Values-based interprofessional education: how interprofessional education and values- based practice interrelate and are vehicles for the benefit of patients and health and social care professionals.

The 2016 All Together Better Health VIII Oxford conference brought together interprofessional education (IPE) and values-based practice (VBP) communities. As there is a paucity of research and publications in the area, following the event a working party consisting of representatives from both communities continued to meet and has developed a joint community of practice. This report describes the work achieved by the group so far and is intended for those involved in the planning and implementation of IPE and collaborative working. The authors consider that incorporating principles of VBP within a framework of IPE can provide a different perspective and understanding of the complexities involved in delivering realistic, student centered learning for collaborative practice, relevant in the 21st century workplace. In particular the authors suggest that using the principles of values and VBP in this way can inform the transition between IPE and collaborative practice facilitating effective person centered collaborative care. This process will require not only the incorporation of these principles within IPE sessions, but also incorporation within the training and support of new and established teachers involved in IPE

Investment Cycles and Startup Innovation * Investment Cycles and Startup Innovation

Abstract We find that VC-backed firms receiving their initial investment in hot markets are less likely to IPO, but conditional on going public are valued higher on the day of their IPO, have more patents and have more citations to their patents. Our results suggest that VCs invest in riskier and more innovative startups in hot markets (rather than just worse firms). This is true even for the most experienced VCs. Furthermore, our results suggest that the flood of capital in hot markets also plays a causal role in shifting investments to more novel startups -by lowering the cost of experimentation for early stage investors and allowing them to make riskier, more novel, investments. JEL Classification: G24, G32, O31 Key Words: Venture Capital, Innovation, Market Cycles, Financing Risk * Soldiers Field Road, Boston, MA 02163, USA. Email: [email protected] and [email protected]. We are grateful to Bo Becker, Shai Bernstein, Michael Ewens, Bill Kerr, Paul Gompers, Robin Greenwood, Thomas Hellmann, Josh Lerner, David Scharfstein, Antoinette Schoar and Rick Townsend for fruitful discussion and comments, and to the seminar participants at MIT, UT Austin, Tuck School of Business, Harvard, Houston University, Northeastern University, University of Lausanne, Notre Dame, Hong Kong University. We thank Oliver Heimes and Sarah Wolverton for research assistance, and the Division of Faculty Research and Development at HBS and the Kauffman Foundation for financial support. All errors are our own. 1 Investment Cycles and Startup Innovation Abstract We find that VC-backed firms receiving their initial investment in hot markets are less likely to IPO, but conditional on going public are valued higher on the day of their IPO, have more patents and have more citations to their patents. Our results suggest that VCs invest in riskier and more innovative startups in hot markets (rather than just worse firms). This is true even for the most experienced VCs. Furthermore, our results suggest that the flood of capital in hot markets also plays a causal role in shifting investments to more novel startups -by lowering the cost of experimentation for early stage investors and allowing them to make riskier, more novel, investments. JEL Classification: G24, G32, O3

Investment Cycles and Startup Innovation * Investment Cycles and Startup Innovation

Abstract We find that VC-backed firms receiving their initial investment in hot markets are more likely to go bankrupt, but conditional on going public are valued higher on the day of their IPO, have more patents and have more citations to their patents. Our results suggest that VCs invest in riskier and more innovative startups in hot markets (rather than just worse firms). This is true even for the most experienced VCs. Furthermore, our results suggest that the flood of capital in hot markets also plays a causal role in shifting investments to more novel startups -by lowering the cost of experimentation for early stage investors and allowing them to make riskier, more novel, investments. JEL Classification: G24, G32, O31 Key Words: Venture Capital, Innovation, Market Cycles, Financing Risk * Soldiers Field Road, Boston, MA 02163, USA. Email: [email protected] and [email protected]. We are grateful to Bo Becker, Shai Bernstein, Lee Fleming, Michael Ewens, Bill Kerr, Paul Gompers, Robin Greenwood, Thomas Hellmann, Josh Lerner, David Mowery, David Scharfstein, Antoinette Schoar and Rick Townsend for fruitful discussion and comments, and to the seminar participants at MIT, UT Austin, Tuck School of Business, Harvard, Houston University, UC Berkeley, Northeastern University, University of Lausanne, Notre Dame, Hong Kong University. We thank Oliver Heimes and Sarah Wolverton for research assistance, and the Division of Faculty Research and Development at HBS and the Kauffman Foundation for financial support. All errors are our own. 1 Investment Cycles and Startup Innovation Abstract We find that VC-backed firms receiving their initial investment in hot markets are more likely to go bankrupt, but conditional on going public are valued higher on the day of their IPO, have more patents and have more citations to their patents. Our results suggest that VCs invest in riskier and more innovative startups in hot markets (rather than just worse firms). This is true even for the most experienced VCs. Furthermore, our results suggest that the flood of capital in hot markets also plays a causal role in shifting investments to more novel startups -by lowering the cost of experimentation for early stage investors and allowing them to make riskier, more novel, investments. JEL Classification: G24, G32, O3