Rules of evidence

For what reason are Americas rules of proof more prohibitive than those built up by different nations? America's standards of proof are progressively prohibitive on the grounds that not at all like a few nations we have Constitutional securities that defend Individual rights. A case of this would be the Supreme courts assurance that a state decide necessitating that a respondent needing to affirm In a criminal case must do as such before the affirmation of some other safeguard declaration Is an infringement of the Fifth and Fourteenth Amendment fair treatment clause.The fair treatment provision shields residents of the US from unjustifiable and messy legitimate procedures, combined with the option to be educated regarding the nature and charges in allegation against them among different benefits. In light of this it very well may be effectively finished up with respect to the need of the prohibitive idea of the principles of proof. In spite of the fact that America received the Engli sh arrangement of evidentially administers, numerous progressions have been made since that time.Although the reception of the Federal Rules of Evidence and the uniform Rules of Evidence has not grasped the effortlessness that the drafters of the constitution may eave imagined, they do realize greater consistency and consistency to the legitimate framework. The Federal Rules of proof direct evidentially matters in all procedures In the government courts and they realize a huge proportion of consistency In the administrative framework. Tragically there Is far less consistency among the states. Just thirty-six purviews have embraced proof codes that model the Federal Rules of Evidence. Out of the fifty states just forty-two have embraced these principles totally or to a limited extent. Of the staying eight expresses, my home province of Georgia is in this line up. About seven days back I had the chance to learn of this first hand.My lawyer and I were setting up an observer rundown to provide for the District Attorney in a criminal case we have. He requested that I investigate the rule refered to on the States observer rundown and mention to him what it says about utilizing a respondent as an observer. Shockingly this is the thing that I learned. Compliant with O. C. G. A. 17-16-1 (2010) the emptying of a â€Å"witness statement† In a criminal continuing Is as per the following: (2) â€Å"Statement of a witness† means:A) A composed or recorded proclamation, or duplicates thereof, made by the observer that is marked or in any case received or affirmed by the observer; (B) A considerably verbatim presentation of an oral articulation made by the observer that is recorded contemporaneously with the creation of the oral explanation and is contained in a stenographic, mechanical, electrical, or other chronicle or a translation thereof; or (C) A rundown of the substance of an announcement made by an observer contained In a notice, report, or other sort of composed archive yet doesn't Include notes r synopses made by counsel.Paragraph three of this rule is the explanation that exhibits Georgia isn't homogeneous with the Federal Rules of Evidence; and it likewise rejected our respondent as an observer in her own barrier. I see as unexpected that the Constitution is the incomparable tradition that must be adhered to yet singular states are permitted to have laws that are opposite. This Constitution, and the laws of the United States which will be made in compatibility thereof; and all settlements made, or which will be made, under the authority of the United States, will be the incomparable tradition that must be adhered to; and the Judges in each state will be bound in this way, anything in the Constitution or laws of any State unexpectedly in any case. With the understanding that states can invalidate government laws that they decide to be â€Å"unconstitutional†, just like the case in Oklahoma in regards to the Affordable Care Act; it is very confounding that Georgia alongside seven different states think that its illegal to deny a litigant the option to affirm in their own safeguard.

