Entrepreneurial financing decisions, venture capital ownership and bargaining power

It is widely acknowledged that entrepreneurial companies play a key role in shaping a local economy. Entrepreneurial companies are a source of growth and innovation for an industry and provide jobs for the local population. However, entrepreneurs of high growth oriented companies rarely have the capital to finance their innovative ideas themselves and therefore also have to accept the risks associated with assessing and acquiring the necessary finance resources from other investors. The goal of this dissertation is to study the impact of venture capital (VC) finance on such entrepreneurial finance decisions. Although VC investors are a highly focused and specialized kind of investors that offer a wide range of differentiated services, it is to date still unclear how VC investors may reduce agency costs for other potential investors. The first study of this dissertation studies the effect of VC finance and associated VC ownership for finance decisions from other investors who have the potential to invest in these companies. This study demonstrates that VC ownership results into a larger supply of finance for the entrepreneurial company. Second, I find that VC ownership results into an even larger positive effect on capital investment decisions from equity investors as VC finance is typically also associated with the implementation of an equity-oriented corporate governance mechanism in entrepreneurial companies. VC ownership does not have an effect on the supply of finance from financial debt investors, however. Nevertheless, I find that debt finance is equally available for companies with VC ownership as compared to companies without VC ownership, which is a surprising result given the high risk associated with high growth companies that raise VC finance. Another important finding of this study is that the positive effect of VC ownership is stronger for repeated VC finance versus non-repeated VC finance. In fact, these results indicate that the effect of VC finance for entrepreneurial companies’ finance decisions is considerably larger if VC investors commit to further finance the company. The second study of this dissertation extends the first study and explores the effect of VC ownership on entrepreneurial finance decisions in different institutional settings. Although the effect of VC ownership is not limited to one specific institutional context, this study shows that its impact on entrepreneurial finance decisions is stronger in countries with a better quality of law enforcement and in countries where the entrepreneur is able to obtain a fresh start after bankruptcy. Specifically, in countries with a better enforcement of law, VC investors are more effective in reducing agency problems between entrepreneurs and potential investors. The attractiveness of a fresh start after bankruptcy will also be higher for an entrepreneur who raised VC finance, as VC investors focus more on maximizing the value of their portfolio rather than on the survival of individual firms. The third study acknowledges the fact that VC investors are not all equal and explores which VC investor types have more bargaining power versus the entrepreneur and how such differences in VC investor bargaining power affect company valuations in VC investment rounds. VC investor bargaining power is important because company valuations are the outcome of negotiations between the VC investor and the entrepreneur. We show that university VC firms and government VC firms negotiate lower valuations compared with independent VC firms. The proprietary deal flow of university VC firms and the limited competition in niche markets in which government VC firms compete will directly increase their bargaining power versus the entrepreneur, which these VC investor types then further exploit by negotiating lower company valuations compared with independent VC investors. Although differences in VC investor type did not affect entrepreneurial finance decisions in the first and second study, they do affect the equity stake that an entrepreneur will have to give up in order to raise VC finance and in order to a have a greater access to entrepreneurial finance from potential investors in the future

Epiphytic bryozoans on Neptune grass – a sample-based data set

peer reviewedBackground The seagrass Posidonia oceanica L. Delile, commonly known as Neptune grass, is an endemic species of the Mediterranean Sea. It hosts a distinctive and diverse epiphytic community, dominated by various macroalgal and animal organisms. Mediterranean bryozoans have been extensively studied but quantitative data assessing temporal and spatial variability have rarely been documented. In Lepoint et al. (2014a, b) occurrence and abundance data of epiphytic bryozoan communities on leaves of P. oceanica inhabiting the Revellata Bay (Corsica, Mediterranean Sea) were reported and trophic ecology of Electra posidoniae Gautier assessed. New information Here, we provide metadata information on data set discussed in Lepoint et al. 2014a and published on the GBIF portal as a sampling-event data set: http://ipt.biodiversity.be/resource?r=ulg_bryozoa&v=1.0). The data set, compared to Lepoint et al. 2014a, is enriched by data concerning species settled on Posidonia scales (dead petiole of Posidonia leaves, remaining after limb abscission)

AxIOM: Amphipod crustaceans from insular Posidonia oceanica seagrass meadows

peer reviewedBackground The Neptune grass, Posidonia oceanica (L.) Delile, 1813, is the most widespread seagrass of the Mediterranean Sea. This foundation species forms large meadows that, through habitat and trophic services, act as biodiversity hotspots. In Neptune grass meadows, amphipod crustaceans are one of the dominant groups of vagile invertebrates, forming an abundant and diverse taxocenosis. They are key ecological components of the complex, pivotal, yet critically endangered Neptune grass ecosystems. Nevertheless, comprehensive qualitative and quantitative data about amphipod fauna found in Mediterranean Neptune grass meadows remain scarce, especially in insular locations. New information Here, we provide in-depth metadata about AxIOM, a sample-based dataset published on the GBIF portal. AxIOM is based on an extensive and spatially hierarchized sampling design with multiple years, seasons, day periods, and methods. Samples were taken along the coasts of Calvi Bay (Corsica, France) and of the Tavolara-Punta Coda Cavallo Marine Protected Area (Sardinia, Italy). In total, AxIOM contains 187 samples documenting occurrence (1775 records) and abundance (10720 specimens) of amphipod crustaceans belonging to 72 species spanning 29 families. The dataset is available at http://ipt.biodiversity.be/resource?r=axiom

