Practical Advice to Entrepreneurs Series by ACE Adjunct Professor Dean Shepherd: Practical advice on pulling the plug on a failing business

The author, Dean Shepherd, is of entrepreneurship—how entrepreneurs think, decide to act, and feel. He recently realized that while his publications in academic journals have implications for entrepreneurs, those implications have remained relatively hidden in the text of the articles and hidden in articles published in journals largely inaccessible to those involved in the entrepreneurial process. This series is designed to bring the practical implications of his research to the forefront.

Residential voltage dip and swell mitigation using Plug-in Hybrid Electric Vehicle in smart grid

Solutions to remedy the voltage disturbances have been mostly suggested only for industrial customers. However, not much research has been done on the impact of the voltage problems on residential facilities. This paper proposes a new method to reduce the effect of voltage dip and swell in smart grids equipped by communication systems. To reach this purpose, a voltage source inverter and the corresponding control system are employed. The behavior of a power system during voltage dip and swell are analyzed. The results demonstrate reasonable improvement in terms of voltage dip and swell mitigation. All simulations are implemented in MATLAB/Simulink environment.

When to pull the plug and when to take the plunge : timing strategic decisions about new ventures

It is not uncommon for firms to explore a new venture under the belief it will generate profits, only to find out later that although costs accumulated, profits did not materialize. To manage the high level of uncertainty involved in this process, new ventures are generally designed as vehicles of exploration (Wu, 2012) that allow for a staged investment of resources, starting with small initial investments that can be scaled up or discontinued as uncertainty is resolved over time (Folta, 1998; Li and Chi, 2013). As such, new ventures provide firms a vehicle by which they can probe an uncertain future (Brown and Eisenhardt, 1997) without fully committing early on to an irreversible course of action (Folta, Johnson, and O’Brien, 2006). Our focus in the present paper is on the timing of strategic decisions that firms make regarding their exploration ventures. Prior research in the fields of entrepreneurship, real options reasoning, and decision speed has demonstrated a link between the timing of making decisions and performance (Baum and Wally, 2003; Eisenhardt, 1989; Judge and Miller, 1991). The antecedents to the timing of decisions, however, are less understood and pose an interesting dilemma.

Pull the plug or take the plunge: Multiple opportunities and the speed of venturing decisions in the Australian mining industry

Effectively capturing opportunities requires rapid decision-making. We investigate the speed of opportunity evaluation decisions by focusing on firms' venture termination and venture advancement decisions. Experience, standard operating procedures, and confidence allow firms to make opportunity evaluation decisions faster; we propose that a firm's attentional orientation, as reflected in its project portfolio, limits the number of domains in which these speed-enhancing mechanisms can be developed. Hence firms' decision speed is likely to vary between different types of decisions. Using unique data on 3,269 mineral exploration ventures in the Australian mining industry, we find that firms with a higher degree of attention toward earlier-stage exploration activities are quicker to abandon potential opportunities in early development but slower to do so later, and that such firms are also slower to advance on potential opportunities at all stages compared to firms that focus their attention differently. Market dynamism moderates these relationships, but only with regard to initial evaluation decisions. Our study extends research on decision speed by showing that firms are not necessarily fast or slow regarding all the decisions they make, and by offering an opportunity evaluation framework that recognizes that decision makers can, in fact often do, pursue multiple potential opportunities simultaneously.

Carbon nanotubes on nanoporous alumina: From surface mats to conformal pore filling

Control over nucleation and growth of multi-walled carbon nanotubes in the nanochannels of porous alumina membranes by several combinations of posttreatments, namely exposing the membrane top surface to atmospheric plasma jet and application of standard S1813 photoresist as an additional carbon precursor, is demonstrated. The nanotubes grown after plasma treatment nucleated inside the channels and did not form fibrous mats on the surface. Thus, the nanotube growth mode can be controlled by surface treatment and application of additional precursor, and complex nanotube-based structures can be produced for various applications. A plausible mechanism of nanotube nucleation and growth in the channels is proposed, based on the estimated depth of ion flux penetration into the channels.

Effects of the filling process on the evolution of the mushy zone and macrosegregation in alloy casting

A numerical model of the entire casting process starting from the mould filling stage to complete solidification is presented. The model takes into consideration any phase change taking place during the filling process. A volume of fluid method is used for tracking the metal–air interface during filling and an enthalpy based macro-scale solidification model is used for the phase change process. The model is demonstrated for the case of filling and solidification of Pb–15 wt%Sn alloy in a side-cooled two-dimensional rectangular cavity, and the resulting evolution of a mushy region and macrosegregation are studied. The effects of process parameters related to filling, namely degree of melt superheat and filling velocity on macrosegregation in the cavity, are also investigated. Results show significant differences in the progress of the mushy zone and macrosegregation pattern between this analysis and conventional analysis without the filling effect.

Biomethanation of herbaceous biomass residues using 3-zone plug flow like digesters - A case study from India

Biomethanation of herbaceous biomass feedstock has the potential to provide clean energy source for cooking and other activities in areas where such biomass availability predominates. A biomethanation concept that involves fermentation of biomass residues in three steps, occurring in three zones of the fermentor is described. This approach while attempting take advantage of multistage reactors simplifies the reactor operation and obviates the need for a high degree of process control or complex reactor design. Typical herbaceous biomass decompose with a rapid VFA flux initially (with a tendency to float) followed by a slower decomposition showing balanced process of VFA generation and its utilization by methanogens that colonize biomass slowly. The tendency to float at the initial stages is suppressed by allowing previous days feed to hold it below digester liquid which permits VFA to disperse into the digester liquid without causing process inhibition. This approach has been used to build and operate simple biomass digesters to provide cooking gas in rural areas with weed and agro-residues. With appropriate modifications, the same concept has been used for digesting municipal solid wastes in small towns where large fermentors are not viable. With further modifications this concept has been used for solid-liquid feed fermentors. Methanogen colonized leaf biomass has been used as biofilm support to treat coffee processing wastewater as well as crop litter alternately in a year. During summer it functions as a biomass based biogas plants operating in the three-zone mode while in winter, feeding biomass is suspended and high strength coffee processing wastewater is let into the fermentor achieving over 90% BOD reduction. The early field experience of these fermentors is presented.

