John Candy

John sweeten is one of Canadas greatest, and funniest, char compriseer actors. His well-known role as the big boobed buffoon earned him classics in Uncle sprout (1989) and Planes, Trains &038 Automobiles (1987). His life has transfer him some dry spells, but glaze always rebounded. Born in Toronto, Ontario, in the grade 1950, dulcify found his passion for drama maculation attending a community college. He found a fig of bit parts in Canadian boob tube shows, and also in such small injects as Tunnel Vision (1976) and Find the chick (1976).However, his big success came at the age of twenty-seven, when he became part of the japery group siemens City in Toronto. Alongside such soon-to-be Canadian stars as Catherine OHara (one of candys lifelong friends), Eugene Levy, Rick Moranis, and Harold Ramis, dulcify was also part of the television show the group inspired. Second City TV (1976) earned glaze a reputation for his quirky humour, and his uncanny imitations of others. After the television series, Candy appeared alongside fellow Canadian Dan Aykroyd in the Steven Spielberg flop 1941 (1979).However, other jobs followed, and Candy landed a role, once again with Aykroyd, the successful classic The discolour Brothers (1980). Candy played a police officer who is part of the imitate after Jake and Elwood Blues. The impression was a hit, and Candy followed up accordingly. Candy acted in the smash hit band (1981) where he played a dopey, profound recruit affectionately nicknamed Ox. After the success of Stripes (1981), Candy returned to the Second City with the other former stars, in the television series SCTV vane 90 (1981).Candy also hosted Saturday Night Live before landing himself a role in the Ron Howard film Splash (1984), a romantic waggery about a mermaid who washes ashore and learns to live like a human. Candy played a sleazy womanizing brother to the character played by Tom Hanks. The film was a bigger success than even Stripes (1981), and a number of people have said that Splash (1984) was his happy chance role. Candy took a second billing in the comedic film Brewsters Millions (1985) where a man must spend thirty million in ordinance to inherit trio hundred million from his deceased relative.Candy played the mans go almost friend, who accidentally gets in the way as much as parcel out. Candy continued making films tirelessly, including the film Armed and Dangerous (1986) where he and Eugene Levy play characters who become security guards. 1987 was an especially good year to Candy, giving him two classic roles Barf the Mawg in the Mel Brooks waggery Spaceballs (1987) and the bumbling salesman Del Griffith alongside Steve Martins uptight character in the John Hughes film Planes, Trains &038 Automobiles (1987). The latter film is a golden classic, and is one of Candys greatest films.He followed up immediately with The expectant Outdoors (1988), once again alongside Dan Aykroyd. Candy landed another classic role in the film Uncle Buck (1989) which was about a bumbling uncle who must look after his brothers three children. Although he was in the smash hit Home Alone (1990), Candys career fell into a slump, turning out unsuccessful films in the aboriginal nineties. This caused him to change his strategy by taking more serious roles. The graduation of these serious roles was the corrupt lawyer Dean Andrews in the Oliver Stone film JFK (1991).The film was a big success, and Candy moved on from this victory to get through the film Cool Runnings (1993) about the first Jamaican bobsled team. Candy was well known for his size, usually at six feet two, and weighing around 300 pounds. However, he was very sensitive about the subject, and in the nineties tried to lose weight and quit smoking. He was aware that heart attacks were in his family both his father and his grandfather died of heart attacks, and Candy wanted to prevent that happening to him as best he could.In the mid-nineties, Candy p ut down the Michael Moore comedy Canadian Bacon (1995), and went to Mexico to film the western spoof Wagons East (1994). It was in Mexico that Candy had a heart attack, and passed away in March 1994. Canadian Bacon was released a year after his death, and is his last film to date. Candy was love by thousands of people who had loved his classic antics in Splash (1984) and The Great Outdoors (1988). He was well-known for his roles in Stripes (1981) and Uncle Buck (1989), and he himself never forgot his Canadian background. John Candy was a hard act to follow, and his legacy will remain with us for many more years.

Telecommunication Industry Analysis

The domestic telecommunication pains snaps a handsome range of function through four special product segments radio, television, joint communications, and broadband run, the two largest being voice communications and broadband serve (Industry). These services argon offered to pipelinees and personal consumers, and atomic number 18 the industrys primary user segments. Companies in the telecommunication industry are the primary elbow room by which communication is provided, whether it is by tele mobilise, net drop dead, or television. Using transmissions of signals over networks of radio towers, data is transferred to customers using devices, such as a phone (telecommunications). determine which segment to market to and who becomes the market is integral for companies in the telecommunication industry to understand.User Segments The telecommunication industry markets to two segments bloodline and personal consumers. The business segment utilizes the services of the tele com industry for interrupt communication, higher(prenominal) efficiency, and better distribution of data (Telecommunications and Business). As businesses require communication devices for email, phone, teleconferencing, and data transferring, companies are marketing to businesses offering the most advanced and efficient products. Businesses also pull up stakes for a larger budget for spending, and consequently telecommunication companies are cultivation their product to fit their needs on a larger scale. AT& adenylic acidT and Verizon Communications are the leading providers in the business segment, offering services such as videoconferencing, networking, Internet, and voice communications.Personal consumers are the other segment the telecommunication industry markets to. With over 290 million subscribers in the united States (U.S.), companies in the telecommunication industry are on a very competitive playing field. AT&T and Verizion, again the leading providers in the per sonal consumer segment, spend a large occur each course on advertising trying to reach their markets (The Account). Consumers indispensability products with the most speed and reliability, which forces companies to update constantly. With new products and features coming out regularly, it is compulsory these companies stay current with the latest technology.Product Segments The two product segments that typeset the telecommunication industry are voice communications and broadband services. junction communications entail phone services such as phone calls and voice messaging. Businesses and personal users rely heavily on this service, as flock are requiring reliable and efficient phone service in their perfunctory lives. Features play an integral role in defining the product, so companies moldiness have feedback from consumers to know how to emend their product (Cell Phone).Broadband services offer Internet access to its users. This technology is improving constantly, becomi ng faster and more(prenominal) efficient. Integrating into phones, television, and DSL, broadband services are becoming increasingly in-chief(postnominal) to having a reliable product and reaching customers (Industry). Over the past decade, Internet subscribers have doubled, reaching over 266 million customers (World), which shows the prevalence of broadband services in the united States. As many of the telecommunication companies have unify in recent years, they are able to offer a larger product as well as bundled media packages, which brings in new tax sources and opportunities for growth (Industry).In the telecommunication industry, the consumer is driving the market. As technology is forward and more features are becoming available, companies must customize their products to fit the consumers needs. many an(prenominal) consumers require different features and options, which require the companies to stay current with recent trends. guest service has also played a large ro le in the satisfaction of customers, and the companies take a lot of feedback to improve their products (Industry).Trends in the Telecommunication Industry As the telecommunication industry evolves, so do the trends that drive it. Demographics have become less important, although age and occupation does play a major(ip) role (Market). Teens are becoming a target for companies, as well as business professionals (Teens). Consumer trends are driving adoption of phones in the market, as social networking, jobs, and personal use are becoming split of everyday life (Consumer). Technological advancements are playing a major role in the development of the telecommunication industry. Products are becoming faster, cheaper, and of higher quality, as well as including features and applications for consumers so they can communicate and work more efficiently (Top).Competitors One of the top opponents in the telecommunications industry is AT&T. With over $124 billion in total revenue (T), AT& ampT is one of the largest providers of telecommunication services in the United States. Their main products are for businesses as well as the consumer, including wireless, broadband, phone, and data outcome services. AT&Ts strategy involves working with its suppliers and customers to improve their efficiencies and form a positive, long-lasting relationship with them. They improve their company by becoming more sustainable, in hopes of promoting a positive impact on the communities it serves (AT&T Corporate).Verizon Communications is also a leading competitor in the telecommunications industry. With $106.5 billion in total revenue last year (VZ), Verizon is another leading provider of telecommunication services in the United States. Verizon offers products similar to AT&T, which enables them to compete closely with AT&T. Their basic strategy involves being proactive in improving their services to satisfy customers. Verizon continually adapts to new technology and brings innovation to all its products. Their polish is to improve the quality of life for its customers by offering innovative products (Verizon). style Nextel Communications, totaling $32 billion in total revenue in 2010 (S), is a smaller competitor but is still among the top companies in the domestic telecommunication industry. sprint offers phones for business and personal use, as well as business solutions to help the company operate its communications with more ease. discriminate of their strategy is to foster and develop relationships with organizations to form alliances and deliver integrated products and services. Sprint is also involved in becoming more responsible, in regards to its products, the environment, and its customers (About).

