Traditionally under-represented communities of entrepreneurs are more affected by the crisis than others. Practical implications The findings and recommendations are of relevance to policymakers interested in post-COVID-19 economic policies to address the unique challenges faced by start-ups and ensure their full contribution to economic recovery. Originality/value The paper presents several policy recommendations and proposes a novel framework to describe the impacts of the pandemic on different categories of start-ups.

ABSTRACT This paper presents a discussion of oil spill equipment selection from a practical standpoint. The specification of effective oil spill equipment is often a difficult task because of the wide array of commercially produced goods available to the end user. In addition, in various countries there exists little or no framework legislation that quantifies the equipment component in practical terms. This paper attests to the usefulness of the new Canada Shipping Act guidelines for the purposes of planning the equipment requirements for a predetermined potential spill quantity. Through the elaboration of a case history, it presents the development of an integrated 2500-ton oil spill response capability. Since response organizations under the new Canada Shipping Act regime are in effect commercial ventures rather than simply oil spill cooperatives, innovative and cost-effective solutions are necessary to maintain capital costs at a minimum. Although the equipment in the case history was commissioned directly as a response to the new Canadian standards, the important planning principles can be applied to any geographical region.

One consequence of market globalization has been the growing incidence of collaborative ventures among companies from different countries. Small and large, experienced and novice, companies increasingly are choosing partnerships as a way to compete in the global marketplace. Motives for international collaborative ventures are varied and complex, including a desire to leverage resources and assets, retain flexibility, reduce risks, gain speed, and capitalize on each partner's strengths. The systematic framework presented here can be used by managers as a practical, ten-step approach to establishing successful collaborative ventures. The article also discusses four major types of international business partnership—distributor agreements, licensing, franchising, and joint ventures, and highlights key success factors for each. A major player in express package delivery, United Parcel Service (UPS) has been actively globalizing its operations for more than 20 years. The company first entered Canada and Germany and then other markets without a strategic plan or much commitment. The approach was simply enter markets one by one, set up operations, and wait for the market to develop. When available, UPS acquired an existing delivery company in order to get established more quickly. In exploring entry into Japan, UPS encountered a significant challenge. While UPS is competent in distribution and logistic networking, it knew little about the Japanese market and quickly realized that it needed a partner with customs clearance expertise. In a market well known for nontariff trade barriers, UPS also required assistance in deciphering the complex legal, structural, and political environment. A local partner would provide specific market expertise and help UPS overcome entry barriers. Furthermore, with a legacy of losing money in overseas operations, UPS did not wish to risk much capital in Japan. For these reasons, partnering with a qualified Japanese company made most sense. Yamato of Japan emerged as a prospective partner. It was experienced, had access to distribution channels, and was well capitalized. Interestingly, when UPS began negotiations, it inquired whether Yamato would be interested in a purchase. Yamato management asked the selling price of UPS—not exactly what UPS had in mind! As it turned out, there was a good fit and sufficient rationale for the two companies to establish a strategic alliance. UPS realized that a partnership with Yamato could not be a one-way street and arranged to bring packages back to the United States for delivery from Yamato. This opened up the market in both directions for each company. Teams of employees were exchanged to learn about organization and business processes, which provided valuable experience in making each company a truly global player.

To comprehend Sino–US trade relations, this research article decrypts the trade relations among China and the United States from the American government perspective (Presidency of Donald Trump). The American government claims that the Chinese government's high import levies and subsidies to Chinese firms cause the Sino–US trade war, bringing about economic misfortunes in the United States. The American government thus contends that forcing high levies on Chinese products (imports) can be corrective measures for Chinese governments' actions. This research article discovers that the American administration overestimates the deficits. Measures for diminishing China's imports cannot raise the American employment rate; on the contrary, China furnishes the United States with high caliber and low-cost products and services. Although China is one of the top investors for the United States, Chinese capitalists tend to capitalize the surplus by investing in American ventures and bonds. However, American administration limits Chinese capitals because of security concerns supported by various other nations (i.e., France, Germany, Britain, Australia, the European Union, Australia, Canada, and Japan). The fear for Chinese capitalists due to China's moving up to the high end of the value chain is an outcome of economic advancement. Consequently, the two nations should restrategize Sino–US trade patterns by developing trade and economic co-ordination by means of trade arrangements.

