Рынок венчурного инвестирования в условиях пандемии: реалии времени и перспективы будущего

The subject of the research is the financial mechanism of the modern venture investment market under conditions of uncertainty and the requirements of accelerated innovative development. The study aims to analyze the impact of the pandemic on the sustainability of the institutional behavior of venture capital investment in the global and Russian markets. The authors apply such scientific methods as sampling, grouping, comparison, analogy, analysis, generalization, systemic-structural approach to assessing the development of the subject of research. The paper analyses the role of venture investment in the successful promotion of innovations using the example of the world’s leading companies in 2016–2021. Successful examples of venture investment are presented. The study investigates the impact of the pandemic and lockdown on the level of volatility, composition and dynamics of venture capital investments in 2020– 2021. The authors conclude that the pandemic has an impact on the sectoral redistribution of investments in favor of venture investments in medicine, biotechnology, the sector of information and communication technologies and solutions for business, education, healthcare, on market polarization (covid-negative, covid-positive, covid-neutral), on reducing the role of state funds and Russian accelerators, while increasing the interest and scale of participation of private institutions (foreign investors, business angels, syndicated angel investment), to increase of the volume of the Russian venture capital market by increasing the average ticket size despite the reduction in their number, to strengthen the practice reproduction of their own ecosystems by corporate institutions, to popularize venture capital investment deals in terms of mergers and acquisitions. Prospects for researching the venture capital market are associated with the constant attention to high-tech covid-positive projects, with the growth of transactions in the early stages, due to the increase in the number of professional communities, with the pinpoint development of specific tasks of an investor or corporation by accelerators, with venture investment of companies with the subsequent entry of the project into their own ecosystem, with the improvement of the state’s restrictive measures aimed at a clear institutionalization of professional activities and increasing the financial stability of participants in the investment and innovation markets, with the stimulation of mechanisms for regional innovative development to attract capital to high-risk projects in the regions.Предмет исследования — финансовый механизм современного рынка венчурного инвестирования в условиях неопределенности и требований ускоренного инновационного развития. Цель исследования — проанализировать влияние пандемии на устойчивость институционального поведения венчурного инвестирования на мировом и российском рынках. Использованы такие научные методы, как выборка, группировка, сравнение, аналогия, анализ, обобщение, системно-структурный подход к оценке развития предмета исследования. Проанализирована роль венчурного инвестирования в успешное продвижение инноваций на примере всемирно известных компаний за 2016– 2021 гг. Приведены успешные примеры венчурного инвестирования. Исследовано влияние пандемии и локдауна на уровень волатильности, состав и динамику венчурных вложений в 2020–2021 гг. Сделан вывод о влиянии пандемии на отраслевое перераспределение инвестиций в пользу венчурных вложений в медицину, биотехнологии, сектор информационно-коммуникационных технологий и решений для бизнеса, образования, здравоохранения, на поляризацию рынка (covid-negative, covid-positive, covid-neutral), на снижение роли государственных фондов и российских акселераторов при одновременном усилении интереса и масштабов участия частных институтов (иностранных инвесторов, бизнес-ангелов, синдицированного ангельского инвестирования), на увеличение объема российского рынка венчурного финансирования за счет укрупнения среднего чека сделок вопреки сокращению их количества, на усиление практики воспроизводства собственных экосистем корпоративными институтами, на популяризацию инвестиционных венчурных сделок в части слияний и поглощений. Перспективы исследования рынка венчурного инвестирования связаны с перманентным вниманием к высокотехнологичным проектам covid-positive, с ростом сделок на ранних стадиях благодаря увеличению числа профессиональных сообществ, с точечной отработкой акселераторами конкретных задач инвестора или корпорации, с венчурным инвестированием компаний с последующим входом проекта в их собственную экосистему, с совершенствованием ограничительных мер государства, направленных на четкую институционализацию профессиональной деятельности и повышение финансовой устойчивости участников инвестиционного и инновационного рынков, со стимулированием механизмов регионального инновационного развития для привлечения капитала в высокорискованные проекты в регионах

Инновационная экосистема как новая форма организационной целостности и механизм финансирования и воспроизводства инноваций