12 Angry Men sociological analysis

12 Angry Men centers around a Jurys considerations in a capital homicide case. A 12-man Jury is sent to start considerations in the principal degree murder preliminary of a 18-year-old Latino blamed in the cutting demise for his dad, where a liable decision implies programmed capital punishment. The case has all the earmarks of being open-and-shut: The respondent has a frail plausible excuse; a blade he professed to have lost is found at the homicide scene; and a few observers either heard shouting, saw the executing or the kid escaping the scene. Eleven of the Jurors promptly vote liable; just Juror No. Mr. Davis) makes a not blameworthy choice. From the outset Mr. Davis bases his vote all the more so for conversation all things considered, the Jurors must accept past a sensible uncertainty that the respondent is blameworthy. As the considerations unfurl, the story rapidly turns into an investigation of the Jurors complex characters (extending from insightful, brilliant and compassi onate to self-important, preferential and brutal), previously established inclinations, foundations and collaborations. That gives the setting to Mr. Davis endeavors in persuading different Jurors that a not liable decision may be proper. A tremendous vibe of the film is traversed the timespan it occurred in. People groups sees on race were made openly inside the Jury. Huge numbers of them appeared to have individual quarrels against various races. They esteemed the young men Hispanic race to be ghetto and just that. An all inclusive issue that is appeared in a few different ways all through the film is close to home bias hindering Judgment. Member of the jury number tens explanation behind saying the blamed kid was liable was on the grounds that he felt individuals from ghettos ought not be trusted and that they slaughter one and another for entertainment only. His partiality lead him to victimize the kid at first by casting a ballot blameworthy prior in the film, before being persuaded in casting a ballot not liable. This was during the social liberties time what not. We as a whole know blacks werent treated similarly and this makes it obvious that it wasnt simple for any minority inside the US. Theyd preferably lock them up and never look back over give them a reasonable preliminary. Pressures run intense the second the Jury went into the private space to think. It was a hot day outside and the fan wasnt working nor would the windows open. No man needed to invest more energy than what they suspected would be effective to decide the decision. Some even talked about their arrangements for directly subsequent to, figuring it would be a certain wagered theyd be gone soon with the entire night in front of them. They weren't right. From that point on the film transformed into a model straight out of a human science reading material. Everybody didnt digress from the standard of the gathering All with the exception of one, Juror #8. The remainder of the Jury was offended and considered him a radical. They couldn't accept two things. One, that he casted a ballot not liable, and second, cap he conflicted with the gathering standard. He attempted not the slightest bit to accommodate. Or maybe, he stood up in fabulous design and introduced his questions to his kindred Jurors. Gradually his fantastic plan was working. He didn't know without a doubt whether he was blameworthy or not liable, yet he had a sensible uncertainty and that is about what the equity framework stands tor. Its so fascinating when you bring a gathering o t 12 irregular individuals into a setting like a Jury and see what you think of. These men, from various different backgrounds , they all carried something uncommon to the table that was ital to their key choice. The sociological hypothesis that tone of this film could without much of a stretch fall under is the contention point of view. At the absolute starting point, watchers can plainly observe the pressure is between the Jurors whom most have an individual partiality against the kid for certain explanation. A few Jurors essentially expected that a kid from the ghettos would perpetrate a demonstration like that they were generalizing that all individuals who originate from ghettos are crooks. Regardless of whether an individual isn't by and by preferential against and individual or gathering, generalizations can have them make unfair activities, for example, vote liable. The explanation the greater part of the Jurors generalized the activities of the blamed young men is on the grounds that for socialization. The method of transmission was in all likelihood through media; violations appeared by TV new or new papers are as often as possible from neighborhood of low financial matters standing. Aberrance a theme I addressed before, is another sociological perspective that can be inspected in this film. Aberrance is an exceptionally relative term where relying upon the gathering and circumstance, it fluctuates. Legal hearer 8 was the main that felt from the earliest starting point the kid was not blameworthy. At the point when the primary vote the vast majority of different Jurors by he truth he could think the kid was honest and even were furious about him for imagining that. As the film advanced the Jurors started changing their votes, inevitably the jobs were turned around; Juror number 3 seem, by all accounts, to be the one submitting the degenerate demonstration since it is uncovered his own explanation behind democratic blameworthy is a result of issues with his own child. One of the most significant things I learned in watching the sociological parts of this film is the manner by which simple standards can change. The standards of eleven out of the twelve men casted a ballot liable, changed altogether to liable as the film went to a picked.

