External corporate venture capital investment: Towards a framework for capturing and measuring strategic value

This paper presents the initial results of on-going research in the field of external Corporate Venture Capital (CVC) investments, i.e. equity investments of large corporations in entrepreneurial ventures which originated outside the corporation. The research is motivated by the fact that external CVC plays an increasingly important role within the strategy of corporations. Driven by a general trend towards a more open approach to innovation, companies see particular value in external corporate venturing as a tool to gain, for example, access to complementary technologies and a general window on technology developments. The review of literature in the field of external corporate venturing clearly reveals that theoretical gaps exist in understanding mechanisms for capturing value and measurements of this value. To help close these gaps, the research addresses the underlying question "How do corporations and start-ups capture and measure strategic value through external CVC investments" by using embedded, multiple case studies. Following an initial set of case studies, steps towards the development of a framework for capturing and measuring strategic value from CVC investments are outlined within this paper and the resulting preliminary framework is presented. The paper closes with an outlook on ongoing and future research steps. © 2009 PICMET.

Growth and energy budget of F-2 'all-fish' growth hormone gene transgenic common carp

The growth and energy budget for F-2 'all-fish' growth hormone gene transgenic common carp Cyprinus carpio of two body sizes were investigated at 29.2 degrees C for 21 days. Specific growth rate, feed intake, feed efficiency, digestibility coefficients of dry matter and protein, gross energy intake (I-E), and the proportion of I-E utilized for heat production (H-E) were significantly higher in the transgenics than in the controls. The proportion of I-E directed to waste products [faecal energy (F-E) and excretory energy loss (Z(E) + U-E) where Z(E) is through the gills and U-E through the kidney], and the proportion of metabolizable energy (M-E) for recovered energy (R-E) were significantly lower in the transgenics than in the controls. The average energy budget equation of transgenic fish was as follows: 100 I-E = 19.3 F-E + 6.0 (Z(E) + U-E) + 45.2 H-E + 29.5 R-E or 100 M-E = 60.5 H-E + 39.5 R-E. The average energy budget equation of the controls was: 100 I-E = 25.2 F-E + 7.4 (Z(E) + U-E) + 35.5 H-E + 31.9 R-E or 100 M-E = 52.7 H-E + 47.3 R-E. These findings indicate that the high growth rate of 'all-fish' transgenic common carp relative to their non-transgenic counterparts was due to their increased feed intake, reduced lose of waste productions and improved feed efficiency. The benefit of the increased energy intake by transgenic fish, however, was diminished by their increased metabolism.

Effect of ration on the growth and energy budget of Chinese longsnout catfish, Leiocassis longirostris Gunther

The effect of ration on growth and energy budget of Chinese longsnout catfish was investigated in a growth trial. Fish of initial body weight of 6.5 g were fed at six ration levels (RLs): starvation, 0.8%, 1.6%, 2.4%, 3.2% of body weight per day, and apparent satiation for 8 weeks. Fish were weighed biweekly to adjust feed amount. The results showed that specific growth rate in wet weight, protein and energy increased logarithmically with increased RLs. The relationship of specific growth rate in wet weight (SGRw, % day(-1)) and RL (%) was a decelerating curve: SGRw=-0.62+3.10 Ln(RL+1). The energy budget equation at satiation was: 100 IE=12.94 FE+5.50(ZE+UE)+40.07 HE+41.49 RE, where IE, FE, (ZE+UE), HE, RE are food energy, faecal energy, excretory energy, heat production and recovered energy respectively. Body composition was slightly but significantly affected by ration size except for protein content. The most efficient ration based on the relationship between RL and feed efficiency ratio in energy (FERe) was 1.8% of body weight per day.

Effect of body size on growth and energy budget of Nile tilapia, Oreochromis niloticus

