Why business angels reject investment opportunities: Is it personal?

A major focus of research on business angels has examined their decision-making processes and investment criteria. As business angels reject most of the opportunities that they receive, this article explores the reasons informing such decisions. In view of angel heterogeneity, investment opportunities might be expected to be rejected for differing reasons. Two sources of data are used to examine this issue. Face-to-face interviews with 30 business angels in Scotland and Northern Ireland provided information on typical ‘deal killers’. This was complemented by an Internet survey of United Kingdom that attracted responses from 238 UK business angels. The findings confirm that the main reason for rejection relates to the entrepreneur/management team. However, angel characteristics do not explain the number of reasons given for opportunity rejection nor do they predict the reasons for rejecting investment opportunities. This could be related to the increasing trend for business angels to join organised groups which, in turn, leads to the development of a shared repertoire of investment approaches. We suggest the concept of ‘communities-of-practice’ as an explanation for this finding

The role of the exit in the initial screening of investment opportunities: The case of business angel syndicate gatekeepers

The exit process has been largely ignored in business angel research.. The practitioner community identifies the difficulty in achieving exits as the most pressing problem for investors. This has been attributed to the failure of investors to adopt an exit-centric approach to investing. The validity of this claim is examined via a study of the investment approach of 21 ‘gatekeepers’ (managers) of angel groups in Scotland and Northern Ireland. Most gatekeepers say that they do consider the exit when they invest. However, this is contradicted by a verbal protocol analysis which indicates that the exit is not a significant consideration in their initial screening process. The small number of exits achieved by the groups is consistent with the general lack of an exit-centric approach to investing. Only three groups exhibit evidence of a strong exit-centric approach to investing. The lack of exits may have a negative impact on the level of future angel investment activity

Associations de kystes de dinoflagellés des séries du Jurassique supérieur (Oxfordien–Tithonien) du Rif externe (Prérif interne et Mésorif, Maroc) et comparaisons régionales = Dinoflagellate cyst assemblages of the Upper Jurassic (Oxfordian–Tithonian) from the External Rif Chain (Internal Prerif and Mesorif, Morocco) and regional comparisons

A biostratigraphic study of dinoflagellate cysts of the Upper Jurassic series from the eastern External Rif Chain, has been achieved for the first time on four outcrop sections : the DM section (Douar Marticha), the TB section (the Tarhchenna “Sof”), the KSD section (the Kef Mallou “Sof”) and the Y section (Douar Lamriene) among which three sections (TB, KSD and Y) are well-dated by ammonites and calpionellids fauna. The DM and TB sections are complementary in terms of stratigraphy and correspond respectively to the upper part of the “Ferrysch” Formation, a thick shaly–silty and sandy sequence assigned to the Callovian-Oxfordian stages and to the El Gouzat limestones Formation (Kimmeridgian - Lower Tithonian age) and to the Tarhchenna marly limestones Formation (Upper Tithonian age) from the EL Gouzat area (Mesorif). The KSD and Y sections are also complementary and correspond to the Kimmeridgian-Lower Tithonian Msila limestones Formation and to the overlying marly limestones Massif Formation of Upper Tithonian age, outcropping in the Msila region (Internal Prerif). These four sections have shown many dinocysts rich levels, which had allowed characterizing the Middle? and Upper Oxfordian substages in the DM section. In the other sections, the dinoflagellate cyst assemblages are nearly similar to those of the Kimmeridgian–Tithonian of many sections from the Boreal, Sub-boreal and North tethyan realms, particularily from England, Russia and South-East France basin. The results of the present work confirm once again, the important value of dinoflagellate cysts, for age dating of ammonites-lacking Mesozoic sedimentary sequences and for biostratigraphic correlations

Bioaccumulation and ecotoxicity of carbon nanotubes

Carbon nanotubes (CNT) have numerous industrial applications and may be released to the environment. In the aquatic environment, pristine or functionalized CNT have different dispersion behavior, potentially leading to different risks of exposure along the water column. Data included in this review indicate that CNT do not cross biological barriers readily. When internalized, only a minimal fraction of CNT translocate into organism body compartments. The reported CNT toxicity depends on exposure conditions, model organism, CNT-type, dispersion state and concentration. In the ecotoxicological tests, the aquatic organisms were generally found to be more sensitive than terrestrial organisms. Invertebrates were more sensitive than vertebrates. Single-walled CNT were found to be more toxic than double-/multi-walled CNT. Generally, the effect concentrations documented in literature were above current modeled average environmental concentrations. Measurement data are needed for estimation of environmental no-effect concentrations. Future studies with benchmark materials are needed to generate comparable results. Studies have to include better characterization of the starting materials, of the dispersions and of the biological fate, to obtain better knowledge of the exposure/effect relationships

