scholarly journals What qualities do government-owned venture capital investors seek in a new venture? A comparison of investment criteria across pre-seed, seed, and expansion stage startups

2020 ◽  
Vol 51 (11) ◽  
pp. 64-76
Author(s):  
Endre Mihály Molnár ◽  
Erika Jáki

Private venture capital (VC) investors usually do not invest in early life-cycle stage startups such as seed and pre-seed companies, since investment size typically doesn’t reach investment thresholds. The entry of governments with fund managers to venture capital markets presents seed and pre-seed companies with the opportunity to receive funding. This paper examines the main investment preferences of Hungarian government-owned venture capital investors regarding pre-seed, seed, and expansion stage startups. Verbal protocol analysis enabled examination of the screening process in real-time in all three life-cycle stages. It is found that governmental VC funds mostly value financial indicators followed by market-related qualities while private VCs value these characteristics in alternate formation. However, in the pre-seed stage, the financial acumen and capabilities of management teams form the main criteria in similarity to angel investors. Governmental VCs also greatly seek innovational value in target firms.

2018 ◽  
Vol 10 (10) ◽  
pp. 3516 ◽  
Author(s):  
Angelina Roša (Rosha) ◽  
Natalja Lace

Organizations need innovation to be competitive and sustainable on their marketplace. Sustainable performance is an important precondition for growth and development. In spite of a body of literature, non-financial factors of sustainable performance remain an open issue. Coaching has gained considerable attention in the business world for its impact on sustainable performance. The current research investigates the use of coaching interaction to facilitate organizational sustainable growth and development in the context of Miller and Friesen’s five stage life-cycle model. The expert opinion survey is chosen as a central method of research. The questionnaire is developed on the literature review that is focused on the drivers for sustainable development throughout the life cycle, and the features of coaching that accelerate these driving forces. Fifteen experts took part in the survey conducted from November 2017 to January 2018. The results are estimated by considering the competence coefficient for each expert. The findings led to creation of an open innovation model, which displays relationships between the appropriate coaching forms and types and the organizational life cycle stages. The developed model enables choosing the optimal way of coaching delivery at any life cycle stage. This model is particularly valuable for the coaching support programs.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Steven Tam ◽  
David E. Gray

PurposeThis study examines employees' learning preferences in small and medium-sized enterprises (SMEs) at different life-cycle stages.Design/methodology/approachThe study has two phases. Phase I classified a sample of 30 Hong Kong SMEs into three different life-cycle stages (inception, high growth or maturity). Phase II then explored/compared their employees' learning practices in terms of importance using a mixed-method design through an online learning questionnaire followed by face-to-face semi-structured interviews.FindingsBased on a list of 32 learning practices common to SME workplaces, the study identified how SME employees perceive the importance of a learning practice. The top 5 and the bottom 5 learning practices in SMEs across life-cycle stages are presented to promote best interests for SME executives.Research limitations/implicationsWhile SME learning is highly varied, this study sheds light on some traceable context about it as an SME grows. Similar studies with additional SMEs, including SMEs in other locations, are encouraged to strengthen the findings.Practical implicationsThe findings help SME executives understand what learning practices are most important (or least important) for their employees, given the life-cycle stage of the firm. Aligning a business with employees' learning preferences in a timely fashion is a managerial decision to be made for driving organizational effectiveness.Originality/valueIt is among the first studies connecting employee learning in SMEs and organizational life cycle to address a critical but missing inquiry.


Author(s):  
Jonathan C. Reed ◽  
Dennis Solas ◽  
Anatoliy Kitaygorodskyy ◽  
Beverly Freeman ◽  
Dylan T. B. Ressler ◽  
...  

Given the projected increase in multidrug resistant HIV-1, there is an urgent need for development of antiretrovirals that act on virus life-cycle stages not targeted by drugs currently in use. Host-targeting compounds are of particular interest because they can offer a high barrier to resistance. Here we report identification of two related small molecules that inhibit HIV-1 late events, an HIV-1 life cycle stage for which potent and specific inhibitors are lacking. This chemotype was discovered using cell-free protein synthesis and assembly systems that recapitulate intracellular host-catalyzed viral capsid assembly pathways. These compounds inhibit replication of HIV-1 in human T cell lines and PBMCs and are effective against a primary isolate. They reduce virus production, likely by inhibiting a post-translational step in HIV-1 Gag assembly. Notably, the compound colocalizes with HIV-1 Gag in situ; however, unexpectedly, selection experiments failed to identify compound-specific resistance mutations in gag or pol, even though known resistance mutations developed upon parallel nelfinavir selection. Thus, we hypothesized that instead of binding to Gag directly, these compounds localize to assembly intermediates, the intracellular multiprotein complexes containing Gag and host factors that form during immature HIV-1 capsid assembly. Indeed, imaging of infected cells shows compound colocalized with two host enzymes found in assembly intermediates, ABCE1 and DDX6, but not two host proteins found in other complexes. While the exact target and mechanism of action of this chemotype remain to be determined, these findings suggest that these compounds represent first-in-class, host-targeting inhibitors of intracellular events in HIV-1 assembly. IMPORTANCE The success of antiretroviral treatment for HIV-1 is at risk of being undermined by the growing problem of drug resistance. Thus, there is a need to identify antiretrovirals that act on viral life cycle stages not targeted by drugs in use, such as the events of HIV-1 Gag assembly. To address this gap, we developed a compound screen that recapitulates the intracellular events of HIV-1 assembly, including viral-host interactions that promote assembly. This effort led to identification of a new chemotype that inhibits HIV-1 replication at nanomolar concentrations, likely by acting on assembly. This compound colocalized with Gag and two host enzymes that facilitate capsid assembly. However, resistance selection did not result in compound-specific mutations in gag, suggesting that the chemotype does not directly target Gag. We hypothesize that this chemotype represents a first-in-class inhibitor of virus production that acts by targeting a viral-host complex important for HIV-1 Gag assembly.