A growth trial was conducted at 30 degrees C to investigate the effect of body size on growth and energy budget of Nile tilapia. The average initial body weights of the four size groups tested were 9.3, 34.1, 80.3 and 172.4 g, respectively. Fish were fed to satiation twice a day with a diet containing 35.6% crude protein. Food consumption (C-max: kJ/day) increased with body size (W: g) according to the relationship: Ln C-max = 1.45 + 0.42 LnW. The final body contents of dry matter, crude protein and ash per unit body weight increased with increasing body size while contents of fat and energy were independent of body size. Specific growth rates of wet weight, dry weight, protein and energy decreased as the fish increased in size. Feed efficiencies in wet weigh, dry weight and crude protein decreased with increasing body size, while that of energy remained unchanged. The proportions of energy intake allocated to the various components (faecal energy, excretory energy, heat production and recovered energy) of the energy budget were not significantly affected by body size, and the average budget was: 100IE-18.5(+/- 1.33)FE + 5.9 (+/- 3.09)(ZE + UE) + 49.3(+/- 3.77)HE + 26.3(+/- 6.23)RE, where IE, FE, (ZE + UE), HE and RE represent gross energy intake, faecal energy, excretory (non-faecal) energy loss, heat production and recovered energy (growth), respectively. It is suggested that the decrease in growth rate in larger fish is mainly due to the decrease in relative food intake. (C) 1997 Elsevier Science B.V.

Energy budget of Nile tilapia (Oreochromis niloticus) in relation to ration size

Nile tilapia weighing 8.29-11.02 g were fed a practical diet at seven ration levels (starvation, 0.5, 1, 2, 3, 4% body weight per day and satiation) twice a day at 30 degrees C. Feed consumption, apparent digestibility, nitrogenous excretion and growth were determined directly, and heat production was calculated by difference of energy budget. The relationship between specific growth rate in wet weight (SGR(w), percentage per day) and ration size (RL, percentage per day) was a decelerating curve described as SGR(w) = 2.98 (1 - e(-0.61(RL-0.43))). The apparent digestibility coefficients for dry matter and protein showed a decreasing pattern with increasing ration while the apparent digestibility coefficient of energy was not significantly affected by ration size. The proportion of gross energy intake lost in nitrogenous excretion tended to decrease with increasing ration. Feed efficiency was highest, and the proportion of gross energy intake channelled to heat production was lowest, at an intermediate ration level (2% per day). The energy budget at the satiation level was: 100IE = 16.9FE + 1.2(ZE + UE) + 62.3HE + 19.6RE, where IE, FE, (ZE + UE), HE and RE represent gross energy intake, faecal energy, excretory (non-faecal) energy loss, heat production and recovered energy (growth), respectively. (C) 1997 Elsevier Science B.V.

Effect of ration and body size on the energy budget of juvenile white sturgeon

Growth and energy budget were measured for three sizes(2.4, 11.1 and 22.5 g) of juvenile white sturgeon Acipenser transmontanus held at 18.5 degrees C and fed tubificid worms at different levels ranging from starvation to ad libitum. For each size-class, specific growth rate increased linearly with increasing ration, and conversion efficiency was highest at the maximum ration. Growth rate decreased with increasing fish size at the maximum ration, but increased with size al each restricted ration. Conversion efficiency increased with increasing ration for each size-class and was usually highest at the maximum ration. Faecal production accounted for 3.2-5.2% of food energy. The proportion of food energy lost in nitrogenous excretion decreased with increasing ration. With increases in ration, the allocation of metabolizable energy to metabolism decreased, while that to growth increased. Fish size had no significant effect on the allocation of metabolizable energy to metabolism or growth. Al the maximum ration, on average 64.9% of metabolizable energy was spent on metabolism, and 35.1% on growth. (C) 1996 The Fisheries Society of the British Isles

EFFECT OF RATION SIZE ON THE GROWTH AND ENERGY BUDGET OF THE GRASS CARP, CTENOPHARYNGODON-IDELLA VAL

Young grass carp (12-13 g) were kept at five ration levels ranging from starvation to ad libitum feeding at 30-degrees-C. They were fed duckweed. Food consumption, absorption efficiency and growth were determined directly, and metabolism and nitrogenous excretion calculated indirectly from energy and nitrogen budgets, respectively. The relationship between specific growth rate and ration size was linear. Absorption efficiency for energy was not affected by ration size and averaged 50.6 +/- 0.57% (mean +/- s.e.). Depending on ration size, energy lost in excretion accounted for 4.5-5.9% of the food energy, energy channelled to metabolism accounted for 34.4-48.3% of the food energy, and energy retained as growth accounted for 6.7-11.9% of the food energy. Regardless of ration, a constant proportion of food energy (30.7%) was accounted for by feeding metabolism (total metabolism minus fasting metabolism). The energy budget at the maximum ration was: 100 C = 49.1F + 4.5U + 3.6R(fa) + 30.9R(fe) + 11.9G, where C, F, U, R(fa), R(fe) and G represent food consumption, faecal production, excretion, fasting metabolism, feeding metabolism and growth, respectively.