A High Tech Start-up’s Journey Towards Funding

1.1 Masters background As part of the “Masters in Advanced Technology Programme” each student had to select a high-tech start-up that they wanted to be involved in throughout the year. Each individual would bring value to the start up through their background and experience. The start-up I selected was an interactive robotic toy called “Auti”. Project champion, Helen’s envisioned goal was for the toy to help children with autism learn positive behaviours. Our team consisted of two main individuals not including the product champion (Please refer to Appendix A to learn more about the team, team dynamics etc.). My individual responsibility in terms of contribution to the team was to establish a strategic business plan, including a growth strategy for the project. Gaining funding is a critical part of any start-up’s growth (Ministry of Economic Development, 2007). Financial planning forces companies to think about their goals. A common goal most companies have is the goal to grow (Ross et al., 2002). 1.2 Objectives The objective of this study was to identify the best suited funding sources, which I could then recommend “Auti” implement in order to help the company become a feasible, sustainable business. In order to make the most appropriate recommendations, I had to become financially literate. A study done in Canada found that weak financial literacy may be one of the biggest reasons start-up businesses do not succeed (Intuit, 2013). 1.3 Research questions My thesis looks to answer three specific questions. Questions one and two are specific to my individual research conducted into the angel investment industry in New Zealand. 1) How do angel investors in New Zealand view the angel investment industry in New Zealand? 2) What do angel investors expect high-tech start-ups to have in place before they would consider investing? Thesis question three is related to the main theory of the thesis. 3) How relevant is the “pecking order capital structure” theory to high-tech start-up companies in New Zealand? 1.4 Contribution This thesis contributes to practice as well as theory. My interviews with angel investors are “practice led”, meaning that the research led to a new understanding about practice (Edmonds et al., 2006). In terms of my own research, a new understanding was formed on angel investment in New Zealand in 2014. Specifically, a common list of things angels throughout New Zealand look for in “high-tech” start-ups, before they would consider investing, was identified. The main theory within this thesis is to do with the “pecking order capital structure”, in relation to high-tech start-ups, therefore contributing to research done around the pecking order theory. 1.5 Thesis layout This thesis is a reflection of the two facets of research that I conducted. The two approaches used were action-based research and in-depth Interviews. Action-based research aims to contribute both to the practical concerns of people in an immediate problematic situation and to further the goals of social science at the same time (Gilmore et al., 1986). Action-based research, as mentioned in this thesis, looks into the process that was taken to find the best suited funding sources for our start-up, “Auti”. An in-depth interview was conducted with angel investors in New Zealand to get a better understanding of angel investment in New Zealand. Specific focus is put on “angel investment” in New Zealand as this is the preferred choice of start-up capital for “Auti”. The thesis begins with a literature evaluation. The first section will evaluate funding source literature that influenced us to select angel investment funding as something we wanted to get a better understanding of. Further angel investment literature will be evaluated, including the gap in literature that my individual research into angel investment fills. Research question three looks to see if our start-up, “Auti”’s capital structure follows the “pecking order capital structure”, therefore there will also be a section within the literature review chapter that will include my main findings on past research, which has been conducted around the world, looking into if high-tech start-ups, such as “Auti”, follow the “pecking order capital structure”. The definition of high-tech firms, also known as new technology based firms, is not clear, its application differs significantly depending on time, space, and authors (Laranja &Fontes, 1998; Fontes & Coombs, 2001). One way it has been defined by Little (1977) is “independent owned business established for not more than twenty-five years and based on the exploitation of an invention or technological innovation implying substantial technological risks”. Following the literature review chapter, my research methodology is described, specifically with regards to my individual research into angel investment in New Zealand, explaining what I did, why, and problems that I faced. The thesis then follows with main findings from my individual qualitative research into the angel investment industry in New Zealand. The thesis conclusion will have six main sections. Sections will cover whether or not my research supports the literature, what my research contributions are, and an implementation section (recommending start-up funding implications for “Auti”). As my individual research looked into the angel investment industry in New Zealand, a majority of the implementation will be specific to what the “Auti” team should do in respect to approaching angel investment in order to have a higher chance of gaining investment. My recommended start-up funding implications will then be compared to the pecking order capital structure to show that it follows that structure. A section will also look into the limitations that my research faced. The last section will be recommendations in terms of further research needed to be conducted in order to support my research conclusions

Thora

[Verse 1] I stand in a land of roses, But I dream of a land of snow, Where you and I were happy In the years of long ago. Nightingales in the branches, Stars in the magic skies, But I only hear you singing, I only see your eyes. Come! Come! Come to me, Thora, Come once again and be Child of my dream, light of my life, Angel of love to me! [Verse 2]I stand again in the North land, But in silence and in shame; Your grave is my only landmark, And men have forgotten my name. ‘Tis a take that is truer and older Than any the sagas tell, I loved you in life too little, I love you in death too well! Speak! Speak! Speak to me, Thora Speak from your Heaven to me; Child of my dream, love of my life, Hope of my world to be