2008 ◽  
Vol 136 (12) ◽  
pp. 4839-4849 ◽  
Author(s):  
Nicholas A. Engerer ◽  
David J. Stensrud ◽  
Michael C. Coniglio

Abstract Cold pools are a key element in the organization of precipitating convective systems, yet knowledge of their typical surface characteristics is largely anecdotal. To help to alleviate this situation, cold pools from 39 mesoscale convective system (MCS) events are sampled using Oklahoma Mesonet surface observations. In total, 1389 time series of surface observations are used to determine typical rises in surface pressure and decreases in temperature, potential temperature, and equivalent potential temperature associated with the cold pool, and the maximum wind speeds in the cold pool. The data are separated into one of four convective system life cycle stages: first storms, MCS initiation, mature MCS, and MCS dissipation. Results indicate that the mean surface pressure rises associated with cold pools increase from 3.2 hPa for the first storms’ life cycle stage to 4.5 hPa for the mature MCS stage before dropping to 3.3 hPa for the dissipation stage. In contrast, the mean temperature (potential temperature) deficits associated with cold pools decrease from 9.5 (9.8) to 5.4 K (5.6 K) from the first storms to the dissipation stage, with a decrease of approximately 1 K associated with each advance in the life cycle stage. However, the daytime and early evening observations show mean temperature deficits over 11 K. A comparison of these observed cold pool characteristics with results from idealized numerical simulations of MCSs suggests that observed cold pools likely are stronger than those found in model simulations, particularly when ice processes are neglected in the microphysics parameterization. The mean deficits in equivalent potential temperature also decrease with the MCS life cycle stage, starting at 21.6 K for first storms and dropping to 13.9 K for dissipation. Mean wind gusts are above 15 m s−1 for all life cycle stages. These results should help numerical modelers to determine whether the cold pools in high-resolution models are in reasonable agreement with the observed characteristics found herein. Thunderstorm simulations and forecasts with thin model layers near the surface are also needed to obtain better representations of cold pool surface characteristics that can be compared with observations.


2014 ◽  
Vol 281 (1788) ◽  
pp. 20141091 ◽  
Author(s):  
J. David Aguirre ◽  
Mark W. Blows ◽  
Dustin J. Marshall

Metamorphosis is common in animals, yet the genetic associations between life cycle stages are poorly understood. Given the radical changes that occur at metamorphosis, selection may differ before and after metamorphosis, and the extent that genetic associations between pre- and post-metamorphic traits constrain evolutionary change is a subject of considerable interest. In some instances, metamorphosis may allow the genetic decoupling of life cycle stages, whereas in others, metamorphosis could allow complementary responses to selection across the life cycle. Using a diallel breeding design, we measured viability at four ontogenetic stages (embryo, larval, juvenile and adult viability), in the ascidian Ciona intestinalis and examined the orientation of additive genetic variation with respect to the metamorphic boundary. We found support for one eigenvector of G ( g obs max ), which contrasted larval viability against embryo viability and juvenile viability. Target matrix rotation confirmed that while g obs max shows genetic associations can extend beyond metamorphosis, there is still considerable scope for decoupled phenotypic evolution. Therefore, although genetic associations across metamorphosis could limit that range of phenotypes that are attainable, traits on either side of the metamorphic boundary are capable of some independent evolutionary change in response to the divergent conditions encountered during each life cycle stage.


1988 ◽  
Vol 8 (3) ◽  
pp. 1259-1265
Author(s):  
J E Feagin ◽  
K Stuart

The mitochondrial respiratory system is absent in slender bloodstream forms of Trypanosoma brucei, incomplete in stumpy bloodstream forms, and complete in procyclic (insect) forms. The steady-state abundance of transcripts of some mitochondrially encoded components of the respiratory system correlates with its differential expression in different life cycle stages. Recently, it was reported that uridines which are not encoded in the genome are added to cytochrome b and cytochrome oxidase II transcripts. We now report that the (U)+ transcripts of both genes are found in procyclic forms and to some degree in stumpy forms but are absent in slender forms. The uridine additions to cytochrome oxidase II correct a frameshift in the gene and presumably allow production of a full-length protein, whereas those added to cytochrome b create an in-frame AUG which extends the N terminus of the predicted protein by 20 amino acids. The stage specificity of uridine additions to these transcripts thus reflects the life cycle stage during which the protein products would be used. Transcripts of MURF2, a gene of unknown function, have additional uridines in both slender and procyclic forms which create two in-frame AUGs. MURF2 transcripts additionally differ from the DNA sequence in ways which cannot be explained by uridine addition alone, implying that other processes alter these transcripts.