Near-surface defect detection in additively manufactured components using laser induced phased arrays with surface acoustic wave crosstalk suppression

In-process inspection of the additive manufacturing process requires a technique that can provide reliable measurements given the extreme operating environments, the small size of the defects and the cyclic melting and heating of the material, caused by subsequently deposited layers. A remote and couplant-free ultrasonic inspection technique using bulk waves that can image near-surface defects could address these in-process inspection requirements. Laser induced phased arrays (LIPA) generate and detect ultrasound based on laser ultrasonics principles, while the array is synthesised in post-processing. However, when using LIPAs for inspection, the surface acoustic waves (SAWs) interfere with the bulk wave modes giving rise to crosstalk and artefacts, which makes near-surface defect imaging difficult. This work experimentally validates and compares five techniques for SAW suppression: amplitude thresholding, mean waveform subtraction, principal component subtraction, frequency-wavenumber filtering, and phase coherence imaging. SAW suppression is demonstrated in ultrasonic images of transverse waves based on 71-element LIPA data synthesised on a Ti-6Al-4V directed energy deposition-arc (DED-Arc/Ti6Al4V) sample with a ∼1 mm diameter side drilled hole, located at ∼4 mm below the inspected surface. The reported results show that the principal component subtraction approach achieved the highest ‘signal-to-crosstalk ratio’ improvement of 16 dB, while successfully suppressing the SAW

Prokaryotic and Eukaryotic Community Structure in Field and Cultured Microbialites from the Alkaline Lake Alchichica (Mexico)

The geomicrobiology of crater lake microbialites remains largely unknown despite their evolutionary interest due to their resemblance to some Archaean analogs in the dominance of in situ carbonate precipitation over accretion. Here, we studied the diversity of archaea, bacteria and protists in microbialites of the alkaline Lake Alchichica from both field samples collected along a depth gradient (0–14 m depth) and long-term-maintained laboratory aquaria. Using small subunit (SSU) rRNA gene libraries and fingerprinting methods, we detected a wide diversity of bacteria and protists contrasting with a minor fraction of archaea. Oxygenic photosynthesizers were dominated by cyanobacteria, green algae and diatoms. Cyanobacterial diversity varied with depth, Oscillatoriales dominating shallow and intermediate microbialites and Pleurocapsales the deepest samples. The early-branching Gloeobacterales represented significant proportions in aquaria microbialites. Anoxygenic photosynthesizers were also diverse, comprising members of Alphaproteobacteria and Chloroflexi. Although photosynthetic microorganisms dominated in biomass, heterotrophic lineages were more diverse. We detected members of up to 21 bacterial phyla or candidate divisions, including lineages possibly involved in microbialite formation, such as sulfate-reducing Deltaproteobacteria but also Firmicutes and very diverse taxa likely able to degrade complex polymeric substances, such as Planctomycetales, Bacteroidetes and Verrucomicrobia. Heterotrophic eukaryotes were dominated by Fungi (including members of the basal Rozellida or Cryptomycota), Choanoflagellida, Nucleariida, Amoebozoa, Alveolata and Stramenopiles. The diversity and relative abundance of many eukaryotic lineages suggest an unforeseen role for protists in microbialite ecology. Many lineages from lake microbialites were successfully maintained in aquaria. Interestingly, the diversity detected in aquarium microbialites was higher than in field samples, possibly due to more stable and favorable laboratory conditions. The maintenance of highly diverse natural microbialites in laboratory aquaria holds promise to study the role of different metabolisms in the formation of these structures under controlled conditions

Earth: Atmospheric Evolution of a Habitable Planet

Our present-day atmosphere is often used as an analog for potentially habitable exoplanets, but Earth's atmosphere has changed dramatically throughout its 4.5 billion year history. For example, molecular oxygen is abundant in the atmosphere today but was absent on the early Earth. Meanwhile, the physical and chemical evolution of Earth's atmosphere has also resulted in major swings in surface temperature, at times resulting in extreme glaciation or warm greenhouse climates. Despite this dynamic and occasionally dramatic history, the Earth has been persistently habitable--and, in fact, inhabited--for roughly 4 billion years. Understanding Earth's momentous changes and its enduring habitability is essential as a guide to the diversity of habitable planetary environments that may exist beyond our solar system and for ultimately recognizing spectroscopic fingerprints of life elsewhere in the Universe. Here, we review long-term trends in the composition of Earth's atmosphere as it relates to both planetary habitability and inhabitation. We focus on gases that may serve as habitability markers (CO2, N2) or biosignatures (CH4, O2), especially as related to the redox evolution of the atmosphere and the coupled evolution of Earth's climate system. We emphasize that in the search for Earth-like planets we must be mindful that the example provided by the modern atmosphere merely represents a single snapshot of Earth's long-term evolution. In exploring the many former states of our own planet, we emphasize Earth's atmospheric evolution during the Archean, Proterozoic, and Phanerozoic eons, but we conclude with a brief discussion of potential atmospheric trajectories into the distant future, many millions to billions of years from now. All of these 'Alternative Earth' scenarios provide insight to the potential diversity of Earth-like, habitable, and inhabited worlds.Comment: 34 pages, 4 figures, 4 tables. Review chapter to appear in Handbook of Exoplanet

