An Examination of How Entrepreneurs Can Improve Their Position in Relation to Investors

Previous research has been inconclusive regarding the impact of those who invest in entrepreneurs. Consider for a moment how potentially important they are to entrepreneurs. They for example decide who deserves funding, how much time they contribute to their portfolio firms, how they grant entrepreneurs access to their networks, and help entrepreneurs acquire additional funding. In sum, investors potentially have a great impact on the success of entrepreneurs. It is therefore important that we better understand the environment, relationships and context in which parties operate. This thesis contains five articles that explore investors’ and entrepreneurs’ relationships from various viewpoints, in theoretical frameworks, and use a variety of data and research methods. The first article is a literature review that summarises what we know of venture capital, business angel and corporate venture capital funding. The second article studies the entrepreneurs’ investor selection process, its consequences, and identifies key factors that influence the process. Earlier, the common approach has been to concentrate research on the investors’ selection policy, not the entrepreneurs’. The data and conclusions are based on multiple case studies. The article analyses how entrepreneurs can ensure that they get the best possible investor, when it is possible for an entrepreneur to select an investor, and what are the consequences of investor selection. The third article employs power constructs (dependency, power balance/imbalance, power sources) and analyses their applicability in the investor-entrepreneur relationship. Power constructs are extensively studied and utilised in the management and organisation literature. In entrepreneur investor relationships, power aspects are rarely analysed. However, having the ability to “get others to do things they would not otherwise do” is a very common factor in the investor-entrepreneur relationship. Therefore, employing and analysing the applicability of power constructs in this setting is well founded. The article is based on a single case study but suggests that power constructs could be applicable and consequently provide additional insights into the investor-entrepreneur relationship. The fourth article studies the role of advisors in the venture capital investment process and analyses implications for research and practice, particularly from the entrepreneurs’ perspective. The common entrepreneurial finance literature describes the entrepreneur-investor relationship as linear and bilateral. However, it was discovered that advisors may influence the relationship. In this article, the role of advisors, operating procedures and advisors’ impact on different parties is analysed. The fifth article concentrates on investors’ certification effect. The article measures and demonstrates that venture capital investment is likely to increase the credibility (in terms of media attention) of early stage firms, those that most often need additional credibility. Understanding investor certification can affect how entrepreneurs evaluate investment offers and how investors can make their offers appear more lucrative.

Helsingin kävelykeskustan suunnittelu ydinkeskustan kadunvarsiliikeyrittäjien näkökulmasta

