From funding gaps to thin markets: UK Government support for early-stage venture capital

Research report'Hybrid' venture capital schemes backed by both private and public sector funding play an increasingly important role in the risk capital funding of early-stage firms with the potential for significant growth. We analysed the impact of investment from six UK government-backed venture capital schemes on 782 funded firms over the period 1995-2008. The six schemes that are the focus of this analysis are the Enterprise Capital Funds (ECFs), Early Growth Funds (EGFs), Regional Venture Capital Funds (RVCFs), Scottish Enterprise-backed Funds, University Challenge Funds (UCFs), and Welsh Hybrid Funds

Non-founder human capital and the long-run growth and survival of high-tech ventures

This paper considers the impact of non-founder human capital on high-tech firms' long-run growth and survival. Drawing upon threshold theory, we explore how lack of access to complementary skills at different points in the life course impacts founders' thresholds for exit. We examine these factors using a unique longitudinal dataset tracking the performance and survival of a sample of UK high-tech firms over thirteen years as the firms move from youth into maturity. We find that firms that survive but do not grow are characterized by difficulty in accessing complementary managerial skills in youth, while firms that grow but subsequently exit are characterized by shortfalls of specialized complementary skills during adolescence. Firms that grow and survive do not report skills shortfalls. We discuss the implications of these resource constraints for entrepreneurs’ decisions to persist or exit through the life course

Case Reports1. A Late Presentation of Loeys-Dietz Syndrome: Beware of TGFβ Receptor Mutations in Benign Joint Hypermobility

Background: Thoracic aortic aneurysms (TAA) and dissections are not uncommon causes of sudden death in young adults. Loeys-Dietz syndrome (LDS) is a rare, recently described, autosomal dominant, connective tissue disease characterized by aggressive arterial aneurysms, resulting from mutations in the transforming growth factor beta (TGFβ) receptor genes TGFBR1 and TGFBR2. Mean age at death is 26.1 years, most often due to aortic dissection. We report an unusually late presentation of LDS, diagnosed following elective surgery in a female with a long history of joint hypermobility. Methods: A 51-year-old Caucasian lady complained of chest pain and headache following a dural leak from spinal anaesthesia for an elective ankle arthroscopy. CT scan and echocardiography demonstrated a dilated aortic root and significant aortic regurgitation. MRA demonstrated aortic tortuosity, an infrarenal aortic aneurysm and aneurysms in the left renal and right internal mammary arteries. She underwent aortic root repair and aortic valve replacement. She had a background of long-standing joint pains secondary to hypermobility, easy bruising, unusual fracture susceptibility and mild bronchiectasis. She had one healthy child age 32, after which she suffered a uterine prolapse. Examination revealed mild Marfanoid features. Uvula, skin and ophthalmological examination was normal. Results: Fibrillin-1 testing for Marfan syndrome (MFS) was negative. Detection of a c.1270G > C (p.Gly424Arg) TGFBR2 mutation confirmed the diagnosis of LDS. Losartan was started for vascular protection. Conclusions: LDS is a severe inherited vasculopathy that usually presents in childhood. It is characterized by aortic root dilatation and ascending aneurysms. There is a higher risk of aortic dissection compared with MFS. Clinical features overlap with MFS and Ehlers Danlos syndrome Type IV, but differentiating dysmorphogenic features include ocular hypertelorism, bifid uvula and cleft palate. Echocardiography and MRA or CT scanning from head to pelvis is recommended to establish the extent of vascular involvement. Management involves early surgical intervention, including early valve-sparing aortic root replacement, genetic counselling and close monitoring in pregnancy. Despite being caused by loss of function mutations in either TGFβ receptor, paradoxical activation of TGFβ signalling is seen, suggesting that TGFβ antagonism may confer disease modifying effects similar to those observed in MFS. TGFβ antagonism can be achieved with angiotensin antagonists, such as Losartan, which is able to delay aortic aneurysm development in preclinical models and in patients with MFS. Our case emphasizes the importance of timely recognition of vasculopathy syndromes in patients with hypermobility and the need for early surgical intervention. It also highlights their heterogeneity and the potential for late presentation. Disclosures: The authors have declared no conflicts of interes

A Multicenter, Randomized, Placebo‐Controlled Trial of Atorvastatin for the Primary Prevention of Cardiovascular Events in Patients With Rheumatoid Arthritis

Objective: Rheumatoid arthritis (RA) is associated with increased cardiovascular event (CVE) risk. The impact of statins in RA is not established. We assessed whether atorvastatin is superior to placebo for the primary prevention of CVEs in RA patients. Methods: A randomized, double‐blind, placebo‐controlled trial was designed to detect a 32% CVE risk reduction based on an estimated 1.6% per annum event rate with 80% power at P 50 years or with a disease duration of >10 years who did not have clinical atherosclerosis, diabetes, or myopathy received atorvastatin 40 mg daily or matching placebo. The primary end point was a composite of cardiovascular death, myocardial infarction, stroke, transient ischemic attack, or any arterial revascularization. Secondary and tertiary end points included plasma lipids and safety. Results: A total of 3,002 patients (mean age 61 years; 74% female) were followed up for a median of 2.51 years (interquartile range [IQR] 1.90, 3.49 years) (7,827 patient‐years). The study was terminated early due to a lower than expected event rate (0.70% per annum). Of the 1,504 patients receiving atorvastatin, 24 (1.6%) experienced a primary end point, compared with 36 (2.4%) of the 1,498 receiving placebo (hazard ratio [HR] 0.66 [95% confidence interval (95% CI) 0.39, 1.11]; P = 0.115 and adjusted HR 0.60 [95% CI 0.32, 1.15]; P = 0.127). At trial end, patients receiving atorvastatin had a mean ± SD low‐density lipoprotein (LDL) cholesterol level 0.77 ± 0.04 mmoles/liter lower than those receiving placebo (P < 0.0001). C‐reactive protein level was also significantly lower in the atorvastatin group than the placebo group (median 2.59 mg/liter [IQR 0.94, 6.08] versus 3.60 mg/liter [IQR 1.47, 7.49]; P < 0.0001). CVE risk reduction per mmole/liter reduction in LDL cholesterol was 42% (95% CI −14%, 70%). The rates of adverse events in the atorvastatin group (n = 298 [19.8%]) and placebo group (n = 292 [19.5%]) were similar. Conclusion: Atorvastatin 40 mg daily is safe and results in a significantly greater reduction of LDL cholesterol level than placebo in patients with RA. The 34% CVE risk reduction is consistent with the Cholesterol Treatment Trialists’ Collaboration meta‐analysis of statin effects in other populations