The subject of the study is the factors, models and processes of the emergence and development of modern innovation ecosystems (IES) that ensure the flow of assets, their transformation into innovations, and distribution across the territories of economic growth. The purpose of the paper is to identify the factors and trends in the development of the IES, based on the practices of individual States and driving forces of the world. The methods of sampling, grouping, comparison, analogy, analysis, generalization, system-structural approach to assessing the development of the subject of research are used. The result of the study was the definition of IES as an open institutional mechanism for the reproduction of innovations, transforming the competitive market environment in the direction of the dominance of stable intersectoral network structures. The decisive role of IES in the chain “national innovation strategy → (start-ups + companies + state institutions) → IES → [new start-ups + deep-tech companies unicorns (hectocorns) + new level of quality of the competitive environment] → global competitive advantage of the State” is established. On the example of China, the prospects of formation a model of the national IES, focused on long-term development, technological selfsufficiency of the State and, at the same time, providing the possibility of expansion to new markets, are proved. The authors see the prospects for further research of the IES in Russia in a shift of emphasis from the “banking” nature of the IES towards the formation of large territorial centers of the location of the IES while maintaining strong institutional support of the State.Предмет исследования — факторы, модели и процессы возникновения и развития современных инновационных экосистем (ИЭС), обеспечивающих поток активов, преобразование их в инновации, распространение по территориям экономического роста. Цель работы — выявить факторы и тенденции развития ИЭС, опираясь на практики отдельных государств и движущие мировые силы. Использованы методы выборки, группировки, сравнения, аналогии, анализа, обобщения, системно-структурный подход к оценке развития предмета исследования. Результатом исследования стало определение ИЭС как открытого институционального механизма воспроизводства инноваций, трансформирующего конкурентную рыночную среду в направлении доминирования устойчивых межотраслевых сетевых структур. Установлена решающая роль ИЭС в цепочке «национальная инновационная стратегия → (стартапы + компании + институты государства) → ИЭС → [новые стартапы + deeptech компании единороги (гектокорны) + новый уровень качества конкурентной среды] → глобальное конкурентное преимущество государства». На примере Китая доказана перспективность формирования модели национальной ИЭС, ориентированной на долгосрочное развитие, технологическую самодостаточность государства и, вместе с тем, обеспечивающей возможность экспансии на новые рынки. Перспективы дальнейшего исследования ИЭС в России авторы видят в смещении акцентов с «банковской» природы ИЭС в сторону формирования крупных территориальных центров локации ИЭС при сохранении сильной институциональной поддержки государства

Single yeast cell nanomotions correlate with cellular activity.

Living single yeast cells show a specific cellular motion at the nanometer scale with a magnitude that is proportional to the cellular activity of the cell. We characterized this cellular nanomotion pattern of nonattached single yeast cells using classical optical microscopy. The distribution of the cellular displacements over a short time period is distinct from random motion. The range and shape of such nanomotion displacement distributions change substantially according to the metabolic state of the cell. The analysis of the nanomotion frequency pattern demonstrated that single living yeast cells oscillate at relatively low frequencies of around 2 hertz. The simplicity of the technique should open the way to numerous applications among which antifungal susceptibility tests seem the most straightforward

Formaldehyde Induces Mesenteric Artery Relaxation via a Sensitive Transient Receptor Potential Ankyrin-1 (TRPA1) and Endothelium-Dependent Mechanism: Potential Role in Postprandial Hyperemia

