Towards the Framing of Venture Capital Policies: a Systems-Evolutionary Perspective with Particular Reference to the UK/Scotland and Israeli Experiences

We compare some of the policies that have been attempted in Europe (UK/Scotland) and Israel over the past fifteen years to elaborate a new Systems Evolutionary (SE) framework for rethinking VC policy and related ITP. We argue that this perspective is useful for both real world (‘positive’) analysis and policy (‘normative’) analys is. Our SE framework is shaped by (i) a multidimensional view of VC; (ii) strong between VC, VC policy and the development of EHTCs; and (iii) a strategic approach to policy. In contrast, many VC policies in Europe up to and including the 1990s took a ‘static’ financial view of VC that focused on ‘bridging existng early phase finance gaps of innovative companies’ rather than creating of a new mechanism to assure the timely growth of EHTCs. We aim to present the new framework rather than to provide specific recommendations. The main conclusion is that the success of VC policies depend on factors such as the phase of evolution of (i) VC or related innovation finance organizations; (ii) the underlying segment of start up companies and of high tech industries; (iii) the specific country/region institutional setting. While in some contexts it may be worth considering the targeting of a new VC industry/market (and associated EHTC) in others the focus of policy should center in improving pre-emergence conditions. More specifically it may be, given that VC searches for ‘investment ready opportunities’, that ITP should, in many contexts, precede VC policies. Another key conclusion is that implementing this perspective necessitates the creation of a strategic level of policy, with a view of specifying a set of strategic priorities for Scie nce, Technology, and Innovation, priorities that should precede rather than follow policy design and implementation. A major challenge is to extend the present framework that was initially based on VCs oriented towards ICT to LS.

Biofloc technology application in aquaculture to support sustainable development goals

Biofloc technology (BFT) application offers benefits in improving aquaculture production that could contribute to the achievement of sustainable development goals. This technology could result in higher productivity with less impact to the environment. Furthermore, biofloc systems may be developed and performed in integration with other food production, thus promoting productive integrated systems, aiming at producing more food and feed from the same area of land with fewer input. The biofloc technology is still in its infant stage. A lot more research is needed to optimise the system (in relation to operational parameters) e.g. in relation to nutrient recycling, MAMP production, immunological effects. In addition research findings will need to be communicated to farmers as the implementation of biofloc technology will require upgrading their skills

Options for Producing a Warm-Water Fish in the UK: limits to "Green-Growth"?

This paper explores the development of a sustainable production system for tilapia and the research implications involved with ensuring commercial viability of such a system for UK farmers. The tilapia is a warm water fish with firm texture, white flesh and mild taste quite similar to a cod or haddock. Whilst tropical in origin it is thought to be highly suitable for low cost aquaculture in temperate zones with the potential to be a more sustainable source of food with fewer environmental impacts than other substitutes. Drawing on a literature review and findings from technical trials the paper will review and compare two production systems - novel Activated Suspension Technology (AST) and conventional Recirculating Aquaculture Systems (RAS) - considering their feasibility in terms of potential and financial viability for scaling up to commercial production of tilapia and their environmental and sustainability benefits. The review concludes that AST based only on microbial floc is currently uncompetitive with RAS in a UK context although the approach has benefits that might be incorporated in a new generation of mixed systems. Refinement of such systems needs to occur with potential adopters and could be part of diversification of mixed farms. Such development might further enhance the ethical values of fish produced in small-scale, modular RAS

Innovation and technology policy (ITP) for catching up: a three phase life cycle framework for industrializing economies

