Emerging VC Industry: Do Market Expectations Play the Most Important Role in Project Selection? Evidence on Russian Data

The venture capital becomes more and more advanced and effective source of the innovation project financing, connected with a high-risk level. In the developed countries, it plays a key role in transforming innovation projects into successful businesses and creating the prosperity of the modern economy. In Russia, there are many necessary preconditions for creation of the effective venture investment system: the network of the public institutes for innovation financing operates; there is a significant number of the small and medium-sized enterprises, capable to sell production with good market potential. However, the current system does not confirm the necessary level of efficiency in practice that can be substantially explained by the absence of the accurate plan of action to form the national venture model and by the lack of experience of successful venture deals with profitable exits in Russian economy. This paper studies the influence of various factors on the venture industry development by the example of the IT-sector in Russia. The choice of the sector is based on the fact, that this segment is the main driver of the venture capital market growth in Russia, and the necessary set of data exists. The size of investment of the second round is used as the dependent variable. To analyse the influence of the previous round, such determinant as the volume of the previous (first) round investments is used. There is also used a dummy variable in regression to examine that the participation of an investor with high reputation and experience in the previous round can influence the size of the next investment round. The regression analysis of short-term interrelations between studied variables reveals prevailing influence of the volume of the first round investments on the venture investments volume of the second round. The most important determinant of the value of the second-round investment is the value of first–round investment, so it means that the most competitive on the Russian market are the start-up teams that can attract more money on the start, and the target market growth is not the factor of crucial importance. This supports the point of view that VC in Russia is driven by endogenous factors and not by exogenous ones that are based on global market growth.

Machining Stability of a Milling Machine with Different Preloaded Spindle

This study was aimed to investigate the machining stability of a spindle tool with different preloaded amount. To this end, the vibration tests were conducted on the spindle unit with different preload to assess the dynamic characteristics and machining stability of the milling machine. Current results demonstrate that the tool tip frequency response characteristics and the machining stabilities in X and Y direction are affected to change due to the different preload of spindle bearings. As found from the results, a high preloaded spindle tool shows higher limited cutting depth at mid position, while a spindle with low preload shows a higher limited depth. This indicates that the machining stability of a milling machine is affected to vary by the spindle unit when it was assembled with different bearing preload.

Cissampelos capensis Rhizome Extract Induces Intracellular ROS Production, Capacitation and DNA Fragmentation in Human Spermatozoa

More than 3000 plants of notable phyto-therapeutic value grow in South Africa; these include Cissampelos capensis, commonly known in Afrikaans as dawidjie or dawidjiewortel. C. capensis is the most significant and popular medicinal plant used by the Khoisan as well as other rural groups in the Western region of South Africa. Its rhizomes are traditionally used to treat male fertility problems. Yet, no studies have investigated the effects of this plant or its extracts on human spermatozoa. Therefore, this study aimed at investigating the effects of C. capensis rhizome extract (CRE) fractions on ejaculated human spermatozoa in vitro. Spermatozoa from a total of 77 semen samples were washed with human tubular fluid medium supplemented with bovine serum albumin (HTF-BSA) and incubated for 2 hours with 20 μg/ml progesterone (P4) followed by incubation with different concentrations (0, 0.05, 0.5, 5, 50, 200 μg/ml) of fractionated CRE (F1=0% MeOH, F2=30% MeOH, F3=60% MeOH and F4=100% MeOH) for 1.5 hours at 37°C. A sample without addition of CRE fractions served as control. Samples were analyzed for sperm motility, reactive oxygen species (ROS), DNA-fragmentation, acrosome reaction and capacitation. Results showed that F1 resulted in significantly higher values for ROS, capacitation and hyper-activation compared to F2, F3, and F4 with P4-stimulated samples generally having higher values. No significant effect was found for the other parameters. In conclusion, alkaloids present in F1 of CRE appear to have triggered sperm intrinsic ROS production leading to sperm capacitation and acrosome reaction induced by P4.

Indirect Solar Desalination: Value Engineering and Cost Benefit Analysis

This study examines the feasibility of indirect solar desalination in oil producing countries in the Middle East and North Africa (MENA) region. It relies on value engineering (VE) and costbenefit with sensitivity analyses to identify optimal coupling configurations of desalination and solar energy technologies. A comparative return on investment was assessed as a function of water costs for varied plant capacities (25,000 to 75,000 m3/day), project lifetimes (15 to 25 years), and discount rates (5 to 15%) taking into consideration water and energy subsidies, land cost as well as environmental externalities in the form of carbon credit related to greenhouse gas (GHG) emissions reduction. The results showed reverse osmosis (RO) coupled with photovoltaic technologies (PVs) as the most promising configuration, robust across different prices for Brent oil, discount rates, as well as different project lifetimes. Environmental externalities and subsidies analysis revealed that a 16% reduction in existing subsidy on water tariffs would ensure economic viability. Additionally, while land costs affect investment attractiveness, the viability of RO coupled with PV remains possible for a land purchase cost