What Does Depressive Disorder NOS Mean

What Does Depressive Disorder NOS Mean Depression Types Print Not Otherwise Specified (NOS) in the Diagnosis of Mental Disorders How This Term Was Used in the Fourth Edition of the DSM By Nancy Schimelpfening Nancy Schimelpfening, MS is the administrator for the non-profit depression support group Depression Sanctuary. Nancy has a lifetime of experience with depression, experiencing firsthand how devastating this illness can be. Learn about our editorial policy Nancy Schimelpfening Medically reviewed by Medically reviewed by Steven Gans, MD on January 14, 2016 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on February 04, 2020 PEDRE / Getty Images More in Depression Types Causes Symptoms Diagnosis Treatment Childhood Depression Suicide In the fourth edition of  the  Diagnostic and Statistical Manual of Mental Disorders (DSM-IV), which was written and issued by the American Psychiatric Association  (APA), NOS is an abbreviation for not otherwise specified. It serves as a sort of catch-all term to label symptoms that dont neatly fall into a well-defined diagnosis, but that clearly indicates that someone is dealing with an illness thats part of a  specific family of diagnoses.?? An example of this is Depressive Disorder NOS. A doctor using the DSM-IV to diagnose a patient may have chosen this label if it was clear that the persons symptoms showed they were dealing with a particular type of depression (rather  than, say, a panic disorder or an  anxiety disorder), but there wasnt enough information to home in a specific type of depression, such as dysthymia or bipolar disorder. Some other examples of not otherwise specified mental disorders include: Anxiety Disorder NOSBipolar Disorder NOSDissociative Disorder NOSEating Disorder NOSGender Identity Disorder NOS    Impulse-Control Disorder NOSMood Disorder NOSParasomnia NOS  Personality Disorder NOSPervasive Developmental Disorder NOSPsychotic Disorder NOSSexual Dysfunction NOSSomatoform Disorder NOS Why NOS Is No Longer in the DSM Today you wont find a NOS diagnosis for depressive disorder or any other mental disorder in the DSM (now on its fifth edition). This isnt because there are fewer people with the symptoms but because its considered an outdated diagnostic category. The DSM is what clinicians and psychiatrists use to assess and diagnose psychiatric disorders. It is also used for billing as many health insurance providers require a specific diagnosis for approval of payment for treatment.?? There have been several versions of the DSM manual since it was first published in 1952 (DSM-1), including the most recent DSM-5 (note that the use of Roman numerals was dropped from the title of the manual), which was published in May of 2013 and contains some significant changes from previous editions. Other Specified and Unspecified Changes included the elimination of the catch-all not otherwise specified (and NOS) subcategory. The authors have replaced it with other specified and unspecified to indicate clusters of symptoms that do not neatly fit into another existing category.?? Why two terms to replace one? The difference is based on whether the diagnosing doctor chooses to indicate why the diagnostic criteria were not met. An example of other specified might be a depressive episode that does not have the full number of symptoms to meet the formal diagnosis. By contrast, unspecified might be used in a situation in which there isnt enough information to make a more specific diagnosis. According to the APA, unspecified allows doctors to provide patients with the best possible care in, for example, emergency situations when there isnt time to get all the information necessary to make a solid diagnosis, but treatment is nevertheless needed. An unspecified label will allow a physician to be as specific as possible in their diagnosis without necessarily showing that a patient meets the full criteria for a given diagnosis. For example, in an emergency room setting, the medical professional on staff can use the diagnosis of unspecified depressive disorder for problems that do not meet the full criteria for any of the disorders in the depressive disorders diagnostic class or if there simply isnt enough information for a conclusive diagnosis. Why Some Disorders Arent Found in the DSM-5 Making Diagnoses More Universal Replacing NOS brings the DSM-5 more in line with the World Health Organizations International Classification of Diseases  (ICD).?? This diagnostic tool  is the foundation for the identification of health trends and statistics globally and the international standard for reporting diseases and health conditions. It is the diagnostic classification standard for all clinical and research purposes, according to the World Health Organization. The ICD requires mandatory codes for disorders that do not precisely fit current definitions for major disorders. So how will this change impact you? While reclassifying mental disorders and making them more universal wont change the symptoms associated with your specific condition, it will hopefully enable mental health professionals to formulate a more tailored treatment plan that addresses your individual symptoms, needs, and overall health. How Depression Is Diagnosed With the DSM-5