Energean Secures Rig for Multiwell Program off Israel Energean has signed a contract with Stena Drilling for an up to five-well drilling program offshore Israel, which is expected to target the derisking of unrisked prospective recoverable resources of more than 1 billion BOE. The contract is for the drilling of three firm wells and two optional wells using drillship Stena Icemax. The first firm well is expected to spud in early 2022. The firm wells are all expected to be drilled during 2022. “Our five-well growth program off-shore Israel, commencing in the first quarter of 2022, has the potential to double Energean reserve base with resource volumes that can be quickly, economically, and safely monetized,” said Mathios Rigas, chief executive of Energean. “Combined with first gas from our flagship Karish gas development project in mid-2022, the next 12 months are set to be truly transformational for Energean.” One of the firm wells is the Karish North development well. The scope includes re-entry, sidetracking, and completion of the previously drilled Karish North well and completion as a producer. The Karish North development will commercialize 1.2 Tcf of natural gas plus 31 million bbl of liquids and is expected to deliver first gas during the first half of 2023. The program also includes the Karish Main-04 appraisal well and the Athena exploration well, located in Block 12, directly between the Karish and Tanin leases. Athena is estimated to contain unrisked recoverable prospective resource volumes of 0.7 Tcf of gas plus 4 million bbl of liquids. Exxon Hits, Misses off Guyana ExxonMobil made another new discovery in the Stabroek Block offshore Guyana but came away empty with a well on the Canje block. The Longtail-3 well on the Stabroek block struck 230 ft of net pay, including newly identified reservoirs below those intervals found in the Longtail-1 probe. “Longtail-3, combined with our recent discovery at Uaru-2, has the potential to increase our resource estimate within the Stabroek block, demonstrating further growth of this world-class resource and our high-potential development opportunities offshore Guyana,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. Exxon operates the 6.6-million-acre Stabroek Block as part of a consortium that includes Hess and China’s CNOOC. The new well was drilled 2 miles south of Longtail-1, which was drilled in 2018 and encountered 256 ft of oil-bearing sandstone. The Uaru-2 well in the Stabroek Block was announced in April. That well struck 120 ft of pay. While Stabroek drilling success continues, the operator suffered a set-back on the nearby Canje block and its Jabillo-1 well. The Stena Carron drillship reached a planned target depth of 6475 m; however the well failed to encounter commercial hydrocarbons. According to partner Eco Oil and Gas, the well was drilled to test Upper Cretaceous reservoirs in a stratigraphic trap. Drillship Stena Drillmax will next mobilize to drill the Sapote-1 prospect located in the south-eastern section of Canje, in a separate and distinct target from Jabillo. Sapote-1 lies approximately 100 km southeast of Jabillo and approximately 50 km north of the Haimara discovery in the Stabroek Block, which encountered 207 ft of gas-condensate-bearing sandstone reservoir. Erdogan Touts Turkish Black Sea Natural Gas Discoveries Turkey President Recep Tayyip Erdogan announced the discovery of new natural gas deposits in the Black Sea, where the country plans to start production in 2023. State energy company Tpao found 135 Bcm of gas at the Amasra-1 off-shore well, bringing the total amount of deposits discovered over the past year to 540 Bcm, according to Erdogan. Turkey has ramped up offshore exploration for hydrocarbons over the past few years. Last year, explorers found 405 Bcm of gas at the Tuna-1 well in Sakarya field. Turkey currently imports nearly all the 50 Bcm of gas it consumes annually. Equinor Hits Oil Near Visund Equinor struck oil in Production License 554 with a pair of wells at its Garantiana West prospect. Exploration wells 34/6-5 S and 34/6-5 ST2 were drilled some 10 km north-east of the Visund field, with the former encountering a total oil column of 86 m in the Cook formation. The latter well encountered sandstones in the Nansen formation, but did not encounter commercial hydro-carbons. Recoverable resources are esti-mated at between 8 and 23 million BOE. “This is the first Equinor-operated well in the production license, and the fifth discovery on the Norwegian continental shelf this year,” said Rune Nedregaard, senior vice president, exploration and production south. “The discovery is in line with our roadmap of exploring near existing infrastructure in order to increase the commerciality.” Well 34/6-5 S was drilled using Seadrill semisubmersible rig West Hercules. Equinor operates the discovery; partners include Var Energi and Aker BP. ExxonMobil Eyes Flemish Pass Well ExxonMobil is looking to secure a semi-submersible to complete the drilling of a deepwater wildcat in the Flemish Pass offshore eastern Canada. The operator began drilling the Hampden K-41 probe in the spring of last year using Seadrill semisubmersible rig West Aquarius, but the unit was pulled off the well soon thereafter for reasons unknown. ExxonMobil is currently prequalifying companies to supply a mobile offshore drilling unit to continue the well at Hampden in Exploration License (EL) 1165A. The operator is targeting a mid-year 2022 start to the probe to be drilled in around 1175 m of water, some 454 km from St. John’s, Newfoundland. Meanwhile, China’s CNOCC has wrapped up drilling on its Pelles prospect, its first exploration well offshore Newfoundland. The prospect, in about 1163 m of water, is located within license EL 1144. The wildcat was originally set to spud in early 2020 but was delayed due to impacts of the COVID-19 pandemic. The company confirmed that drilling operations onboard drillship Stena Forth were complete and the rig plugged and abandoned the well. The results of the well were not released. Equinor To Drop Mexican Offshore Leases Equinor will exit two Mexican deepwater blocks as part its upstream investment strategy to focus on assets offering rapid and strong returns. The two blocks located in the Salina Sureste basin were acquired in Mexico’s 1.4 bid round in an equal equity split with BP and TotalEnergies. Block 3, where Equinor holds a 33% operating interest, has water depths ranging from 900 to 2500 m. Block 1, where BP is the operator, has water depths ranging from 200 to 3100 m. Exploration commitments include a single well on each block, not yet drilled. The announcement to exit Mexico was made by Executive Vice President for E&P International Al Cook during the company’s Capital Markets Day event held in June. The company also unveiled plans to leave Nicaragua and Australia, as part of its upstream investment plans. Cook added that Equinor will only operate offshore assets moving forward and will no longer operate onshore, unconventional projects. The company will instead opt to partner with others on those projects. Equinor will also look to offload its exploration assets in the Austin Chalk play in the US and Terra Nova in Canada, he said. Var Energi Strikes North Sea Oil Var Energi has confirmed a discovery at its King and Prince exploration wells in the Balder area in the Southern North Sea. Success at the combined King and Prince exploration wells lifts preliminary estimates of recoverable oil equivalents between 60 and 135 million bbl. King/Prince was drilled in PL 027 by semisubmersible rig Scarabeo 8. The Prince well encountered an oil column of about 35 m in the Triassic Skagerrak formation within good to moderate reservoir sandstones, while the King well discovered a gas column of about 30 m and a light oil column of about 55 m with some thick Paleogene sandstone. An additional King appraisal side-track further confirmed a 40-m gas column and an oil column of about 55 m of which about 35 m are formed by thick and massive oil-bearing sandstone with excellent reservoir quality. The licensees consider the discoveries to be commercial and will assess tie-in to the existing infrastructure in the Balder area. The wells are located about 6 km north of the Balder field and 3 km west of the Ringhorne platform. Var Energi operates and holds a 90% stake of the license. Mime Petroleum holds the remaining 10%.