Sleep, My Darling

[Verse 1] Sleep, darling, go to sleep, Golden stars at you now peep See, each twinkling little light Comes to bid my babe good night, Peaceful be your slumbers deep, Sleep, my darling, go to sleep. [Verse 2] Sleep, my darling, go to sleep Mother loving watch will keep, Baby mine in peace may rest, Angels guard your little nest, Faithful watch they ever keep, sleep my darling, Ah, sleep, [Chorus] Ah, go to sleep; May God protect you, angel sweet, Sleep, my darling, go to sleep, Ah, go to sleep, nestle close to mother’s heart, Then for slumber-land we’ll start. Go to sleep

Essays on Angel Investing in the Entrepreneurial Ecosystem

Throughout its three chapters, this dissertation examines a phenomenon that, although underappreciated and underinvestigated in the existing literature, should be of great interest to entrepreneurship scholars: angel investing in the United States. While most of the existing studies of venture financing have predominantly focused on venture capital (VC) funding, angel investing—that is, wealthy individuals investing their own money in new ventures—represents almost as large of a market as venture capital, and recent empirical evidence suggests that ventures financed by angel investors tend to be more successful than comparable ventures that are not angel-financed. More interestingly, perhaps, angel investing tends to focus on ventures at the earliest stage, which leads to investor making decisions based on very little hard evidence. This results in the attempt, on the investors’ part, to reduce uncertainty by leveraging one’s connections and community-level patterns of social relations. In this regard, this dissertation’s main objective is perhaps to tackle the existing literature’s “undersocialized” take on venture financing, and to show the sociological mechanisms that might underpin the decision by entrepreneurs to enter the angel investing market by becoming suppliers of capital, as well as their capital allocation choices, i.e. their investment decisions. Additionally, this work also examines the drivers of success for angel investors, with a view to explaining—at least in part—why certain individuals are wildly more successful than others at angel investing. Empirically, my work relies on a combination of archival data—primarily data gathered from online data source CrunchBase, but also U.S. Census data and hand-collected information from LinkedIn—and fieldwork in the form of interviews with entrepreneurs and angel investors, as well as participant observation at the Angel Capital Association Annual Meeting in San Francisco, the largest yearly gathering of angel investors. The resulting empirical patterns, both qualitative and quantitative, when taken in their entirety suggests that angel investing is a social process, and particularly that entrepreneurs are socialized into becoming angel investors by interacting with the angels who finance their ventures. Further, this work offers evidence that community-level patterns of socialization—i.e. what is generally known in sociology as community social capital—also plays a role in determining whether entrepreneurs will become angel investors and, once they choose to take this step, whether they will show a preference for financing local ventures vis-à-vis pursuing investment opportunities elsewhere. Finally, this work also addresses the question of angel investing outcomes—that is, why some angel investors are more successful than others, as measured by the number of exits in their investment portfolio. In this regard, empirical results suggest that generalists do better than specialists, and that angel investors with broad entrepreneurial experience are found to do especially well. Success is also a function of effective knowledge translation: on average, successful entrepreneurs tend to become more successful angels, and especially so the greater the overlap between the entrepreneurial experience of the founder and their angel investment portfolio

Dirty Hands! Dirty Face!

[Verse 1]Wonderful palsAre always hard to find,Some folk\u27s have one,Some folk\u27s have noneI was alone for years,But fate was kindAnd in the endSent me a friend.Altho\u27 hes not muchHigher than my knee,Still he\u27s the greatestThing on earth to me. [Refrain]Dirty Hands, Dirty face,Leads the neighbors a chaseBut his smile, is as cute as can be.Making noise, breaking toys,Always fights, with the boys,But his eyes are a vision to see.And when my work is done,Coming home to the setting sun,From the gate he starts to run,Then I kiss my boy.Dirty Hands Dirty faceLittle Devil they say,But to me he\u27s an angel of joy.Dirty [Verse 2]When stars are peepingI tuck him to sleep,With lullabies,to close his eyesHe prays the LordHis little soul to keepAnd Daddy\u27s too,That thrills me throughAnd though he hardly knowsHis A,. B. C.When he says Dad Oh!What that means to me. [Refrain