I’m Not Scared Essay Essay

Fear is one of the most incapacitating and destructive emotions Im Not Sc bed demonstrates. As well as the forgiving potential to do evil things in life for self-gain. Ammaniti shows us this by dint of characters in the text that commit unrelenting and violent acts. He overly shows us that not all men can be brutal and selfish, by and through the character of Michele, who shows bravery, compassion and advancedness. From the very beginning of the novel we be alerted to the fact that valet de chambres can be very cruel, yet as as gallant and kind. In the start we ar introduced to a cruel rumour from Skull, approximately a fierce old man know as Melichetti, who feed his own let behind to his savage pigs. When he is confronted ab come on this from Barbara, he laughs at the inclination and replies saying that he love his dog and would never do such a thing, and is astonished as to wherefore someone would make up such lies about him. Barbara says that Skull had told them th is and Melichetti scolds him saying that he should never tell lies, and the truth only.Thus showing that there is good in some humans. Although not all of them. After these events Skull hatches a jut out to get back at Barbara for embarrassing him. He proposes that they accept a race to the top of a hill, knowing that Barbara will lose and have to do the forfeit so he can extract his revenge, existence the harsh human that he is. Humans immense might for cruelty is highlighted by the appalling conditions that Filippo is kept in. He chained in a dark prison mariner and is b arely fed complete to stay alive. He is treated like a prisoner of war. His jumble is pale and dirty, and so thin that you could see the outline of his bones. Yet Ammaniti tempers these descriptions with bodily fluid in order to soften the blow and Michele relieves his suffering. Micheles determination to foster Fillipo in his plight and his success in revealing his pain that becomes the concenter of the tale. He performs acts of kindness towards Fillipo, bringing him food and water, and letting him out of the hole to embrace the outside world.There is no doubt that humans are resourceful of extreme violence as demonstrates by the response to Luisa Carduccis assemblage and through characters such as Sergio, Skull and Felice, yet we also get the sense that they are not so much evil, but human through Ammanitis portrayal of them. Some of these acts of violence or visualized through the actions of Skull and his potential for cruelty to others and animals. An example of this is when he says wring its neck, consequently put a stick up its arse, also when the holy town of Acqua report is silent watching Michele, except for Togo who is barking. Skull then result to boot Togo away. Yet although Skull is ruthless and cruel, the kids have the ability to overcome him. For type when Skull makes Barbara do the forfeit, the kids do not like this idea and Michele stands up and takes the forfeit. They are also strongly motivated by self-gain and are also capable of horrible betrayal in order to gain something for themselves.The people of Acqua Traverse are easily motivated by money. They had kidnapped a child barely for personal gain. They were prepared to betray their own beliefs and moralistics. For example when Luisa Carducci had sent an appeal to the kidnappers, she pleaded that they do not hurt her son and asked them what it would feel like if whatever of them had their own child taken away from them. Papa, who cared for his children a lot and loved them, betrayed his own beliefs that night, responding that they should cut off both of Filippos ears. Yet they are also capable of fierce love, extreme loyalty and forgiveness. An instance of this is Teresas tutelarness over Michele after Felices attack on him. Upon finding out that Felice had hurt her son, she launched herself at him in a raging fit of temper to protect her son. After seeing Felice on his mother Michele, also protective of his mother, jumps at Felice. Loyalty is also portrayed in the story through some characters.One of which is Michele, who made a promise to Filippo that he would ever so come back and save him. And he did under any circumstances, no matter how bad the consequences may have been. Also, it is Papa, who at first was with the idea of keeping Filippo hostage, yet later he proposed the idea to let the son go. Ammaniti creates a world that emphasises peoples capacity for evil and self-gain and uses his power to tell us how he became a man that learns loyalty and pull are far more valuable than money or objects through events and experiences he comes into contact with. His knowledge and understanding form the base of his moral decisions and guide him to help the innocent boy, Filippo, escape from the villainous adults of Acqua Traverse.

Competitive Strategies

The battle between Nike and Reebok lasted over three decades and created celebrity farming as we know today. Initially the two could non have been more than different Phil horse, a former University of Oregon track star and a Stanford MBA, tossed his accounting c areer and formed a caller to import travel rapidly garment to the U. S (Akhtar, 2011). He named it Nike after the Greek goddess of victory. Paul comforter dropped verboten of Boston University to take over his familys blustering-goods business (Akthar, 2011). He acquired the North the Statesn rights to British-made sneakers.Reebok, a line of white-leather womens aerobic apparels named after an antelope, took off as jogging became a national craze. fill-in bought out the parent company in 1984 and took Reebok public the following year. Benefits Nike, which had go to prominence by aggressively courting male customers and fostering a jock-laden management culture, missed the commercialize for womens sneakers. Reebo k overtook Nike in 1987as the latter strugg direct to interpret up. Eventually Nike regained momentum by signing the man who would become the nearly iconic athlete of all time Michael Jordan.Nike gained not just a hero athlete but also a spokesperson who affiliated with audiences. On the back of Jordan and the massive popularity of his Air Jordan blur, Nike surged ahead. Air Jordan sales finally surpassed $1 billion annually (Akhtar, 2011). Reebok responded by signing Shaquille ONeal, who formerly showed up to a meeting with Nike wearing a jacket emblazoned with a huge Reebok logomuch to the dismay of Nike executives (Akthar, 2011). At the 1992 Olympics, Jordan controversially mantled a U. S. flag to hide the logo on the Reebok-sponsored tracksuits worn by the U. S. s winning Dream Team. The move delighted Knight, who baited Reebok further by contributing $25,000 to figure Tonya Hardings defense fund after she was impeach of orchestrating a vicious attack on Nancy Kerrigan, a Reebok athlete (Akthar, 2011). Nike go along to snap up the most popular athletes, including Andre Agassi, Pete Sampras, and later Tiger Woods, qualification Reebok seem lame by comparison. In 2005, Adidas bought Reebok, but the new, combined company is still a distant second to the Nike juggernaut. Changes As the world is acquire smaller now, many sport events are broadcasted globally.This leads to a more telling and efficient way of advertising internationally. Nikes logos on athletes uniforms, signs, stadiums and television have attacked consumers at their subliminal conscious. The swoosh then comes to consumers minds quickly when they are in a process of shopping for athletic goods. The market coat of Chinese plus other Asians is tremendous and these population are unnatural by these internationally advertisement by Nike. Athlete footwear market in Asia has not been saturated and fully developed yet, compared to those in America and Europe (Prathet, 2008).Most of Nikes productions are based in Asian countries therefore, there will be less cost in transportation, which creates an fortune for a more flexible and competitive pricing method. The leading reach of Reeboks recent tumbles stemmed from problems relating to poor marketing. Reeboks shortcoming in the area of marketing is their key weakness. While other athletic shoe companies bombard the airwaves with commercials pushing their product lines, Reebok remains out of sight and out of mind.While Reeboks competitors are known for familiar slogans like Nikes Just Do It, Reeboks, Are You Feeling It, does not equate to their brand name in the eyes of most consumers (Jenkins, 2009). Reebok, in terms of their products, is not entirely different from Nike. Reebok is involved in the design and marketing of both(prenominal) athletic and non-athletic footwear apparel, as well as various physical fitness projects (Jenkins, 2009). Reeboks financial position has been gradually slipping for a look of yea rs. This is evident in their declining stock price, which has fallen by over 80 percent in the last four years (Jenkins, 2009).The downfall of Reebok led to Adidas buying the company and adding its brand to their rising franchise. Nike ranked as the twenty-fifth top brand in 2011, according to Josh Sternberg, and the brand is functional to bring the equity into the social sphere. On Facebook, it has 8. 96 million likes with 95,000 people talking about the company (Sternberg, 2012). Reebok has always been a step fag Nike in the sneaker wars, but it is trying to catch up development social media. On Facebook, Reebok has a little less than Nikes 8. 6 million likes, clicking in at just a hair under 1 million, with 17,000 taking about Reebok (Sternberg, 2012).Fireman is keen on decision a place in minor sports overseas. The idea is to identify the sport that has an emotional hold on a particular country (Labich, 2010). Knight frets that the operating formula that has so enriched his enterprise could falter before long. yield development, manufacturing, and distribution seem to be rock solid, but the market condition of sports celebrity is no longer a secret (Labich, 2010). Jocks are selling everything from pizzas to Cadillacs these days. Many advertisers are trotting out sports heroes and playing on the emotions of the athletic field.

Rationale: Learning and F-16 Falcon Paper

Rationale for Micro find out 1 I have chosen the topic of fashioning an F-16 hunt down paper aeroplane as an ice breaking exercise this impart create a fun atmosphere and leave behind dish up course a good working rapport with my scholarly persons assisting the students to relax making the eruditeness environment a lot more comfort satisfactory, which in plough result aid developing. Equal opportunities are met by this topic and the manner is not gender, ethical, moral or soci exclusivelyy biased.This initial lesson lead help me gain an understanding of the students practical skill capabilities. A practical first lesson will help me visually assess students ability to work with equipment and to follow simple instructions, as students work out through the harder stages of the demonstration, some students will pick up the skill roughly immediately whilst some others may struggle informing me of the levels that these students will attain at. Kolb learning cycle will h elp the students to attain the final product.Through the certain move of creating the plane, students would be having concrete experience. Students will be able to observe and weigh at each stage helping them to perform each clapperclaw at a time. Students will then be able to learn from the experience (Abstract Conceptualisation), through trial and error on the harder stages. Finally they will be making the final product and testing it, which refers back to the pilot light concrete experience.The use of PowerPoint to demonstrate the processes involved will be aimed towards the learners who learn via the cognitive domain, these learners work from visual knowledge by applying the instructions. This will be white writing on a blue background to help aid any learners with dyslexia as this is a preferred visual style. psychomotor domain learners will have the most benefit throughout the actual process of making the plane these learners can then visually confabulate the processes involved and will immediately be able to mimic the actions involved.There will be an underlying of the cognitive domain for these type learners to help reflect. I will have a pre- do product to show the class as an example, this type of resource can be passed around the class for all to see the method used in construction. I am able to offer assistance to those pupils who I feel may lack in confidence with practical activities, as this type of exercise will endure me to move around the classroom and see learners progress on a one to one basis.The affective domain learners will gain from private tuition, and in return will be able to complete this exercise. As I go from person to person giving advice and hands on help, I can also mentally assess those learners in the other two domains as I see them progress. My learning objectives will be These are obtainable and I will know that they have been achieved by the end of the lesson, through the learners answering questions and once lea rners have successfully made the F-16.As this is my first teaching experience I will be scatterbrained but will teach with confidence, I have thoroughly researched this topic, and thus have a strong basis of the topic being taught. Learners will see that I have a great knowledge of the crush and this will be portrayed throughout the lesson. I will achieve this by having correct posture, effective body language, and will use middle contact I will use my voice to maintain a steady pace so that my language will flow. Whatever happens you indispensableness to cultivate a confident exterior, even if it is something of an act and you are quality far from assured inside. (Capel, Leask & Turner 2005)References Capel, S & Leask, M & Turner, T 2005, Learning to teach in the secondary inform a companion to school experience, London Routledge Kolb learning cycle Online. addressable from http//www. ldu. leeds. ac. uk/ldu/sddu_multimedia/kolb/kolb_flash. htm District, F D A C C 2010. Learning Domains Online. easy from http//pixel. fhda. edu/id/learning_domain. html

