The commercialisation of innovation is a significant stimulus to economic growth, especially in the entrepreneurial sector of the economy. The supply of funds to bring to market a technically and commercially viable innovation requires an assurance to funding sources that their financial interest in the innovation is secure. This confirmation of a security interest requires both adequate legal protection of intellectual property and patents on which the innovation relies and a rapid and cost-effective search for liens on that intellectual property. The current system (or lack thereof) of lien registration differs from state to state, from manual systems to remotely searchable computer databases. It is expensive and time-consuming to mount a full 50-state search. The recommendation in this paper is that there be a state-managed input of data into a state database that is linked nationally to other state databases, all using compatible technology and protocols. To implement this recommendation, states will need to make an investment in mutually compatible electronically searchable databases. The payoff is a more timely, effective and efficient method of funding innovation based on intellectual property-based innovation, thus stimulating economic growth and job creation. While the paper has the USA as its focus, the recommendations may be extended internationally. The paper argues for the need to increase the availability of, and access to, reliable information about liens on intellectual property assets in the 50 states.

This paper reviews 20 years of research on the angel segment of the venture capital market. A lot has been learnt from one-shot studies of the attitudes, behaviour and characteristics of business angels. Taxonomies have been developed. However, we now need systematic insights into the dynamics of the angel market. The paper calls for longitudinal studies of angel and entrepreneurial behaviour, information flows, links to other market segments, information quality, formal and informal networks and the latent angel problem. The research base needs to be put on a solid theoretical and conceptual foundation. This research will provide the guidance required by public policy to unlock the capital and know-how of the millions of latent angels. Keywords: EntrepreneurshipVenture CapitalInformal Venture Capital MarketInvestment RiskFunding Gap

The nature and role of early stage equity financing in the development of emerging entrepreneurial ventures in the software industry is examined. To provide an understanding of the relationship between the suppliers of capital and the ventures they bankroll, issues concerning equity positions and holding periods are addressed. Given the unique position of private investors in the early stage equity market, particular attention is given to the characteristics of these investors and the investor characteristics germane to the software industry. Results for the software sector are compared with technology-based companies in an attempt to uncover any discernable differences between the two groups. The research hypothesizes that there are differences in the informal venture capital market among broadly defined sectors in terms of the sectors' technology and competitive conditions and their impact on: first, the need for, and timing of, external equity capital; and secondly, the characteristics and value-added contributions of the private investors attracted to the sector.

The role of private investors in the equity financing of new technology-based ventures is examined. The research studies the venture capital market from a demand and supply perspective and delineates the role of the private investor with that of the more visible venture capital funds. The entrepreneur's perceptions of raising venture capital are also examined. The research suggests that the private investor is the most common source of seed and start-up financing, especially if the round of financing is less than US$500 000. While private investors are harder to find than their venture capital fund counterparts, it appears to take less time to close a deal with private investors and the financing is less expensive than financing from venture capital funds. Both private investors and venture capital funds add value to their investments through the establishment of working relationships with the ventures they finance, and entrepreneurs perceive these working relationships to be a productive component of the deal.

The market for informal venture capital is an elusive and nearly invisible source of financing for entrepreneurial ventures. This market consists of a diverse set of high net worth individuals (business angels) who invest a portion of their assets in high-risk, high-return entrepreneurial ventures. The emerging consensus of the characteristics of the individual investor is that of a well-educated middle-aged individual with considerable business experience and a substantial net worth. These informal investors appear to prefer investing in the early start-up stage of the venture and, if given a choice, prefer that their investments be located close to home. One consequence of this consensus is the tendency to assume that the traits of these business angels are as lightly clustered around the norm as are the traits of venture capital funds. They are not. In terms of their competence in the many areas of venture investing, these individual investors range from the successful, cashed-out entrepreneur on the one hand to individuals with little or no experience with venture investing on the other. At the same time, little is known about the characteristics of high net worth individuals who never ventured where angels dare to tread, or about these non-angels' propensity to join the fold. Thus, this study seeks to fill the void by examining the characteristics of high net worth individuals regardless of their investment history or their interest in venture investing.An analysis of the data reveals three groups of high net worth individuals: business angels with experience investing in entrepreneurial ventures, interested potential investors with no venture investment history but who express a desire to enter the venture investment market, and uninterested potential investors who under no circumstances would consider investing in entrepreneurial ventures as part of their investment strategy. Business angels and potential investors (both the interested and non-interested segment) share similar views about the economic significance of the entrepreneur and the difficulty in securing the equity capital for development of the venture. As the issues move from the general to the specific, divergence in investment attitudes takes place among the two groups, but this divergence is in terms of magnitude or intensity, rather than in contrasting or opposing views of the process. The potential investor tends to view investing in entrepreneurial ventures on a smaller scale than the active investor, especially in terms of the dollar amount committed to any one investment. While the business angel is more interested than the potential investor across all stages of financing, the interest for both groups increases as the type of financing progresses from the seed stage to expansion financing. In contrast, the potential investor is more likely to seek diversification as a motivation for venture investing than their angel counterparts.The potential investor pool is segmented into those potential investors who appear willing to take on the role of business angels and those individuals who have no desire to participate in the venture market. For the interested group to increase their interest in providing venture capital, these potential investors want assistance in monitoring the performance of the venture investment, followed by assistance in pricing and structuring. Both of these resources relate more to the technical aspects of venture investing and indicate that these are the areas where the potential investor is least likely to have expertise. Other resources, such as finding and evaluating the investment opportunity, appear to represent less of a stimulus for the potential investor. In many respects, interested potential investors act like business angels across several dimensions. Both consider the later stages of the development of the venture as the preferred stage to invest. The business angel and interested potential investor prefer investments to be located relatively close to their primary residence and share similar views on the amount of the investment portfolio to allocate to venture investing. Where the interested potential investor and business angel clearly differ is on the scale of the commitment and the motivation for investing. The potential investor will commit a smaller dollar amount to any one venture, is more inclined to participate with other investors, and is more apt to see venture investing as a diversification strategy than is the seasoned business angel.

