Venture capital on a shoestring: Bioventures’ pioneering life sciences fund in South Africa

<p>Abstract</p> <p>Background</p> <p>Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC) funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation?</p> <p>As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations.</p> <p>Discussion</p> <p>The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D.</p> <p>Due to the fund’s small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need.</p> <p>Summary</p> <p>BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how to select, value, and support investments; and how to understand the balance between financial and social returns. The experience of the fund suggests that future health funds targeting ailments of the poor might require investors that accept health benefits as part of their overall “return.” Learning from Bioventures may help develop health innovation funding for sub-Saharan African that has combined health, financial, and economic development impacts.</p

Variation in soil moisture and N availability modulates carbon and water exchange in a California grassland experiment

Variability in the magnitude and timing of precipitation is predicted to change under future climate scenarios. The primary objective of this study was to understand how variation in precipitation patterns consisting of soil moisture pulses mixed with intermittent dry down events influence ecosystem gas fluxes. We characterized the effects of precipitation amount and timing, N availability, and plant community composition on whole ecosystem and leaf gas exchange in a California annual grassland mesocosm study system that allowed precise control of soil moisture conditions. Ecosystem CO2 and fluxes increased significantly with greater precipitation and were positively correlated with soil moisture. A repeated 10 day dry down period following 11 days of variable precipitation inputs strongly depressed net ecosystem CO2 exchange (NEE) across a range of season precipitation totals, and plant community types. Ecosystem respiration (Re), evapotranspiration (ET) and leaf level photosynthesis (Amax) showed greatest sensitivity to dry down periods in low precipitation plots. Nitrogen additions significantly increased NEE, Re and Amax, particularly as water availability was increased. These results demonstrate that N availability and intermittent periods of soil moisture deficit (across a wide range of cumulative season precipitation totals) strongly modulate ecosystem gas exchange

Experiencing transnationalism at home:open borders and the everyday narratives of non-migrants

The normative migration rights literature has engaged with the situated experience of migration to a very limited extent, with particularly little attention paid to non-migrants living in receiving localities. This article argues that exploring the non-elite narratives of non-migrants provides valuable insights for normative theorising about migration rights. The discussion is illustrated with a description of research undertaken within rural migration-receiving communities in England, which shows how the narratives of non-migrants shape the experience of migration at a micro-level. This article discusses the implications of this research for normative theory in order to demonstrate the value of this methodological approach

Macro-Climatic Distribution Limits Show Both Niche Expansion and Niche Specialization among C4 Panicoids

Grasses are ancestrally tropical understory species whose current dominance in warm open habitats is linked to the evolution of C4 photosynthesis. C4 grasses maintain high rates of photosynthesis in warm and water stressed environments, and the syndrome is considered to induce niche shifts into these habitats while adaptation to cold ones may be compromised. Global biogeographic analyses of C4 grasses have, however, concentrated on diversity patterns, while paying little attention to distributional limits. Using phylogenetic contrast analyses, we compared macro-climatic distribution limits among ~1300 grasses from the subfamily Panicoideae, which includes 4/5 of the known photosynthetic transitions in grasses. We explored whether evolution of C4 photosynthesis correlates with niche expansions, niche changes, or stasis at subfamily level and within the two tribes Paniceae and Paspaleae. We compared the climatic extremes of growing season temperatures, aridity, and mean temperatures of the coldest months. We found support for all the known biogeographic distribution patterns of C4 species, these patterns were, however, formed both by niche expansion and niche changes. The only ubiquitous response to a change in the photosynthetic pathway within Panicoideae was a niche expansion of the C4 species into regions with higher growing season temperatures, but without a withdrawal from the inherited climate niche. Other patterns varied among the tribes, as macro-climatic niche evolution in the American tribe Paspaleae differed from the pattern supported in the globally distributed tribe Paniceae and at family level.Fil: Aagesen, Lone. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Botánica Darwinion. Academia Nacional de Ciencias Exactas, Físicas y Naturales. Instituto de Botánica Darwinion; ArgentinaFil: Biganzoli, Fernando. Universidad de Buenos Aires. Facultad de Agronomía. Departamento de Métodos Cuantitativos y Sistemas de Información; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Bena, María Julia. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Botánica Darwinion. Academia Nacional de Ciencias Exactas, Físicas y Naturales. Instituto de Botánica Darwinion; ArgentinaFil: Godoy Bürki, Ana Carolina. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Botánica Darwinion. Academia Nacional de Ciencias Exactas, Físicas y Naturales. Instituto de Botánica Darwinion; ArgentinaFil: Reinheimer, Renata. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Santa Fe. Instituto de Agrobiotecnología del Litoral. Universidad Nacional del Litoral. Instituto de Agrobiotecnología del Litoral; ArgentinaFil: Zuloaga, Fernando Omar. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Botánica Darwinion. Academia Nacional de Ciencias Exactas, Físicas y Naturales. Instituto de Botánica Darwinion; Argentin