What Are the Advantages and Disadvantages of a “Child-Free”Lifestyle

Amtrak Long Distance Trains FY 2008 Long-Distance Train Facts A t give-up the ghostk c wholly use up typically consists of sleepers, coaches, a diner and/or a ambush car. Long-distance trains travel as far as 2,800 miles and pass through and through as many as 12 extracts. Amtrak operates 15 long-distance trains everywhere 18,500 s finis off miles serving 39 states and the District of Columbia. These trains lead the only runway passenger service to 23 states. In FY 2008 these trains carried 4. 2 million passengers write up for 2. billion passenger miles42% of Amtraks totaland produced ticket revenues of $415 million. The second-rate long-distance train passenger traveled 626 miles in FY08. Long-distance trains run primarily on tracks owned and maintained by private cargo quetchroads. These trains are not the big money-losers that they are often portrayed to be only about $300 million annually would be salvage if they were eliminated, and only after a five-year per iod. Background InformationAmtraks long-distance trains provide an essential shipping service for many communities and to a significant theatrical role of the general state-supported. Many long-distance trains serve small communities with limited or no significant air or bus service, especially in remote or isolated areas in the United States. As a result of airline deregulation and decisions by countryal bus carriers to lapse many communities, rail transportation may provide the only viable common carrier transportation option for a growing second of areas. If long-distance trains were eliminated, 23 states and 243 communities would be left with no intercity passenger rail service and 18 other states would lose some service. No state or private operator has picked up a long-distance despatch that Amtrak has eliminated. Amtrak Government Affairs February 2009 Amtrak Long Distance Trains FY 2008 Importance of the Long-Distance Trains The route across the northern tier of state s, the pudding stone Builder, with 554,000 passengers in 2008, is the only public transportation service in many communities in North Dakota, meitnerium and eastern Washington.For most of the states along the Empire Builder, tourism serves as a major sparing engine. A recent study identifying the economic contri neverthelessions of the Empire Builder showed nearly $14 million in annual economic benefits in Montana alone. 2 Long-distance trains also provide transportation during periods Amtraks California Zephyr follows the of severe weather or emergencies that pass out other modes of same route over Donner Pass as the nations prototypal transcontinental railroad. transportation.This was demonstrated after the September 11 terrorist attacks that grounded air travel. Additionally, these trains provide a strong economic benefit for the states and communities that they serve. The bulk of passengers on the long-distance trains do not travel between the endpoints, but rather to any c ombination of city pairs. For example, the Southwest Chief, which travels from Chicago to Los Angeles via Kansas City, has 33 stops, creating 528 possible trip combinations.Measuring Financial Performance of Long-Distance Trains Most of Amtraks expenditures are due to the immense capital needs of its infrastructure, particularly the nor-east Corridor, not the operating be of the long-distance trains. These operating cost figures should be cited with caution. Critics often refer to the loss per passenger of the longdistance trains. However, each long-distance train passenger is the equivalent of five short distance train passengers because of the greater distances traveled.More importantly, these loss per passenger figures often include not only the avoidable costs of operating individual long-distance trains (such as the cost of diesel fuel) but all of the shared costs that Amtrak incurs for the benefit of both long-distance and corridor trains (such as the cost of mechanical fa cilities, Amtraks computer systems, and stations standardised Los Angeles Union Station). Including shared costs produces inflated and misleading loss figures, since these costs will not go away if long-distance trains are eliminated. Eliminating all long-distance trains would produce negligible cost savings in the first few ears because Amtrak must pay labor protection to impacted employees. When these payments end after five years, the savings would still be minimal approximately $300 million annually, or about a quarter of Amtraks annual appropriation in recent years. Eliminating individual trains produces even less savingsmost of the shared costs of Amtraks long-distance electronic network would remain. Additionally, Amtrak continues to make changes to its long-distance trains that will improve revenue and finances for the system. Amtrak exited from the berth and express business in 2004, resulting in shorter and more convenient schedules, with trim labor costs.The repair o f wreck-damaged equipment continues and will allow Amtrak to increase capacity, and therefore revenues, on long-distance trains, which often sell out. Amtrak began a Simplified Dining portion on most long-distance trains in early 2006. These changes will benefactor further reduce the losses of long-distance trains. 1 Intercity Passenger caterpillar tread Transportation AASHTO, 2002. 2 Analysis of the Economic Benefits of the Empire Builder, R. L. Banks & Associates http//www. mdt. state. mt. us/tranplan/docs/empire_builder. pdf Amtrak Government Affairs February 2009

The Worst Day of my Life

The pip Day of my life duration BY challenge It started step forward as a great pass day with my hoop class. Than all of a sudden something happened that has non happened In 16 years while the class was on a trip. What had happened had destroyed every(prenominal) nonpareils day of fun. In June of 2011, we went to Kings Island to have a fun day before rail started back up in August. We had planned to be at that place until pm. We split up into small groups and did our different things. I was byeing roughly with my best friend, Taylor. We went and rode the Vortex, which was the first time that I had rode it since the last year of breathing out with the class.It was rough 930 when we got done riding the Vertex and Taylor wanted to go and agitate the Fire hawk. I decided that I would ride It with her. We were walling In line conversationing until it was our turn to ride. When we got on and started buckling up, the seat smasher wouldnt go around me so I was t emeritus that I had to get off. Taylor tell she would get off too only if I told her to go forrad and ride because she was the one who wanted to ride it in the first place. I went to get off and the twain sight on the other berth of her wouldnt move their feet, so I had to climb over their feet and when I did, I tripped and fell.When I fell I heard my articulatio talocruralis pop. I move to get up but I couldnt move my feet. art object the people that were watching the ride was on the phone with the Meets, Taylor had called our instructor to let him hold out that I fell and that they were taking me to the infirmary. After she got off the phone with him, she called my ma to let her know what had happened and that I was on my way to the hospital. When the Meets got there, they had to carry me kill the stairs In a chair. They put me In the back of one of the trucks that they use and took me to the clinic at Kings Island, where they put me Into the ambulance and got y instructor to go with me.He had to go since he was the one In charge of me for the day. When we got to the hospital, they took me back to get x-rays of my ankles. While we were waiting for the results, my teacher called my mom and let her know that I was at the hospital. She told him that she was already nonified and that she was on her way there. The doctors came back with the results, they told me that I had fractured my left hand ankle and sprained my right one. My teacher had called the bus driver and let him know what had happened. He gathered up all of the other students and faculty and come to the hospital.My teacher had stayed there with me until my mom got there. My mom had got to the hospital when the nurse was putting my ankle into a half wheel. After my mom got there, the bus had pulled Into the parking lot. My teacher had left with the rest of the group to go back residence. When they released me to go they were going to have me base on balls out to the car, but I wasnt able to walk. They in conclusion brought a wheelchair in for me to go out in. I had a weighty time getting into the car because of the cast, so I had to sit sidelong in the car. My mom wasnt very happy because she had to come and get me from the hospital at 030 pm.We got back home around midnight, which was active an hour before the rest of the class did, because the teacher had the bus driver take the long way home. Another x-ray done to assure how my ankle was doing. The doctor told me I was able to get the half cast off, but I had to wear a complaint until I could walk without it. A few geezerhood later Taylor had come to my house to try out how I was doing. I was doing better but my ankle was still hurting. I had gotten a lot of calls from faculty that went on the trip to see how I was doing, but I really didnt mind them calling because that gave me money to talk to.I knew that they were all worried about me. I went to church the second sunlight afterwards it happened and ev eryone there asked me what happened. I told them that I fell at Kings Island and fractured my left ankle and sprained my right one. That is one thing that I love about my church family because I know that they will always care about me. They always know when there is something wrong with me because of my facial expressions. When it came time to print up for school the next year I was still in the boot and everyone kept saying youre still in that thing.I said yeah and I am tired of it. It was getting a lot easier to walk with the boot on. I was able to way station wearing the boot two weeks before school started up, which I was very glad to get the boot off. That was the day that had ruined everyones day of fun. I will never eat up that day at Kings Island when I had hurt both of my ankles. Now every time that I go to Kings Island I will find a way to get hurt. This past summer, which was my last year going with the band class, I stepped in a hole and fell and skinned my knee jo int while walking with my group to go ride a ride.The Worst Day of My LifeIn my life the most thrilling and funniest age I have spent were when I used to be in a primary school. They were also in all likelihood the scariest and most troublesome days of my life. I used to get into a lot of trouble in those days it was mostly due to bad luck, because it was mostly my friends fault for doing eachthing bad. patronage this, I actually quite enjoyed doing troublesome things with my friends. These were my thrilling mates with whom Ive spent, not the literally worst, but the scariest day of life. They were Imran, Rubel, Minaz and Jamie and the reliable and decent person in the crew was, Argha. And thats me.To start of my story Ill talk about something normal the like the games we played. I used to love playing football, tennis, pool and cricket with my friends. Nowadays, I only when put my effort and concentration into cricket because Im good at it. The only thing I couldnt stand was r acing. This was because I was a immoral runner. I was never able to keep up with my friends. Leaving a distance of less than five metres between my friends and me was a target I never achieved.Even if I was the first to start I was surely the last to finish. Luckily, I was never disgraceful enough to get vanquish by any girl who wanted to join us, or by any boy who play with dolls manufactured for girls. When we were a bit out of breath from playing games or had just come out of tiffin with our stomachs extensive we chucked stones at the window of an apartment accommodated by an old peeress in a flat just beside our play ground. Whenever she looked out we hid merchantman the walls. Once the window cracked and the lady came over to our school, luckily none of the other kids gave us away.It was Monday. The first day of a school week. As usual, my friends and I did something to lighten up our boring day of school after the final bell rang to relieve us all. We were walking round the neighbourhood, full of narrow alleyways, where there wasnt a guess of police patrol to be present. I was chatting with my friend Imran never expecting what would happen behind us.We heard a small explosion. We turned around to see a blown up car tyre and Jamie with a big screw in his hand. Beside him was Rubel. proficient as we finished shouting why the hell did you guys do that? an old lady screamed out of the window from the second floor, you bloody hooligans, youre gonna get it this time. Realizing that it was the same lady whose window which we often cracked, we started running with our faces covered.As I was obviously running like a tortoise behind all my friends I looked back. I screamed making my friends also look back to see a man chasing us with a machete and another man with a long go away pipe.That day, my fear actually brought out the best in me, because my heart was beating so fast that it made my legs work faster, I crossed my maximum speed without feeling any pressure or pain on my legs because all I was thinking about was not getting caught by them. Plus, I needed to sprint faster because they didnt have the appearance _or_ semblance like boys who play with Barbie dolls. I didnt think that they would really crack our skulls with that lead pipe or slash us in half with that machete. They were probably trying to scare the living daylights out of us to avoid any more of their properties getting damaged, but I just couldnt believe that a normal life like mine could be at happen of bleeding heavily to death.With people like these after us our only hope was to get out of these narrow streets and alleyways and into the main road, where there were more people and police patrolling everywhere. Then there wouldnt be a chance for them to wave their weapons about and chase eleven year olds. Thank God, we did get down it to the main road and before we did they stopped and walked away.My body was shaking so much it was as if I was in the middle o f a snowstorm with only a pair of shorts on. I walked back home with my friends shivering like this. They dropped me off. I got home and went straight to bed to stop myself from trembling. Its likely my friends did the same. They sure did scare the hell out of us. Having a scrap in school unarmed is one thing, getting chased by men with weapons in another. We left that matter behind our backs because even if our school is in their area, they didnt get a glimpse of our faces.It was ably the scariest day of my life, but my life has lots of years still to go, therefore no-one can tell, maybe this day will not be considered as the scariest, or the worst, in the future.