Anglo-Saxon governance: similarities, difference and outcomes in a financialised world

The increasing pervasiveness of financial markets across the global economy has been identified in the literature with the spread of ‘Anglo-Saxon capitalism’, reflecting the notion that a common US–UK model of governance and managerial attitudes is becoming increasingly common worldwide. This paper questions the existence of a common US–UK model by exploring how the concept of ‘Anglo-Saxon capitalism’ emerged and by highlighting the institutional differences in governance and managerial routines between the two countries. As the collapses of Lehman Brothers and Royal Bank of Scotland show, common outcomes, driven by international, financialised markets and actors, may mask important differences in managerial routines and attitudes towards risk

Purple Sandpipers at Southsea: Ecology and vulnerability to sea-level rise and coastal engineering

Using records from Hampshire Ornithological Society, we constructed an energy budget for Purple Sandpipers (<i>Calidris maritima</i>) at Southsea Castle through the tide cycle. We then compared this model to our own field observations. We then use the activity budget as the basis for simulating Purple Sandpiper foraging under a range of sea-level rise scenarios. This report includes a general discussion of the natural history of this population, as well as exploring how coastal engineering could provide a solution to the threat of sea-level rise by providing new habitat

Innovative firms and growth: UK Innovation Survey

© Crown Copyright 2014. Archived with permission.Ref: URN BIS/14/643Over the last two decades there has been a growing realisation that the long run economic performance of nations, firms and industries is dependent on their ability to exploit technological innovation (Cohen, 2010). This has created a significant interest among policy makers in how policy can be designed to support innovation and encourage innovative firms to grow

Conservation beyond Boundaries: Using animal movement networks in Protected Area assessment

Protected areas (PAs) are a core component of conservation policy and practice. However, many species for which they are designated are highly mobile, and may move among sites within and beyond PA boundaries. Environmental impacts on sites beyond those boundaries could thus impact the PA’s protected populations, with the risk of adversely affecting its conservation objectives. Conservationists therefore urgently need tools to assess impacts on PAs and their populations of developments beyond their boundaries. We present a framework for using network analysis of observations of marked individuals to assess the protection footprint of PAs in the wider landscape and the impact footprint of developments within or neighbouring PAs. We illustrate the use of this framework by assessing the impact of a current airport development proposal on a partially protected wetland, the Tagus Estuary in Portugal, specifically by evaluating the extent of noise disturbance on the PA’s population of Black-tailed Godwits, a protected migratory wader species. By analysing individual movements between sites and across seasons, we find disturbance impacts on up to 68.3% of individual Black-tailed Godwits, greatly exceeding the estimates of 0.46-5.5% in the airport’s Environmental Impact Assessments which derived from count data. We then compared the pre-development network with simulated networks that represented two levels of site avoidance by removing sites predicted to receive noise in excess of two thresholds, 55 or 65 dB(A). Avoidance by godwits of the potentially-impacted sites is predicted to have a larger effect on network structure than removing the same number of sites at random, suggesting that an airport in the proposed location would operate as a barrier to connectivity in this wetland. We also highlight the role that network analyses of locations of marked individuals can play in assessing environmental impacts on protected sites and populations

Variability in the effectiveness of two ornithological survey methods between tropical forest ecosystems

Birds are a frequently chosen group for biodiversity monitoring as they are comparatively straightforward and inexpensive to sample and often perform well as ecological indicators. Two commonly used techniques for monitoring tropical forest bird communities are point counts and mist nets. General strengths and weaknesses of these techniques have been well-defined; however little research has examined how their effectiveness is mediated by the ecology of bird communities and their habitats. We examine how the overall performance of these methodologies differs between two widely separated tropical forests–Cusuco National Park (CNP), a Honduran cloud forest, and the lowland forests of Buton Forest Reserves (BFR) located on Buton Island, Indonesia. Consistent survey protocols were employed at both sites, with 77 point count stations and 22 mist netting stations being surveyed in each location. We found the effectiveness of both methods varied considerably between ecosystems. Point counts performed better in BFR than in CNP, detecting a greater percentage of known community richness (60% versus 41%) and generating more accurate species richness estimates. Conversely, mist netting performed better in CNP than in BFR, detecting a much higher percentage of known community richness (31% versus 7%). Indeed, mist netting proved overall to be highly ineffective within BFR. Best Akaike's Information Criterion models indicate differences in the effectiveness of methodologies between study sites relate to bird community composition, which in turn relates to ecological and biogeographical influences unique to each forest ecosystem. Results therefore suggest that, while generalized strengths and weaknesses of both methodologies can be defined, their overall effectiveness is also influenced by local characteristics specific to individual study sites. While this study focusses on ornithological surveys, the concept of local factors influencing effectiveness of field methodologies may also hold true for techniques targeting a wide range of taxonomic groups; this requires further research