Synthesis of SnO Novel Cabbage Nanostructure and Its Electrochemical Property as an Anode Material for Lithium Ion Battery

The novel 3D SnO cabbages self-assembled by nanosheets were successfully synthesized via template-free hydrothermal growth method under facile conditions. The XRD results manifest that the as-prepared SnO is tetragonal phase. The TEM and HRTEM results show that the cabbage nanosheets are polycrystalline structure consisted of considerable single-crystalline nanoparticles. Two typical Raman modes A1g=210 and Eg=112 cm-1 of SnO are observed by Raman spectroscopy. Moreover, galvanostatic cycling tests has been performed using the SnO cabbages as anode material of lithium ion battery and the electrochemical results suggest that the synthesized SnO cabbage structures are a promising anode material for lithium ion batteries.

Technical Determinants of Success in Quality Management Systems Implementation in the Automotive Industry

The popularity of quality management system models continues to grow despite the transitional crisis in 2008. Their development is associated with demands of the new requirements for entrepreneurs, such as risk analysis projects and more emphasis on supervision of outsourced processes. In parallel, it is appropriate to focus attention on the selection of companies aspiring to a quality management system. This is particularly important in the automotive supplier industry, where requirements transferred to the levels in the supply chain should be clear, transparent and fairly satisfied. The author has carried out a series of researches aimed at finding the factors that allow for the effective implementation of the quality management system in automotive companies. The research was focused on four groups of companies: 1) manufacturing (parts and assemblies for the purpose of sale or for vehicle manufacturers), 2) service (repair and maintenance of the car) 3) services for the transport of goods or people, 4) commercial (auto parts and vehicles). The identified determinants were divided into two types of criteria: internal and external, as well as hard and soft. The article presents the hard – technical factors that an automotive company must meet in order to achieve the goal of the quality management system implementation.

Thixomixing as Novel Method for Fabrication Aluminum Composite with Carbon and Alumina Fibers

This study focuses on a novel method for dispersion and distribution of reinforcement under high intensive shear stress to produce metal composites. The polyacrylonitrile (PAN)-based short carbon fiber (Csf) and Nextel 610 alumina fiber were dispersed under high intensive shearing at mushy zone in semi-solid of A356 by a novel method. The bundles and clusters were embedded by infiltration of slurry into the clusters, thus leading to a uniform microstructure. The fibers were embedded homogenously into the aluminum around 576-580°C with around 46% of solid fraction. Other experiments at 615°C and 568°C which are contained 0% and 90% solid respectively were not successful for dispersion and infiltration of aluminum into bundles of Csf. The alumina fiber has been cracked by high shearing load. The morphologies and crystalline phase were evaluated by SEM and XRD. The adopted thixo-process effectively improved the adherence and distribution of Csf into Al that can be developed to produce various composites by thixomixing.

Modeling Reflection and Transmission of Elastodiffussive Wave Sata Semiconductor Interface

This paper deals with the study of reflection and transmission characteristics of acoustic waves at the interface of a semiconductor half-space and elastic solid. The amplitude ratios (reflection and transmission coefficients) of reflected and transmitted waves to that of incident wave varying with the incident angles have been examined for the case of quasi-longitudinal wave. The special cases of normal and grazing incidence have also been derived with the help of Gauss elimination method. The mathematical model consisting of governing partial differential equations of motion and charge carriers’ diffusion of n-type semiconductors and elastic solid has been solved both analytically and numerically in the study. The numerical computations of reflection and transmission coefficients has been carried out by using MATLAB programming software for silicon (Si) semiconductor and copper elastic solid. The computer simulated results have been plotted graphically for Si semiconductors. The study may be useful in semiconductors, geology, and seismology in addition to surface acoustic wave (SAW) devices.

Challenges in Anti-Counterfeiting of Cyber-Physical Systems

This paper examines the system protection for cyber-physical systems (CPS). CPS are particularly characterized by their networking system components. This means they are able to adapt to the needs of their users and its environment. With this ability, CPS have new, specific requirements on the protection against anti-counterfeiting, know-how loss and manipulation. They increase the requirements on system protection because piracy attacks can be more diverse, for example because of an increasing number of interfaces or through the networking abilities. The new requirements were identified and in a next step matched with existing protective measures. Due to the found gap the development of new protection measures has to be forced to close this gap. Moreover a comparison of the effectiveness between selected measures was realized and the first results are presented in this paper.

