Assessment of Founders in Venture Capital Investment Decisions

This manuscript documents a research project that employs grounded theory to determine what criteria contemporary investors in early-stage startups use to assess founders. One of the first questions posed by entrepreneurship researchers - even before entrepreneurship had formalized as a field - was, what criteria do investors consider when making investments in startups? Initially, the central concern was whether it was the founder(s) or the business model, often characterized as the “jockey” or the “horse.” From the start, it was generally accepted that the founder was the primary consideration, especially in early-stage ventures. Nonetheless, while business model considerations were parsed into separate factors (e.g., market, financial, product), understanding of founder characteristics evolved rather slowly and centered on the macroeconomic construct of human capital - an aggregate measure of investment in human factors that is ill-suited to measuring micro-level characteristics of individuals. Of course, years of education and experience are reasonable criteria and in many cases are a sound foundation for assessing entrepreneurs. Recently, researchers have been increasingly examining the role of individual-level traits and behaviors across a range of entrepreneurship questions. For example, characteristics such as passion and persistence have been examined for their roles in issues like entrepreneurial intention, performance, and decision-making. Some researchers have examined how such characteristics affect investment decisions, especially among angel investors who essentially have no reliable business model information to include in their decision-making process. Also relatively recently, other organizational researchers, especially those outside of entrepreneurship, have begun serious inquiries into the constituent elements of leadership and the role of purpose, character and emotion in organizations. To assess whether these factors have infiltrated the investment selection criteria of professional early-stage venture investors, the project described herein assesses whether these topics are now openly considered during the investment selection process. Over a dozen investors were interviewed to solicit the criteria they use when evaluating the founders of early-stage ventures prior to investment. All study participants stated that they assessed the startup founder, and most underscored the importance of assessing the startup team. Participants suggested several criteria are important when assessing a startup founder, which included hard skills, soft skills, personality, character, and mindset or mental attitude. Hard skills essentially correspond to human capital and other legacy criteria that have long been understood to be part of founder assessment. The other criteria are clusters of traits and abilities that are related to the once-frowned-upon factors. This research contributes to the discussion of founder assessment by linking it explicitly to established theories from the broader management, leadership, and social science arenas

Photometric observations of selected, optically bright quasars for Space Interferometry Mission and other future celestial reference frames

Photometric observations of 235 extragalactic objects that are potential targets for the Space Interferometry Mission (SIM) are presented. Mean B, V, R, I magnitudes at the 5% level are obtained at 1 - 4 epochs between 2005 and 2007 using the 1-m telescopes at Cerro Tololo Inter-American Observatory and Naval Observatory Flagstaff Station. Of the 134 sources which have V magnitudes in the Veron & Veron-Cetty catalog a difference of over 1.0 mag is found for the observed-catalog magnitudes for about 36% of the common sources, and 10 sources show over 3 mag difference. Our first set of observations presented here form the basis of a long-term photometric variability study of the selected reference frame sources to assist in mission target selection and to support in general QSO multi-color photometric variability studies.Comment: 40 pages, 13 figures, 4 table

The Cut & Enhance method : selecting clusters of galaxies from the SDSS commissioning data

We describe an automated method, the Cut & Enhance method (CE) for detecting clusters of galaxies in multi-color optical imaging surveys. This method uses simple color cuts, combined with a density enhancement algorithm, to up-weight pairs of galaxies that are close in both angular separation and color. The method is semi-parametric since it uses minimal assumptions about cluster properties in order to minimize possible biases. No assumptions are made about the shape of clusters, their radial profile or their luminosity function. The method is successful in finding systems ranging from poor to rich clusters of galaxies, of both regular and irregular shape. We determine the selection function of the CE method via extensive Monte Carlo simulations which use both the real, observed background of galaxies and a randomized background of galaxies. We use position shuffled and color shuffled data to perform the false positive test. We have also visually checked all the clusters detected by the CE method. We apply the CE method to the 350 deg^2 of the SDSS (Sloan Digital Sky Survey) commissioning data and construct a SDSS CE galaxy cluster catalog with an estimated redshift and richness for each cluster. The CE method is compared with other cluster selection methods used on SDSS data such as the Matched Filter (Postman et al. 1996, Kim et al. 2001), maxBCG technique (Annis et al. 2001) and Voronoi Tessellation (Kim et al. 2001). The CE method can be adopted for cluster selection in any multi-color imaging surveys.Comment: 62 pages, 32 figures, Accepted for publication in the Astronomical Journal, "the CE galaxy cluster catalog can be downloaded from, http://astrophysics.phys.cmu.edu/~tomo/ce/

