Human capital and the internationalization of venture capital firms

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.

Induction of the Synthesis of Melanin and Pteridine in Cells Isolated from the Axolotl Embryo: induction/melanin/pteridine/embryonic cells/axolotl

It has previously been reported that when LiCl and tyrosine is added to ectodermal cells isolated from the blastula of Ambystoma mexicanum, then the synthesis of melanin is initiated in cells not normally engaged in this activity (mesenchyme cells, nerve cells and undifferentiated animal cells). In the present paper it has been shown that to obtain this effect tyrosine (0.02 mM) has to be present in the culture medium during at least one of the first seven days of culture, thus several days before melanin is produced. It is concluded that the added tyrosine is acting as an inductor of, and not as a substrate for the synthesis of melanin. In the normal cultures it is possible to observe the spontaneous formation of yellow cells, indicating that they have produced pteridine. These cells are spherical, suggesting that they are undifferentiated embryonic cells. GTP is a precursor in the synthesis of pteridine, and in analogy with the observations made with tyrosine it was found that in the presence of LiCl a number of different cell types elaborate pteridine when GTP (0.1 mM) is added to the medium. Also in this case was it possible to show that GTP acts as an inductor, not as a substrate. Copyright © 1984, Wiley Blackwell. All rights reserve