Includes bibliographyThis paper outlines a dynamic, medium/long term Innovation and Technology Policy framework for industrializing economies directed to simulate innovation and to contribute to the eventual creation of high impact innovative entrepreneurial clusters. The paper is predicated on the assumption that while cluster creation policies are possible in many contexts they requires adoption of a System Evolutionary (S/E) perspective to Innovation and Technology Policy. Given the current 'entrepreneurial phase' of the ICT Revolution, support of 'Innovative SMEs' should be one of the axes of an overall strategy of development for a large group of industrializing economies. The three phase policy model proposed here starts with direct Government support, including Horizontal support to Business Sector R&D/Innovation and/or to innovative Small and Medium Sized Enterprise or Start Ups (Phase 1); and culminates with implementation of Targeted or other policies in support of Venture Capital (VC)/ Private Equity (PE) and possibly of other industries. Between these two central policy thrusts an intermediate phase 2 would be implemented with the objective of reinforcing innovation and creating other favorable conditions, including favourable 'demand' conditions and enhanced policy capabilities, for a successful transition to Phase 3. The model is a generic model which allows for different variants reflecting different country contexts, although, throughout, it will emphasize the importance of direct Business Sector support mechanisms at least during Phases 1 and 2. The structure of the policy portfolio will depend on country characteristics and specific institutions; and its changes over time will also reflect in part differences in the policy objectives from phase to phase. As it stands the framework is neither 'formal' nor 'appreciative theory' that is theory which closely follows the facts. This is the result of the paucity of data and the impossibility of undertaking at this stage a cross-country comparative analysis of policy cycles. Still the model as it stands can provide useful pointers to policymakers in a variety of contexts

CO-EVOLUCIÓN ENTRE CAPITAL DE RIESGO, NUEVAS FIRMAS Y EL SURGIMIENTO Y DESARROLLO DEL NUEVO CLUSTER DE ALTA TECNOLOGÍA DE ISRAEL

This paper provides an account of the emergence and development of a Venture Capital Industry in Israel, and the role it played in the recent successful growth of Israel’s high tech cluster. The paper discusses the co-evolutionary and dynamic process involving the business sector, technology policies, vanture capitalists, individuals and Startup companies, and foreign linkages.We attempt to show that VC emergence is part and parcel of the reconfiguration of a pre-existing Electronics Industry one involving large amounts of SU and new and powerful links with global capital markets. The main conclusions and policy lessons of the paper are that specific technology policies targeted to the Venture Capital sector can be effective only to the extent that favourable background conditions exist or are created.Este trabajo da cuenta del surgimiento y desarrollo de una Industria de Capital de Riesgo en Israel y del rol que ésta jugó en el crecimiento exitoso reciente del cluster de alta tecnología de Israel. Discute el proceso coevolutivo y dinámico que involucra al sector comercial, políticas de tecnología, capitalistas de riesgo, compañías individuales y nuevas firmas, y vínculos con el extranjero. Intentamos mostrar que el surgimiento del CR es parte integrante de la reconfiguración de una Industria Electrónica preexistente, que involucra grandes cantidades de NF y nuevos y poderosos vínculos con los mercados globales de capitales. Las principales conclusiones y lecciones de política del trabajo indican que políticas específicas de tecnología dirigidas al sector de Capital de Riesgo pueden ser efectivas sólo en la medida que existan, o sean creadas, condiciones previas favorables.&nbsp

First Dinosaur Tracks from the Arabian Peninsula

Background: The evolutionary history of Mesozoic terrestrial vertebrates from the Arabian Peninsula is virtually unknown. Despite vast exposures of rocky outcrops, only a handful of fossils have yet been described from the region. Here we report a multi-taxon dinosaur track assemblage near Madar village, 47 km north of Sana’a, Republic of Yemen. This represents the first dinosaur tracksite from the Arabian Peninsula, and the only multi-taxon dinosaur ichnosite in the Middle East. Methodology/Findings: Measurements were taken directly from trackway impressions, following standard ichnological conventions. The presence of bipedal trackmakers is evidenced by a long series of pes imprints preserving smoothly rounded posterior margins, no evidence of a hallux, bluntly rounded digit tips and digital divarication angles characteristic of ornithopod dinosaurs. Nearby, eleven parallel quadrupedal trackways document a sauropod herd that included large and small individuals traveling together. Based on the morphology of manus impressions along with a narrow-gauged stance, the quadrupedal trackways were made by non-titanosauriform neosauropods. Additional isolated tracks and trackways of sauropod and ornithopod dinosaurs are preserved nearby. Conclusions/Significance: Taken together, these discoveries present the most evocative window to date into the evolutionary history of dinosaurs of the Arabian Peninsula. Given the limited Mesozoic terrestrial record from the region, this discovery is of both temporal and geographic significance, and massive exposures of similarly-aged outcrops nearby offe