Spectroscopy of Quasar Candidates from SDSS Commissioning Data

The Sloan Digital Sky Survey has obtained images in five broad-band colors for several hundred square degrees. We present color-color diagrams for stellar objects, and demonstrate that quasars are easily distinguished from stars by their distinctive colors. Follow-up spectroscopy in less than ten nights of telescope time has yielded 22 new quasars, 9 of them at $z> 3.65$, and one with $z = 4.75$, the second highest-redshift quasar yet known. Roughly 80% of the high-redshift quasar candidates selected by color indeed turn out to be high-redshift quasars.Comment: 4 pages, 3 figures, to appear in the proceedings of "After the Dark Ages: When Galaxies were Young (the Universe at 2<z<5)", 9th Annual October Astrophysics Conference in Marylan

The Angular Clustering of Galaxy Pairs

We identify close pairs of galaxies from 278 deg^2 of Sloan Digital Sky Survey commissioning imaging data. The pairs are drawn from a sample of 330,041 galaxies with 18 < r^* < 20. We determine the angular correlation function of galaxy pairs, and find it to be stronger than the correlation function of single galaxies by a factor of 2.9 +/- 0.4. The two correlation functions have the same logarithmic slope of 0.77. We invert Limber's equation to estimate the three-dimensional correlation functions; we find clustering lengths of r_0= 4.2 +/- 0.4 h^{-1} Mpc for galaxies and 7.8 +/- 0.7 h^{-1} Mpc for galaxy pairs. These results agree well with the global richness dependence of the correlation functions of galaxy systems.Comment: 12 pages. ApJ, in pres

Identification of quantitative trait loci for survival in the mutant dynactin p150Glued mouse model of motor neuron disease.

Amyotrophic lateral sclerosis (ALS) is the most common degenerative motor neuron disorder. Although most cases of ALS are sporadic, 5-10% of cases are familial, with mutations associated with over 40 genes. There is variation of ALS symptoms within families carrying the same mutation; the disease may develop in one sibling and not in another despite the presence of the mutation in both. Although the cause of this phenotypic variation is unknown, it is likely related to genetic modifiers of disease expression. The identification of ALS causing genes has led to the development of transgenic mouse models of motor neuron disease. Similar to families with familial ALS, there are background-dependent differences in disease phenotype in transgenic mouse models of ALS suggesting that, as in human ALS, differences in phenotype may be ascribed to genetic modifiers. These genetic modifiers may not cause ALS rather their expression either exacerbates or ameliorates the effect of the mutant ALS causing genes. We have reported that in both the G93A-hSOD1 and G59S-hDCTN1 mouse models, SJL mice demonstrated a more severe phenotype than C57BL6 mice. From reciprocal intercrosses between G93A-hSOD1 transgenic mice on SJL and C57BL6 strains, we identified a major quantitative trait locus (QTL) on mouse chromosome 17 that results in a significant shift in lifespan. In this study we generated reciprocal intercrosses between transgenic G59S-hDCTN1 mice on SJL and C57BL6 strains and identified survival QTLs on mouse chromosomes 17 and 18. The chromosome 17 survival QTL on G93A-hSOD1 and G59S-hDCTN1 mice partly overlap, suggesting that the genetic modifiers located in this region may be shared by these two ALS models despite the fact that motor neuron degeneration is caused by mutations in different proteins. The overlapping region contains eighty-seven genes with non-synonymous variations predicted to be deleterious and/or damaging. Two genes in this segment, NOTCH3 and Safb/SAFB1, have been associated with motor neuron disease. The identification of genetic modifiers of motor neuron disease, especially those modifiers that are shared by SOD1 and dynactin-1 transgenic mice, may result in the identification of novel targets for therapies that can alter the course of this devastating illness

The Worst Distortions of Astrometric Instruments and Orthonormal Models for Rectangular Fields of View