Arguments for and Against Essay Example Pdf - Free Essay Example

Sample details Pages: 8 Words: 2372 Downloads: 7 Date added: 2017/06/26 Category Business Essay Type Compare and contrast essay Tags: Corporate Social Responsibility Essay Did you like this example? Corporate Social Responsibility Defined Corporate social responsibility (CSR) is when a corporation exceeds statutory business standards (Johnson and Scholes 2008). CSR policies are relevant because they state what a company intends to achieve, in addition, to its statutory obligations. A corporation has to comply with legal standards such as employment contracts. However, a company can exceed those principles if it chooses to pay a living wage rather than the minimum wage (Bloomer 2014). Introduction to the Critical Discussion The discussion will examine a traditional criticism of corporate social responsibility through the work of Friedman. This is a view which proponents of CSR will need to refute. The essay will then discuss how social and environmental responsibility can be reconciled, with profitability, using the work of Porter. The example of Hewlett Packard is discussed at length. This is because its policies emphasise how a multi-national company can achieve both environmental and social responsibility together with corporate profitability. The work of Handy is then considered. This argues that companies should have corporate objectives which are broader than just profitability and consider the purpose of the business. Don’t waste time! Our writers will create an original "Arguments for and Against Essay Example Pdf" essay for you Create order Friedmans View of Corporate Social Responsibility Friedmans view is a non-interventionist or laissez-faire vision of commerce. In his view business should aim to earn money while complying with the basic rules of the society such as paying taxes (Friedman 1970:1). It assumes that consumers are sovereign and are able to significantly influence corporate decision-making. This view of commercial organisations underplays the significance of consumer market failure. It is assumed that consumers can take their business elsewhere as Friedman believed that consumers can transfer their business to other producers (Friedman 1970). However, this is not possible if the consumer is unable to pay for another competitor firms products. This is the case if a consumer were unable to pay for the safety features, offered by a car manufacturer such as Volvo, as discussed below. To summarise, socially responsible polices, can be seen as unrealistic if consumers are unwilling to pay for them. Friedman argued that socially responsible business polici es, such as promoting equality, can harm company performance. For example, Ben and Jerrys adopted a payment scheme where the highest paid employee could only earn no more than five times the income of the lowest paid firm employee (Barney and Hesterly 2010:7). This payment scheme made it difficult to recruit senior managerial talent to make sure that the company grew and remained profitable (Barney and Hesterly 2010). A More Progressive View of Corporate Social Responsibility There is an increasingly an expectation that companies will contribute to society to a greater extent than when Friedman was writing in the early 1970s. Companies operate in a social environment as well as an economic environment (Grant 2008). A firms ability to survive depends upon its acceptability among consumers who give the firm social legitimacy (Grant 2008:446). Examples of social awareness, such as a demand for safer cars, suggest that companies are wise to respond to consumer concerns (Grant 2008).Corporations have come under increasing pressure to contribute to the societies in which they operate and to adopt more socially responsible business practices (Christodoulou and Patel 2013:467). The corporate setting of voluntary objectives can be seen as an adequate response to the needs of society. Companies can set voluntary standards: to reduce the extent to which their actions cause negative externalities or side-effects (Barney and Hesterly 2010). For example, if a car manufacturer builds a car with a large number of safety features which more than comply with legal requirements. Volvo has promoted the benefits of a relatively safe car which adds value that the customer is willing to pay a premium for (Thompson and Martin 2005:95). However, this approach can also be seen as merely serving a premium segment of the market, rather than being particularly socially responsible. In this case, Volvo is taking a marketing position which conforms to sales objectives while offering better safety to the motorist (Johnson and Scholes 2008). Corporate social responsibility is only conforming to financial requirements. Porters View on Corporate Social Responsibility and the Environment The concept of CSR is useful as it can help reconcile the financial needs of business with say the safety needs of society. Porter argues that it is a mistake for business to see environmental legislation as a threat to be resisted (Porter and van de Linde 1995). Rather, socially responsible businesses can view regulation in a positive manner; that environmental regulation can be built upon to utilise resources more effectively. It is argued, that there are costs incurred with the elimination of environmental problems but that these are outweighed by the benefits, including financial savings and improvements to product quality (Thompson and Martin 2005). Therefore, it is possible for corporations to be socially responsible without compromising the financial status of the organisation. Porters argument is useful. It has allowed thoughtful companies, such as Hewlett Packard, to reconcile investment in environmental initiatives with corporate profitability. The Hewlett Packard Report Hewlett Packard has a strong reputation in terms of corporate social responsibility (thecro.com 2010). The companys CSR policies are detailed and indicate a high level of social responsibility. For example, the company presents environmental information, in a proactive manner, with evidence of wanting to improve recycling programmes. It aims to improve environmental programs to reduce the waste from its production operations (Hewlett Packard 2011). Through these environmental initiatives, the company can help reduce business costs. Hewlett Packards CSR report discusses how it aims to extract value from products which are at the end of their product life (Hewlett Packard 2011). An example is the companys commitment to re-manufacture its printer cartridges so that they can be used again. The company is attempting to promote a strong corporate responsibility through proactive environmental investment. Hewlett Packard has demonstrated strong social responsibility policies. This sugg ests that such policies can be implemented on a large scale. The company has provided a significant amount of disclosure on a wide range of corporate areas from the environment to human resource management. The detail provided by Hewlett Packard is superior to other companies given that online trade publications have viewed Hewlett Packards performance favourably (thecro.com 2013). Given that Hewlett Packard was assessed favourably then the information provided, in its CSR report, can be interpreted as thorough and accurate. The company attempts to improve the wider business community with measures to develop its external supply chain. The company aims for strong standards of behaviour outside the companys core business. This suggests that it is attempting to improve working relationships with its component suppliers (Hewlett Packard 2011). Hewlett Packards CSR document conveys that the company is enabling social responsibility to be addressed. The company suggests that it has a grievance procedure so that different stakeholders can report social or ethical problems to senior management (Hewlett Packard 2011). The company is clearly investing in a responsible approach as it describes legal observance as an absolute minimum which it expects of different stakeholders (Hewlett Packard 2011:82). They argue that their decision making achieves better employment standards, than laws in the different countries in which the company operates (Hewlett Packard 2011). Concerns over Hewlett Packards Stated Policies Hewlett Packard attempts to