Financial information is one of the important information in decision making. However, many cases of fraud committed by management so that the information in the financial statements cannot be relied upon in decision making. Therefore, the auditor's job is to ensure that the company's financial statements are represented correctly (faithful representation) so that financial statement information becomes more quality and useful in making decisions. So this study aims to examine the effect of audit fee on audit quality. In addition, this study also examines important determinants of audit costs, namely company size, profitability, audit risk, complexity, and firm size. By using the purposive sampling method, samples of the financial and manufacturing industry in 2010-2017 used are 39 firms per year. This sample is used to examine the effect of audit fee on audit quality and the determinant of audit fee using simple linear regression analysis and multiple linear regression analysis. The result of this research shows that audit fees have a significant positive effect on audit quality. In addition, this study shows that firm size, complexity, and firm size are important determinants that determine audit fee. However, profitability and audit risk have not been proven to explain audit fees. Keywords: Audit Quality, Audit Fee, Firm Size, Profitability, Audit Risk, Complexity, Auditor Size Referencens: Al-Harshani, Meshari O. (2008), The pricing of audit services: Evidence from Kuwait. Managerial Auditing Journal, 23(7), 685–696. Al-Thuneibat, Ali. Abedalqader, Ream Tawfiq Ibrahim Al Issa, & Rana Ahmad Ata Baker, (2011), Do audit tenure and firm size contribute to audit quality? Empirical evidence from Jordan. Managerial Auditing Journal, 26(4), 317–334. Arens, Alvin A., Randal J. Elder,. Mark S. Beasley (2014), Auditing and Assurance Services: An Integrated Approach. United States: Pearson Education, Inc. 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Canada plays a significant role in the global advancement of scientific discoveries and their translation into commercial opportunities, but is viewed as not fully realizing its commercial potential. A significant problem has been a lack of sufficient venture capital to take early-stage companies to the next level. Several recent developments may signal the arrival of a more positive venture-funding environment for life sciences and health technology enterprises, including the development of the Canadian government’s C$400 million Venture Capital Action Plan; pharmaceutical companies electing to establish or investing in venture funds and providing strategic support to early-stage ventures, including through the creation of research centres; and recent successful liquidity events for venture investors.

Purpose Factors that affect the use of carbon credit trading (CCT) by industries include as follows: avoiding carbon taxes, international expansion, venture capital, competitive advantage and clean technology. The impact of these factors is examined here in relation to the profile of 14 Canadian organizations to investigate factors that influence CCT practices. Design/methodology/approach This research involves a survey of 150 employees at 14 industries in British Columbia (BC) Canada to review and analyze their perceptions of factors that impact CCT. Findings Results demonstrate the potential for enhancing the use of CCT by organizations. It was shown that organizations perceive that CCT enhances their competitive advantage, which is an incentive that needs further investigation as having potential for encouraging CCT and greenhouse gas (GHG) reduction. Research limitations/implications Due to limited funding and workforce, as well as geographical constraints, only 14 industrial organizations were engaged in this research in BC Canada. The scope of future research needs to be enlarged by considering neighboring countries such as the USA and Mexico. This research regarding factors that impact organizations in adopting carbon crediting trading has the potential to provide and shape inter-continental comparisons. Practical implications This study illustrates how CCT has the potential to enhance competitive advantage and may impact the industry toward reducing GHG emissions through CCT. This concept adds a new environmental protection factor and dimension to trade and industry. As organizations plan to invest funds in different carbon reduction projects this may result in expanded employment opportunities. Social implications Organizations are interested in CCT but may hesitate in engaging in CCT as it can be a complex procedure. In addition to further research, workshops and seminars regarding CCT and dissemination of research should be organized by the universities, related authorities and government organizations to make CCT more known and feasible. This study shows that financial and non-financial benefits may be gained by any organization when involved in CCT. Larger advertising and information campaigns may motivate more organizations in this regard. Originality/value This study extends the study of Garg et al. (2017) regarding challenges for CCT practices. International Journal of Management, 10(1), 85–96. It contributes evidence that the size (revenue) of an organization does not affect the level of carbon credits traded and shows potential for smaller organizations to be encouraged to take part in CCT.

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.

Objective: The study aims at analyzing the socio-demographic profile of Brazilian immigrant entrepreneurship in Toronto, its entrepreneurial behavioral traits, in addition to their business profiles. Methodology/approach: This research is multi-method, with qualitative predominance, being exploratory-descriptive. For data-collection it was conducted a survey and further deepening with face-to-face interviews and field observations. Main results: The majority declared themselves to be from the Brazilian Southeast, white, 35 to 49 years old, married, with children, high academic and professional background. The influence of the state of social malaise in Brazil and the official Canadian discourse, seem to act as factors of "expulsion-attraction" to migration. The job condition of unemployment upon immigrants’ arrival can “push” them into necessity-driven entrepreneurship, although there are also ventures that have identified opportunities. Most of the businesses are small and operate in the service sector, concentrated on the West End of Toronto. In many businesses, there was a strong search for identification with the ethnic community itself, which suggests the formation of 'enclave economy', but in some cases, the main market for local consumers was targeted. Theoretical/methodological contributions: The article highlights the importance of conducting a multi-method research to understand possible entrepreneurial configurations by Brazilian immigrants. Relevance / originality: the article has academic relevance given the scarce work on the theme of Brazilian immigrant entrepreneurship overseas. Truly little is known about this phenomenon in Canada. Social and management contributions: The entrepreneurial trajectories described minimize risks for future immigrants; in addition, the discussion about the social capital of the ethnic community allows comparisons with the business of Brazilians in other countries.