Venture funding for science-based African health innovation

<p>Abstract</p> <p>Background</p> <p>While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital’s potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds.</p> <p>Discussion</p> <p>The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested.</p> <p>Summary</p> <p>Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social returns. Such funds should be structured to overcome the challenges identified, be sustainable in the long run, attract for-profit private sector funds, and have measurable and significant health impact. If this is done, the proposed venture approach may have complementary benefits to existing initiatives and encourage local scientific and economic development while tapping new sources of funding.</p

Ecological strategies in California chaparral: Interacting effects of soils, climate, and fire on specific leaf area

Background: High values of specific leaf area (SLA) are generally associated with high maximal growth rates in resource-rich conditions, such as mesic climates and fertile soils. However, fire may complicate this relationship since its frequency varies with both climate and soil fertility, and fire frequency selects for regeneration strategies (resprouting versus seeding) that are not independent of resource-acquisition strategies. Shared ancestry is also expected to affect the distribution of resource-use and regeneration traits. Aims: We examined climate, soil, and fire as drivers of community-level variation in a key functional trait, SLA, in chaparral in California. Methods: We quantified the phylogenetic, functional, and environmental non-independence of key traits for 87 species in 115 plots. Results: Among species, SLA was higher in resprouters than seeders, although not after phylogeny correction. Among communities, mean SLA was lower in harsh interior climates, but in these climates it was higher on more fertile soils and on more recently burned sites; in mesic coastal climates, mean SLA was uniformly high despite variation in soil fertility and fire history. Conclusions: We conclude that because important correlations exist among both species traits and environmental filters, interpreting the functional and phylogenetic structure of communities may require an understanding of complex interactive effects

Critical methods in international relations: the politics of techniques, devices and acts

Methods have increasingly been placed at the heart of theoretical and empirical research in IR and social sciences more generally. This article explores the role of methods in International Relations and argues that methods can be part of a critical project if reconceptualised away from neutral techniques of organising empirical material and research design. It proposes a two-pronged reconceptualisation of critical methods as devices which enact worlds and acts which disrupt particular worlds. Developing this conceptualisation allows us to foreground questions of knowledge and politics as stakes of method and methodology rather than exclusively of ontology, epistemology or theory. It also allows us to move away from the dominance of scientificity (and its weaker versions of systematicity and rigour) to understand methods as less pure, less formal, messier and more experimental, carrying substantive political visions

Spatially structured environmental filtering of collembolan traits in late successional salt marsh vegetation

Both the environment and the spatial configuration of habitat patches are important factors that shape community composition and affect species diversity patterns. Species have traits that allow them to respond to their environment. Our current knowledge on environment to species traits relationships is limited in spite of its potential importance for understanding community assembly and ecosystem function. The aim of our study was to examine the relative roles of environmental and spatial variables for the small-scale variation in Collembola (springtail) communities in a Dutch salt marsh. We used a trait-based approach in combination with spatial statistics and variance partitioning, between environmental and spatial variables, to examine the important ecological factors that drive community composition. Turnover of trait diversity across space was lower than for species diversity. Most of the variation in community composition was explained by small-scale spatial variation in topography, on a scale of 4-6 m, most likely because it determines the effect of inundation, which restricts where habitat generalists can persist. There were only small pure spatial effects on species and trait diversity, indicating that biotic interactions or dispersal limitation probably were less important for structuring the community at this scale. Our results suggest that for springtails, life form (i.e. whether they live in the soil or litter or on the surface/in vegetation) is an important and useful trait to understand community assembly. Hence, using traits in addition to species identity when analysing environment-organism relationships results in a better understanding of the factors affecting community composition

New materialist social inquiry: designs, methods and the research-assemblage

This paper discusses issues of research design and methods in new materialist social inquiry, an approach that is attracting increasing interest across the social sciences as an alternative to either realist or constructionist ontologies. New materialism de-privileges human agency, focusing instead upon how assemblages of the animate and inanimate together produce the world, with fundamental implications for social inquiry methodology and methods. Key to our exploration is the materialist notion of a ‘research-assemblage’ comprising researcher, data, methods and contexts. We use this understanding first to explore the micropolitics of the research process, and then – along with a review of 30 recent empirical studies – to establish a framework for materialist social inquiry methodology and methods. We discuss the epistemological consequences of adopting a materialist ontology