Functional dynamics of the nitrogen balance of sorghum. II. Grain filling period.

Maintenance of green leaf area during grain filling can increase grain yield of sorghum grown under terminal water limitation. This 'stay-green' trait has been related to the nitrogen (N) supply-demand balance during grain filling. This study quantifies the N demand of grain and N translocation rates from leaves and stem and explores effects of genotype and N stress on onset and rate of leaf senescence during the grain filling period. Three hybrids differing in potential height were grown at three levels of N supply under well-watered conditions. Vertical profiles of biomass, leaf area, and N% of leaves, stem and grain were measured at regular intervals. Weekly SPAD chlorophyll readings on main shoot leaves were correlated with observed specific leaf nitrogen (SLN) to derive seasonal patterns of leaf N content. For all hybrids, individual grain N demand was sink determined and was initially met through N translocation from the stem and rachis. Only if this was insufficient did leaf N translocation occur. Maximum N translocation rates from leaves and stem were dependent on their N status. However, the supply of N at canopy scale was also related to the amount of leaf area senescing at any one time. This supply-demand framework for N dynamics explained effects of N stress and genotype on the onset and rate of leaf senescence.

Thermoelectric Properties of Co4Sb12 Skutterudite Materials with Partial In Filling and Excess In Additions

The properties of Co4Sb12 with various In additions were studied. X-ray diffraction revealed the presence of the pure δ-phase of In0.16Co4Sb12, whereas impurity phases (γ-CoSb2 and InSb) appeared for x = 0.25, 0.40, 0.80, and 1.20. The homogeneity and morphology of the samples were observed by Seebeck microprobe and scanning electron microscopy, respectively. All the quenched ingots from which the studied samples were cut were inhomogeneous in the axial direction. The temperature dependence of the Seebeck coefficient (S), electrical conductivity (σ), and thermal conductivity (κ) was measured from room temperature up to 673 K. The Seebeck coefficient of all In-added Co4Sb12 materials was negative. When the filler concentration increases, the Seebeck coefficient decreases. The samples with In additions above the filling limit (x = 0.22) show an even lower Seebeck coefficient due to the formation of secondary phases: InSb and CoSb2. The temperature variation of the electrical conductivity is semiconductor-like. The thermal conductivity of all the samples decreases with temperature. The central region of the In0.4Co4Sb12 ingot shows the lowest thermal conductivity, probably due to the combined effect of (a) rattling due to maximum filling and (b) the presence of a small amount of fine-dispersed secondary phases at the grain boundaries. Thus, regardless of the non-single-phase morphology, a promising ZT (S 2 σT/κ) value of 0.96 at 673 K has been obtained with an In addition above the filling limit.

Recognition and enforcement in cross-border insolvency law: A proposal for judicial gap-filling

This Article analyzes the recognition and enforcement of cross-border insolvency judgments from the United States, United Kingdom, and Australia to determine whether the UNCITRAL Model Law’s goal of modified universalism is currently being practiced, and subjects the Model Law to analysis through the lens of international relations theories to elaborate a way forward. We posit that courts could use the express language of the Model Law text to confer recognition and enforcement of foreign insolvency judgments. The adoption of our proposal will reduce costs, maximize recovery for creditors, and ensure predictability for all parties.

Effects of mould filling on evolution of the solid-liquid interface during solidification

This work presents a numerical analysis of simultaneous mould filling and phase change for solidification in a two-dimensional rectangular cavity. The role of residual flow strength and temperature gradients within the solidifying domain, caused by the filling process, on the evolution of solidification interface are investigated. An implicit volume of fluid (VOF)-based algorithm has been employed for simulating the free surface flows during the filling process, while the model for solidification is based on a fixed-grid enthalpy-based control volume approach. Solidification modeling is coupled with VOF through User Defined Functions developed in the commercial computational fluid dynamics (CFD) code FLUENT 6.3.26. Comparison between results of the conventional analysis without filling effect and those of the present analysis shows that the residual flow resulting from the filling process significantly influences the progress of the solidification interface. A parametric study is also performed with variables such as cooling rate, filling velocity and filling configuration, in order to investigate the coupled effects of the buoyancy-driven flow and the residual flow on the solidification behavior.

Theoretical Studies of Hard Filling in Loop Heat Pipes

Loop heat pipe is a passive two-phase heat transport device that is gaining importance as a part of spacecraft thermal control systems and also in applications (such as in avionic cooling and submarines). Hard fill of a loop heat pipe occurs when the compensation chamber is full of liquid. A theoretical study is undertaken to investigate the issues underlying the loop beat pipe hard-fill phenomenon. The results of the study suggest that the mass of charge and the presence of a bayonet have significant impact on the loop heat pipe operation. With a largern mass of charge, a loop heat pipe hard fills at a lower heat load. As the heat load increases, there is a steep rise in the loop heat pipe operating temperature. In a loop heat pipe with a saturated compensation chamber, and also in a hard-filled loop heat pipe without a bayonet, the temperature of the compensation chamber and that of the liquid core are nearly equal. When a loop heat pipe with a bayonet hard fills, the compensation chamber and the evaporator core temperatures are different.