make the company accountable, to external industry scrutiny. Procedures have been outlined which should make sure that ethical labour standards are achieved (Hewlett Packard 2011). The concern is that ethical objectives could be difficult to implement. There does not appear to be a specific example of how this guidance statement could be delivered in practice. However, there is a well structured diagram which outlines how the company will provide a governance structure so that the company can comply with ethical challenges (Hewlett Packard 2011:82). Some of Hewlett Packards environmental statements can be interpreted as platitudes. The company claims that that it wants to conserve more resources than it consumes (Hewlett Packard 2011). The concern is that it is easy to provide such statements. However, it is more difficult to assess how they are going to conserve more than they consume. This is because environmentally acceptable re-manufacturing progr ammes will still require energy consumption despite the conservation of the materials. Hewlett Packard may have worse polices, in practice, than those conveyed by its report. This is because suppliers could be forced to comply with the companys standards. There are power relationships between dominant multi-national companies, such as Hewlett Packard, and their suppliers (Locke et. al. 2012). The international sourcing of computer components has left suppliers vulnerable to the dominant buying policies at Hewlett Packard (Wetherly et. al. 2011). These power relationships will tend to be overlooked, in corporate social responsibility reports, because companies will want to portray themselves in a favourable light. Corporate social responsibility policies have been criticised. The development of CSR policies have been difficult to implement for many firms (Birchall and Cook 2006). However, these criticisms should, generally, not be directed at Hewlett Packard due to the level of detail contained in its CSR report. Arguably, they have made an honest corporate attempt to contribute to society (Porter and Kramer 2002). The report goes beyond the legal compliance advocated by Friedman. The detail provided is of a superior standard when compared to a minimum level of legal compliance. The Business and Ethical Concepts of Handy The work of Handy, arguably, goes beyond the corporate responsibility work of writers such as Porter. This is because Handy emphasises the importance of mission statements and the purpose of the organisation. Handy argues that the purpose of a business . . . is not to make a profit, full stop. It is to make a profit so that the business can do something more or better. That something becomes the real justification for the business (Sage Publications 2015:15). Handy argues that a firms profit should be the means to a larger end (Sage Publications 2015). There are companies which adhere to a deeper purpose than merely profit. Tradecraft, in the UK, would be a good example as the companys purpose is to operate life-changing development projects (Traidcraft 2015). However, Traidcraft operates in a niche area of the retail market where affluent consumers, who are willing to pay higher prices, contribute to international development. Therefore Handys ideas may have limited application to businesses throughout the whole of the United Kingdom. However, his ideas are useful where they can be applied. Tradecrafts mission moves beyond immediate stakeholders, such as owners and clearly considers the needs of the broader society (Dess et. al. 2010). The company is an excellent example of a company which incorporates social and environmental, as well as financial factors, into its decision making (Dess et. al. 2010). The challenge for proponents of social responsibility is that many retailers only undertake social and environmental policies which do not damage their sales and profits. Many retailers will concentrate on environmental responsibility in their stores, where they can achieve resource efficiency targets (Jones et. al. 2009). Many retailers social responsibilities are guided by what they can achieve within their financial imperatives (Jones et. al. 2009). However, such corporate policies could lead to accusations of greenwashing. In other words, that the re tailers commitment to the environment is limited and that social responsibility reports can play a public relations role rather than a social responsibility role. Many firms are engaging in greenwashing to mislead consumers about the extent of their environmental activities (Delmas and Burbano 2011). Conclusion There is evidence of improvements to companies social responsibility polices. This is because firms have realised that it is financially prudent to use environment resources wisely. It is also necessary for business to be sustainable and to invest in good employment practices and proper labour standards. However, there is a concern that corporate social responsibility is limited by what the consumer is willing, or able, to pay for more ethical approaches. There are few examples of businesses which are willing to adopt socially responsible policies which affect their profitability. Ben and Jerrys is one example before its takeover by Unilever. References Barney, J. and Hesterly, W., (2010), Strategic Management and Competitive Advantage: Concepts and Cases, Third Edition, Boston: Prentice Hall Burchell, J. and Cook, J. (2006), Confronting the corporate citizen: Shaping the discourse of corporate social responsibility, International Journal of Sociology and Social Policy, Vol. 26, No. 3/4, 2006, p. 121-137 Bloomer, E. (2014), Local action on health inequalities: Health inequalities and the living wage, Public Health England. Retrieved from https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/357407/Review6_Living_wage_health_inequalities.pdf Christodoulou, I and Patel, Z. (2013), Strategic Perspectives, Westminster Business School, University of Westminster, New York: McGraw Hill Dess, G., Lumpkin G. and Eisner, A. (2010), Strategic Management: Creating Competitive Advantages, Fourth Edition, Boston: McGraw Hill Delmas, M. and Burbano, V. (2011), The Drivers of Greenwashing, UCLA, California Manag ement Review. Retrieved from https://www.ioe.ucla.edu/media/files/Delmas-Burbano-CMR-2011-gd-ldh.pdf Friedman, M. (1970), The Social Responsibility of Business is to Increase its Profits, The New York Times Magazine, September 13, 1970. Retrieved from https://www.umich.edu/~thecore/doc/Friedman.pdf Grant, R. (2008), Contemporary Strategy Analysis, Sixth Edition, Oxford: Blackwell Publishing. Hewlett Packard, (2011), HP 2011 Global Citizenship Report. Retrieved from https://www8.hp.com/us/en/pdf/hp_fy11_gcr_tcm_245_1357670.pdf Johnson G. and Scholes, K., (2008), Exploring Corporate Strategy: Eighth Edition, Harlow: Pearson Education Jones, P., Comfort, D. and Hillier, D. (2009), Marketing Sustainable Consumption within Stores: A Case Study of the UKs Leading Food Retailers, Sustainability 2009, 1, 815-826. Retrieved from https://www.mdpi.com/2071-1050/1/4/815 Locke, R, Distelhorst ,G., Pal, T. and Hiram M. S., Production Goes Global, Standards Stay Local: Private Labor Regulation in the Global Electronics Industry, Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1978908 Porter, M. and Kramer M., (2002), The Competitive Advantage of Corporate Philanthropy, Harvard Business Review, December 2002. , Retrieved from https://www.expert2business.com/itson/Porter%20HBR%20Corporate%20philantropy.pdf Porter, M. and van de Linde, C. (1995), Towards a New Conception of the Environment-Competitiveness Relationship, The Journal Of Economic Perspectives, Vol. 9, No. 4. Retrieved from https://www.conservationeducation.org/uploads/6/2/0/1/6201942/porter_-_environment__competitiveness_1995.pdf Sage Publications (2014), What is CSR. Retrieved from https://www.sagepub.com/upm-data/34698_Chapter1.pdf Thecro.com, (2010), CRs 100 Best Corporate Citizens 2010. Retrieved from https://www.thecro.com/files/CR100Best.pdf Thompson, J. and Martin, F. (2005), Strategic Management: Awareness and Change, Fifth Edition, London: Thomson Lear ning Traidcraft, (2015), Traidcraft: Fighting Poverty Through Trade. Retrieved from https://www.traidcraft.co.uk/ Wetherly, P. and Otter, D. (2011), The Business Environment: Themes and Issues, Second Edition, Oxford: Oxford University Press

