Performance of a vertical slot fish pass for the sea lamprey Petromyzon marinus L. and habitat recolonization.

In 2011, a vertical-slot fish pass was built at the Coimbra Açude-Ponte dam (Mondego River, Portugal), approximately 45 km upstream from the river mouth. The performance of this infrastructure for sea lamprey passage was evaluated between 2011 and 2015 using several complementary methodologies, namely radio telemetry [conventional and electromyogram (EMG)], passive integrated transponder (PIT) telemetry and electrofishing surveys. During the study period, the electrofishing revealed a 29-fold increase in the abundance of larval sea lamprey upstream of the fish pass. Of the 20 radio-tagged individuals released downstream from the dam, 33% managed to find and successfully surpass the obstacle in less than 2 weeks, reaching the spawning areas located in the upstream stretch of the main river and in one important tributary. Fish pass efficiency was assessed with a PIT antenna installed in the last upstream pool and revealed a 31% efficiency, with differences between and within migratory seasons. Time of day and river flow significantly influenced the attraction efficiency of the fish pass, with lampreys negotiating it mainly during the night period and when discharge was below 50m3 s_1. Sea lampreys tagged with EMG transmitters took 3 h to negotiate the fish pass, during which high muscular effort was only registered during passage, or passage attempts, of the vertical slots. The use of complementary methodologies provided a comprehensive passage evaluation for sea lamprey, a species for which there is a considerable paucity of valuable data concerning behavioural, physiological and environmental influences on obstacle negotiation.

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.