The Ethical Dilemma of Information Asymmetry in Innovation: Reputation, Investors and Noise in the Innovation Channel.

A sufficient and steady stream of innovations is widely seen as a basis for healthy modern economies. Governments divert substantial resources from other purposes in society to increase innovation. Yet the failure rate among innovative SMEs is high, suggesting that resources are wasted. Avoiding such waste is a challenge for both governments and investors, but also raises a question for the innovative company, namely how to build and fund the\ud enterprise on an ethical basis. The dilemma of giving in to temptations to ‘cut corners’ clearly exists, for example to exploit the inevitable asymmetry of information arising in innovation and potentially deploy this in support of misleading claims about specific capabilities and/or the unjustified creation and exploitation of reputation. This is consistent with Olaf Fisscher’s finding that entrepreneurs starting new ventures tend to exhibit an inherent bias towards compromising their own values in order to succeed at any cost. When the innoSME’s aspirations are unrealistic or the proposed innovations are of marginal value, the ethical issues are broader and extend also to those who are potential financiers. Noting this as a gap in the ethics literature, we argue that the current situation fails to match economic and ethical ideals and that work is needed to develop tools which allow those who provide finance and support for innovation to target it more effectively at those who have a prospect of successfully launching genuine innovations and thus reduce the ‘noise’ in the innovation field

The Role of Bacillus amyloliquefaciens on Litopenaeus vannamei During the Maturation of a Biofloc System

[EN] Biofloc technology is a sustainable aquaculture production system which uses microorganisms to maintain water quality and to increase productivity. In this system, probiotics can enhance the positive effects of bioflocs on the cultured species. The objective of this research is to study the role of the probiotic bacterium Bacillus amyloliquefaciens during the formation of a biofloc system for the culture of Litopenaeus vannamei. Two doses of probiotic were assayed and applied directly to the water. The experiment was developed in nine tanks distributed as follows: Three control tanks with no probiotic, three tanks with a probiotic dose of 103 cfu/mL, and three tanks with a dose of 104 cfu/mL. Water quality, microbial activity, growth parameters and the immune system state of shrimps were monitored throughout the maturation process. The results indicate a positive effect upon the shrimp immune system throughout the study period, where specifically there was an increase in granular hemocytes in the shrimp hemolymph. During the immature biofloc phase, granular hemocytes were 5% higher in tanks supplemented with the probiotic. During the mature biofloc phase, granular hemocytes were 7% higher in those same tanks. During the maturation of the biofloc, environmental conditions are more unfavorable for shrimp growth, due to the accumulation of nitrites. So, the effect of the probiotic is especially important during this stage when the shrimp are stressed and are more vulnerable to diseases. However, the effects on microbial activity, water quality and Litopenaeus vannamei growth did not increase the benefits of the biofloc system.This research has been funded by the pre-doctoral program VALi + D from the Conselleria d'Educacio, Investigacio, Cultura i Esports (Generalitat Valenciana), file number ACIF/2014/244.Llario, F.; Falco, S.; Sebastiá-Frasquet, M.; Escrivá-Perales, J.; Rodilla, M.; Da Silva-Poersch, LH. (2019). The Role of Bacillus amyloliquefaciens on Litopenaeus vannamei During the Maturation of a Biofloc System. Journal of Marine Science and Engineering. 7:228-244. https://doi.org/10.3390/jmse7070228S228244