How to Affect Brand Attitude with Authenticity in Advertising

Authenticity in advertising is the cornerstone of modern marketing. Despite research advances related to the role of authenticity in marketing, it remains unclear why customers respond to authentic brand stories. The results show that different personality traits will moderate the influence of different authenticity on the levels of emotion. Whether indexically authentic or iconically authentic advertisements were shown to extroverts, open people and agreeable people, they will evoke more positive emotions. When neurotic people and conscientious people see the iconically authentic advertising rather than the indexically authentic advertising, they will produce more negative emotions. In addition, the emotion evoked by advertising had significant positive impact on brand attitude evoked by advertising had significant negative impact on brand attitude. These findings provide some managerial implications and directions for further research.

Characterization of Sintered Fe-Cr-Mn Powder Mixtures Containing Intermetallics

Intermetallic materials are among advanced technology materials that have outstanding mechanical and physical properties for high temperature applications. Especially creep resistance, low density and high hardness properties stand out in such intermetallics. The microstructure, mechanical properties of %88Ni- %10Cr and %2Mn powders were investigated using specimens produced by tube furnace sintering at 900-1300°C temperature. A composite consisting of ternary additions, a metallic phase, Fe, Cr and Mn have been prepared under Ar shroud and then tube furnace sintered. XRD, SEM (Scanning Electron Microscope), were investigated to characterize the properties of the specimens. Experimental results carried out for composition %88Ni-%10Cr and %2Mn at 1300°C suggest that the best properties as 138,80HV and 6,269/cm3 density were obtained at 1300°C.

Effect of Chromium Behavior on Mechanical and Electrical Properties of P/M Copper-Chromium Alloy Dispersed with VGCF

Microstructural and electrical properties of Cu-chromium alloy (Cu-Cr) dispersed with vapor-grown carbon fiber (VGCF) prepared by powder metallurgy (P/M) process have been investigated. Cu-0.7 mass% Cr pre-alloyed powder (Cu-Cr) made by water atomization process was used as raw materials, which contained solid solute Cr elements in Cu matrix. The alloy powder coated with un-bundled VGCF by using oil coating process was consolidated at 1223 K in vacuum by spark plasma sintering, and then extruded at 1073 K. The extruded Cu-Cr alloy (monolithic alloy) had 209.3 MPa YS and 80.4 IACS% conductivity. The extruded Cu-Cr with 0.1 mass% VGCF composites revealed a small decrease of YS compared to the monolithic Cu-Cr alloy. On the other hand, the composite had a higher electrical conductivity than that of the monolithic alloy. For example, Cu-Cr with 0.1 mass% VGCF composite sintered for 5 h showed 182.7 MPa YS and 89.7 IACS% conductivity. In the case of Cu-Cr with VGCFs composites, the Cr concentration was observed around VGCF by SEM-EDS analysis, where Cr23C6 compounds were detected by TEM observation. The amount of Cr solid solution in the matrix of the Cu-Cr composites alloy was about 50% compared to the monolithic Cu-Cr sintered alloy, and resulted in the remarkable increment of the electrical conductivity.

Deformation of Metallic Foams with Closed Cell at High Temperatures

The aim of this study is to investigate formability of Al based closed cell metallic foams at high temperature. The foam specimens with rectangular section were produced from AlMg1Si0.6TiH20.8 alloy preform material. Bending and free bending tests based on gravity effect were applied to foam specimens at high temperatures. During the tests, the time-angular deformation relationships with various temperatures were determined. Deformation types formed in cell walls were investigated by means of Scanning Electron Microscopy (SEM) and optical microscopy. Bending deformation about 90° was achieved without any defect at high temperatures. The importance of a critical temperature and deformation rate was emphasized in maintaining the deformation. Significant slip lines on surface of cell walls at tensile zones of bending specimen were observed. At high strain rates, the microcrack formation in boundaries of elongated grains was determined.

Structural Performance Evaluation of Segmented Wind Turbine Blade through Finite Element Simulation

Transportation of long turbine blades from one place to another is a difficult process. Hence a feasibility study of modularization of wind turbine blade was taken from structural standpoint through finite element analysis. Initially, a non-segmented blade is modeled and its structural behavior is evaluated to serve as reference. The resonant, static bending and fatigue tests are simulated in accordance with IEC61400-23 standard for comparison purpose. The non-segmented test blade is separated at suitable location based on trade off studies and the segments are joined with an innovative double strap bonded joint configuration. The adhesive joint is modeled by adopting cohesive zone modeling approach in ANSYS. The developed blade model is analyzed for its structural response through simulation. Performances of both the blades are found to be similar, which indicates that, efficient segmentation of the long blade is possible which facilitates easy transportation of the blades and on site reassembling. The location selected for segmentation and adopted joint configuration has resulted in an efficient segmented blade model which proves the methodology adopted for segmentation was quite effective. The developed segmented blade appears to be the viable alternative considering its structural response specifically in fatigue within considered assumptions.