The non-orthogonality of algebraic polynomials of field coordinates traditionally used to model field-dependent corrections to astrometric measurements, gives rise to subtle adverse effects. In particular, certain field dependent perturbations in the observational data propagate into the adjusted coefficients with considerable magnification. We explain how the worst perturbation, resulting in the largest solution error, can be computed for a given non-orthogonal distortion model. An algebraic distortion model of full rank can be converted into a fully orthonormal model based on the Zernike polynomials for a circular field of view, or a basis of functions constructed from the original model by a variant of the Gram-Schmidt orthogonalization process for a rectangular field of view. The relative significance of orthonormal distortion terms is assessed simply by the numerical values of the corresponding coefficients. Orthonormal distortion models are easily extendable when the distribution of residuals indicate the presence of higher order terms.Comment: 1 figure; submitted in PAS

Effectiveness and cost-effectiveness of a web-based cardiac rehabilitation programme for people with chronic stable angina:protocol for the ACTIVATE (Angina Controlled Trial Investigating the Value of the 'Activate your heart' Therapeutic E-intervention) randomised controlled trial

INTRODUCTION: Chronic stable angina is common and disabling. Cardiac rehabilitation is routinely offered to people following myocardial infarction or revascularisation procedures and has the potential to help people with chronic stable angina. However, there is insufficient evidence of effectiveness and cost-effectiveness for its routine use in this patient group. The objectives of this study are to compare the effectiveness and cost-effectiveness of the 'Activate Your Heart' cardiac rehabilitation programme for people with chronic stable angina compared with usual care.METHODS AND ANALYSIS: ACTIVATE is a multicentre, parallel-group, two-arm, superiority, pragmatic randomised controlled trial, with recruitment from primary and secondary care centres in England and Wales and a target sample size of 518 (1:1 allocation; allocation sequence by minimisation programme with built-in random element). The study uses secure web-based allocation concealment. The two treatments will be optimal usual care (control) and optimal usual care plus the 'Activate Your Heart' web-based cardiac rehabilitation programme (intervention). Outcome assessment and statistical analysis will be performed blinded; participants will be unblinded. Outcomes will be measured at baseline and at 6 and 12 months' follow-up. Primary outcome will be the UK version of Seattle Angina Questionnaire (SAQ-UK), physical limitations domain at 12 months' follow-up. Secondary outcomes will be the remaining two domains of SAQ-UK, dyspnoea, anxiety and depression, health utility, self-efficacy, physical activity and the incremental shuttle walk test. All safety events will be recorded, and serious adverse events assessed to determine whether they are related to the intervention and expected. Concurrent economic evaluation will be cost-utility analysis from health service perspective. An embedded process evaluation will determine the mechanisms and processes that explain the implementation and impacts of the cardiac rehabilitation programme.ETHICS AND DISSEMINATION: North of Scotland National Health Service Research Ethics Committee approval, reference 21/NS/0115. Participants will provide written informed consent. Results will be disseminated by peer-reviewed publication.TRIAL REGISTRATION NUMBER: ISRCTN10054455.</p

An Initial Survey of White Dwarfs in the Sloan Digital Sky Survey

An initial assessment is made of white dwarf and hot subdwarf stars observed in the Sloan Digital Sky Survey. In a small area of sky (190 square degrees), observed much like the full survey will be, 269 white dwarfs and 56 hot subdwarfs are identified spectroscopically where only 44 white dwarfs and 5 hot subdwarfs were known previously. Most are ordinary DA (hydrogen atmosphere) and DB (helium) types. In addition, in the full survey to date, a number of WDs have been found with uncommon spectral types. Among these are blue DQ stars displaying lines of atomic carbon; red DQ stars showing molecular bands of C_2 with a wide variety of strengths; DZ stars where Ca and occasionally Mg, Na, and/or Fe lines are detected; and magnetic WDs with a wide range of magnetic field strengths in DA, DB, DQ, and (probably) DZ spectral types. Photometry alone allows identification of stars hotter than 12000 K, and the density of these stars for 15<g<20 is found to be ~2.2 deg^{-2} at Galactic latitudes 29-62 deg. Spectra are obtained for roughly half of these hot stars. The spectra show that, for 15<g<17, 40% of hot stars are WDs and the fraction of WDs rises to ~90% at g=20. The remainder are hot sdB and sdO stars.Comment: Accepted for AJ; 43 pages, including 12 figures and 5 table