This issue of M/C Journal is devoted to all things cute – Internet animals and stuffed toys, cartoon characters and branded bears. In what follows our nine contributors scrutinise a diverse range of media objects, discussing everything from the economics of Grumpy Cat and the aesthetics of Furbys to Reddit’s intellectual property dramas and the ethics of kitten memes. The articles range across diverse sites, from China to Canada, and equally diverse disciplines, including cultural studies, evolutionary economics, media anthropology, film studies and socio-legal studies. But they share a common aim of tracing out the connections between degraded media forms and wider questions of culture, identity, economy and power. Our contributors tell riveting stories about these connections, inviting us to see the most familiar visual culture in a new way. We are not the first to take cute media seriously as a site of cultural politics, and as an industry in its own right. Cultural theory has a long, antagonistic relationship with the kitsch and the disposable. From the Frankfurt School’s withering critique of cultural commodification to revisionist feminist accounts that emphasise the importance of the everyday, critics have been conducting sporadic incursions into this space for the better part of a century. The rise of cultural studies, a discipline committed to analysing “the scrap of ordinary or banal existence” (Morris and Frow xviii), has naturally provided a convincing intellectual rationale for such research, and has inspired an impressive array of studies on such things as Victorian-era postcards (Milne), Disney films (Forgacs), Hallmark cards (West, Jaffe) and stock photography (Frosh). A parallel strand of literary theory considers the diverse registers of aesthetic experience that characterize cute content (Brown, Harris). Sianne Ngai has written elegantly on this topic, noting that “while the avant-garde is conventionally imagined as sharp and pointy, as hard- or cutting-edge, cute objects have no edge to speak of, usually being soft, round, and deeply associated with the infantile and the feminine” (814). Other scholars trace the historical evolution of cute aesthetics and commodities. Cultural historians have documented the emergence of consumer markets for children and how these have shaped what we think of as cute (Cross). Others have considered the history of domestic animal imagery and its symptomatic relationship with social anxieties around Darwinism, animal rights, and pet keeping (Morse and Danahay, Ritvo). And of course, Japanese popular culture – with its distinctive mobilization of cute aesthetics – has attracted its own rich literature in anthropology and area studies (Allison, Kinsella). The current issue of M/C Journal extends these lines of research while also pushing the conversation in some new directions. Specifically, we are interested in the collision between cute aesthetics, understood as a persistent strand of mass culture, and contemporary digital media. What might the existing tradition of “cute theory” mean in an Internet economy where user-generated content sites and social media have massively expanded the semiotic space of “cute” – and the commercial possibilities this entails? As the heir to a specific mode of degraded populism, the Internet cat video may be to the present what the sitcom, the paperback novel, or the Madonna video was to an earlier moment of cultural analysis. Millions of people worldwide start their days with kittens on Roombas. Global animal brands, such as Maru and Grumpy Cat, are appearing, along with new talent agencies for celebrity pets. Online portal I Can Haz Cheezburger has received millions of dollars in venture capital funding, becoming a diversified media business (and then a dotcom bubble). YouTube channels, Twitter hashtags and blog rolls form an infrastructure across which a vast amount of cute-themed user-generated content, as well as an increasing amount of commercially produced and branded material, now circulates. All this reminds us of the oft-quoted truism that the Internet is “made of kittens”, and that it’s “kittens all the way down”. Digitization of cute culture leads to some unusual tweaks in the taste hierarchies explored in the aforementioned scholarship. Cute content now functions variously as an affective transaction, a form of fandom, and as a subcultural discourse. In some corners of the Internet it is also being re-imagined as something contemporary, self-reflexive and flecked with irony. The example of 4Chan and LOLcats, a jocular, masculinist remix of the feminized genre of pet photography, is particularly striking here. How might the topic of cute look if we moving away from the old dialectics of mass culture critique vs. defense and instead foreground some of these more counter-intuitive aspects, taking seriously the enormous scale and vibrancy of the various “cute” content production systems – from children’s television to greeting cards to CuteOverload.com – and their structural integration into current media, marketing and lifestyle industries? Several articles in this issue adopt this approach, investigating the undergirding economic and regulatory structures of cute culture. Jason Potts provides a novel economic explanation for why there are so many animals on the Internet, using a little-known economic theory (the Alchian-Allen theorem) to explain the abundance of cat videos on YouTube. James Meese explores the complex copyright politics of pet images on Reddit, showing how this online community – which is the original source of much of the Internet’s animal gifs, jpegs and videos – has developed its own procedures for regulating animal image “piracy”. These articles imaginatively connect the soft stuff of cute content with the hard stuff of intellectual property and supply-and-demand dynamics. Another line of questioning investigates the political and bio-political work involved in everyday investments in cute culture. Seen from this perspective, cute is an affect that connects ground-level consumer subjectivity with various economic and political projects. Carolyn Stevens’ essay