Documenting the Recovery of Vascular Services in European Centres Following the Initial COVID-19 Pandemic Peak: Results from a Multicentre Collaborative Study

Objective: To document the recovery of vascular services in Europe following the first COVID-19 pandemic peak. Methods: An online structured vascular service survey with repeated data entry between 23 March and 9 August 2020 was carried out. Unit level data were collected using repeated questionnaires addressing modifications to vascular services during the first peak (March – May 2020, “period 1”), and then again between May and June (“period 2”) and June and July 2020 (“period 3”). The duration of each period was similar. From 2 June, as reductions in cases began to be reported, centres were first asked if they were in a region still affected by rising cases, or if they had passed the peak of the first wave. These centres were asked additional questions about adaptations made to their standard pathways to permit elective surgery to resume. Results: The impact of the pandemic continued to be felt well after countries’ first peak was thought to have passed in 2020. Aneurysm screening had not returned to normal in 21.7% of centres. Carotid surgery was still offered on a case by case basis in 33.8% of centres, and only 52.9% of centres had returned to their normal aneurysm threshold for surgery. Half of centres (49.4%) believed their management of lower limb ischaemia continued to be negatively affected by the pandemic. Reduced operating theatre capacity continued in 45.5% of centres. Twenty per cent of responding centres documented a backlog of at least 20 aortic repairs. At least one negative swab and 14 days of isolation were the most common strategies used for permitting safe elective surgery to recommence. Conclusion: Centres reported a broad return of services approaching pre-pandemic “normal” by July 2020. Many introduced protocols to manage peri-operative COVID-19 risk. Backlogs in cases were reported for all major vascular surgeries

Business performance and angels presence: A fresh look from France 2008–2011

Business angels enjoy a strong reputation for being more efficient than other investors among policy makers, practitioners, and scholars. However, due to the limited availability of specific financial data, previous research has barely assessed the impact of angels on companies’ performance. This paper seeks to bridge this gap by providing evidence from a unique dataset made up of 432 angel-backed French companies which are compared to two control groups, one randomly selected and another one consisting of similar enterprises. This double comparison process enables us to purge our analysis of structural effect and to demonstrate the importance of the methodology in generating the sample. Indeed, the results we obtain significantly differ depending on the control group. Our results show that the positive influence of angels depends on the condition of the comparison. The set of BA-backed companies is more likely to exhibit superior performance when it is compared to a random sample whereas the companies’ performance is either identical or worse when it is compared to a sample composed of k-nearest neighbors. In addition, using a quantile regression technique makes it possible to differentiate the effect of business angels based on the distribution of the value of the growth rate. © 2017, Springer Science+Business Media New York

An endemic flora of dispersed spores from the Middle Devonian of Iberia

Diverse assemblages of dispersed spores have been recovered from Middle Devonian rocks in northern Spain, revealing a significant endemism in the flora. Middle Devonian Iberia was part of a relatively isolated island complex (Armorican Terrane Assemblage), separated by considerable tracts of ocean from Laurussia to the north‐west and Gondwana to the south‐east. The Middle Devonian deposits of the Cantabrian Zone of northern Spain are entirely marine and comprise a thick clastic unit sandwiched between extensive carbonate units. The clastic unit, the laterally equivalent Naranco, Huergas and Gustalapiedra formations of Asturias, León and Palencia provinces, represents a nearshore‐offshore transect across a marine shelf. This unit is also believed to encompass the Kačák Event, an important global extinction event. The recovered palynomorphs include marine (phytoplankton, chitinozoans, scolecodonts) and terrestrial (spores) assemblages. These are abundant and well preserved, although of variable thermal maturity. Here, we describe the dispersed spores and consider their significance as regards biostratigraphy, palaeophytogeography and Kačák Event interpretation. The dispersed spores represent a single assemblage assignable to the lemurata–langii Assemblage Zone (lemurata Subzone) indicating a probable early (but not earliest) Givetian age. Signs of endemism include various taxa known only from this region, some taxa appearing to have discordant ranges compared with elsewhere, and the absence from Iberia of certain prominent taxa characteristic of coeval assemblages elsewhere, such as those with grapnel‐tipped processes. The abrupt interruption of carbonate deposition, with a change to rapid deposition of thick clastic deposits, provides support for a monsoonal cause of the Kačák Event