A Bird Came Down the Walk, and a Narrow Fellow in the...

A bird came down the walk† and â€Å"A narrow fellow in the grass† are both best known poems in the world by Emily Dickinson. Both poems talk about descriptions of nature. â€Å"A bird came down the walk† includes birds and images, true to her usual, easy way to capture the birds personality. Birds become unyielding nature of the mysterious emblem. This poem is a simple experience seeing birds hop down the path and celebrates every detail which is simple but beautiful order of nature. She utilizes playful and guileless rhythm in the poem to depictthe picture of nature. The reader can image a beautiful picture in the romantic poems. Miss Dickinson demonstrates her extraordinary poetic observation and†¦show more content†¦And birds politely let a beetle pass. In lines one and two of stanza three, the description of the birds look around, it is real instructions and recommendations of caution and fear of birds, and nature of possible threats. With lines three and four, speaker introduction, Pearl and the birds of civilization, Velvet. In stanza four, the idea of danger in nature is made clear but stays a minor note in the stanza. It only occupies half of a line, Like one in danger. Cautious, the speaker gives the fragment . (One of the characteristics of Dickinsons poetry is a tendency to drop endings but also connecting words and phrases as well.)Her actions lead the birds to fly off. Her description of his beauty and grace of his flight details of his flight takes six lines. In â€Å"The narrow fellow in the grass†, Miss Dickinson uses amazing languages to convey the impression of a moving snake, she uses all of meter methods of creating rhythm to show her feelings about her encourters with snakes and other nature creatures. I think it is necessary to mention, many have already decided as the poem snake, but anyone familiar with Dickinsons poetry, she did not title her thousands of poems. From here, I will break theShow MoreRelatedExamples Of Emily Dickinson748 Words   |  3 PagesEmily Dickinson: Ambivalence in Nature Emily Elizabeth Dickinson was an American poet from the mid-nineteenth century. She had lived reclusively with her parents, composing approximately 1,800 known works of poetry. When she tried to get some of them published, they were rejected for their strange punctuation and capitalization. Dickinson refused to change her writing style and eventually gave up on poetry. Only until four years after her death was all of her poetry discovered and published by aRead MoreEssay Emily Dickinsons Use of Nature 728 Words   |  3 PagesEmily Dickinsons Use of Nature Dickinson’s Use of Nature Emily Dickinson uses nature as a major theme in a lot of her poetry. Quite often, Dickinson overlaps the theme of nature with the theme of death as well as love and sexuality, which were the other major themes in her work. Dickinson describes nature in many different ways. She uses is to describe her surroundings and what she sees as well as a metaphor for other themes. In Dickinson’s poem, â€Å"A narrow Fellow in the Grass†, she describesRead MoreBibliography Relation to Analysis of Emily Dickinson ´s Writings2048 Words   |  8 Pages Anderson, Paul W. The Metaphysical Mirth of Emily Dickinson. Georgia Review 20.1 Spring 1966): 72-83. Rpt. in Nineteenth-Century Literature Criticism. Ed. Jessica Bomarito and Russel Whitaker. Vol. 171. Detroit: Gale, 2006. Literature Resource Center. Web. 14 Feb. 2014. Anderson accomplishes the discernment of Dickinson’s poems and their allusions to many classic myths. He denotes the figurative language that Dickinson utilizes in her poetry to relate to her themes. With these key elements inRead MoreAnalysis Of The Poem Snake 944 Words   |  4 Pages Upon reading and reflecting on the poem â€Å"Snake† by D.H. Lawrence, I couldn’t help but feel like the poem hearkens back to Emily Dickinson’s poems â€Å"A Narrow Fellow in the Grass† and even â€Å"A Bird, Came Down the Walk.† Like Dickinson’s poems there is a recognition of not only the beauty and majesty that is in nature but also the danger that lurks in the unknown. Lawrence’s â€Å"Snake†, like Dickinson’s poems, utilizes personification, not only to connect humankind to nature, but also to elevate the