offers an absorbing analysis of the Japanese cute character Rilakkuma (“Relaxed Bear”), a wildly popular cartoon bear that is typically depicted lying on the couch and eating sweets. She explores what this representation means in the context of a stagnant Japanese economy, when the idea of idleness is taking on a new shade of meaning due to rising under-employment and precarity. Sharalyn Sanders considers a fascinating recent case of cute-powered activism in Canada, when animal rights activists used a multimedia stunt – a cat, Tuxedo Stan, running for mayor of Halifax, Canada – to highlight the unfortunate situation of stray and feral felines in the municipality. Sanders offers a rich analysis of this unusual political campaign and the moral questions it provokes. Elaine Laforteza considers another fascinating collision of the cute and the political: the case of Lil’ Bub, an American cat with a rare genetic condition that results in a perpetually kitten-like facial expression. During 2011 Lil’ Bub became an online phenomenon of the first order. Laforteza uses this event, and the controversies that brewed around it, as an entry point for a fascinating discussion of the “cute-ification” of disability. These case studies remind us once more of the political stakes of representation and viral communication, topics taken up by other contributors in their articles. Radha O’Meara’s “Do Cats Know They Rule YouTube? How Cat Videos Disguise Surveillance as Unselfconscious Play” provides a wide-ranging textual analysis of pet videos, focusing on the subtle narrative structures and viewer positioning that are so central to the pleasures of this genre. O’Meara explains how the “cute” experience is linked to the frisson of surveillance, and escape from surveillance. She also explains the aesthetic differences that distinguish online dog videos from cat videos, showing how particular ideas about animals are hardwired into the apparently spontaneous form of amateur content production. Gabriele de Seta investigates the linguistics of cute in his nuanced examination of how a new word – meng – entered popular discourse amongst Mandarin Chinese Internet users. de Seta draws our attention to the specificities of cute as a concept, and how the very notion of cuteness undergoes a series of translations and reconfigurations as it travels across cultures and contexts. As the term meng supplants existing Mandarin terms for cute such as ke’ai, debates around how the new word should be used are common. De Seta shows us how deploying these specific linguistic terms for cuteness involve a range of linguistic and aesthetic judgments. In short, what exactly is cute and in what context? Other contributors offer much-needed cultural analyses of the relationship between cute aesthetics, celebrity and user-generated culture. Catherine Caudwell looks at the once-popular Furby toy brand its treatment in online fan fiction. She notes that these forms of online creative practice offer a range of “imaginative and speculative” critiques of cuteness. Caudwell – like de Seta – reminds us that “cuteness is an unstable aesthetic that is culturally contingent and very much tied to behaviour”, an affect that can encompass friendliness, helplessness, monstrosity and strangeness. Jonathon Hutchinson’s article explores “petworking”, the phenomenon of social media-enabled celebrity pets (and pet owners). Using the famous example of Boo, a “highly networked” celebrity Pomeranian, Hutchinson offers a careful account of how cute is constructed, with intermediaries (owners and, in some cases, agents) negotiating a series of careful interactions between pet fans and the pet itself. Hutchinson argues if we wish to understand the popularity of cute content, the “strategic efforts” of these intermediaries must be taken into account. Each of our contributors has a unique story to tell about the aesthetics of commodity culture. The objects they analyse may be cute and furry, but the critical arguments offered here have very sharp teeth. We hope you enjoy the issue.Acknowledgments Thanks to Axel Bruns at M/C Journal for his support, to our hard-working peer reviewers for their insightful and valuable comments, and to the Swinburne Institute for Social Research for the small grant that made this issue possible. ReferencesAllison, Anne. “Cuteness as Japan’s Millenial Product.” Pikachu’s Global Adventure: The Rise and Fall of Pokemon. Ed. Joseph Tobin. Durham: Duke University Press, 2004. 34-48. Brown, Laura. Homeless Dogs and Melancholy Apes: Humans and Other Animals in the Modern Literary Imagination. Ithaca: Cornell University Press, 2010. Cross, Gary. The Cute and the Cool: Wondrous Innocence and Modern American Children's Culture. Oxford: Oxford University Press, 2004. Forgacs, David. "Disney Animation and the Business of Childhood." Screen 33.4 (1992): 361-374. Frosh, Paul. "Inside the Image Factory: Stock Photography and Cultural Production." Media, Culture & Society 23.5 (2001): 625-646. Harris, Daniel. Cute, Quaint, Hungry and Romantic: The Aesthetics of Consumerism. New York: Basic Books, 2000. Jaffe, Alexandra. "Packaged Sentiments: The Social Meanings of Greeting Cards." Journal of Material Culture 4.2 (1999): 115-141. Kinsella, Sharon. “Cuties in Japan” Women, Media and Consumption in Japan. Ed. Lise Skov and Brian Moeran. Honolulu: University of Hawaii Press, 1995. 220 - 54. Frow, John, and Meaghan Morris, eds. Australian Cultural Studies: A Reader. Chicago: University of Illinois Press, 1993. Milne, Esther. Letters, Postcards, Email: Technologies of Presence. New York: Routledge, 2012. Morse, Deborah and Martin Danahay, eds. Victorian Animal Dreams: Representations of Animals in Victorian Literature and Culture. Aldershot: Ashgate Publishing. 2007. Ngai, Sianne. "The Cuteness of the Avant‐Garde." Critical Inquiry 31.4 (2005): 811-847. Ritvo, Harriet. The Animal Estate: The English and Other Creatures in the Victorian Age. Cambridge: Harvard University Press, 1987. West, Emily. "When You Care Enough to Defend the Very Best: How the Greeting Card Industry Manages Cultural Criticism." Media, Culture & Society 29.2 (2007): 241-261.