Theoretical and Experimental Bending Properties of Composite Pipes

Aim of this work is to determine the theoretical and experimental properties of filament wound glass fiber/epoxy resin composite pipes with different winding design subjected under bending. For determination of bending strength of composite samples three point bending tests were conducted. Good correlation between theoretical and experimental results has been obtained, where sample No4 has shown the highest value of bending strength. All samples have demonstrated matrix cracking and fiber failure followed by layers delamination during testing. Also, it was found that smaller winding angles lead to an increase in bending stress. From presented results good merger between glass fibers and epoxy resin was confirmed by SEM analysis.

Multi-Channel Information Fusion in C-OTDR Monitoring Systems: Various Approaches to Classify of Targeted Events

The paper presents new results concerning selection of optimal information fusion formula for ensembles of C-OTDR channels. The goal of information fusion is to create an integral classificator designed for effective classification of seismoacoustic target events. The LPBoost (LP-β and LP-B variants), the Multiple Kernel Learning, and Weighing of Inversely as Lipschitz Constants (WILC) approaches were compared. The WILC is a brand new approach to optimal fusion of Lipschitz Classifiers Ensembles. Results of practical usage are presented.

Semi-Automated Tracking of Vibrissal Movements in Free-Moving Rodents Captured by High-Speed Videos

Quantitative analyses of whisker movements provide a means to study functional recovery and regeneration of mouse facial nerve after an injury. However, accurate tracking of the mouse whisker movement is challenging. Most methods for whisker tracking require manual intervention, e.g. fixing the head of the mouse during a study. Here we describe a semi-automated image processing method, which is applied to high-speed video recordings of free-moving mice to track the whisker movements. We first track the head movement of a mouse by delineating the lower head contour frame-by-frame that allows for detection of the location and orientation of the head. Then, a region of interest is identified for each frame; the subsequent application of a mask and the Hough transform detects the selected whiskers on each side of the head. Our approach is used to examine the functional recovery of damaged facial nerves in mice over a course of 21 days.

Improvement of Voltage Profile of Grid Integrated Wind Distributed Generation by SVC

Due to the continuous increment of the load demand, identification of weaker buses, improvement of voltage profile and power losses in the context of the voltage stability problems has become one of the major concerns for the larger, complex, interconnected power systems. The objective of this paper is to review the impact of Flexible AC Transmission System (FACTS) controller in Wind generators connected electrical network for maintaining voltage stability. Wind energy could be the growing renewable energy due to several advantages. The influence of wind generators on power quality is a significant issue; non uniform power production causes variations in system voltage and frequency. Therefore, wind farm requires high reactive power compensation; the advances in high power semiconducting devices have led to the development of FACTS. The FACTS devices such as for example SVC inject reactive power into the system which helps in maintaining a better voltage profile. The performance is evaluated on an IEEE 14 bus system, two wind generators are connected at low voltage buses to meet the increased load demand and SVC devices are integrated at the buses with wind generators to keep voltage stability. Power flows, nodal voltage magnitudes and angles of the power network are obtained by iterative solutions using MIPOWER.

A New OvS Approach in an Assembly Line Balancing Problem

One of the most famous techniques which affect the efficiency of a production line is the assembly line balancing (ALB) technique. This paper examines the balancing effect of a whole production line of a real auto glass manufacturer in three steps. In the first step, processing time of each activity in the workstations is generated according to a practical approach. In the second step, the whole production process is simulated and the bottleneck stations have been identified, and finally in the third step, several improvement scenarios are generated to optimize the system throughput, and the best one is proposed. The main contribution of the current research is the proposed framework which combines two famous approaches including Assembly Line Balancing and Optimization via Simulation technique (OvS). The results show that the proposed framework could be applied in practical environments, easily.

A Metallography Study of Secondary A226 Aluminium Alloy Used in Automotive Industries

The secondary alloy A226 is used for many automotive casting produced by mould casting and high pressure die casting. This alloy has excellent castability, good mechanical properties and cost-effectiveness. Production of primary aluminium alloys belong to heavy source fouling of life environs. The European Union calls for the emission reduction and reduction in energy consumption therefore increase production of recycled (secondary) aluminium cast alloys. The contribution is deal with influence of recycling on the quality of the casting made from A226 in automotive industry. The properties of the casting made from secondary aluminium alloys were compared with the required properties of primary aluminium alloys. The effect of recycling on microstructure was observed using combination different analytical techniques (light microscopy upon black-white etching, scanning electron microscopy - SEM upon deep etching and energy dispersive X-ray analysis - EDX). These techniques were used for the identification of the various structure parameters, which was used to compare secondary alloy microstructure with primary alloy microstructure.