Analisi delle "exit strategies" nel settore dell'Equity Crowdfunding

La tesi analizza il fenomeno dell'Equity Crowdfunding con particolare attenzione alle strategie di disinvestimento. Si basa sull'analisi di un campione di 100 progetti finanziati sulla piattaforma Crowdcube. Il crowdfunding è un meccanismo di finanziamento collettivo che nasce fondamentalmente dall’esigenza di piccoli progetti di reperire capitale per essere sviluppati. Si sviluppa mediante l’ausilio di piattaforme informatiche, che fungono da tramite tra le parti interessate, permettendo ai promotori di lanciare i progetti e presentarli al pubblico, ed ai potenziali investitori di informarsi riguardo le diverse opportunità ed eventualmente partecipare alle iniziative. Si crea in questo modo una community virtuale, che si muove attraverso meccanismi differenti rispetto ai classici canali di finanziamento, e offre nuove opportunità agli ideatori di progetti così come agli investitori. Esistono diversi modelli di crowdfunding, che si differenziano per le rispettive finalità, le modalità di raccolta fondi e le forme di compenso. In particolare, risulta importante soffermarsi sull’equity crowdfunding, che si distingue dagli altri modelli in quanto raccoglie denaro che viene impiegato direttamente nel capitale di rischio dell’azienda finanziata. È il modello che attualmente riscuote maggior successo in termini di quote raccolte. La ricompensa è di tipo economico e si realizza attraverso il disinvestimento della quota di partecipazione, entro una data finestra temporale e secondo le modalità delineate inizialmente dal promotore del progetto. Le modalità di disinvestimento sono dette “exit strategies” e consistono negli obiettivi che i promotori dei progetti si propongono di realizzare dopo aver lanciato ed amministrato per un certo intervallo temporale i propri business, e sono rilevanti per gli investitori in quanto rappresentano il meccanismo attraverso il quale essi si aspettano un guadagno dall’investimento effettuato.

Multicelled Behaviour in E. coli: Design and experimental characterization of an engineered library of hybrid promoters.

Synthetic biology has recently had a great development, many papers have been published and many applications have been presented, spanning from the production of biopharmacheuticals to the synthesis of bioenergetic substrates or industrial catalysts. But, despite these advances, most of the applications are quite simple and don’t fully exploit the potential of this discipline. This limitation in complexity has many causes, like the incomplete characterization of some components, or the intrinsic variability of the biological systems, but one of the most important reasons is the incapability of the cell to sustain the additional metabolic burden introduced by a complex circuit. The objective of the project, of which this work is part, is trying to solve this problem through the engineering of a multicellular behaviour in prokaryotic cells. This system will introduce a cooperative behaviour that will allow to implement complex functionalities, that can’t be obtained with a single cell. In particular the goal is to implement the Leader Election, this procedure has been firstly devised in the field of distributed computing, to identify the process that allow to identify a single process as organizer and coordinator of a series of tasks assigned to the whole population. The election of the Leader greatly simplifies the computation providing a centralized control. Further- more this system may even be useful to evolutionary studies that aims to explain how complex organisms evolved from unicellular systems. The work presented here describes, in particular, the design and the experimental characterization of a component of the circuit that solves the Leader Election problem. This module, composed of an hybrid promoter and a gene, is activated in the non-leader cells after receiving the signal that a leader is present in the colony. The most important element, in this case, is the hybrid promoter, it has been realized in different versions, applying the heuristic rules stated in [22], and their activity has been experimentally tested. The objective of the experimental characterization was to test the response of the genetic circuit to the introduction, in the cellular environment, of particular molecules, inducers, that can be considered inputs of the system. The desired behaviour is similar to the one of a logic AND gate in which the exit, represented by the luminous signal produced by a fluorescent protein, is one only in presence of both inducers. The robustness and the stability of this behaviour have been tested by changing the concentration of the input signals and building dose response curves. From these data it is possible to conclude that the analysed constructs have an AND-like behaviour over a wide range of inducers’ concentrations, even if it is possible to identify many differences in the expression profiles of the different constructs. This variability accounts for the fact that the input and the output signals are continuous, and so their binary representation isn’t able to capture the complexity of the behaviour. The module of the circuit that has been considered in this analysis has a fundamental role in the realization of the intercellular communication system that is necessary for the cooperative behaviour to take place. For this reason, the second phase of the characterization has been focused on the analysis of the signal transmission. In particular, the interaction between this element and the one that is responsible for emitting the chemical signal has been tested. The desired behaviour is still similar to a logic AND, since, even in this case, the exit signal is determined by the hybrid promoter activity. The experimental results have demonstrated that the systems behave correctly, even if there is still a substantial variability between them. The dose response curves highlighted that stricter constrains on the inducers concentrations need to be imposed in order to obtain a clear separation between the two levels of expression. In the conclusive chapter the DNA sequences of the hybrid promoters are analysed, trying to identify the regulatory elements that are most important for the determination of the gene expression. Given the available data it wasn’t possible to draw definitive conclusions. In the end, few considerations on promoter engineering and complex circuits realization are presented. This section aims to briefly recall some of the problems outlined in the introduction and provide a few possible solutions.