Introduction 2021 was the year that NFTs got big—not just in value but also in terms of the cultural consciousness. When digital artist Beeple sold the portfolio of his 5,000 daily images at Christie’s for US$69 million, the art world was left intrigued, confused, and outraged in equal measure. Depending on who you asked, non-fungible tokens (NFTs) seemed to be either a quick cash-grab or the future of the art market (Bowden and Jones; Smee). Following the Beeple sale, articles started to appear indicating that the film industry was abuzz for NFTs. Independent filmmaker Kevin Smith was quick to announce that he planned to release his horror film Killroy Was Here as an NFT (Alexander); in September 2021 the James Bond film No Time to Die also unveiled a series of collectibles to coincide with the film’s much-delayed theatrical release (Natalee); the distribution and collectible platforms Vuele, NFT Studios, and Mogul Productions all emerged, and the industry rumour mill suggests more start-ups are en route (CurrencyWorks; NFT Studios; NewsBTC). Blockchain disciples say that the technology will solve all the problems of the Internet (Tewari; Norton; European Business Review); critics say it will only perpetuate existing accessibility and equality issues (Davis and Flatow; Klein). Those more circumspect will doubtless sit back until the dust settles, waiting to see what parts of so-called web3 will be genuinely integrated into the architecture of the Internet. Pamela Hutchinson puts it neatly in terms of the arts sector: “the NFT may revolutionise the art market, film funding and distribution. Or it might be an ecological disaster and a financial bubble, in which few actual movies change hands, and fraudsters get rich from other people’s intellectual property” (Hutchinson). There is an uptick in the literature around NFTs and blockchain (see Quiniou; Gayvoronskaya & Meinel); however, the technology remains unregulated and unstandardised (Yeung 212-14; Dimitropoulos 112-13). Similarly, the sheer amount of funding being put into fundamental technical, data, and security-related issues speaks volumes to the nascency of the space (Ossinger; Livni; Gayvoronskaya & Meinel 52-6). Put very briefly, NFTs are part of a given blockchain system; think of them, like cryptocurrency coins, as “units of value” within that system (Roose). NFTs were initially rolled out on Ethereum, though several other blockchains have now implemented their own NFT frameworks. NFTs are usually not the artwork itself, but rather a unique, un-copyable (hence, non-fungible) piece of code that is attached, linked, or connected to another digital file, be that an image, video, text, or something else entirely. NFTs are often referred to as a digital artwork’s “certificate of authenticity” (Roose). At the time of writing, it remains to be seen how widely blockchain and NFT technology will be implemented across the entertainment industries. However, this article aims to outline the current state of implementation in the film trade specifically, and to attempt to sort true potential from the hype. Beginning with an overview of the core issues around blockchain and NFTs as they apply to film properties and adjacent products, current implementations of the technology are outlined, before finishing with a hesitant glimpse into the potential future applications. The Issues and Conversation At the core of current conversations around blockchain are three topics: intellectual property and ownership, concentrations of power and control, and environmental impact. To this I would like to add a consideration of social capital, which I begin with briefly here. Both the film industry and “crypto” — if we take the latter to encompass the various facets of so-called ‘web3’ — are engines of social capital. In the case of cinema, its products are commodified and passed through a model that begins with exclusivity (theatrical release) before progressing to mass availability (home media, streaming). The cinematic object, i.e., an individual copy of a film, is, by virtue of its origins as a mass product of the twentieth century, fungible. The film is captured, copied, stored, distributed, and shared. The film-industrial model has always relied on social phenomena, word of mouth, critical discourse, and latterly on buzz across digital social media platforms. This is perhaps as distinct from fine art, where — at least for dealers — the content of the piece does not necessarily matter so much as verification of ownership and provenance. Similarly, web3, with its decentralised and often-anonymised processes, relies on a kind of social activity, or at least a recorded interaction wherein the chain is stamped and each iteration is updated across the system. Even without the current hype, web3 still relies a great deal on discourse, sharing, and community, particularly as it flattens the existing hierarchies of the Internet that linger from Web 2.0. In terms of NFTs, blockchain systems attach scarcity and uniqueness to digital objects. For now, that scarcity and uniqueness is resulting in financial value, though as Jonathan Beller argues the notion of value could — or perhaps should — be reconsidered as blockchain technology, and especially cryptocurrencies, evolve (Beller 217). Regardless, NFT advocates maintain that this is the future of all online activity. To questions of copyright, the structures of blockchain do permit some level of certainty around where a given piece of intellectual property emerged. This is particularly useful where there are transnational differences in recognition of copyright law, such as in France, for instance (Quiniou 112-13). The Berne Convention stipulates that “the subsistence of copyright does not rest on the compliance with formal requirements: rights will exist if the work meets the requirements for protection set out by national law and treaties” (Guadamuz 1373). However, there are still no legal structures underpinning even the most transparent of transactions, when an originator goes out of their way to transfer rights to the buyer of the accompanying NFT. The minimum requirement — even courtesy — for the assignment of rights is the identification of the work itself; as Guadamuz notes, this is tricky for NFTs as they are written in code (1374). The blockchain’s openness and transparency are its key benefits, but until the code can explicitly include (or concretely and permanently reference) the ‘content’ of an NFT, its utility as a system of ownership is questionable. Decentralisation, too, is raised consistently as a key positive characteristic of blockchain technology. Despite the energy required for this decentralisation (addressed shortly), it is true that, at least in its base code, blockchain is a technology with no centralised source of truth or verification. Instead, such verification is performed