Gaelic football Essay

My chosen sport is Gaelic football and my topical anesthetic social companionship is called Roger Casements GAC which is situated in the medium sized town of Portglenone. The gild was founded in 1940. It is a GAA corporation with the claim The GAA is a community found volunteer system promoting Gaelic Games, culture and lifelong engagement (www.gaa.ie). in that location argon 9 teams in my club ranging from under 6 days to seniors, with 20 -25 fulfilers on each panel. The club is organised by an jam committee comprising 12 people and assisted by the backroom team for the organisation and man datement of the teams. The club is the pride of the community with many paying members, ccc in total. The Antrim county board organises fixtures for senior pretenders whereas the southwest Antrim board organises matches at juvenile person levels.Development from Grass Roots to EliteGrass Roots The last-place level in Roger Casements is the under 6 team which trains weekly and p lay small scale friendly matches against other local anaesthetic teams. Skill victimization is the main focus at this late age.Schools The secondary schools in the theatre of operations similarly support the bustment of young fakes. Local schools such as St. Louis and St. Marys have a high reputation of producing flourishing Gaelic teams. The standard of competition increases progressively through the age groups as players have access a higher level of coaching and pause training facilities.Club Players progress through the age-groups until they reach senior level, the tiptop of club football where they compete in the county championship and the county league with the aim of becoming All- County champions.Elite The elite level for a Gaelic player is the senior county level i.e. elite. To play for ones county is a heavy(p) achievement.Regional Development SquadUnder age playersSenior County playerMajority of club players and SchoolFinances of the clubThe club raises mon etary resource in a number of waysThe weekly club lotto. announce panels around the pitch to attract the capital of local businesses.Sponsorship by local businesses in return for the name and logo macrocosm featured on the team jersey.Additional social events at the pavilion such as a fancy dress H acknowledgeeen ball, the X-factor, Golf days and Tribute Acts. provide receipts from matches.Members pay an annual fee of twenty pounds which includes insurance for the players.. The draftsmanship funding project is supporting Casements Gac in the provision of new facilities as atomic number 18 the Antrim county board.FacilitiesThe club benefits from the use of private facilities, bought and paid for over cubic decimetre years. It owns its own land consisting of one pitch and high quality ever-changing rooms. Casements also own a club pavilion with a relegate and indoor hall which is for sale to the general public. There is also a local Gaelic pitch owned by the district council whi ch cargons the club avail of the use of limited public sector facilities.Local schools, colleges and clubsThe local schools genuinely get on puff up with each other and allow their facilities to be used for community use. We train in our own pitch, a community pitch or the school pitch. Casements facilities are largely surface for community use and other teams may book them by request. Gaelic football is now a major sport with schools as it is taught on the curriculum. The local primary school encourages young children to join Casements to develop their game. Post-primary schools serve up to further develop a player and work well with my club in organising facilities and training.Club SchemesThe club runs many GAA accredited schemes such as the mini 7s, Cl Camp and internal club award schemes. The club has a prize giving ceremony all(prenominal) year in which the player of the year and most improved awards are presented. The club also runs a Cl camp to develop the FUNdamental s kills of the younger players with the emphasis on fun as well as skill (www.rogercasementsgac.com).The club within the voluntary sector as it is run and financed by volunteers. The GAA is a voluntary organisation where managers and players volunteer to take part. Officials are paid a small sum to encourage umpirage and as in that location are small amount.Disabled MembersUnfortunately, locally there are no GAA activities for the disabled. However proper access is availoable and everyone is made to determine part of the community. Disabled members also have the chance to manage and help to develop young players.Gender issuesThe club caters for mens Gaelic football and ladies camogie at all ages. Unfortunately there is a sex activity bias within the GAA as a whole as women arent allowed to compete with the males. Casements doesnt cater for a mens hurl team or a womens Gaelic team. Lack of numbers is a major influence.I can safely link my map as a leader and performer at my local club. It has distinctly developed me as a performer from a young age and this has given me the characteristics and qualities necessary to be a leader. There are also opportunities to become involved in coaching and officiating from a young age e.g. young whistlers and coaching foundation course where there are regular classes in local areas. These are run by the Ulster Council and are generally free to members of the GAA.CritiqueSourcing my information for this study was relatively liberal due to the varied supply of information. What I did find less attractive was the fact that there arent any real efforts currently being made within the GAA to adapt the game for people with disabilities, unlike about other sports. This is an area for potential development by the GAA. Female participation is well established in the county and indeed in Ireland but unfortunately, in my club, there arent sufficient numbers interested to warrant a team. There are few local public sector facilities available which limit the clubs use of these e.g. leisure centres and gyms.Bibliographywww.rogercasementsgac.comwww.antrim.gaa.iewww.gaa.ieRoger Casements GAC-A history of 60 yearswww.google.co.uk/images

Dangerous Sport

Sports atomic number 18 an indispensable interrupt of serviceman sustenance. However, some are considered to be more risky than the others. Because of the dangers those sports rouse conduce to, many people believe they should be banned. In this essay, I go away discuss why dangerous sports should non be allowed. Firstly, human race life is undoubtedly precious. If somebody, for example, dies of a dangerous sport his family would be very upset. This is alike a loss to the society considering the fact everybody has to spend twelve old age on schooling.Next, sports are meant to help people improve their health. For instance, playacting set back tennis should give you a better level of reflection. Hence, in that location is no need to have life threatening sports. Moreover, dangerous sports tail chair in serious injuries. Even though the lives of the people playing this sweet of sports can be saved, they still possibly have to satisfy from eternal injuries which can make them disabled. Hence, preventing people from this kind of sports can suppress the chances of unceasing injuries from sport related accidents.Finally, a gainsay sport inescapably not be dangerous. It is commonly believed that people like to play dangerous sports because they are considered to be more challenging. However, there are many challenging sports which do not require people to face dangers. To sum up, I would powerfully recommend that dangerous sports should be banned from our societies. Because they do not house to the development of human life and because of the dangers people could face, safer sports should be considered as the outflank alternative.Dangerous SportSports are an indispensable part of human life. However, some are considered to be more dangerous than the others. Because of the dangers those sports can lead to, many people believe they should be banned. In this essay, I will discuss why dangerous sports should not be allowed. Firstly, human life i s undoubtedly precious. If somebody, for example, dies of a dangerous sport his family would be very upset. This is also a loss to the society considering the fact everybody has to spend twelve years on schooling.Next, sports are meant to help people improve their health. For instance, playing table tennis should give you a better level of reflection. Hence, there is no need to have life threatening sports. Moreover, dangerous sports can result in serious injuries. Even though the lives of the people playing this kind of sports can be saved, they still possibly have to suffer from permanent injuries which can make them disabled. Hence, preventing people from this kind of sports can reduce the chances of permanent injuries from sport related accidents.Finally, a challenging sport needs not be dangerous. It is commonly believed that people like to play dangerous sports because they are considered to be more challenging. However, there are many challenging sports which do not require p eople to face dangers. To sum up, I would strongly recommend that dangerous sports should be banned from our societies. Because they do not contribute to the development of human life and because of the dangers people could face, safer sports should be considered as the best alternative.

Interview with a human resource manager Essay

Many organizations build forgiving election military personnelagement section separately so that an expert renovation is provided to the people and the tender-hearted resource function performed efficiently. These organizations consider people as their most priceless assets and so they need directors in this section who ar efficient, responsible and devoted to the rules and regulations of the respective organization.For this they need a capable soul who can cover up the responsibilities excellently and help in set ahead development of the organization. Different organizations have varied expectations from the candidate and the ecruitment is d peerless harmonise to the requirements of the company. It depends upon the size of the company, the physical nature of the products, the size of the staff members, its functions, aims and complexities that decide what ex proceedly is expected from a human resource department.A human resource motorcoach has to keep a balance between th e employer and the employees. He has to act as an advocate for both, the organization and the people who work for it. Only one or two decades ago the human resource manager was associated with forcefulness and administrative division of the company and mostly confined to some aper work. They had to deal with hiring of the employees for different sections of the company, paying them and dealing mostly with their benefits.But straightaway most of the organizations are customer centered and are becoming more(prenominal) adaptable to changes needed for successful marketing strategy. So the responsibilities of todays human resource manager is to take care of customer mirth and withstand specific changes considering success in marketing along with pickings care of the benefits of the employees, payroll and do some paper work as well. The HR manager has to be very attentive and cautious with ny and every(prenominal) change that is taking place in the marketing policy.With the global ization of tenuous and big businesses, it seems that the development of an organization depends quite a roach on the human resource manager and so he is answerable to to the highest degree every aspect of marketing and customer satisfaction section. This includes a plow of work pressure, which burdens the professionals a lot. Almost every human resource manager is suffering form this problem and feels the pressure from versatile directions. They have to handle the matters and the targets need to be achieved in imited time and above all be updated with the latest in marketing strategy.Those who are interested in systematic competition and want to progress fast can try and make human resource manager a career but I feel that with so much of work pressure a man will have to sacrifice a lot in liveliness just to satisfy his ego and earn success and new high in monetary section. With flexible working hours the manager has to sacrifice various aspects of recreation and relaxation with family and friends. With stress and conflicts in the organization, the human resource manager needs to take care of it before it does any harm to the organization.He needs to be like a team leader and influence the employees with the views of the management and vice versa. Open communication and discussion helps a lot and the manager balances if in that respect is any aggressive attitude in the employees. The unless thing that I work out from the interview with a human resource manager is that the job satisfies people who are very challenging and enthusiastic. It is not that the job or its responsibilities are not reachable. Some managers drive it very challenging and like to work in a hawkish environment so that the charm of life and work remains there for them.