Where do new technology-based firms (NTBFs) raise outside equity capital? To answer that question, financial histories were collected from 284 technology-based firms founded in New England between 1975 and 1986. Financial histories included the year of each round of financing, the source, the amount, and the stage of the financing.

AbstractBei monatelangem Lagern oder beim Erhitzen (250°C) der Acetylene (I) bilden sich Telomerengemische (im wesentlichen Tri‐ bis Pentamere), wobei die Ausbeuten im Sinne (Ia) (60%) 2 (Ib) (64%) (Ic) (20%) (Id)′(erst nach 10tägigem Erhitzen 2%) abnehmen.

The acetylenes (CF3)2N·C⋮CR form mixtures of linear telomers on prolonged storage at room temperature or on heating; the ease of such telomer formation is in the order [R = H ∼ Br > CF3 > N(CF3)2]. Under photo-chemical conditions the acetylene (R = H) gives 1,3,5-tris(bistrifluoromethylamino)benzene in high yield, but under comparable conditions the acetylene [R = N(CF3)2] affords linear telomers. The acetylene (R = CF3) reacts readily with buta-1,3-diene to give the Diels–Alder adduct in high yield and the acetylene (R = H) reacts to give the corresponding adduct but in low yield; in contrast the acetylene (R = Br) gives mainly a mixture of 2 : 1 adducts of the diene and the acetylene, and the acetylene [R = N(CF3)2] does not react under comparable conditions.

Purple solutions containing N-trifluoromethylsulphamate N-oxyl can be prepared by treatment of trifluoronitrosomethane with aqueous alkali-metal hydrogen sulphite in the presence of lead dioxide; addition of tetraphenylarsonium chloride to such a solution results in precipitation of the pale purple tetraphenylarsonium salt [CF3·N(O)·SO3–Ph4As+].

Chemischer InformationsdienstVolume 5, Issue 21 Preparative Organic Chemistry ChemInform Abstract: NITROXIDE CHEMISTRY PART 6, N-TRIFLUOROMETHYLSULPHAMATE N-OXYL RONALD E. BANKS, RONALD E. BANKSSearch for more papers by this authorDAVID J. EDGE, DAVID J. EDGESearch for more papers by this authorJOHN FREEAR, JOHN FREEARSearch for more papers by this authorROBERT N. HASZELDINE, ROBERT N. HASZELDINESearch for more papers by this author RONALD E. BANKS, RONALD E. BANKSSearch for more papers by this authorDAVID J. EDGE, DAVID J. EDGESearch for more papers by this authorJOHN FREEAR, JOHN FREEARSearch for more papers by this authorROBERT N. HASZELDINE, ROBERT N. HASZELDINESearch for more papers by this author First published: May 28, 1974 https://doi.org/10.1002/chin.197421209Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat No abstract is available for this article. Volume5, Issue21May 28, 1974 RelatedInformation

Abstract Robert Loder‘s Farm Accounts, 1610-1620, are held at the Berkshire Records Office, Reading. In this chapter, a brief description of the background to the accounts will be followed by an examination of the accounts from a management accounting point of view, using the main elements of the decision-making process as headings under which to consider the accounts.