Nothing Ventured — Nothing Gained? Empirical Evidence on Venture Capital Financing in Switzerland

This paper analyses the Determinants of Venture Capital Staging and Syndication in Switzerland. I find that among the different affiliations of VC investors in Switzerland especially independent investors make more extensive use of staged capital infusions. Moreover, the results suggest that staging is employed as a tool for mitigating risks in VC financing. In addition, I find that Syndication can serve as an entrance strategy for foreign VC providers. Furthermore, I find evidence that firms, which realize the benefit of staging, do also become conscious of the value added in financing Start Ups by involving partners. Consequently, VC firms that make use of staging are also more open to syndication. With respect to the value-added of Co-Investment behavior, I show that syndication positively impacts the success rate of a VC provider, whereas VC firms that are more locally embedded do exhibit lower success rates for their investment portfolio

Early relapse after high‐dose melphalan autologous stem cell transplant predicts inferior survival and is associated with high disease burden and genetically high‐risk disease in multiple myeloma

Predicting patient outcome in multiple myeloma remains challenging despite the availability of standard prognostic biomarkers. We investigated outcome for patients relapsing early from intensive therapy on NCRI Myeloma XI. Relapse within 12 months of autologous stem cell transplant was associated with markedly worse median progression‐free survival 2 (PFS2) of 18 months and overall survival (OS) of 26 months, compared to median PFS2 of 85 months and OS of 91 months for later relapsing patients despite equal access to and use of subsequent therapies, highlighting the urgent need for improved outcome prediction and early intervention strategies for myeloma patients

The future of social is personal: the potential of the personal data store

This chapter argues that technical architectures that facilitate the longitudinal, decentralised and individual-centric personal collection and curation of data will be an important, but partial, response to the pressing problem of the autonomy of the data subject, and the asymmetry of power between the subject and large scale service providers/data consumers. Towards framing the scope and role of such Personal Data Stores (PDSes), the legalistic notion of personal data is examined, and it is argued that a more inclusive, intuitive notion expresses more accurately what individuals require in order to preserve their autonomy in a data-driven world of large aggregators. Six challenges towards realising the PDS vision are set out: the requirement to store data for long periods; the difficulties of managing data for individuals; the need to reconsider the regulatory basis for third-party access to data; the need to comply with international data handling standards; the need to integrate privacy-enhancing technologies; and the need to future-proof data gathering against the evolution of social norms. The open experimental PDS platform INDX is introduced and described, as a means of beginning to address at least some of these six challenges

The role of behavioural competences in predicting entrepreneurial funding resource orchestration

This study examines how a psychometric testing tool can be used to explain, predict and measure behavioural competences and how entrepreneurs fund the firm. Reference is made to studies of personality traits (McClelland, 1961; Sandberg & Hoffer, 1987; Brockhaus, 1980; Baum & Locke, 2004; Ciaveralla, 2004; Rauch & Frese, 2007). More recent studies have called for research into behaviour and competences (Zhao, 2010; Bird at al, 2012; Mueller, 2012) and specifically in the finance context of orchestration of resources (Wright and Sigliani 2013). The authors take a pragmatic realism perspective using a mixed method study to explore the “reality” of the entrepreneur (Watson, 2013). Cluster analysis is used to identify the relationship between behavioural competences and funding outcomes. Applying Big 5 Theory of Personality and the Great 8 Competences indicates how behaviour impacts outcomes as entrepreneurs seek to access finance. The identification of three distinct groups in this longitudinal study means belonging to one of these groups predicts likely behaviour when searching for finance. A strong behavioural characteristic which emerged, validated through interviews and psychometric testing, was an orientation towards engagement and working with other organisations. In a funding context, this manifested itself in using networks, seeking advice and sharing equity. These co-operative, collaborative characteristics are different to the classic image of the entrepreneur as a risk-taker or extrovert. The study identifies entrepreneurs who are both successful and unsuccessful in finance applications and compares behavioural competency profiles, thus overcoming the limitations of many studies (Rauch 2007) that are biased towards successful enterprises