by every node on the chain. On the surface, for the film industry, this might mean modes of financing, rights management, and distribution chains that are not beholden to multinational media conglomerates, streamers like Netflix, niche intermediaries, or legacy studios. The result here would be a flattening of the terrain: breaking down studio and corporate gatekeeping in favour of a more democratised creative landscape. Creators and creative teams would work peer-to-peer, paying, contracting, servicing, and distribution via the blockchain, with iron-clad, publicly accessible tracking of transactions and ownership. The alternative, though, is that the same imbalances persist, just in a different form: this is outlined in the next section. As Hunter Vaughan writes, the film industry’s environmental impact has long been under-examined. Its practices are diverse, distributed, and hard to quantify. Cinematic images, Vaughan writes, “do not come from nothing, and they do not vanish into the air: they have always been generated by the earth and sun, by fossil fuels and chemical reactions, and our enjoyment of them has material consequences” (3). We believe that by watching a “green” film like Avatar we are doing good, but it implicates us in the dirty secret, an issue of “ignorance and of voluntary psychosis” where “we do not see who we are harming or how these practices are affecting the environment, and we routinely agree to accept the virtual as real” (5). Beyond questions of implication and eco-material conceptualisation, however, there are stark facts. In the 1920s, the Kodak Park Plant in New York drew 12 million gallons of water from Lake Ontario each day to produce film stock. As the twentieth century came to a close, this amount — for a single film plant — had grown to 35-53 million gallons per day. The waste water was perfunctorily “cleaned” and then dumped into surrounding rivers (72-3). This was just one plant, and one part of the filmmaking process. With the shift to digital, this cost might now be calculated in the extraction of precious metals used to make contemporary cameras, computers, or storage devices. Regardless, extrapolate outwards to a global film industry and one quickly realises the impact is almost beyond comprehension. Considering — let alone calculating — the carbon footprint of blockchain requires outlining some fundamentals of the technology. The two primary architectures of blockchain are Proof of Work (PoW) and Proof of Stake (PoS), both of which denote methods of adding and verifying new blocks to a chain. PoW was the first model, employed by Bitcoin and the first iteration of Ethereum. In a PoW model, each new block has a specific cryptographic hash. To confirm the new block, crypto miners use their systems to generate a target hash that is less than or equal to that of the block. The systems process these calculations quickly, as the goal is to be “the first miner with the target hash because that miner is the one who can update the blockchain and receive crypto rewards” (Daly). The race for block confirmation necessitates huge amounts of processing power to make these quick calculations. The PoS model differs in that miners are replaced by validators (or staking services where participants pool validation power). Rather than investing in computer power, validators invest in the blockchain’s coins, staking those coins (tokens) in a smart contract (think of this contract like a bank account or vault). When a new block is proposed, an algorithm chooses a validator based on the size of their stake; if the block is verified, the validator receives further cryptocurrency as a reward (Castor). Given the ubiquity and exponential growth of blockchain technology and its users, an accurate quantification of its carbon footprint is difficult. For some precedent, though, one might consider the impact of the Bitcoin blockchain, which runs on a PoW model. As the New York Times so succinctly puts it: “the process of creating Bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland, a nation of about 5.5 million” (Huang, O’Neill and Tabuchi). The current Ethereum system (at time of writing), where the majority of NFT transactions take place, also runs on PoW, and it is estimated that a single Ethereum transaction is equivalent to nearly nine days of power consumption by an average US household (Digiconomist). Ethereum always intended to operate on a PoS system, and the transition to this new model is currently underway (Castor). Proof of Stake transactions use significantly less energy — the new Ethereum will supposedly be approximately 2,000 times more energy efficient (Beekhuizen). However, newer systems such as Solana have been explicit about their efficiency goals, stating that a single Solana transaction uses less energy (1,837 Joules, to be precise) than keeping an LED light on for one hour (36,000 J); one Ethereum transaction, for comparison, uses over 692 million J (Solana). In addition to energy usage, however, there is also the question of e-waste as a result of mining and general blockchain operations which, at the time of writing, for Bitcoin sits at around 32 kilotons per year, around the same as the consumer IT wastage of the Netherlands (de Vries and Stoll). How the growth in NFT awareness and adoption amplifies this impact remains to be seen, but depending on which blockchain they use, they may be wasting energy and resources by design. If using a PoW model, the more valuable the cryptocurrency used to make the purchase, the more energy (“gas”) required to authenticate the purchase across the chain. Images abound online of jerry-rigged crypto data centres of varying quality (see also efficiency and safety). With each NFT minted, sold, or traded, these centres draw — and thus waste, for gas — more and more energy. With increased public attention and scrutiny, cryptocurrencies are slowly realising that things could be better. As sustainable alternatives become more desirable and mainstream, it is safe to predict that many NFT marketplaces may migrate to Cardano, Solana, or other more efficient blockchain bases. For now, though, this article considers the existing implementations of NFTs and blockchain technology within the film industry. Current Implementations The current applications of NFTs in film centre around financing and distribution. In terms of the former, NFTs are saleable items that can raise capital for production, distribution, or marketing. As previously mentioned, director Kevin Smith launched Jay & Silent Bob’s Crypto Studio in order to finish and release Killroy Was Here. Smith released over 600 limited edition tokens, including one of the film itself (Moore). In October 2021, renowned Hong Kong director Wong Kar-wai sold an NFT with unreleased footage from his film In the Mood for Love at Sotheby’s for US$550,000 (Raybaud). Quentin