Is Money the Most Important Thing Free Essays

Money, fame, a successful career; these are among the things many people would consider to be the most important things in life. What do you think; do you consider the factors above to be the chief things in life? First though, let us agree that regardless of the route we take, our goal in all our pursuits remain essentially the same: Happiness. The problem with most people is that in their pursuit of this state of mind, they often sacrifice too much, sometimes sacrificing even happiness itself along the way! As a result, just when they think they have finally captured the cage that should hold joy and satisfaction, such as by getting to the peak of one’s career, they soon discover that the cage is empty. We will write a custom essay sample on Is Money the Most Important Thing or any similar topic only for you Order Now How tragic! Take money or financial success for example. The extent to which money contributes to happiness is probably the most misunderstood phenomenon on earth. Now please do not take me wrong. Money is very important to have in our society. In fact the Late Jim Rohn Says it ranks right up there with oxygen. But as a result, it is highly overrated by most people. Meanwhile various researches have repeatedly proven that slightly above the poverty line, subsequent financial success contributes less and less to a person’s state of happiness. This has to be true; otherwise, why are suicide rates among wealthy people and lottery winners among the highest? Likewise those who see fame as the ultimate in life; they soon get disillusioned. Drug overdose and, yes, suicide are particularly high among very famous people. Why? Surely fame has brought them real happiness. So then what? Yes, what things are truly the most important in life? I would propose that the most important things in life are those that bring the greatest happiness to ourselves and those around us. Top on this list would be genuine love and rich relationships, such as is shared among true friends and family members. Next on my list would be a measure of good health and a good relationship with the creator, God. It goes without saying that love is the chief thing in life. What would life amount to if nobody, not even God, shows us affection? Newborn babies soon die when they are denied affection. And adults do not fare much better. We can as well say the same thing about relationships. Developing a healthy relationship with others creates interdependence, which is vital to both personal and your business growth. This is not to say that money and financial success are of no use. No. It is just that they should not be your major focus in life. And that leads us to another item on the most important things in life: wisdom. I will define wisdom as the correct application of knowledge. Wisdom is hugely important in our lives. For example, it takes wisdom to balance your personal MLM business pursuits without sacrificing vital family and other relationships. In deed, it is when we go about our pursuits in this way that we stand the chance of being happy at their attainment. On the other hand, a failure to get these factors in proper order leads so many persons to frustrations. This is because every person has a set of beliefs, or mindset which guides them as they make decisions. This mindset is often shaped by such variables as our individual experiences in life, our education and the environment where a person grew up. This mindset may either be working in our favor or against us. The difference lies in the cumulative outcome of all our decisions. Good results mean that our mindset is working, and vice versa. Bearing in mind that your decisions today will have a significant effect on how the rest of your life turns out. Would it not be better to pay greater attention to the most important things in life as you also go after your MLM success? Interestingly, most wealthy people find that once they get things in proper order, other things naturally fall into place. So enrich your life, approach things in this way. How to cite Is Money the Most Important Thing, Essay examples