The evaluation criteria used by venture capitalists:evidence from a UK fund

GRAHAM BOOCOCK AND MARGARET WOODS are Lecturers in Banking and Finance, and Financial Management, respectively, at Loughborough University Business School, England. The paper examines how venture fund managers select their investee companies, by exploring the evaluation criteria and the decision-making process adopted at one United Kingdom regional venture fund (henceforth referred to as the Fund). The analysis confirms that relatively consistent evaluation criteria are applied across the industry and corroborates previous models which suggest that the venture capitalist's decision-making consists of several stages. With the benefit of access to the Fund's internal records, however, this paper adds to the current literature by differentiating the evaluation criteria used at each successive stage of the decision-making process. The paper presents a model of the Fund's activities which demonstrates that the relative importance attached to the evaluation criteria changes as applications are systematically processed. Proposals have to satsfy different criteria at each stage of the decision-making process before they receive funding. In the vast majority of cases, applications are rejected by the fund managers. In addition, the length of time taken by the fund managers in appraising propositions can lead to withdrawal of applications at an advanced stage

Towards a ‘Long View’: Historical Perspectives on the Scaling and Replication of Social Ventures

Social ventures are now widely regarded as playing an essential role in addressing persistent and pervasive societal challenges. This insight has prompted an active search for readily-scaleable and replicable business models. However, relatively little consideration has been given to the longer-term growth and performance of these hybrid organizational forms. This paper examines how historically-informed research might enhance our understanding of growth processes. It considers the conceptualization of organizational growth in social ventures and the relevance of prevailing constructs. The explanatory potential of ‘long view’ approaches examined by applying three constructs, opportunity recognition, entrepreneurial adjustment, and institutional structure, in a comparative historical analysis of two British social ventures

Entrepreneurial Risk and Strategic Decision Making: It’s a Matter of Perspective

Risk taking has long been a central theme of the entrepreneurship literature. However, research on the risk propensity of entrepreneurs has met with virtually no empirical support even though entrepreneurs consistently engage in risky events. This article attempts to resolve this paradox by examining entrepreneurial risk through the lens of cognitive psychology and decision making. The author proposes that entrepreneurial risk may be explained by recognizing that entrepreneurs use biases and heuristics more, which is likely to lead them to perceive less risk in a given decision situation. The data indicate that entrepreneurs do indeed use representativeness more in their decision making and are more overconfident than managers in large organizations. These findings provide a new perspective for understanding how entrepreneurs deal with the inordinate amount of risk associated with starting new ventures.Yeshttps://us.sagepub.com/en-us/nam/manuscript-submission-guideline

Concentrating Too Hard? Foreign and Corporate Venture Capital Involvement in Syndicates

We investigate the relationship between investment of corporate venture capital (CVC) and foreign venture capital (FVC), and the concentration of investors involved in a financing round. As forms of venture capital distinct from independent venture capital, CVC and FVC can offer different value to new ventures. However, having FVC or CVC investors in the syndicate can also pose additional risks to other investors. We find that a corporate venture capital or a foreign venture capital affiliation is related to lower concentration of investors. Our results suggest that the investors evaluate not only the venture but also their syndicate partners in determining their relative share of round investment

Antiretroviral Therapy, Renal Function among HIV-Infected Tanzanian, Adults, HIV/AIDS, .

Data regarding the outcomes of HIV-infected adults with baseline renal dysfunction who start antiretroviral therapy are conflicting. We followed up a previously-published cohort of HIV-infected adult outpatients in northwest Tanzania who had high prevalence of renal dysfunction at the time of starting antiretroviral therapy (between November 2009 and February 2010). Patients had serum creatinine, proteinuria, microalbuminuria, and CD4(+) T-cell count measured at the time of antiretroviral therapy initiation and at follow-up. We used the adjusted Cockroft-Gault equation to calculate estimated glomerular filtration rates (eGFRs). In this cohort of 171 adults who had taken antiretroviral therapy for a median of two years, the prevalence of renal dysfunction (eGFR <90 mL/min/1.73 m(2)) decreased from 131/171 (76.6%) at the time of ART initiation to 50/171 (29.2%) at the time of follow-up (p<0.001). Moderate dysfunction (eGFR<60 mL/min/1.73 m(2)) decreased from 21.1% at antiretroviral therapy initiation to 1.1% at follow-up (p<0.001), as did the prevalence of microalbuminuria (72% to 44%, p<0.001). Use of tenofovir was not associated with renal dysfunction at follow-up. Mild and moderate renal dysfunction were common in this cohort of HIV-infected adults initiating antiretroviral therapy, and both significantly improved after a median follow-up time of 2 years. Our work supports the renal safety of antiretroviral therapy in African adults with mild-moderate renal dysfunction, suggesting that these regimens do not lead to renal damage in the majority of patients and that they may even improve renal function in patients with mild to moderate renal dysfunction