Financing innovative start-ups in Portuguese context: what is the role of business angels networks?

Business angels provide both financing and managerial experience, which increase the likelihood of the survival of innovative start-ups. Over the last years, European countries with developing informal venture capital markets have seen governments support the creation of business angels networks (BANs) to increase and consolidate these markets. Using the Portuguese context to carry out the empirical work, this paper provides an assessment of value added provided by angels’ networks. A total of 88 useable responses were received and analysed using non-parametric statistical techniques. This paper demonstrates that is evidence of positive contribution of BANs in terms of bringing together investors and linking them with entrepreneur’s seeking finance. BANs played an important role in financing innovative start-ups also in peripheral regions. Results lead us to conclude that government support BANs would appear to be an effective mechanism to stimulate the angel market in developing informal venture capital markets. The conclusions of this paper are likely to have relevance for countries where there is growing interest in the potential of business angels as a means of financing innovative start-ups.

Assessment of the genetic diversity of the pinewood nematode, Bursaphelenchus xylophilus, in Portugal

O nemátode da madeira do pinheiro (NMP), Bursaphelenchus xylophiius, tem uma extensa distribuição na América do Norte, e encontra-se atualmente distribuído ao longo da maioria dos territórios de Canadá e dos Estados Unidos. Durante o último século, esta espécie foi transportada pelo Homem para outras regiões do mundo (não-nativas), associadas com o comércio e o fluxo global de produtos de origem florestal. Atualmente, esta espécie invasiva está reportada para algumas regiões do SE asiático (China, Japão, Coreia e Taiwan) e mais recentemente para a Europa (Portugal). Devido ao impacto que este organismo agente da doença da murchidão dos pinheiros causa nas florestas nativas destas regiões esta espécie assume uma elevada importância económica a nível mundial Em Portugal, a distribuição do NMP encontra-se confinada a uma área restrita e limitada (500 000 ha), a sul de Lisboa (península de Setúbal); contudo, constitui uma das maiores ameaças às florestas de pinheiro do país e da UE. Ate recentemente, nenhum consenso existia quanto à origem do NMP em Portugal. Diversas hipóteses têm sido colocadas para explicar esta introdução, nomeadamente a partir de zonas onde o nematode ocorre naturalmente (América do Norte), ou de outras áreas (não-nativas) onde o nematode se comporta como uma espécie invasiva (Leste da Ásia). A fim de avaliar a variabilidade genética do NMP proveniente da área afetada em Portugal, foram utilizadas várias técnicas moleculares, designadamente o random amplified polymorphic DNA (RAPD-PCR) e o satellite DNA (satDNA). No caso do RAPD-PCR, foram utilizados 24 isolados do NMP provenientes de Portugal, 1 proveniente da América do Norte e 1 da Ásia, tendo sido utilizado como out-group um isolado de B. mucronatus. A partir dos 28 RAPD primers utilizados obtiveram-se 640 fragmentos. No caso do satDNA, foram utilizados 21 isolados do NMP provenientes de Portugal, obtendo-se no total 206 sequências da família MspI. Ambos os métodos revelaram uma elevada similaridade genética entre os vários isolados do NMP da área afetada em Portugal O nível reduzido de diversidade genética obtido entre os isolados portugueses do NMP, permite concluir que se trata de uma única introdução deste organismo em Portugal, e proveniente de uma região asiática. A inexistência de uma de correlação entre a variabilidade genética e a distribuição geográfica do NMP dentro da área afetada em Portugal, indica que o NMP se encontra distribuído de forma uniforme ao longo de toda a área afetada, provavelmente relacionado com a distribuição e a expansão natural do inseto vector. The pinewood nematode (PWN), Bursaphelenchus xylophilus, has a wide distribution in North America, and is present throughout most of the territories of Canada and the United Stata. During the last century, this species has been transported by man to several non-native regions of the world, associated with trade and the global flow of forest products. Up to date, this invasive species has been reported from Asia (PR China, Japan, Korea and Taiwan) and more recently in Europe (Portugal). Due to the impact on native pine forests of these regions, this nematode species, the causal agent of pine wilt disease, is of great economic importance worldwide. In Portugal, the distribution of the PWN has been constrained to a relatively small area (500 000 ha) in the south of Lisbon (Setúbal Peninsula); however, it has become the most serious threat to pine forests in the country. Until recently, no consensus had emerged on the possible pathway of the PWN introduction in Portugal. Several hypotheses have been put forward to explain this introduction, such as an origin from endemic areas where the nematode naturally occurs (North America), or non-endemic areas where the nematode behaves as an exotic pest (East Asia). Random amplified polymorphic DNA (RAPD-PCR) and satellite DNA (satDNA) techniques were used in order to assess the level of genetic variability and genetic relationships, among several isolates of the PWN, representative of the entire affected area in Portugal. In the case of RAPD-PCR, 24 Portuguese isolates, plus two additional isolates of B. xylophilus, representing North America and East Asia were included. B. mucronatus was used as an out-group. Twenty-eight random primers generated a total of 640 DNA fragments. With satDNA, 206 Mspl sequence repeats were obtained from 21 Portuguese isolates of B. xylophilus. Both molecular methods revealed a high genetic similarity among the Portuguese isolates, and the low level of genetic diversity strongly suggests that they were dispersed recently from a single introduction, and from East Asia. The lack of apparent relationship between the genetic variability and the geographic distribution of the PWN within the affected area, suggests that the recent introduction of this pest (and pathogen) in Portugal has been uniformly distributed since its establishment, probably following the natural distribution and expansion of the insect vector.