Aiempien tutkimusten mukaan keskustayrittäjien kielteinen asenne on olennaisesti vaikeuttanut kävelykatujen toteuttamista kaupunkikeskustoissa. Yrittäjät pelkäävät ostokykyisten asiakkaiden kaikkoavan ja liikevaihtonsa pienenevän kävelykeskustauudistusten myötä. Yrittäjien kielteiset asenteet ovat usein myös painottuneet suuriin kaupunkeihin. Etenkin ydinkeskustassa sijaitsevat kadunvarsiliikeyrittäjät ovat kokeneet kävelykadut ongelmiksi. Tämän tutkimuksen tavoitteena on selvittää, mikä on ydinkeskustan kadunvarsiliikeyrittäjien näkemys Helsingin kävelykeskustan suunnittelusta, millaisena ydinkeskustan kadunvarsiliikeyrittäjät näkevät sijaintikatunsa kävelykeskustan suunnittelupäämäärien kautta tarkasteltuna, ja onko kävelykatuyrittäjien ja kävelykatujen ulkopuolella sijaitsevien yrittäjien näkemysten välillä eroja. Taustana tälle tarkastellaan Helsingin kävelykeskustaa pohjoismaisessa kontekstissa, ja käydään läpi Helsingin kävelykeskustan suunnittelun ja rakentumisen historiaa ja päämääriä. Tutkimuksen aineisto koostuu Helsingin ydinkeskustan kadunvarsiliikeyrittäjille tehdystä kyselystä, kävelykeskustoihin liittyvistä tutkimuksista ja selvityksistä, kaupunkisuunnitteluun ja -tutkimukseen liittyvästä tutkimuskirjallisuudesta, sanomalehtiartikkeleista, ydinkeskustassa tehdystä empiirisestä havainnoinnista ja kahdesta asiantuntijahaastattelusta. Kyselyaineistoa analysoidaan tutkimuksessa tilastollisten menetelmien avulla. Helsingin kävelykeskustan suunnittelu ja rakentuminen on ollut pitkällinen prosessi. Vuoden 1 989 kävelykeskustan periaatesuunnitelmasta on konkretisoitunut Kluuvikatu ja Mikonkatu. Keskustatunnelihanke on vaakalaudalla, minkä vuoksi kävelykeskustan uuden periaatesuunnitelman toteutuminen on epävarmaa. Kävelykeskustan rakentuminen kuitenkin etenee. Keskuskatu ja Kalevankadun itäpää muutetaan kävelykaduiksi ja ydinkeskustan jalankulkuympäristöä parannetaan ja kehitetään jatkuvasti. Tällä hetkellä kävelykeskustan suunnittelun painopiste on Aleksanterinkadun kortteleiden ympäristössä, ja suunnittelun tärkeimpiä päämääriä ovat viihtyisyyden, turvallisuuden, kaupallisen vetovoimaisuuden ja saavutettavuuden parantaminen. Kyselyyn vastanneiden yrittäjien mielestä kävelykeskustaa tulisi laajentaa, sillä laajemman kävelykeskustan nähdään kasvattavan liikevaihtoa ja lisäävän yleisesti ydinkeskustan vetovoimaa. Kävelykatuyrittäjien näkemykset kävelykeskustan suunnittelusta ja kehittämisestä olivat kävelykatujen ulkopuolisia yrittäjiä kielteisempiä. Em. yrittäjien asenteisiin vaikuttavat oletettavasti tutkituilla kävelykaduilla ilmenneet ongelmat. Kyse voi myös olla siitä, että uusien kävelykatujen rakentaminen haittaa kävelykatujen saavutettavuutta. Kadunvarsiliikeyrittäjien yleinen suhtautuminen kävelykeskustan kehittämiseen ja suunnittelupäämääriin on kuitenkin pääosin positiivista. Jatkotutkimuksen kannalta olisi kiinnostavaa selvittää, onko muiden ydinkeskustassa toimivien yritysten, kuten esimerkiksi tavaratalojen ja kauppakeskusten johdon ja kiinteistösijoittajien ja -omistajien suhtautuminen kävelykeskustan kehittämiseen myös positiivista. Tämän lisäksi olisi mielenkiintoista selvittää keskustan käyttäjien ja keskustassa asuvien asenteita kävelykeskustan suunnitteluun, ja verrata tuloksia tässä tutkimuksessa selvitettyihin kadunvarsiliikeyrittäjien näkemyksiin.

Rapsista tuotetun biodieselin ja vehnästä tuotetun bioetanolin energiavirrat ja ympäristövaikutukset Euroopan unionissa