Hydroxyapatite biomaterial implanted in human periodontal defects: an histological and ultrastructural study

The purpose of the present work was to study the response of human periodontium to hydroxyapatite biomaterial particles (180-200 µm). The biomaterial was implanted in two infraosseous periodontal defects (two patients) after clearing of the granulation tissue. At two months post-surgery, biopsies were studied using light and electron microscopy. No sign of inflammation was observed, the biomaterial aggregates were surrounded either by typical fibroblasts or larger phagocytotic cells with phagocytosis vesicles containing biomaterial crystals. These intracellular crystals were noticeably smaller than the nonphagocytized ones. Some of the phagocytized crystals showed morphological signs of intracellular dissolution. The spaces between the crystals constitutive of the aggregates were filled with organic substance containing collagen fibers.Le présent travail a pour but d’étudier la réponse du parodonte humain à des particules d’hydroxyapatite de 180 à 200 µm. Le biomatériau a été implanté dans deux poches parodontales infraosseuses (deux patients) après élimination du tissu de granulation. Deux mois après l’intervention, des biopsies ont été étudiées en microscopie photonique et en microscopie électronique. Aucun signe d’inflammation n’a été décelé, les agrégats de biomatériau sont bordés soit de fibroblastes, soit de cellules phagocytaires, de taille plus importante, avec des vésicules de phagocytose renfermant des cristaux de biomatériau. Ces cristaux intracellulaires sont notablement plus petits que les cristaux non phagocytés. La morphologie de certains cristaux phagocytés traduit l’existence d’une dissolution intracellulaire. Les espaces entre les cristaux constitutifs des agrégats sont comblés par une substance organique contenant des fibres de collagène

Calcium carbonate-calcium phosphate mixed cement compositions for bone reconstruction

The feasibility of making calcium carbonate-calcium phosphate (CaCO3-CaP) mixed cements, comprising at least 40 % (w/w) CaCO3 in the dry powder ingredients, has been demonstrated. Several original cement compositions were obtained by mixing metastable crystalline calcium carbonate phases with metastable amorphous or crystalline calcium phosphate powders in aqueous medium. The cements set within at most 1 hour at 37°C in atmosphere saturated with water. The hardened cement is microporous and exhibits weak compressive strength. The setting reaction appeared to be essentially related to the formation of a highly carbonated nanocrystalline apatite phase by reaction of the mestastable CaP phase with part or almost all of the metastable CaCO3 phase. The recrystallization of metastable CaP varieties led to a final cement consisting of a highly carbonated poorly crystalline apatite (PCA) analogous to bone mineral associated with various amounts of vaterite and/or aragonite. The presence of controlled amounts of CaCO3 with a higher solubility than the apatite formed in the well-developed calcium phosphate cements might be of interest to increase resorption rates in biomedical cement and favor its replacement by bone tissue. Cytotoxicity testing revealed excellent cytocompatibility of CaCO3-CaP mixed cement compositions

AxIOM: Amphipod crustaceans from insular <i>Posidonia oceanica</i> seagrass meadows

Background The Neptune grass, Posidonia oceanica (L.) Delile, 1813, is the most widespread seagrass of the Mediterranean Sea. This foundation species forms large meadows that, through habitat and trophic services, act as biodiversity hotspots. In Neptune grass meadows, amphipod crustaceans are one of the dominant groups of vagile invertebrates, forming an abundant and diverse taxocenosis. They are key ecological components of the complex, pivotal, yet critically endangered Neptune grass ecosystems. Nevertheless, comprehensive qualitative and quantitative data about amphipod fauna found in Mediterranean Neptune grass meadows remain scarce, especially in insular locations. New information Here, we provide in-depth metadata about AxIOM, a sample-based dataset published on the GBIF portal. AxIOM is based on an extensive and spatially hierarchized sampling design with multiple years, seasons, day periods, and methods. Samples were taken along the coasts of Calvi Bay (Corsica, France) and of the Tavolara-Punta Coda Cavallo Marine Protected Area (Sardinia, Italy). In total, AxIOM contains 187 samples documenting occurrence (1775 records) and abundance (10720 specimens) of amphipod crustaceans belonging to 72 species spanning 29 families. The dataset is available at http://ipt.biodiversity.be/resource?r=axiom

Physico-chemical and thermochemical studies of the hydrolytic conversion of amorphous tricalcium phosphate into apatite