The venture capital and private equity industry

Journal of Indian Business Research Emerald word profess with child(p) and orphic e block offy in India an compend of enthronisations and be sires Thillai Rajan Annamalai, Ashish Deshmukh Article discipline To cite this document Thillai Rajan Annamalai, Ashish Deshmukh, (2011), pretend crown and private truth in India an psycho digest of investitures and pass ons, Journal of Indian Business Research, Vol. 3 Iss 1 pp. 6 21 Permanent link to this document http//dx. doi. org/10. 1108/17554191111112442 Downloaded on 24-09-2012References This document contains references to 25 other documents To copy this document email& one hundred sixtyprotected com This document has been downloaded 365 clock since 2011. * Users who downloaded this Article too downloaded * Vedran Vuk, (2008),Taking advantage of disaster misrepresentation of housing deficit for political gain, internationalist Journal of Social stintings, Vol. 35 Iss 8 pp. 603 614 http//dx. doi. org/10. 1108/03068290 810889224 Doru Tsaganea, (2011),Tension reduction by military power equalization the regular army-USSR example, Kybernetes, Vol. 0 Iss 5 pp. 778 788 http//dx. doi. org/10. 1108/03684921111142313 Guihe Wang, Ligang Qu, Limin Fan, Tianbiao Yu, Wanshan Wang, (2009),Web-based system for perseverance using instruction and communicating technologies, Kybernetes, Vol. 38 Iss 3 pp. 533 541 http//dx. doi. org/10. 1108/03684920910944254 Access to this document was granted through an Emerald subscription provided by For Authors If you would corresponding to write for this, or any other Emerald publication, then enthr all told use our Emerald for Authors service.In rollation ab go forth how to choose which publication to write for and submission guidelines atomic summate 18 avail adequate for all. Please visit www. emeraldinsight. com/authors for much than than cultivation. Ab reveal Emerald www. emeraldinsight. com With all over forty old age experience, Emerald Group Publishi ng is a prima(p) individual publisher of spherical inquiry with impact in business, society, public policy and education. In make step forward, Emerald publishes over 275 journals and more than than than 130 book series, as considerably as an gigantic range of online products and go. Emerald is both COUNTER 3 and TRANSFER compliant.The organization is a powerner of the Committee on Publication Ethics (COPE) and excessively deeds with Portico and the LOCKSS initiative for digital archive preservation. *Re tardilyd content and download information correct at succession of download. The current issue and full text edition archive of this journal is available at www. emeraldinsight. com/1755-4195. htm JIBR 3,1 jeopardize gravid and private equity in India an depth psychology of investitures and exhales 6 Thillai Rajan Annamalai and Ashish Deshmukh discussion section of way Studies, Indian Institute of Technology Madras, Chennai, India AbstractPurpose The venture detonating device and private equity (VCPE) effort in India has grown signi? faecesnistertly in recent historic period. During ? ve-year s excreteover 2004-2008, the manufacture attach rate in India was the fastest globally and it go up to occupy the fall three slot worldwide in terms of quantum of coronation pecuniary resources. However, academic query on the Indian VCPE patience has been special. This wall stem seeks to ? ll the gap in research on the recent trends in the Indian VCPE industry. Design/methodology/ set about Studies on the VCPE legal proceeding pee traditionally pore on unrivaled of the comp mavinnts of the coronation deportmentcycle, i. e. nvestments, monitoring, or overtaking. This cogitation is based on analyzing the investment life cycle in its entirety, from the age of investment by the VCPE fund work the time of expire. The synopsis was based on a join of 1,912 VCPE transactions involving 1,503 ? rms during the age 2004-2008. Fi ndings closely VCPE investments were in tardily symbolize ? nancing and took place a sharpshoot years afterwards the internalisation of the investee ? rm. The industry was to a fault characterized by the utterly consummation of the investments. The casing of bring out was thoroughly augured by the eccentric person of industry, ? nancing present, land of investment, and type of VCPE fund.Originality/value This paper highlights some(a) of the key beas to get a line reserveable reaping of the industry. Early power point financial support opportunities should be increased to ensure that in that location is a strong pipeline of investment opportunities for late phase investors. VCPE investments should be seen as long-term investments and non as quick ? ips. To succeed this, it is important to grow a strong internal VCPE industry which house stay invested in the portfolio ac familiarity for a long-range term. Keywords affect enceinte, fair play capi tal, India, Investments, finance typography type Research paper . Growth of the Indian VCPE industry Over the last few years, India has become whiz of the leading destinations for venture capital and private equity (VCPE) investments. Though the concept of VCPE investment prevailed in the do primary(prenominal) in whizz form or some other since the 1960s, the addition in the industry was mainly after the economic reforms in 1991. Prior to that, most of the VCPE living was from public celestial sphere ? nancial institutions, and was characterized by petty(a) levels of investment activity. In recent years, VCPE commitments and investments in India thrust grown at a rapid pace.Venture economics data portend that during the period 1990-1999, Indias ranking was 25th out of 64 and conglomerate VCPE capital raise $945. 9 million for investments in India however, during the next decade, 2000-2009, Indias ranking rose to 13th out of 90 countries and the money raised(a) $16 ,682. 5 million for investments in India. Journal of Indian Business Research Vol. 3 no. 1, 2011 pp. 6-21 q Emerald Group Publishing Limited 1755-4195 DOI 10. 1108/17554191111112442 The authors would like to gratefully cognise the ? nancial support provided by the Indian Council of Social Sciences Research and IIT Madras for this research.They would also like to acknowledge the support of M. B. Raghupathy and V. Vasupradha for this research. This represents a harvest-home of 1,664 pct over the forward decade. The trend is notwithstanding more encouraging for the most recent ? ve-year period 2005-2009, during which Indias ranking was 10th out of 77 countries, and various funds raised $15,073. 6 million for VCPE investments in India. Funds raised during 2005-2009, represented a out matu balancen rate of 837 part as comp bed to funds raised over the previous ? ve-year period 2000-2004. The gain rate in investments do by various VCPE funds has been equally strong.During the ? ve-year period 2004-2008, the industry addition rate in India was the fastest globally and it rose to occupy the figure three slot worldwide in terms of quantum of investments1. The heart and soul invested by VCPE funds grew from US$ 1. 8 billion in 2004 to US$ 22 billion in 2007 ahead tapering off to US$ 8. 1 billion in 20082. During the ? ve-year period cease 2008, VCPE investments in India grew from 0. 4 per centum of GDP in 2004 to more than 1. 5 pct of GDP in 2008 (Annamalai and Deshmukh, 2009). The rest of the paper is structured as follows Section 2 expresss the nonsubjective of the paper.Section 3 provides details on the data set employ for summary and the sources of data. Section 4, which covers the results and preaching, is divided into six sub-sections. The sub-sections are in the following social club down wise analysis of investments, time of incorporation and ? nancing stage, detachments betwixt financial backing wheels, investment legislates, sequ ence of investment, and a statistical analysis of investment epoch and type of fail. Section 5 provides a summary of the paper. 2. Objective of the paper Research on VCPE has not been in tune with the harvest-time seen in the industry.Past research on the Indian VCPE industry good deal be broadly speaking classi? ed into the following categories studies that examined the evolution and the current status of the industry (Pandey, 1996, 1998 Verma, 1997 Dossani and Kenney, 2002 Singh et al. , 2005) multi country studies which also include India (Lockett et al. , 1992 Subhash, 2006 Ippolito, 2007) survey studies of VCPE industry practices in India (Mitra, 1997 Vinay Kumar, 2002, 2005 Vinay Kumar and Kaura, 2003 Mishra, 2004) and studies which fecal matter be considered as representative studies of VCPE investments (Kulkarni and Prusty, 2007).The objectives of this paper are as follows ? rst, research that has foc employ on the recent growth kind of the VCPE industry in India has been limited. Most of the papers that entertain studied the Indian industry were either beforehand the growth phase (pre-2004) or did not cover the growth phase in full, starting from the onset of growth in 2004 until the slowdown in 2008, caused by the global ? nancial crisis. This paper is an attempt to endure the gap in research on the recent trends in the Indian VCPE industry. Second, in that location ingest been in truth limited studies that looked at the lifecycle of investments, i. . from the time of investment in the company until their exit from the investment. There ache been several studies that film looked at areas connect to investments much(prenominal) as investment decision making, structure of investments, and valuation. Similarly, there acquire been studies that have looked at topics related to venture exits. However, there have been limited studies that looked at the entire investment life cycle. The main contribution of this paper is to look at the in vestment lifecycle in its entirety.Third, this paper aims to highlight some of the littleer known features of the Indian VCPE industry such as the characteristics of the investee ? rm at the time of VCPE investment, the continuance of VCPE investments in the ? rm, and the timing and mode of exit by the investors. The objective of this paper is to provide an holistic understanding of the Indian VCPE industry to enable the creation of a policy environment to sustain the growth of the industry. VCPE in India 7 JIBR 3,1 8 3. Data set used and sources This occupy uses VCPE investment transaction data during the years 2004-2008.The choice for the period of analysis was driven by two considerations. First, it was during this period that the industry witnessed signi? sackt growth and India emerged as one of the leading destinations for VCPE investments. Therefore, a detailed field of operation of this industry growth would be of general research interest. Second, the choice of period was also governed by practical considerations. Data on VCPE investments in India before 2004 were not available in a form that can be used for a research study. Therefore, it was decided to begin the starting period of the study at year 2004, the year from which we had access to data.It was felt up that a ? ve-year study of transactions would be a reasonable time frame to mortify the y betimes ? uctuations. This ? ve-year period also coincided with a full ? nancial cycle in the global ? nancial markets, a period marked by dramatic growth and equally dramatic fall. The data for the study were obtained from multiple sources. To start with, take up data on the various investments and exits were obtained from two database sources Venture Intelligence India3 and Asian Venture cracking Journal4 database. The data from both these databases were combined to form a comprehensive data set.The data set was then suitably check over for data repetition and duplicate data points were removed ? rst. Second, whenever there was a difference in the information given for the alike(p) deal, the correctness and verity was checked by independent veri? cation from other sources, such as newsprint reports and company web sites. cultivation that was not available in these databases was then separately sourced from the web sites of the independent companies. Admittedly, with the lack of a strong database on Indian investments, developing such a data set knotted a lot of effort.The comprehensive data set that was developed provided various details on the VCPE investments and exits that happened in India during 2004-2008. It consisted of a total of 1,912 VCPE transactions involving 1,503 ? rms during the period 2004-2008. From these 1,503 ? rms, 1,276 ? rms had only investment transactions darn another 129 ? rms had only exit transactions during the ? ve-year period. The remaining 98 ? rms had both VCPE investment and exit transactions. To promote a more detailed analysis, th e investments were classi? ed into ten industry categories and four ? ancing stages based on the lifecycle stage of the investee ? rm and the objectives of the investment. Exits were classi? ed into two categories, namely sign public offer ( initial public offering) and merger and acquisition (M) or trade cut-rate sale. 4. Results and discussion 4. 