The aim of this thesis was to study the crops currently used for biofuel production from the following aspects: 1. what should be the average yield/ ha to reach an energy balance at least 0 or positive 2. what are the shares of the primary and secondary energy flows in agriculture, transport, processing and usage, and 3. overall effects of biofuel crop cultivation, transport, processing and usage. This thesis concentrated on oilseed rape biodiesel and wheat bioethanol in the European Union, comparing them with competing biofuels, such as corn and sugarcane-based ethanol, and the second generation biofuels. The study was executed by comparing Life Cycle Assessment-studies from the EU-region and by analyzing them thoroughly from the differences viewpoint. The variables were the following: energy ratio, hectare yield (l/ha), impact on greenhouse gas emissions (particularly CO2), energy consumption in crop growing and processing one hectare of a particular crop to biofuel, distribution of energy in processing and effects of the secondary energy flows, like e.g. wheat straw. Processing was found to be the most energy consuming part in the production of biofuels. So if the raw materials will remain the same, the development will happen in processing. First generation biodiesel requires esterification, which consumes approximately one third of the process energy. Around 75% of the energy consumed in manufacturing the first generation wheat-based ethanol is spent in steam and electricity generation. No breakthroughs are in sight in the agricultural sector to achieve significantly higher energy ratios. It was found out that even in ideal conditions the energy ratio of first generation wheat-based ethanol will remain slightly under 2. For oilseed rape-based biodiesel the energy ratios are better, and energy consumption per hectare is lower compared to wheat-based ethanol. But both of these are lower compared to e.g. sugarcane-based ethanol. Also the hectare yield of wheat-based ethanol is significantly lower. Biofuels are in a key position when considering the future of the world’s transport sector. Uncertainties concerning biofuels are, however, several, like the schedule of large scale introduction to consumer markets, technologies used, raw materials and their availability and - maybe the biggest - the real production capacity in relation to the fuel consumption. First generation biofuels have not been the expected answer to environmental problems. Comparisons made show that sugarcane-based ethanol is the most prominent first generation biofuel at the moment, both from energy and environment point of view. Also palmoil-based biodiesel looks promising, although it involves environmental concerns as well. From this point of view the biofuels in this study - wheat-based ethanol and oilseed rape-based biodiesel - are not very competitive options. On the other hand, crops currently used for fuel production in different countries are selected based on several factors, not only based on thier relative general superiority. It is challenging to make long-term forecasts for the biofuel sector, but it can be said that satisfying the world's current and near future traffic fuel consumption with biofuels can only be regarded impossible. This does not mean that biofuels shoud be rejected and their positive aspects ignored, but maybe this reality helps us to put them in perspective. To achieve true environmental benefits through the usage of biofuels there must first be a significant drop both in traffic volumes and overall fuel consumption. Second generation biofuels are coming, but serious questions about their availability and production capacities remain open. Therefore nothing can be taken for granted in this issue, expect the need for development.

Deutschland, Deutschland über alles : Tysk föreningsverksamhet i Finland och Sverige 1910-1950

The voluntary associations dealt with in this dissertation were ethnic clubs and societies promoting the interests of German immigrants in Finland and Sweden. The associations were founded at the end of the 19th century as well as at the beginning of the 20th century during a time in which migration was high, the civil society grew rapidly and nationalism flourished. The work includes over 70 different associations in Finland and Sweden with a number of members ranging from ten to at most 2, 500. The largest and most important associations were situated in Helsinki and Stockholm where also most of the German immigrants lived. The main aim of this work is to explore to what extent and how the changes in government in Germany during 1910 to 1950 were reflected in the structures and participants, financial resources and meeting places, networks and activities of the German associations in Finland and Sweden. The study also deals with how a collective German national identity was created within the German associations. The period between 1910 and 1950 has been described by Hobsbawm as the apogee of nationalism. Nationalism and transnationalism are therefore key elements in the work. Additionally the research deals with theories about associations, networking and identity. The analysis is mostly based on minutes of meetings, descriptions of festivities, annual reports and historical outlines about the associations. Archival sources from the German legations, the German Foreign Office, and Finnish and Swedish officials such as the police and the Foreign Offices are also used. The study shows that the collective national identity in the associations during the Weimar Republic mostly went back to the time of the Wilhelmine Empire. It is argued that this fact, the cultural propaganda and the aims of the Weimar Republic to strengthen the contacts between Germany and the German associations abroad, and the role of the German legations and envoys finally helped the small groups of NSDAP to infiltrate, systematically coordinate and finally centralize the German associational life in Finland and Sweden. The Gleichschaltung did not go as smoothly as the party wanted, though. There was a small but consistent opposition that continued to exist in Finland until 1941 and in Sweden until 1945. The collective national identity was displayed much more in Sweden than in Finland, where the associations kept a lower profile. The reasons for the profile differences can be found in the smaller number of German immigrants in Finland and the greater German propaganda in Sweden, but also in the Finnish association act from 1919 and the changes in it during the 1920s and 1930s. Finally, the research shows how the loss of two world wars influenced the associations. It argues that 1918 made the German associations more vulnerable to influence from Germany, whereas 1945 brought the associational life back to where it once started as welfare, recreational and school associations.