2020 ◽  
pp. 135481662090778
Author(s):  
Hyesun Kim ◽  
Jooa Baek ◽  
Yeongbae Choe

Mega-sporting events often contribute to both financial and nonfinancial aspects of a destination. Nonetheless, several problematic issues (e.g. risk/safety issues, high travel costs, and online broadcasting) require a hosting destination focusing more on marketing and promotion strategies to boost event attendance. As such, this study aims to understand the optimal bundling package strategy for a mega-sporting event by investigating the effect of customers’ life cycle stage on their preferences in purchasing an event-related package. Several event package features used in this study are important determinants of mega-sporting event participation. More important, respondents in different family life cycle stages showed different levels of sensitivity to each package attribute, thereby constructing different preferences. The result of this study would be useful information for designing more attractive mega-sporting event packages and/or target marketing strategies focusing on different life stages.


Author(s):  
Y. A. Salikov ◽  
N. N. Krivtsova

One of the most acceptable scientific and methodological approaches to work in difficult economic conditions is regular and targeted management of the life cycle of a business organization as an open social and economic system. Any system develops and changes, passing through typical stages or cyclic states of its development. Studying the enterprise from the point of view of the life cycle allows to increase efficiency of financial and economic activity exactly at the specified stage and in due time to develop measures on prevention or weakening of negative and increase of positive results. The analysis of scientific researches has allowed to define the "life cycle of an enterprise" as a quantitatively limited set of stages or states within which the enterprise is during its existence and development. With regard to the functioning of a business organization, the following stages of its life cycle have traditionally been identified: creation, growth, maturity and crisis. Depending on the stage of the life cycle, a business organization should focus on various aspects of its financial and economic activities. Development of a business organization is to ensure the transition from the first and second stages to the third, and the longest possible retention (maturity stage) with timely identification of signs of the fourth stage (crisis) in order to prevent it by retaining the existing positions, returning to the second stage, diversification or transition to a new life cycle. Each stage of development has its key aspects on which management should focus to achieve and maintain positive financial and economic performance. Correspondence of life cycle stages and financial and economic priorities gives grounds for development of the system of financial and economic indicators and formation of limits of their permissible fluctuations within each stage. Based on the values of financial and economic indicators and their dynamics, it is possible, firstly, to contribute to more accurate diagnostics of the life cycle stage of a business organization; secondly, to improve the efficiency of a business organization at each stage by adjusting the values of indicators within the optimal ranges and applying adequate managerial impacts.


2021 ◽  
Vol 129 ◽  
pp. 03020
Author(s):  
Lucia Michalkova

Research background: Earnings manipulations are a global phenomenon, the aim of which is not only to improve the financial position in accordance with Positive Accounting Theory, but also other goals of the company in accordance with the management strategy. However, the diversity of the company’s goals along with the corporate life cycle are crucial factors influencing the quality of corporate earnings and the existence, scope and application of downward and upward earnings management. Purpose of the article: The aim of the paper is to comprehensively analyse and verify the existence and extent of downward and upward earnings management in Central European countries with an emphasis on differences between countries and between life cycle stages. Methods: The study uses Mann-Whitney test and binomial test to verify the existence and extent of downward and upward earnings management. The sample covers discretionary accruals for 2019 estimated by modified Jones and Teoh, et al. models from almost 3,500 companies from four Central European countries. Findings & Value added: The results show that, depending on the life cycle stage or country, companies manipulate profits, but the application of a specific type of earnings management and its scope vary significantly within countries and life cycle stages. Lifecycle manipulation earnings are U-shaped, meaning that start-ups and declining companies use, on average, more significant upward earnings management. On the contrary, mature companies reduce their accounting profit. Nevertheless, the share of companies using upward earnings management is higher than companies with downward earnings management.


2016 ◽  
Vol 16 (1) ◽  
pp. 50-63
Author(s):  
Adedapo Adewunmi Oluwatayo ◽  
Dolapo Amole ◽  
Obioha Uwakonye

This study sets out to investigate the relationships between the organisational life cycles, business orientation and performances of architectural firms, which often start with just the principal and little capital. In the study, the organisational life cycles stages of the firms were identified, and the way that business orientation emphasis changes with the firms’ life cycles were investigated. In addition, the business orientation dimensions that predict the architectural firms’ performance at each life cycle stage were identified. The study was carried out using data collected through self-administered questionnaires from architectural firms in Nigeria. The organisational life cycle stages of the firms were identified using cluster analysis, and the predictors of performances were identified using regression analysis. The results of the study show that only focus on prominence varied significantly with the organisational life cycles of the firms. Another important finding of the study is that market orientation led to better performance at some organisational life-cycle stages, while profit orientation led to better performance at some other stages. It was recommended that firms should choose business strategies that take into consideration their organisational life cycle stages to enhance their performances.


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