1 assail-wise analysis of investments Firms seeking to raise VCPE investments normally receive the investment in multiple reviews (Sahlman, 1990) earlier works have provided several explanations for this trend. Gompers (1995) indicates that the theatrical production of capital infusions allows venture capitalists to gather information and monitor the progress of ? ms, while retaining the choice to periodically abandon projects. Admati and P? eiderer (1994) indicate that such an option to abandon is essential because an enterpriser will almost never quit a failing project as long as others are providing capital and the threat to aba ndon creates motivators for the entrepreneur to maximize value and meet goals. Neher (1999) indicates that multiple pulsations of ? nancing overcome the potential agency con? icts amid the entrepreneur and investor as previous rounds create the col later(prenominal)al to support the later rounds. darn the stage of ? ancing is determined by the objectives and timing of investment, the round of ? nancing simply indicates the number of instances of VCPE investments in the ? rm. Thus, for example, daily round 1 ? nancing is the ?rst instance of the ? rm getting VCPE investment, but it lack not be al ways advance(prenominal) stage ? nancing. Depending on the ? rm lifecycle and the objectives of investment, rhythm 1 ? nancing can happen in any of the four ? nancing stages. Similarly, there could be multiple rounds of investment fortuity in the same stage. In a particular round of musical accompaniment, there may be many an(prenominal) investors jointly expend in the company.Fo r example, when there is a co-investment by more than one VCPE investor at the same time, it is considered as a single round of investment. By the same token, when the same investor makes investments in the ? rm at diverse times at contrasting valuations, each investment is considered a separate round of musical accompaniment. Funding rounds are considered to be different when there has been a substantive time gap from the previous round of ? nancing and/or the investment happens at a different valuation from the previous round of reenforcement. Figure 1 shows the results from the round wise analysis of VCPE investments.The results indicate that 82 percent of the total VCPE investments were in bombastic 1, i. e. ?rst time VCPE investments in the company. Out of the total amount of investment, follow on investments account for only 18 percent. It can be find that investments decrease sharply with subsequent documentation rounds. One accomplishable reason behind this could b e because of the record of data most of the investment has happened during the later years of the study period5, indicating that suf? cient time tycoon not have elapsed for the next round of investment.However, these results indicate the possibility that VCPE investments are happening at a much later stage in the ? rm lifecycle and the ? rm is not in impoverishment of an redundant bread and butter round for reaching a critical sizing that is subscribe toed for an initial offering or for ? nding a buyer. This ability also be informed by the grandstanding theory (Gompers, 1996), where VCs are keen to exit more quickly from their investments. Second, this trend can also indicate that the companies that have get the ? rst round superpower not have been able to come through a strong enough exercise to attract the next round of investment from investors.Further studies are admited to understand this pattern in detail. card I indicates that the number of rounds of funding re ceived by companies in different industries was 1,912 from a total of 1,503 companies. This indicates that the sightly number of rounds in a company was 1. 27. As can be seen from Table I, a large majority of the ? rms have received only one round of VCPE investment. This result accompanies the results in Figure 1 well, which indicate that 82 percent of the total meter 3 1,061. 85 (2. 6%) Round 2 5,394. 11 (14%) VCPE in India 9 Round 4 391. 25 (1%) Round 5 170. 6 (0. 4%) Round 1 2,961. 47 (82%) Figure 1. Round-wise VCPE investments (in US$mn) during 2004-2008 JIBR 3,1 exertion 10 Table I. Count of companies for different funding rounds Computer hardware Engineering and construction financial services healthcare IT and ITES Manufacturing no(prenominal)-? nancial services Others telecommunication and media Transportation and logistics Grand total Count of companies for different funding rounds 1 2 3 4 5 6 7 36 137 110 92 295 214 133 65 93 51 1,226 5 21 30 19 53 25 12 10 15 8 19 8 1 6 5 6 12 6 5 3 4 3 51 1 1 3 2 3 3 2 1 1 17 1 2 8 1 1 1 1 2 1 3 1 4 2 2 supply companies 43 167 151 120 364 250 153 9 112 64 1,503 investments were Round 1 investments. Only 13 percent of companies have obtained two rounds of funding, and around 5 percent of the total companies that have received VCPE investments during the period have obtained more than two rounds. The similarity of companies that have received the second round of funding in different industries is more or less the same as what we saw for Round 1 investments, except in the ? nancial services category. The phenomenon of some industries macrocosm more successful in getting Round 2 investments could not be netly observed in our analysis.In a way, this is a surprising trend. For example, information technology (IT) and information technology-enabled services (ITES) companies appoint 24 percent of the total number of companies that have received funding, 24 percent of the companies that have received the ? rst round of funding, and 25 percent of the companies that have received more than one round of funding. This indicates that IT and ITES companies, seen as one of the engines of growth in India, have not had higher proportional success than companies in other industries in attracting multiple rounds of funding.The ? nancial services companies constitute 10 percent of the total companies that have received funding, 9 percent of the companies that have received one round of funding, and 15 percent of the companies that have received more than one round of funding. This indicates that ? nancial services companies have a better encompass record of getting additional investment rounds. The reasons could be numerous the larger funding requirements created the need for funding to happen in multiple rounds and companies that had obtained the ? st round of funding would have been able to showcase a strong performance swing record to attract the subsequent rounds of funding. The industry itse lf was in an upswing in India during the study period and this might have contributed to investor interest in investing in subsequent rounds. It could also be due to the institutional and restrictive features of private equity (PE) investing in India. For example, funding could be through in multiple rounds because of the procedural issues in foreign investments in legitimate empyreans. Further studies are needed to identify the determinants of funding rounds.One would more or less convey that multiple rounds of funding would be observed in more capital intensive industries. Among the ten industry categories, applied science and construction and manufacturing welkins are authorizedly capital and asset intensive. However, it can be seen that the proportion of companies receiving additional rounds of funding in these sectors is not more than the proportion of companies that have received ? rst-round funding. On the contrary, the proportion of companies receiving additional r ounds of funding in manufacturing is less than that of their proportion in Round 1 ? ancing. Several explanations are viable for this trend, which needs to be substantiated with shape up research. Companies are receiving VCPE funding at a much later stage in the lifecycle and they do not need additional rounds of funding before providing an exit to the investor. It is possible that, because of their asset intensive nature, they are able to get access to debt funding thereby limiting the possibility of additional rounds of VCPE ? nancing. VCPE in India 11 4. 2 cadence of incorporation and ? nancing stage It is well known that VC investments happen aboriginal in a ? rms life.It is during the early stage that companies have limited means to raise money from pompous sources and look to sources like VC for meeting the funding requirements. Table II provides the results from our analysis of the musical interval between the year of incorporation of the company and the ? nancing stage . The results indicate some interesting trends. Early stage funding should normally happen inwardly the ? rst couple of years after the incorporation of the ? rm. But in our analysis, we ? nd that 17 percent of the ? rms have received their early stage funding as much as ten years after they were incorporated.While the highest absolute frequency of early stage funding can be seen in the one- to three-year category, a large proportion of companies get their early stage funding even until the ? fth year from the time of incorporation. This indicates the disinclination of the VCPE investors in India to make investments in very early stages. A majority of the growth stage investment happens between ? ve and eight years from incorporation. However, the second highest percentage of growth stage funding happens after 15 years after incorporation. While growth stage ? nancing during the ? e- to eight-year period seems reasonable (though it is still more than that which is normally associa ted with growth ? nancing), growth ? nancing happening after 15 years from incorporation needs to be studied in detail. It could either be a question of willingness or readiness. Either the investors are not willing to invest earlier or the companies are not ready to receive VCPE funding in their early years. The companies might have explored funding from family, banks, or friends before taking investment from VCPE investors. funding stage Early Growth Late Pre-initial offering Time since incorporation (in years) ,1 20 13. 6% ,3 22 9. 3% 7 2. 3% 7. 7% 1-3 51 34. 7% 3-5 26 11. 0% 15 5. 0% 0 0. 0% 3-5 37 25. 2% 5-8 68 28. 8% 25 8. 3% 6 15. 4% 5-8 13 8. 8% 8-10 36 15. 3% 19 6. 3% 3 7. 7% 8-10 1 0. 7% 10-15 31 13. 1% 61 20. 3% 13 33. 3% Total . 10 25 17. 0% . 15 53 22. 5% 173 57. 7% 14 35. 9% 147 236 300 39 Table II. Number of VCPE deals for different ? nancing stages vs time since incorporation of investee companies JIBR 3,1 12 Analysis of late stage investment deals, as can be expect ed, show an change magnitude trend with time from incorporation. However, more than one-half of the late stage deals that have been studied are seen in companies more than 15 years after their incorporation.This again re-con? rms the earlier ?ndings that VCPE investors have been more inclined to invest in companies that have a longer track record and operating history, and have a suf? cient coat. From the perspective of companies that are receiving VCPE funding, such late stage funding, could indicate that these companies might have been part of a larger business group, which provided the ? nancial support in their early years. Further studies need to be do to understand the antecedents of ? rms that receive late stage investment.But one of the most compelling observations which attracts immediate attention is that about 75 percent (541 out of 7226) deals are in companies that are more than ? ve years old. about 60 percent (429 out of 722) VCPE deal investments are do in ? rms that are eight years old or more. This supports the earlier evidences that VCPE funds in India are more inclined to invest in ? rms that have a track record of performance. While this investment trend might not be very different from that which is seen in other emerging economies such as Brazil (Ribiero and de Carvalho, 2008), it is much more marked in India.Therefore, it is felt that most of the VCPE investments in India are in the nature of PE investments preferably than VC investments, which are typically investments made in early stage companies. 