Twelve meditations on venture capital

publication-status: PublishedAuthor's draft isued as working paper 09/06 by University of Exeter Business School. Final version published in Venture capital: investment strategies, structures, and policies; ed. Douglas J. Cumming. Wiley, 2012. ISBN 9780470499146This paper reflects on the policy formation process in the burgeoning area of venture capital finance. An important question is raised as to why so little extant academic research, of both rigor and relevance, is employed in policy formation. The authors argue that the long term, international and comparative perspective of the academic researcher is of increasing importance in government. The gap between policy practice and academic empiricism is illustrated by reference to contemporary policy interest in the creation of public/private (‘hybrid’) venture capital funds. The rubric of 12 Meditations is employed as a device to communicate across the academic/policy maker divide

Neither Pirates nor Politicos: The Emergence of Venture Capital in Weak Institutional Environments

Existing variance studies of venture capital (VC) provide an incomplete understanding of VC emergence, emphasizing either macro-level enabling conditions or the efficient fund-level operation of the VC cycle. While important, such perspectives do not provide for a complete understanding of the systemic, processual character of VC emergence. A multistage process model of emergence is developed, linking industry structural characteristics and their underlying processes to precursor resources through the intermediate processes of coproduction and diffusion. Using data from multiple embedded case studies in South Africa and Botswana, this model integrates four processes--simultaneity, coproduction, diffusion, and the VC cycle. These processes are linked by a logic that is dominated by initial conditions and includes elements of rational choice (conditioned by path dependence) and altruism. The establishment of appropriate simultaneity conditions enables the diffusion of the established VC model and related institutions from other populations. In the presence of a market failure, government investors and private fund managers can then cooperate to fill the equity gap, creating the signal necessary for replication of additional VC funds through the functioning of the VC cycle

The evolutionary dynamics of variant antigen genes in Babesia reveal a history of genomic innovation underlying host-parasite interaction

Babesia spp. are tick-borne, intraerythrocytic hemoparasites that use antigenic variation to resist host immunity, through sequential modification of the parasite-derived variant erythrocyte surface antigen (VESA) expressed on the infected red blood cell surface. We identified the genomic processes driving antigenic diversity in genes encoding VESA (ves1) through comparative analysis within and between three Babesia species, (B. bigemina, B. divergens and B. bovis). Ves1 structure diverges rapidly after speciation, notably through the evolution of shortened forms (ves2) from 5′ ends of canonical ves1 genes. Phylogenetic analyses show that ves1 genes are transposed between loci routinely, whereas ves2 genes are not. Similarly, analysis of sequence mosaicism shows that recombination drives variation in ves1 sequences, but less so for ves2, indicating the adoption of different mechanisms for variation of the two families. Proteomic analysis of the B. bigemina PR isolate shows that two dominant VESA1 proteins are expressed in the population, whereas numerous VESA2 proteins are co-expressed, consistent with differential transcriptional regulation of each family. Hence, VESA2 proteins are abundant and previously unrecognized elements of Babesia biology, with evolutionary dynamics consistently different to those of VESA1, suggesting that their functions are distinct

The role of clathrin in post-golgi trafficking in toxoplasma gondii

Apicomplexan parasites are single eukaryotic cells with a highly polarised secretory system that contains unique secretory organelles (micronemes and rhoptries) that are required for host cell invasion. In contrast, the role of the endosomal system is poorly understood in these parasites. With many typical endocytic factors missing, we speculated that endocytosis depends exclusively on a clathrin-mediated mechanism. Intriguingly, in Toxoplasma gondii we were only able to observe the endogenous clathrin heavy chain 1 (CHC1) at the Golgi, but not at the parasite surface. For the functional characterisation of Toxoplasma gondii CHC1 we generated parasite mutants conditionally expressing the dominant negative clathrin Hub fragment and demonstrate that CHC1 is essential for vesicle formation at the trans-Golgi network. Consequently, the functional ablation of CHC1 results in Golgi aberrations, a block in the biogenesis of the unique secretory microneme and rhoptry organelles, and of the pellicle. However, we found no morphological evidence for clathrin mediating endocytosis in these parasites and speculate that they remodelled their vesicular trafficking system to adapt to an intracellular lifestyle

Biophysics of Malarial Parasite Exit from Infected Erythrocytes

Upon infection and development within human erythrocytes, P. falciparum induces alterations to the infected RBC morphology and bio-mechanical properties to eventually rupture the host cells through parasitic and host derived proteases of cysteine and serine families. We used previously reported broad-spectrum inhibitors (E64d, EGTA-AM and chymostatin) to inhibit these proteases and impede rupture to analyze mechanical signatures associated with parasite escape. Treatment of late-stage iRBCs with E64d and EGTA-AM prevented rupture, resulted in no major RBC cytoskeletal reconfiguration but altered schizont morphology followed by dramatic re-distribution of three-dimensional refractive index (3D-RI) within the iRBC. These phenotypes demonstrated several-fold increased iRBC membrane flickering. In contrast, chymostatin treatment showed no 3D-RI changes and caused elevated fluctuations solely within the parasitophorous vacuole. We show that E64d and EGTA-AM supported PV breakdown and the resulting elevated fluctuations followed non-Gaussian pattern that resulted from direct merozoite impingement against the iRBC membrane. Optical trapping experiments highlighted reduced deformability of the iRBC membranes upon rupture-arrest, more specifically in the treatments that facilitated PV breakdown. Taken together, our experiments provide novel mechanistic interpretations on the role of parasitophorous vacuole in maintaining the spherical schizont morphology, the impact of PV breakdown on iRBC membrane fluctuations leading to eventual parasite escape and the evolution of membrane stiffness properties of host cells in which merozoites were irreversibly trapped, recourse to protease inhibitors. These findings provide a comprehensive, previously unavailable, body of information on the combined effects of biochemical and biophysical factors on parasite egress from iRBCs.Singapore. Agency for Science, Technology and ResearchSingapore-MIT AllianceGlobal Enterprise for Micro-Mechanics and Molecular MedicineNational University of SingaporeNational Institutes of Health (U.S.) (Grant R01 HL094270-01A1)National Institutes of Health (U.S.) (Grant 1-R01-GM076689-01)National Institutes of Health (U.S.) (P41-RR02594-18-24

Fosmidomycin Uptake into Plasmodium and Babesia-Infected Erythrocytes Is Facilitated by Parasite-Induced New Permeability Pathways

., a mouse malaria parasite. and related parasites. Our data provide further evidence that parasite-induced new permeability pathways may be exploited as routes for drug delivery

Global brand market?entry strategy to manage corporate reputation

Purpose – This paper aims to present a case for the practical management of corporate reputation, in relation to two groups of concepts: communication, identity, and trust; and communication, identity, and image. Design/methodology/approach – A review of the current knowledge of corporate reputation, personality, identity, and image leads to development of a strategy framework to enhance/protect corporate reputation. A case study involving a corporate logo introduced into a developed market by an emerging multinational corporation (EMNC) is presented. Findings – The paper identifies that credibility and trust are significant elements which must be managed and communicated to maintain the firm's corporate image and reputation. Originality/value – A conceptual model is presented illustrating a series of internal and external factors affecting communication and trust, which influence the customer and assist in shaping corporate reputation. The case of the EMNC Chinese corporation Haier to introduce its brand into a developed market may enlighten others pursuing this path. .