Salvation Rose

[Verse 1] I keep a flower deep in my heart, One little red little rose Mem’ries have made it so dear to me, And that’s why it grows and grows Salvation Rose, bloom for aye You’re in my heart there to stay. [Chorus] My Salvation Rose, My Salvation Rose, When our hearts were sad and sorrow was near, It was you who brought us comfort and cheer, You were a friend in need, You’re a friend indeed You will never, never die, I know, For it’s in God’s own garden that you grow, There’s the soul of an angel in you My Salvation Rose [Verse 2] Roses may wither and pass away, Sunbeams may be hard to see Still little rose, I will bring to you, The sunshine you once brought me I’ve set your heart for my goal I’ve planted you in my soul. [Chorus

Child\u27s Wish

1. Oh I long to lie dear Mother, On the cool and fragrant grass, With the calm blue sky above my head; And the shadowy clouds that pass. And I want the bright bright sunshine All round about my bed, I\u27ll close my eyes and God will think your little boy is dead. 2. Then Christ will send an angel To take me up to Him; He will bear me slow and steadily Far through the ether dim, He will gently gently lay me Close by the Saviour\u27s side; And when I\u27m sure that I\u27m in Heav\u27n My eyes I\u27ll open wide. 3. And I\u27ll look among the angels Who stand around the throne, Till I find my sister Mary, For I know she must be one; And when I find her, mother, We will go away alone, I will tell her how we\u27ve mourn\u27d for her All the while that she\u27s been gone. 4. Oh! I shall be delighted, To hear her speak again, Though I know she\u27ll not return to us, To ask her would be vain; So I\u27ll put my arms around her, And look into her eyes, And remember all I say to her, And all her sweet replies. 5. And then I\u27ll ask the angel, To take me back to you; He will bear me slow and steadily, Down through the ether blue, And you\u27ll only think dear mother, That I\u27ve been out to play, And have gone to sleep beneath the tree This sultry summer day

Review of \u3ci\u3eFire Light: The Life of Angel De Cora, Winnebago Artist\u3c/i\u3e by Linda M. Waggoner

In my research on Native Americans artists there have been people I have been fascinated with yet knew little about. One of these was Angel De Cora (1869-1919), a Ho-Chunk (Winnebago) artist I would catch glimpses of in an exhibit at the Heard Museum or find in records on the 1904 Louisiana Purchase Exposition, her art the cornerstone of the Indian Service exhibit in the government building. Fortunately for me and for others interested in the lives of individuals who made a difference in the early twentieth century, as well as for scholars in American history, American Indian studies, and art, we now have a captivating and exhaustive biography of her life by ethnohistorian Linda Waggoner

Please Don\u27t Take My Lovin\u27 Man Away

[Verse 1] I’ve cried till my heart’s broke in two And I don’t know just what to do Because I heard you say you’ll steal my man away And never let him see his loving little baby I never knew till today That you’d ever treat me this way ‘Cause you know I’m wild about my angel child So I hope you’ll let him stay. [Chorus] If I miss that kiss that brings me bliss then I will sigh Yes I will sigh If I lose that hug from my kissing bug, then I will cry, cry and maybe die If that man ain’t near to call me dear, I’m bound to go insane, I fear, So on my knees, I beg you please Kiss his pictures in the frames Call him all the sweetest names Write his letters ev’ry day I won’t mind the things you say. ‘Cause I love, I love him only Please don’t take my loving man away. [Verse 2] There’s plenty of fish in the brook And all that you need is a hook But I have had my wish and also caught my fish And now I find it’s mighty hard to try and hold him you sure have won that man’s heart And now that I feel we must part Just listen once more while I please as before Please don’t take my one sweetheart. [Chorus

‘Feel the Knife Pierce You Intensely’: Slayer’s ‘Angel of Death’—Holocaust Representation or Metal Affects?

This article tackles a well-known but little-studied phenomenon: the importance of Holocaust themes to heavy metal. The fascination of metal bands with evil and death has until recently been met outside the scene with such reactions as moral panic, disgust or indifference. In the last ten years, however, scholars in an emerging discourse of Metal Studies have attempted to engage more critically with the social and musical dimensions of metal, in order to contextualise and understand its lyrics and imagery. Although a number of writers have touched upon the recurrence of Holocaust imagery, no one has dealt at any length with extreme metal as a form of Holocaust memory. My article focuses on what might be called the founding text of extreme metal, Slayer’s ‘Angel of Death’, which lived up to the sub-genre’s name by pushing both its musical form and its lyrical content beyond previously maintained limits and taboos. It considers the song's mobilisation of affective intensities as involving problematic politics, but also a challenge to conceptions of Holocaust representation. I consider how affects are evoked by ‘Angel of Death’ through offering readings of the song itself as well as of ways that its reception have been recorded on social media, in concert videos, and reaction videos uploaded to YouTube