Conflitos ambientais e progresso técnico na indústria mineira e metalúrgica em Portugal (1858-1938)

This chapter explores the relationship between environmental conflicts and technical progress, trying to understand, in the case of large mines of the Iberian Pyrite Belt, in Alentejo, how emerging environmental problems conditioned the performance or led to the search for alternative technical solutions, taking as chronological limit for this observation the beginning of World War II. In the absence of the archives of the companies, the research was based on existing administrative documents in the state archives (mining engineers reports, the licensing of mining activities), on reports and documents published in specialized mining press, in particular, the Bulletin of the Ministry of Public Works, Trade and Industry, the Journal of Public Works, Trade and Industry (both in Portuguese), and finally in the local press. Despite that limitation, the information available shows that in global competition markets, the success of the British enterprise in Santo Domingo had the active search for new technical solutions for the creation and adaptation of existing knowledge to local problems in order to maximize the mineral resources available. The early development of the hydrometallurgical processes for the treatment of poor ores, named ‘natural cementation’, can be explained as the way these companies tried to solve problems of competitiveness, boosting economies of scale. Thus, they transferred the environmental costs previously limited to agriculture to more fragile social groups, the poor fishermen of Guadiana River and of Vila Real de Santo António. Therefore, the hydrometallurgy of pyrites was developed locally, pioneered in Santo Domingo that allowed the survival and expansion of the British company from the late 1870s, that is, at a time when most small mines shut since they were not able to compete globally. Through different consented and regulated processes (judicial), through conflict or parliamentary mediation, the State imposed exceptionally additional costs to companies, either for compensation, the imposing the application of remediation measures to reduce the environmental damage in some cases, thus contributing to derail some projects. These cases suggest that the interaction between local conflicts, corporate behavior and technological progress proves to be complex. This article aims to contribute to the debate on economic and social history between the environment and technological progress, arguing that the fixed costs and economic imponderable social risks were factors that encouraged the companies to search for new solutions and to introduce innovations since that would allow the expansion of their activity. In this process the companies sometimes faced environmental dilemmas and unforeseen costs with consequences on the economy of firms. The nature of the knowledge needed to address the environmental problems they created, however, is of a very different nature from that knowledge needed to face the environmental burdens that were inherent to the development of its activity.

Plano de marketing da L. Nostrum, S.A. para os anos de 2010 e 2011

No actual contexto empresarial, com uma competitividade e complexidade dos mercados crescente, o marketing tem ganho uma grande relevância na direcção e desenvolvimento das empresas, independentemente do sector onde actuem. As áreas da geriatria e dos serviços de saúde não são excepção, apesar de por vezes nas pequenas e médias empresas, não estarem claramente identificadas todas as políticas e estratégias de marketing que deverão pautar as decisões a tomar. Toma-se então não só importante, como de extrema necessidade, que tal como as decisões financeiras, também as decisões de marketing sejam tomadas de forma explícita e estratégica, de forma que se clarifique no interior da organização o rumo a seguir. Este trabalho irá incidir sobre o marketing de uma empresa que desenvolve a sua actividade num ramo de negócio emergente em Portugal, os Cuidados Continuados Integrados e as Residências Assistidas, tendo como objectivo a sustentabilidade e expansão da organização. Como acontece com a maior parte das empresas de pequena dimensão, a L Nostrum S.A. não dispõe de um plano de marketing, sendo de extrema importância que se proceda à elaboração e implementação de um projecto desta natureza Assim, a proposta que aqui se apresenta têm como objectivo central o desenvolvimento de um plano de marketing de curto prazo para a empresa L Nostrum S.A. ABSTRACT: ln the actual business context, with growmg market competitiveness and complexity, marketing has been getting higher relevance in company development, regardless the sector in which these companies operate. The areas of geriatrics and healthcare aren't an exception, although sometimes in some SME's the marketing strategies that shall regulate some of the company's decisions, aren't clearly defined. So, it becomes not only important, as a dire need, that, just like financial decisions, also marketing decisions, are made in an explicit and strategic way, so it becomes clear the path that the organization should follow. This work will focus on the marketing campaign of a company which acts on a business branch emerging in Portugal, the Integrated Continuous Care and Assisted Living Facilities, having as its objective the sustainability and expansion of this organization. Like most small companies, L Nostrum S.A., does not have a marketing plan, being of extreme significance the elaboration and implementation of a project of this nature. So, the proposal here presented has as its main objective the development of a short term marketing plan for the company L Nostrum S.A.