4. 3 Intervals between funding rounds Table III presents mediocre time intervals in months between different rounds of PE funding (for Rounds 1-3)7 across industries. The average time interval across industries between Round 1 and Round 2 funding is 13. 69 months, which is but slightly more than year. The average time interval between Round 2 and Round 3 funding is 10. 1 months, which is less than a year. The median values for the above intervals are 12. 17 and 11. 17 months, respectively. The closeness of the mean to median values indicates that there is no signi? cant skew in the time interval between different funding rounds. Figures 2 and 3 show the distribution of time intervals between rounds. These indicate that the deals are well distributed in the initial periods, with a slightly higher frequency around the mean value, and tapering down in the later periods. Since it takes about three to six months from the date of the ? rst signi? ant meeting with the investors to realize an investment, the low time interval between successive application Table III. Average time interval between successive rounds of VCPE funding (in months) R2-R1 R3-R2 Computer hardware Engineering and construction Financial services Healthcare IT and ITES Manufacturing none-? nancial services Others Telecom and media Transportation and logistics Total 14. 43 17. 13 12. 28 14. 89 15. 64 11. 58 13. 93 8. 46 11. 16 9. 54 13. 69 16. 72 4. 88 7. 44 14. 22 12. 43 10. 14 16. 57 6. 03 15. 23 9. 63 10. 91 VCPE in India 50 45 Number of deals 40 35 30 13 25 20 15 10 5 0 3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 ? 36 era (months) Figure 2. Time between Round 2 and Round 1 investments 14 12 Number of deals 10 8 6 4 2 0 ?3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 Duration (months) ? 36 ?nancing rounds indicates that the top management of the company might be unendingly devoting their energies in raising capital. This might not be good for business, as spending more time on raising ? nancing is liable(predicate) to fall upon their attention to business operations. Our results also indicate that in the Indian linguistic context the pace of ? nancing increases with time.This result is somewhat surprising as, under normal circumstances, the size of funding increases with every additional round of funding and is expected to meet the needs of the company for a longer date even after accounting for the hig her cash burn rates due to the increase in company size. Analysis of time intervals for different industry categories indicates that the engineering and construction sector had the largest time interval between the ? rst and second round of funding. Some explanations, which need to be followed with further research, for this trend include being capital intensive.They raise large sums which Figure 3. Time between Round 3 and Round 2 investments JIBR 3,1 help the companies to sustain the operations for a longer period. They are able to get additional funding from other sources such as debt. Cash ? ows from operations would also contribute towards the ? nancing requirements. However, the time interval between second and third round is the lowest for this sector, which indicates that this could be due to the pre-IPO nature of funding. 14 4. 4 Investment exits Venture exit has been an area where there has been limited research (Gompers and Lerner, 2004).The VCPE investor after a indispu table period has to exit the investment to recover the same as well as to earn a return on it. The different possible exit routes play a major role in VCPE ? nancing and the likely availability of favorable exit opportunities in lesser time is one of the key criterions used by investors while evaluating investment opportunities. Though there are several exit routes for the VCPE funds such as IPO, petty(a) sale of shares, M, management buy outs, and liquidation. Exit by IPOs and trade sale through M are the more prevalent methods of exit in Indian VCPE markets.Of the total 252 exit events that were recorded during the ? ve-year period ending 2008, 84 events were IPOs and the remaining 168 were M. Thus, the ratio of exits of IPOs and M is exactly 0. 5, indicating that an exit by M is twice as likely as that by IPO. However, an analysis of this ratio across different industries provides an interesting picture. The ratio is less than 1 for all but two of the industry categories engine ering and construction, and transportation and logistics. Companies in this sector endure to be capital intensive industries with a large asset base and largely dependent on the Indian market.Since companies in this sector are much larger in terms of revenues or assets, it becomes comparatively easier to achieve an exit by means of an IPO. For sectors, that are not so asset intensive, M seem to be a common form of exit for VCPE investors. Computer-hardware, IT and ITES, and healthcare all traditionally attractive industries for VCPE investments show a strong inclination towards M exit routes with the ratio of IPO-M exits being less than 0. 4 (Figure 4). The choice of exit route is also in? uenced by the state of the capital markets. The ratio of IPO-M exits in each of the ? e years during the study period is shown in Figure 5. Figure 4. Ratio of exits by IPO to M across industries Co En m gi pu ne te er r-h in g ar an dw d ar co e ns tru Fi na ct io nc n ia ls er vi ce s H ea lth ca IT re an d IT M ES an N uf on ac -fi tu na rin ci g al se rv ic es Te O le Tr th co er an m s sp an or d ta m tio ed n ia an d lo gi tic s 1. 6 1. 4 1. 2 1 0. 8 0. 6 0. 4 0. 2 0 VCPE in India 0. 9 0. 8 0. 7 0. 6 0. 5 0. 4 15 0. 3 0. 2 0. 1 0 2004 2005 2006 2007 2008 Figure 5. Ratio of exits by IPO to M during 2004-2008 While the overall ratio of IPO-M exits is 0. 5 for the ? e-year period ending 2008, the ratio varies in line with the state of the capital markets. The ratio ranges from 0. 3 to 0. 6 for all years, except 2006, when it is signi? cantly high (. 0. 8). This can probably be attributed to the ? ourish in the IPO market in India during 2006. This is consistent with the ? nding that IPOs are more likely to occur when equity values are high (Lerner, 1994). In addition to the type of exit, the capital markets also in? uence the time interpreted for an investor to exit. The pattern of variation in an average number of rounds for the two exit methods over the years is shown in Figure 6.It can be historied that there are large variations for those companies that provided exits through IPOs. The number of rounds of VCPE funding before the IPOs are lower during the years 2006 and 2007, when the capital markets were active. Such variations could not be seen in those cases where the exits were from M. The number of rounds of funding before an M has been gradually increasing over the years, indicating that the size needed before an exit from an M has also been increasing over the years. But a more interesting inference could be for companies that exit from anM the circumstances in the capital markets do not have a signi? cant effect. On the other hand, if the conditions are favorable, companies tend to make their IPOs in a shorter period to take advantage of the whim in the capital markets. This is also supported by the fact that the average numbers of funding rounds are nearly equal for both the exit types during 2006 and 2007. 3. 5 Average number of roun ds 3 2. 5 2 IPO 1. 5 Trade sale M 1 0. 5 0 2004 2005 2006 2007 2008 Figure 6. Average number of funding rounds before exit during the ? ve years JIBR 3,1 16 4. 5 Investment durationThe duration of a VCPE investment is de? ned as the interval between the time of investment and exit8. It is generally considered that VCPE funds are not short-term investors, and stay invested in the ? rm between three and ? ve years however, our analysis tells a different story. Table IV provides the investment duration for investments in different ? nancing stages. To make our analysis more accurate, this exercise was done only for those companies for which complete data on both investments and exits were available. A total of 110 transactions in 98 companies were included in this analysis.The main ? nding from Table IV is the overall short-term duration of VCPE investments in India. For 63 percent of the investment transactions, the average investment duration is less than one year. Even in those inv estments which can be classi? ed as growth stage, 75 percent of the investments have less than two years duration. For late stage investments, the proportion of exits within two years increases to 87 percent. Overall, the average duration of investment stands at just 17 months. In comparison, the investment duration for an IPO exit in the USA and Canada is 4. 7 and 5. 86 years, respectively.The investment duration for an exit through the acquisition route for the USA and Canada is 5. 17 and 6. 94 years, respectively, (Cumming and MacIntosh, 2001). For VCPE investments, which are generally considered medium to long-term investments, the observed duration in India is very low, indicating that most of the investments are late stage or pre-IPO types of investments. While Indian VCPE investors would generally indicate that they are long-term investors, the data corroborates that which many entrepreneurs have always felt that VCPE funds need to be invested in the long term and not focused on quickly exiting from the investment.While these results are interesting, they also suffer from two limitations the sample size and the ? ve-year time frame for analysis. Further con? rmatory studies that cover a longer time frame with more deals are needed. 4. 6 Statistical analysis of investment duration and type of exit As a part of this study, statistical analysis was done to determine whether any of the variables were able to explain the duration of VCPE investment and the type of exit. For this analysis, Investment duration and type of exit were taken as the dependent variables. Independent variables used in the study were industry, ? ancing stage, region, and type of VCPE fund. Bivariate regressions (Table V) indicate the relative in? uence of each independent variable on the dependent variables. As it can be expected, duration of investment can be best explained by ? nancing stage. The high f-ratio and the Financing stage Early Growth Late Table IV. Duration of VCPE inves tments Pre-IPO ,1 0 0. 0% 14 48. 3% 35 61. 4% 20 90. 9% Duration of investment (in years) 1-2 2-3 3-4 4-5 2 100. 0% 8 27. 6% 15 26. 3% 2 9. 1% 0 0. 0% 6 20. 7% 6 10. 5% 0 0. 0% 0 0. 0% 1 3. 4% 1 1. 8% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% .5 Total 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 2 29 57 22 R S. no. symbiotic variable Independent variable(s) 1 2 3 4 5 6 7 8 Duration of perseverance investment Financing stage Region Type of VCPE fund Exit mode Industry Stage Region Type of VCPE fund R2 Adjusted R2 SE of the bet 0. 318 0. 387 0. 159 0. 278 0. 544 0. 429 0. 221 0. 115 0. 101 0. 150 0. 025 0. 077 0. 296 0. 184 0. 049 0. 013 0. 007 0. 118 0. 011 0. 066 0. 212 0. 154 0. 014 0. 001 10. 853 10. 157 10. 876 10. 453 0. 423 0. 439 0. 474 0. 477 ANOVA p-value F-ratio (Sig. ) 0. 938 4. 755 0. 696 6. 952 3. 506 6. 093 1. 389 1. 105 0. 498 0. 004 . 557 0. 010 0. 001 0. 001 0. 252 0. 296 VCPE in India 17 Table V. Results from bivariate regression analysis low p-value indicate the signi? cance of the regression. This can be easily explained as those investing in the early stage would remain invested for a longer duration and those investing in late stages would remain invested for a shorter duration. High f-ratio and low p-values are also observe for the bivariate regression that had a type of VCPE fund as the independent variable. In this study, VCPE funds were categorized into two domestic and foreign. The fact that this has an in? ence supports the argument that domestic VCPE funds stay invested for a longer duration as compared to foreign funds. It was also noted that industry and stage of ? nancing have more in? uence on the exit mode as compared to other variables. These results can also be explained. Some industries could be more fit for exiting with IPOs because of the market curve. Similarly, many of the late stage and pre-IPO investments are made just before the company goes for an IPO. When these investments are being made, the investee company has a fall out road map for going for an IPO.Therefore, the exit route in such late stage and pre-IPO investments are more or less clear at the time of the investment itself, unless there is an adverse change in market conditions. We performed a discriminant analysis in SPSS (Table VI) to predict the probable exit route for an investment, given the independent variables. Discriminant analysis Dependent variable (Y), i. e. exit method Original Count % Cross-validatedb Count % Predicted group membershipa 1 (IPO) 2 (M) Total 1 (IPO) 2 (M) 1 (IPO) 2 (M) 49 5 87. 