Internationalization Of Management Buyouts

Multivariate statistical analysis is utilized to explore the association between firm strategies, contributions made by venture capitalists and incentives for owners and employees and three exporting variables in a stratified random sample of 147 management buyouts and buyins. Firms focusing upon a diversified product/ service range and/or advertising were significantly more likely to be exporters. Firms focusing upon product/ service quality and financial efficiency and those with high proportions of employees receiving performance related pay were significantly less likely to be exporters. Manufacturing firms and firms focusing upon a diversified product/ service range and/or advertising were significantly more likely to report high percentages of sales exported. Variations in the proportion of sales exported over time were associated with strategies focused upon product/service quality and a diversified product/ service range

Formal Venture Capital Acquisition: Can Entrepreneurs Compensate for the Spatial Proximity Benefits of South East England and ‘Star’ Golden-Triangle Universities?

Building on the resource-based view of the firm and signalling theory, we challenge the traditional perspective that spatial proximity benefits can be leveraged by university spin-outs (USOs) located in the South East of England (particularly those drawn from 'star' golden-triangle universities with additional reputational benefits), and that USOs located elsewhere will be constrained from obtaining first formal venture capital (VC) required for venture development. With the aid of a longitudinal database of 134 USOs involving unique archival and survey data, event-history analysis identified, counter to the traditional perspective, that USOs located outside the South East of England were significantly more likely to obtain formal VC. Also, counter to the spatial proximity benefits view, star golden-triangle USOs were not significantly more likely to obtain VC. Our evidence supports a spatial mismatch view between investors and investees. Resource-combination signals sent by USOs and favourably received by VC firms were found to differ according to USO location context: USOs located outside the South East of England and star golden-triangle universities that signal the credible presence of habitual founders were more likely to obtain VC. USOs located outside star golden-triangle universities that had previously obtained publicly backed equity finance were also more likely to obtain VC. However, USOs located in the South East of England with reputable management teams were most likely to obtain VC

The role of geographical proximity in the establishment and development of science parks – evidence from Nanjing, China

The emergence of science parks is a relatively new phenomenon in China. Apart from the widely debated topics of university–industry linkages, collaboration among firms and spontaneous/policy-driven science parks, the development of science parks in China also has several distinguishing characteristics, such as their ambiguous linkage with urban expansion and their hierarchical structuring pattern. This paper attempts to discuss the motivation and efficiency of spatial proximity in science park development and to explore the role of universities in science parks, the function of science parks as a government project and a case study of location choice by on-site firms. The qualitative analysis, based on in-depth interviews with tenant firm managers and district-level government officers in Jiangning, Nanjing, is used as a basis for discussion

A crucial role for the ubiquitously expressed transcription factor Sp1 at early stages of hematopoietic specification

Mammalian development is regulated by the interplay of tissue-specific and ubiquitously expressed transcription factors, such as Sp1. Sp1 knockout mice die in utero with multiple phenotypic aberrations, but the underlying molecular mechanism of this differentiation failure has been elusive. Here, we have used conditional knockout mice as well as the differentiation of mouse ES cells as a model with which to address this issue. To this end, we examine

The sustainable materials roadmap

Over the past 150 years, our ability to produce and transform engineered materials has been responsible for our current high standards of living, especially in developed economies. However, we must carefully think of the effects our addiction to creating and using materials at this fast rate will have on the future generations. The way we currently make and use materials detrimentally affects the planet Earth, creating many severe environmental problems. It affects the next generations by putting in danger the future of the economy, energy, and climate. We are at the point where something must drastically change, and it must change now. We must create more sustainable materials alternatives using natural raw materials and inspiration from nature while making sure not to deplete important resources, i.e. in competition with the food chain supply. We must use less materials, eliminate the use of toxic materials and create a circular materials economy where reuse and recycle are priorities. We must develop sustainable methods for materials recycling and encourage design for disassembly. We must look across the whole materials life cycle from raw resources till end of life and apply thorough life cycle assessments (LCAs) based on reliable and relevant data to quantify sustainability. We need to seriously start thinking of where our future materials will come from and how could we track them, given that we are confronted with resource scarcity and geographical constrains. This is particularly important for the development of new and sustainable energy technologies, key to our transition to net zero. Currently 'critical materials' are central components of sustainable energy systems because they are the best performing. A few examples include the permanent magnets based on rare earth metals (Dy, Nd, Pr) used in wind turbines, Li and Co in Li-ion batteries, Pt and Ir in fuel cells and electrolysers, Si in solar cells just to mention a few. These materials are classified as 'critical' by the European Union and Department of Energy. Except in sustainable energy, materials are also key components in packaging, construction, and textile industry along with many other industrial sectors. This roadmap authored by prominent researchers working across disciplines in the very important field of sustainable materials is intended to highlight the outstanding issues that must be addressed and provide an insight into the pathways towards solving them adopted by the sustainable materials community. In compiling this roadmap, we hope to aid the development of the wider sustainable materials research community, providing a guide for academia, industry, government, and funding agencies in this critically important and rapidly developing research space which is key to future sustainability.journal articl

Learning and Educational Programs for Entrepreneurs

This chapter summarizes the latest studies in entrepreneurial learning in order to highlight their implications for the design of educational programs (Pittaway & Thorpe, 2012). It examines in detail the latest thinking on the subject, summarizes the key concepts and empirical contributions with a particular focus on expanding understanding of ‘situated’, social and contextual learning (Lave & Wenger, 1991). The chapter stems from Pittaway and Thorpe’s (2012: 850) summary of Cope’s framework. Here it highlights critical concepts, such as dynamic temporal phases, forms and characteristics of learning (Cope, 2010) and lays out the underlying principles of each concept. Following this initial framework recent contributions to the subject of entrepreneurial learning, both conceptual and empirical, are presented to provide an up-to-date picture of thinking in the field. The latter part of the chapter highlights implications of current thinking on the design of development programs for entrepreneurs. It focuses on how concepts in this field can be used to enhance efforts to consider, design and deliver educational programs for entrepreneurs. A number of forms of educational practice are recommended based on this analysis. The chapter closes by considering future developments and lines of inquiry in entrepreneurial learnin

Dimethyl fumarate in patients admitted to hospital with COVID-19 (RECOVERY): a randomised, controlled, open-label, platform trial

Dimethyl fumarate (DMF) inhibits inflammasome-mediated inflammation and has been proposed as a treatment for patients hospitalised with COVID-19. This randomised, controlled, open-label platform trial (Randomised Evaluation of COVID-19 Therapy [RECOVERY]), is assessing multiple treatments in patients hospitalised for COVID-19 (NCT04381936, ISRCTN50189673). In this assessment of DMF performed at 27 UK hospitals, adults were randomly allocated (1:1) to either usual standard of care alone or usual standard of care plus DMF. The primary outcome was clinical status on day 5 measured on a seven-point ordinal scale. Secondary outcomes were time to sustained improvement in clinical status, time to discharge, day 5 peripheral blood oxygenation, day 5 C-reactive protein, and improvement in day 10 clinical status. Between 2 March 2021 and 18 November 2021, 713 patients were enroled in the DMF evaluation, of whom 356 were randomly allocated to receive usual care plus DMF, and 357 to usual care alone. 95% of patients received corticosteroids as part of routine care. There was no evidence of a beneficial effect of DMF on clinical status at day 5 (common odds ratio of unfavourable outcome 1.12; 95% CI 0.86-1.47; p = 0.40). There was no significant effect of DMF on any secondary outcome