What you get is what you need? The role of venture capitalists in managing growth of new ventures

The resource-based view is suggested as a useful concept to shed light on the particular challenges of high potential companies on their way to building a thriving and growing company. In order to be able to apply the theoretical constructs of the resource-based view in the present context, a categorization of resources is elaborated that fits particularly well to high potential companies. Existing literature provides evidence that these companies in general only dispose of a small resource base and that they are characterized by strong resource needs in all relevant resource categories. The role of venture capitalists is assumed to provide high potential companies with financial and non-financial resources that help to create core and non-core competencies. Ultimately, this bundle of core and non-core competencies would allow high potential companies to achieve a sustained competitive advantage. The empirical results of this paper are based on insights from three in-depth case studies on German start-ups, each representing a different investor-investee dyad. It comprises investees from different industries such as software, biotech, and energy as well as investors with an established track record, first fund investors, and semi-government-dependent investors. The cases show that venture capitalists provide a number of resources to their portfolio companies that allow building a competitive advantage. The role of the venture capitalists is thus to help high potential companies to complement existing resources and competences in order to develop their full economic potential. However, there is great variation between the resource provisions of the analyzed venture capital firms. --Entrepreneurship,Venture Capital,Resource-based View

Prognostic Impact of Natural Killer Cell Count in Follicular Lymphoma and Diffuse Large B-cell Lymphoma Patients Treated with Immunochemotherapy

Purpose: Natural killer (NK) cells are key effector cells for anti-CD20 monoclonal antibodies (mAb), such as obinutuzumab and rituximab. We assessed whether low pretreatment NK-cell count (NKCC) in peripheral blood or tumor tissue was associated with worse outcome in patients receiving antibodybased therapy. Patients and Methods: Baseline peripheral blood NKCC was assessed by flow cytometry (CD3(-) CD56(+) and/or CD16(+) cells) in 1,064 of 1,202 patients with follicular lymphoma treated with obinutuzumab or rituximab plus chemotherapy in the phase III GALLIUM trial (NCT01332968) and 1,287 of 1,418 patients with diffuse large B-cell lymphoma (DLBCL) treated with obinutuzumab or rituximab plus cyclophosphamide, doxorubicin, vincristine, and prednisone (G-CHOP or R-CHOP) in the phase III GOYA trial (NCT01287741). The prognostic value of tumor NK-cell gene expression, as assessed by whole-transcriptome gene expression using TruSeq RNA sequencing, was also analyzed. The association of baseline variables, such as treatment arm, was evaluated using multivariate Cox regression models using a stepwise approach. Results: In this exploratory analysis, low baseline peripheral blood NKCC was associated with shorter progression-free survival (PFS) in both follicular lymphoma [hazard ratio (HR), 1.48; 95% confidence interval (CI), 1.02-2.14; P = 0.04] and DLBCL (HR, 1.36; 95% CI, 1.01-1.83; P = 0.04), and overall survival in follicular lymphoma (HR, 2.20; 95% CI, 1.26-3.86; P = 0.0058). Low tumor NK-cell gene expression was associated with shorter PFS in G-CHOP-treated patients with DLBCL (HR, 1.95; 95% CI, 1.22-3.15; P < 0.01). Conclusions: These findings indicate that the number of NK cells in peripheral blood may affect the outcome of patients with B-cell non-Hodgkin lymphoma receiving anti-CD20 based immunochemotherapy

Compound ex vivo and in silico method for hemodynamic analysis of stented arteries

Hemodynamic factors such as low wall shear stress have been shown to influence endothelial healing and atherogenesis in stent-free vessels. However, in stented vessels, a reliable quantitative analysis of such relations has not been possible due to the lack of a suitable method for the accurate acquisition of blood flow. The objective of this work was to develop a method for the precise reconstruction of hemodynamics and quantification of wall shear stress in stented vessels. We have developed such a method that can be applied to vessels stented in or ex vivo and processed ex vivo. Here we stented the coronary arteries of ex vivo porcine hearts, performed vascular corrosion casting, acquired the vessel geometry using micro-computed tomography and reconstructed blood flow and shear stress using computational fluid dynamics. The method yields accurate local flow information through anatomic fidelity, capturing in detail the stent geometry, arterial tissue prolapse, radial and axial arterial deformation as well as strut malapposition. This novel compound method may serve as a unique tool for spatially resolved analysis of the relationship between hemodynamic factors and vascular biology. It can further be employed to optimize stent design and stenting strategies