Formaldehyde (FA), the smallest aldehyde, is generated endogenously, and is widespread in the environment in foods, beverages and as a gas phase product of incomplete combustion. The main metabolite of FA, formate, was increased significantly in murine urine (∼3×) after overnight feeding. Because feeding increases mesenteric blood flow, we explored the direct effects of FA in isolated murine superior mesenteric artery (SMA). Over the concentration range of 30–1,200 μM, FA strongly and reversibly relaxed contractions of SMA induced by three different agonists: phenylephrine (PE), thromboxane A2 analog (U46,619) and high potassium (60K, 60 mM K+). Formate (to 1.5 mM) induced a modest relaxation. FA (>1,500 μM) irreversibly depressed vascular function in SMA indicating vasotoxicity. The sensitivity (EC50) but not the efficacy (% relaxation) of FA-induced relaxations was dependent on blood vessel type (SMA << aorta) and contractile agonist (PE, EC50= 52 ± 14 μM; U46,619, EC50= 514 ± 129 μM; 60K, EC50= 1,093 ± 87 μM). The most sensitive component of FA vasorelaxation was within physiological levels (30–150 μM) and was inhibited significantly by: (1) mechanically impaired endothelium; (2) Nω-Nitro-L-arginine methyl ester hydrochloride (L-NAME); (3) transient receptor potential ankyrin-1 (TRPA1) antagonist (A967079); (4) guanylyl cyclase (GC) inhibitor (ODQ); and, (5) K+ channel inhibitor (BaCl2). A similar mechanism of SMA vasorelaxation was stimulated by the TRPA1 agonist cinnamaldehyde. Positive TRPA1 immunofluorescent staining and gene-specific sequence were present in SMA but not in aorta. These data indicate FA, but not formate, robustly relaxes SMA via a sensitive TRPA1- and endothelium-dependent mechanism that is absent in aorta. Thus, as FA levels increase with feeding, FA likely contributes to the physiological reflex of post-prandial hyperemia via SMA vasodilatation

ОБШИРНАЯ НЕКРОТИЧЕСКАЯ ТРОФИЧЕСКАЯ ЯЗВА СТОПЫ И ГОЛЕНИ НА ФОНЕ ЭССЕНЦИАЛЬНОЙ ТРОМБОЦИТЕМИИ

We are to present a rare occurrence of large limb-threatening ulcer of the leg and foot in patient with thrombocytosis. Essential thrombocythemia was diagnosed based on peripheral blood platelet count and gen test findings. The improving of platelet count was obtained by oral hydroxyurea. Complex surgical treatment, including free-skin grafting, was performed with the excellent result. Two-year follow-up was retraced without any sign of ulcer recurrence. Представлено редкое наблюдение обширной трофической язвы стопы и голени у пациента с эссенциальной тромбоцитемией. Диагноз установлен на основании стойкого тромбоцитоза в периферической крови и генетического исследования. Коррекция уровня тромбоцитов достигнута на фоне лечения гидроксикарбамидом. В результате комплексного хирургического лечения, включавшего хирургические обработки ран и аутодермопластику расщепленными кожными трансплантатами, достигнуто полное заживление язвы. Отдаленный результат прослежен в течение 2 лет без признаков рецидива язвы

Active-Passive Array Surface Wave Inversion and Comparison to Borehole Logs in Southeast Missouri

In May 2002, both active- and passive-source surface wave data were acquired using 4-channel arrays at six selected bridge sites in southeast Missouri. Processing of acquired data (increase of signal-to-noise ratio, estimation of phase velocities) was carried out and dispersion curves of Rayleigh wave phase velocities were constructed. Each fundamental mode dispersion curve was then inverted by linearised optimization to a layered shear-wave velocity profile to depths of up to 60 m. The estimated shear-wave velocity profiles were compared to other geotechnical data that had been previously acquired at each test site for the Missouri Department of Transportation (MoDOT) including cone penetrometer test (CPT) data, borehole lithologic control, seismic cone penetrometer test (SCPT) shear-wave data and cross-borehole (CH) shear-wave data. The surface wave models, although smoother than the destructive test logs, are accurate and consistent (17% average difference with CH results on two sites), and, moreover, provide information on lithology above the water table and at depths beyond the SCPT and CH limitations, in a more logistically-easier and cost-effective manner

Vertical Shear Wave Velocity Profiles Generated from Spectral Analysis of Surface Waves: Field Examples

Surface wave (Rayleigh wave) seismic data were acquired at six separate bridge sites in southeast Missouri. Each acquired surface wave data set was processed (spectral analysis of surface waves; SASW) and transformed into a site-specific vertical shear-wave velocity profile (SASW shear-wave velocity profile). The SASW shear-wave velocity profiles generated for each bridge site were compared to other geotechnical data including seismic cone penetrometer shear-wave velocity profiles, cross-borehole shear-wave velocity profiles, and borehole lithology logs. The geotechnical data presented herein indicate the SASW shear-wave velocity profiles correlate well with subsurface lithology logs and available cross-borehole shear-wave velocity control. More specifically, clays, silts and sands exhibit relatively characteristic SASW shear-wave velocities, which increase incrementally with increasing depth of burial. We believe these correlations demonstrate that SASW shear-wave velocities are reliable