Tarantino entered the arena in January 2022, auctioning uncut scenes from his 1994 film Pulp Fiction, despite the threat of legal action from the film’s original distributor Miramax (Dailey). In Australia, an early adopter of the technology is director Michael Beets, who works in virtual production and immersive experiences. His immersive 14-minute VR film Nezunoban (2020) was split into seven different chapters, and each chapter was sold as an NFT. Beets also works with artists to develop entry tickets that are their own piece of generative art; with these tickets and the chapters selling for hundreds of dollars at a time, Beets seems to have achieved the impossible: turning a profit on a short film (Fletcher). Another Australian writer-producer, Samuel Wilson, now based in Canada, suggests that the technology does encourage filmmakers to think differently about what they create: At the moment, I’m making NFTs from extra footage of my feature film Miles Away, which will be released early next year. In one way, it’s like a new age of behind-the-scenes/bonus features. I have 14 hours of DV tapes that I’m cutting into a short film which I will then sell in chapters over the coming months. One chapter will feature the dashing KJ Apa (Songbird, Riverdale) without his shirt on. So, hopefully that can turn some heads. (Wilson, in Fletcher) In addition to individual directors, a number of startup companies are also seeking to get in on the action. One of these is Vuele, which is best understood as a blockchain-based streaming service: an NFT Netflix, if you like. In addition to films themselves, the service will offer extra content as NFTs, including “behind the scenes content, bonus features, exclusive Q&As, and memorabilia” (CurrencyWorks). Vuele’s launch title is Zero Contact, directed by Rick Dugdale and starring Anthony Hopkins. The film is marketed as “the World’s First NFT Feature Film” (as at the time of writing, though, both Vuele and its flagship film have yet to launch). Also launching is NFT Studios, a blockchain-based production company that distributes the executive producer role to those buying into the project. NFT Studios is a decentralised administrative organisation (DAO), guided by tech experts, producers, and film industry intermediaries. NFT Studios is launching with A Wing and a Prayer, a biopic of aeronaut Brian Milton (NFT Studios), and will announce their full slate across festivals in 2022. In Australia, Culture Vault states that its aim is to demystify crypto and champion Australian artists’ rights and access to the space. Co-founder and CEO Michelle Grey is well aware of the aforementioned current social capital of NFTs, but is also acutely aware of the space’s opacity and the ubiquity of often machine-generated tat. “The early NFT space was in its infancy, there was a lot of crap around, but don’t forget there’s a lot of garbage in the traditional art world too,” she says (cited in Miller). Grey and her company effectively act like art dealers; intermediaries between the tech and art worlds. These new companies claim to be adhering to the principles of web3, often selling themselves as collectives, DAOs, or distributed administrative systems. But the entrenched tendencies of the film industry — particularly the persistent Hollywood system — are not so easily broken down. Vuele is a joint venture between CurrencyWorks and Enderby Entertainment. The former is a financial technology company setting up blockchain systems for businesses, including the establishment of branded digital currencies such as the controversial FreedomCoin (Memoria); the latter, Enderby, is a production company founded by Canadian film producer (and former investor relations expert in the oil and uranium sectors) Rick Dugdale (Wiesner). Similarly, NFT Studios is partnered with consulting and marketing agencies and blockchain venture capitalists (NFT Investments PLC). Depending on how charitable or cynical one is feeling, these start-ups are either helpful intermediaries to facilitate legacy media moving into NFT technology, or the first bricks in the capitalist wall to bar access for entry to other players. The Future Is… Buffering Marketplaces like Mintable, OpenSea, and Rarible do indeed make the minting and selling of NFTs fairly straightforward — if you’ve ever listed an item for sale on eBay or Facebook, you can probably mint an NFT. Despite this, the current major barrier for average punters to the NFT space remains technical knowledge. The principles of blockchain remain fairly opaque — even this author, who has been on a deep dive for this article, remains sceptical that widespread adoption across multiple applications and industries is feasible. Even so, as Rennie notes, “the unknown is not what blockchain technology is, or even what it is for (there are countless ‘use cases’), but how it structures the actions of those who use it” (235). At the time of writing, a great many commentators and a small handful of scholars are speculating about the role of the metaverse in the creative space. If the endgame of the metaverse is realised, i.e., a virtual, interactive space where users can interact, trade, and consume entertainment, the role of creators, dealers, distributors, and other brokers and players will be up-ended, and have to re-settle once again. Film industry practitioners might look to the games space to see what the road might look like, but then again, in an industry that is — at its best — somewhat resistant to change, this may simply be a fad that blows over. Blockchain’s current employment as a get-rich-quick mechanism for the algorithmic literati and as a computational extension of existing power structures suggests nothing more than another techno-bubble primed to burst (Patrickson 591-2; Klein). Despite the aspirational commentary surrounding distributed administrative systems and organisations, the current implementations are restricted, for now, to startups like NFT Studios. In terms of cinema, it does remain to be seen whether the deployment of NFTs will move beyond a kind of “Netflix with tchotchkes” model, or a variant of crowdfunding with perks. Once Vuele and NFT Studios launch properly, we may have a sense of how this all will play out, particularly alongside less corporate-driven, more artistically-minded initiatives like that of Michael Beets and Culture Vault. It is possible, too, that blockchain technology may streamline the mechanics of the industry in terms of automating or simplifying parts of the production process, particularly around contracts, financing, licensing. This would obviously remove some of the associated labour and fees, but would also de-couple long-established parts and personnel of the industry — would Hollywood and similar industrial-entertainment complexes let this happen? 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