Experimental characterization of a planar jet by hot-wire anemometry

The study of turbulence is also nowadays a problem that does not have solution from the mathematical point of view due to the lack of solution to link the mean part of the flow with the fluctuating one. To solve this problem, in the CICLoPE laboratory of Predappio, experiments on different type of jets are performed in order to derive a closure model able to close our mathematical model. One of the most interesting type of jet that could be studied is the planar turbulent free jet which is a two dimensional canonical jet characterized by the self-similarity condition of the velocity profiles. To study this particular jet, a new facility was built. The aim of this project is to characterize the jet at different distances from the nozzle exit, for different values of Reynolds number, to demonstrate that the self-similarity condition is respected. To do that, the evaluation of quantities such as spreading rate, centerline velocity decay and relation between fluctuations and mean part of the flow has to be obtain. All these parameters could be detected thanks to the use of single and X hot-wire anemometry with which it is possible to analyzed the fluctuating behaviour of the flow by associating to an electric signal a physical variable expressed in terms of velocity. To justify the data obtain by the measures, a comparison with results coming from the literature has to be shown.

Development and Automatization of a Planar Jet Wind Tunnel for the X-wire Calibration

The scope of this study is to design an automatic control system and create an automatic x-wire calibrator for a facility named Plane Air Tunnel; whose exit creates planar jet flow. The controlling power state as well as automatic speed adjustment of the inverter has been achieved. Thus, the wind tunnel can be run with respect to any desired speed and the x-wire can automatically be calibrated at that speed. To achieve that, VI programming using the LabView environment was learned, to acquire the pressure and temperature, and to calculate the velocity based on the acquisition data thanks to a pitot-static tube. Furthermore, communication with the inverter to give the commands for power on/off and speed control was also done using the LabView VI coding environment. The connection of the computer to the inverter was achieved by the proper cabling using DAQmx Analog/Digital (A/D) input/output (I/O). Moreover, the pressure profile along the streamwise direction of the plane air tunnel was studied. Pressure tappings and a multichannel pressure scanner were used to acquire the pressure values at different locations. Thanks to that, the aerodynamic efficiency of the contraction ratio was observed, and the pressure behavior was related to the velocity at the exit section. Furthermore, the control of the speed was accomplished by implementing a closed-loop PI controller on the LabView environment with and without using a pitot-static tube thanks to the pressure behavior information. The responses of the two controllers were analyzed and commented on by giving suggestions. In addition, hot wire experiments were performed to calibrate automatically and investigate the velocity profile of a turbulent planar jet. To be able to analyze the results, the physics of turbulent planar jet flow was studied. The fundamental terms, the methods used in the derivation of the equations, velocity profile, shear stress behavior, and the effect of vorticity were reviewed.