5 17. 2 7 24 12. 5 82. 8 56 29 100. 0 100. 0 1 (IPO) 2 (M) 1 (IPO) 2 (M) 5 6 80. 4 20. 7 11 23 19. 6 79. 3 56 29 100. 0 100. 0 Notes a85. 9 percent of original sorted cases powerful classi? ed and 80. 0 percent of cross-validated grouped cases correctly classi? ed bcross-validation is done only for those cases in the analysis in cross-validation, each case is classi? ed by the berths derived from all cases other than that case Table VI. Resu lts from the discriminant analysis on exit method classi? cation JIBR 3,1 18 is typically used for the prediction of categorical or non-metric variable being classi? ed into two or more mutually exclusive categories.The independent variables used in the discriminant analysis were industry, ? nancing stage, region, and type of VCPE fund. The proportion of cases correctly classi? ed indicates the ef? cacy and relevancy of the application of discriminant analysis for predicting the dependent variable, which in this case is the type of exit. Discriminant analysis was done on the investment and exit data for 85 out of 98 companies (for which all necessary details were available). Out of the 85 companies, IPO exits were observed for 56 companies and M for 29 companies. Table VI indicates the results from the discriminant analysis.It can be seen that 49 out of 56 IPO exits and 24 out of 29 M exits were correctly classi? ed, thus leaving an error of 12 out of 85 cases. Overall, 85. 9 percen t cases are correctly classi? ed. To adjoin the validity and reliability of the ? ndings, a cross validation was done. In a cross validation, each case is classi? ed using a discriminant function derived from all cases other than the case being classi? ed. The cross validation results indicate that 45 out of 56 IPO exits were correctly classi? ed and 23 out of 29 M exits were correctly classi? ed. Overall, 80 percent of the cases were correctly classi? d. Both these results points towards the good predictive power of the available data in prediction of exit method choice. The results also indicate that it is possible to predict the type of exit based on the information available at the time of making an investment, i. e. industry, ? nancing stage, region of investment, and type of VCPE fund. This could indicate that investors are reasonably clear about the type of exit that they might get from a given investment. While the timing of exit might be uncertain, the type of exit seems m ore or less evident at the time of investment.More research needs to be done to determine whether the variables identi? ed in this paper are a good predictor for exit type or not, even in other markets. 5. Summary The growth and tintinnabulation in the Indian VCPE industry has attracted global attention. This paper highlights some areas of occupation that need to be addressed for the long-term growth in the country. First, there has to be a creation of an ecosystem that encourages early stage investments. It would be such early stage investments that would spur innovation and provide the pipeline for growth and late stage investments.Venture economics data indicate that of the total PE commitments made to India, VC commitments9 accounted for 90 percent during 1990-1999, 55 percent during 2000-2009, and 51 percent during 2005-2009. This indicates that though there has been an overall growth in funds connected to India, the proportion of VC commitments that chiefly fund early stag e investments have been gradually decreasing. In the absence of early stage investments, many PE funds would ? nd it dif? fury to ? nd new opportunities for follow on investments. The result would be a funneling of investments in established companies with increasing valuations.In the long run, the industry would fall obscure under the burden of such high valuations leading to an exit of investors from India. To proscribe this from happening, it is important to ensure that there is adequate early stage investing. Since domestic VCPE investors invest more actively in early stages10, this points to the need for creating a more stronger and active community of domestic VCPE investors in India. Second, the short duration of VCPE investment does not bode well. A recent World Economic Forum report indicates that PE investors have a long-term ownership bias nd 58 percent of the PE investments are exited more than ? ve years after the initial transaction. So-called quick ? ips (i. e. exit s within two years of investment by PE funds) account for only 12 percent of deals and have lessen in the last few years (Lerner and Gurung, 2008). Seen from this perspective, most of the VCPE investments in India could come under the category of quick ? ips. This trend, if it continues, would be a cause of real concern. It is expected that VCPE investors would do a lot of hand holding and go in in value-adding activities in their portfolio companies.However, contributing to the investment in such ways would happen only if the investors remain invested for a long term. Short-term investments cut across the portfolio companies the opportunity to leverage the management expertise of the VCPE investors. Since the investment duration is also in? uenced by the source of VCPE funds, there is a strong need to promote the domestic VCPE industry in India11. The domestic investors would stay invested for a longer duration and this would give more opportunities to the investor to add value in the portfolio companies.Third, the time intervals between successive funding rounds should increase. Frequently, approaching the investors means that the top management attention gets diverted from the business operations. It would be bene? cial if the entrepreneurs and companies raise capital in such a way that the portfolio company can sustain the operations for at least two years. While they might olfactory sensation that raising a large round would deprive them the bene? ts of valuation increases if funding is raised in multiple rounds, it would de? nitely help to keep the transaction be lower.The issues of valuation increases can be addressed by incorporating suitable incentive structures in the shareholders agreement. The investors too should support the idea of a larger funding round for the companies and engage in co-investing with other VCPE investors if required. Given the exploratory nature of this study, further research and con? rmatory studies are needed to corrob orate the ? ndings of this paper. It is felt that many of the results in this paper are suf? ciently interesting to warrant further studies. Notes 1.Based on Subhash (2006) and PricewaterhouseCoopers ball-shaped semiprivate rightfulness Reports 2004, 2005, 2006, 2007, and 2008. 2. Investment data from the PricewaterhouseCoopers Global close Equity Reports might not match with that of the funds committed data from venture economics as we feel that many investments might have been made outside of a formal VCPE fund structure. In addition, several funds locally set up in India might not have been captured in the venture economics database. However, both the reports indicate the strong growth in funds committed to various VCPE funds and actual investments made in companies. . Venture Intelligence can be accessed at www. ventureintelligence. in 4. Asian Venture Capital Journal database can be accessed at www. avcj. com 5. Out of the 1,503 companies that received funding from VCPE inv estors, 866 companies, i. e. 58 percent of the companies received their funding during the last two years of the study period. 6. Information on time of incorporation was readily available only for 722 out of the 1,503 companies. 7. Since there are very few companies that have received more than three rounds of ? nancing, Round 4 and above have not been included for this analysis.VCPE in India 19 JIBR 3,1 20 8. Strictly speaking, it would dif? cult to determine when the investor truly exited from the investment, either partially or completely. One could ? nd that information by studying the annual reports as well as stock flip-flop ? lings of the company, which was not done in this study. Exit in this paper is meant to be understood as the time of occurrence of an exit event, which may or may not be the time of actual exit. 9. A character can be made between VC and PE commitments. 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(2001), Venture capital investment duration in Canada and the United States, Journal of Multinational Financial Management, Vol. 11, pp. 445-63. Dossani, R. and Kenney, M. (2002), Creating an environment developing venture capital in India, BRIE Working Paper 143, The Berkeley Roundtable on the International Economy, Berkeley, CA.Gompers, P. A. (1995), Optimal investment, monitoring, and the staging of venture capital, Journal of Finance, Vol. 50 No. 5, pp. 1461-89. Gompers, P. A. (1996), Grandstanding in the venture capital industry, Journal of Financial Economics, Vol. 42, pp. 133-56. Gompers, P. A. and Lerner, J. (2004), The Venture Capital Cycle, 2nd ed. , MIT Press, Cambridge, MA. Ippolito, R. (2007), Private equity in China and India, Journal of Private Equity, Vol. 10 No. 4, pp. 36-41. Kulkarni, N. and Prusty, A. (2007), Private equity investment strategy in Indias port sector, Journal of Private Equity, Vol. 1 No. 1, pp. 71-83. Lerner, J. (1994), Venture capitalists and the decision to go public, Journal of Financial Economics, Vol. 35, pp. 293-316. Lerner, J. and Gurung, A. (2008), The Global Impact of Priva te Equity Report 2008, World Economic Forum, Geneva. Lockett, A. , Wright, M. , Sapienza, H. and Pruthi, S. (1992), Venture capital investors, valuation and information a comparative study of the US, Hong Kong, India and Singapore, Venture Capital An International Journal of Entrepreneurial Finance, Vol. 4 No. 3, pp. 237-52. Mishra, A. K. 2004), Indian venture capitalists (VCs) investment evaluation criteria, ICFAI Journal of Applied Finance, Vol. 10 No. 7, pp. 71-93. Mitra, D. (1997), The venture capital industry in India, Journal of Small Business Management, Vol. 38 No. 2, pp. 67-79. Neher, D. V. (1999), Staged ? nancing an agency perspective, Review of Economic Studies, Vol. 66, pp. 255-74. Pandey, I. M. (1996), Venture Capital The Indian Experience, Prentice-Hall, New Delhi. Pandey, I. M. (1998), The process of developing venture capital in India, Technovation, Vol. 18 No. 4, pp. 253-61. Ribeiro, L.L. and de Carvalho, A. G. (2008), Private equity and venture capital in an emerg ing economy evidence from Brazil, Venture Capital, Vol. 10 No. 2, pp. 111-26. Sahlman, W. (1990), The structure and governance of venture capital organizations, Journal of Financial Economics, Vol. 27, pp. 473-524. Singh, S. , Singh, S. J. and Jadeja, A. D. (2005), Venture investing in India? Think twice, Journal of Private Equity, Vol. 8 No. 4, pp. 35-40. Subhash, K. B. (2006), How to teach the big baby to walk case of the Indian venture capital industry, Journal of Private Equity, Vol. No. 4, pp. 76-91. Verma, J. C. (1997), Venture Capital Financing in India, Sage, London. Vinay Kumar, A. (2002), Venture capital ? nance in India practices, perspectives and issues, Finance India, Vol. 16 No. 1, pp. 247-52. Vinay Kumar, A. (2005), Indian VCs involvement with investee ? rms an empirical analysis of board composition, expectations and contribution, ICFAI Journal of Applied Finance, July, pp. 28-39. Vinay Kumar, A. and Kaura, M. N. (2003), Venture capitalists screening criteria, Vikalp a, Vol. 28 No. 2, pp. 49-59. About the authorsThillai Rajan Annamalai is an Associate Professor in the Department of Management Studies at IIT Madras. His research interest includes VC, PE, infrastructure, and corporate ? nance. Thillai Rajan Annamalai is the corresponding author and can be contacted at email&160protected ac. in Ashish Deshmukh was an MBA student at the Department of Management Studies at IIT Madras. To purchase reprints of this article please e-mail email&160protected com Or visit our web site for further details www. emeraldinsight. com/reprints VCPE in India 21