The conversion of amorphous tricalcium phosphate with different hydration ratio into apatite in water at 25 °C has been studied by microcalorimetry and several physical–chemical methods. The hydrolytic transformation was dominated by two strong exothermic events. A fast, relatively weak, wetting process and a very slow but strong heat release assigned to a slow internal rehydration and the crystallization of the amorphous phase into an apatite. The exothermic phenomenon related to the rehydration exceeded the crystalline transformation enthalpy. Rehydration occurred before the conversion of the amorphous phase into apatite and determined the advancement of the hydrolytic reaction. The apatitic phases formed evolved slightly with time after their formation. The crystallinity increased whereas the amount of HPO4 2− ion decreased. These data allow a better understanding of the behavior of biomaterials involving amorphous phases such as hydroxyapatite plasma-sprayed coating

Preparation, physical-chemical characterisation and cytocompatibility of calcium carbonate cements

The feasibility of calcium carbonate cements involving the recrystallisation of metastable calcium carbonate varieties has been demonstrated. Calcium carbonate cement compositions presented in this paper can be prepared straightforwardly by simply mixing water (liquid phase) with two calcium carbonate phases (solid phase) which can be easily obtained by precipitation. An original cement composition was obtained by mixing amorphous calcium carbonate and vaterite with an aqueous medium. The cement set and hardened within 2 hours at 37°C in an atmosphere saturated with water and the final composition of the cement consisted mostly of aragonite. The hardened cement was microporous and showed poor mechanical properties. Cytotoxicity tests revealed excellent cytocompatibility of calcium carbonate cement compositions. Calcium carbonates with a higher solubility than the marketed calcium phosphate cements might be of interest to increase biomedical cement resorption rates and to favour its replacement by bone tissue

Towards a Post-Graduate Level Curriculum for Biodiversity Informatics. Perspectives from the Global Biodiversity Information Facility (GBIF) Community

Biodiversity informatics is a new and evolving field, requiring efforts to develop capacity and a curriculum for this field of science. The main objective was to summarise the level of activity and the efforts towards developing biodiversity informatics curricula, for work-based training and/or academic teaching at universities, taking place within the Global Biodiversity Information Facility (GBIF) countries and its associated network. A survey approach was used to identify existing capacities and resources within the network. Most of GBIF Nodes survey respondents (80%) are engaged in onsite training activities, with a focus on work-based professionals, mostly researchers, policy-makers and students. Training topics include data mobilisation, digitisation, management, publishing, analysis and use, to enable the accessibility of analogue and digital biological data that currently reside as scattered datasets. An initial assessment of academic teaching activities highlighted that countries in most regions, to varying degrees, were already engaged in the conceptualisation, development and/or implementation of formal academic programmes in biodiversity informatics, including programmes in Benin, Colombia, Costa Rica, Finland, France, India, Norway, South Africa, Sweden, Taiwan and Togo. Digital e-learning platforms were an important tool to help build capacity in many countries. In terms of the potential in the Nodes network, 60% expressed willingness to be recruited or commissioned for capacity enhancement purposes. Contributions and activities of various country nodes across the network have been highlighted and a working curriculum framework has been defined. © 2021. Parker-Allie F et al. This is an open access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are creditedPeer reviewe

Gradual pore formation in natural origin scaffolds throughout subcutaneous implantation

This study used a rat subcutaneous implantation model to investigate gradual in situ pore formation in a self-regulating degradable chitosan-based material, which comprises lysozyme incorporated into biomimetic calcium phosphate (CaP) coatings at the surface to control the scaffold degradation and subsequent pore formation. Specifically, the in vivo degradation of the scaffolds, the in situ pore formation, and the tissue response were investigated. Chitosan or chitosan/starch scaffolds were studied with and without a CaP coating in the presence or absence of lysozyme for a total of six experimental groups. Twenty-four scaffolds per group were implanted, and eight scaffolds were retrieved at each of three time points (3, 6, and 12 weeks). Harvested samples were analyzed for weight loss, microcomputed tomography, and histological analysis. All scaffolds showed pronounced weight loss and pore formation as a function of time. The highest weight loss was 29.8% 6 1.5%, obtained at week 12 for CaP chitosan/starch scaffolds with lysozyme incorporated. Moreover, all experimental groups showed a significant increase in porosity after 12 weeks. At all time points no adverse tissue reaction was observed, and as degradation increased, histological analysis showed cellular ingrowth throughout the implants. Using this innovative methodology, the ability to gradually generate pores in situ was clearly demonstrated in vivo.Contract grant sponsor: Portuguese Foundation for Science and Technology (FCT); contract grant numbers: SFRH/BPD/66897/2009, SFRH/BPD/26763/2006, SFRH/BD/24735/2005Contract grant sponsor: European NoE EXPERTISSUES; contract grant number: NMP3-CT-2004-500283Contract grant sponsor: National Institutes of Health; contract grant number: R01 DE17441Contract grant sponsor: Baylor College of Medicine Medical Scientist Training Program; contract grant number: NIH T32 GM07330Contract grant sponsor: Rice Institute of Biosciences and Bioengineering's Biotechnology Training Grant; contract grant number: NIH T32 GM008362Contract grant sponsor: Keck Center Nanobiology Training Program of the Gulf Coast Consortia; contract grant number: 5 T90 DK070121-0