International Relations Strategic Briefing

The Kingdom of Saudi Arabia is the richest the country in oil in the Middle East region. The Kingdom has opened its markets to foreign investments two years ago and provided many investors with opportunities to invest in the largest stock market in the Middle East. However, the current conflict in Yemen seems to be an obstacle for successful and safe investments.Advertising We will write a custom report sample on International Relations Strategic Briefing specifically for you for only $16.05 $11/page Learn More The crisis in Yemen broke out in 2015, and since that time, the Kingdom of Saudi Arabia became involved in a long-lasting crisis. The conflict aroused after the rebellion of Houthis — the group of rebels who aimed to take control over the government in Yemen. The president of the country, Abdo Rabbu Mansour Hadi, was made to exile the country by the religious-political movement of Houthis. Saudi Arabia reacted to the conflict for several re asons. First, the Kingdom had to protect the interests of the internationally recognized president of Yemen. Second, Saudi Arabia supported numerous requests to provide military assistance to fight armed rebels. As Naylor (2015) writes, â€Å"Eight months after launching a war in Yemen, Saudi Arabia appears trapped in a protracted and devastating conflict that is straining relations with its allies† (para. 1). Saudi Arabia formed the coalition with other Gulf states and the U.S. to drive out rebels, but without significant achievements. Yemen is still under the control of the Houthis. In December 2015, Saudi Arabia and Yemen agreed to the formal truce. However, the Kingdom had to cease it after more than thirty people were killed during one weekend (Mortimer, 2016). It is important to add that Iran is the primary rival of the Kingdom of Saudi Arabia, and the latter is afraid that the Houthis are Iran-backed rebels. There is no doubt that current instability in the region shou ld be taken into consideration before making any investments in the country. The combination of rational and cultural approaches is necessary for finding the most appropriate solution to the problem (MacIntosh McLean, 2015). Several reasons predetermine the need to invest in Saudi Arabia. The first is that despite being involved in the conflict, the Kingdom is still the largest oil exporter in the world. Also, the country has the largest economy among Persian Gulf states. However, the involvement in Yemen conflict has run down Saudi Arabia both politically and economically.Advertising Looking for report on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More The country faces a budget deficit. The unpredictable ending of Yemen conflict makes it rather risky to invest in Saudi Arabia now. However, foreign investments is what the country needs to sustain its economy and stock markets (Bianchi, 2015). In regards to the uneas iness about repercussions of clients’ regions of origin, there are no significant threats. As it has been already mentioned, the Kingdom of Saudi Arabia is more concerned about Iranian proxy intervention in the conflict. As far as clients have legitimate registered investment companies with no suspicion of money laundering or dangerous politically-based activities, their origin is more likely to have no influence on their investment activities. Investment in Saudi Arabia is a risky initiative taking into consideration the uncertainties of the current crisis in Yemen. However, the facts that the country is the largest oil exporter, and foreign investments are crucial for sustaining economy make the risk justifiable. Still, possible aggravation of the situation cannot be predicted the same way as the soon solution of the conflict. References Bianchi, S. (2015). Saudi Arabia Withdrew Billions from Markets, Estimates Show. Web. MacIntosh, R., MacLean, D. (2015). Strategic Manage ment: Strategists at work. London, UK: Palgrave Macmillan. Mortimer, C. (2016). Yemen Crisis: Saudi Arabia ends formal ceasefire with Houthi rebels after more than 30 fighters killed over weekend. The Independent. Web. Naylor, H. (2015). Saudi Arabia Trapped in messy Yemen War. Toronto Star. Web.Advertising We will write a custom report sample on International Relations Strategic Briefing specifically for you for only $16.05 $11/page Learn More This report on International Relations Strategic Briefing was written and submitted by user Reece Diaz to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Write My Essay for Me

Write My Essay for Me Write My Essay for Me Write My Essay for Me How can I get my paper written are the words which are often said by the students. The number of different tasks a student has to complete simultaneously is quite large, the time is as always quite compressed, and the desire to study starts sleeping when spring comes. This is ordinary scenery of the studying process of any modern student. Some students fall into despair, some students are trying to find a way out. However, many students already know where they can get their paper written for them: Essay Writing Services Nowadays, a lot of essay writing services offer their help for those students who ask them write my paper for me or where can I get my paper written. Our essay writing service is not an exception; however, there are some positions, which distinguish us from all the other services. We offer only highly qualified specialists to deal with who have the proper level of education and experience. The words write my essay mean to us that the person who says write my paper for me needs a professional and immediate help and we are always glad to provide such a customer with the on-time help. We Pay Attention To Your Needs One more our distinctive feature of offering essay-writing service is as follows: when the person contacts us with the question: when can I get my paper ready we pay attention to the desire of the customer. For example, some services have their own terms and conditions for each piece of writing creating. Our writers take into account the desire of the customers. If a person needs his or her essay to be ready in several hours, he or she will get it. At this point, it should be emphasized that the compressed time for the work completing is not going to influence either its content or quality of it. We Do Not Plagiarize! Our team just disdains plagiarism; that is why all the works are written only for the individuals for their special orders. Absence of spelling and grammar mistakes is also considered to be our strength. If next time you will be asking write my paper for me you know where it is better to appeal in order to get a qualitative essay and for the short period of time. Is not it just great when you can tell write my essay and you desire will be fulfilled by our team like with the help of magic warmed? Popular posts: Sport Research Paper Science Research Paper Research Paper Topics Research Paper Proposal Research Paper no Plagiarism

How to Catch up on Your College Classes

How to Catch up on Your College Classes No matter where you go to college, youll inevitably face a semester (or two) where the workload moves from feeling overwhelming to actually being overwhelming. All of the reading, writing, lab time, papers, and exams- especially when combined with all you have to do for your other classes- becomes too much. Whether you fall behind because you mismanaged your time or because theres no possible way a reasonable person could manage all you were expected to do, one thing is clear: youre behind. What exactly are your options now? Assess the Damage Go through all of your classes- even if you think youre behind in only one or two- and make a quick list of things youve done (example: finished the reading through week three) as well as things you havent (example: started the research paper due next week). Remember, this isnt necessarily a list of what youll need to do next; its just a way to organize what material and assignments youve done and what youve missed. Look Down the Road You dont want to sabotage your own chances at catching up by inadvertently falling further behind. Look at your syllabi for each class for the next 4 to 6 weeks. Which major projects are coming down the pipe? What midterms, exams, or other big assignments do you need to plan for? Are there weeks with bigger reading loads than others, or less? Get a Master Calendar Going If you want to do well in college, youll need a time management system. Theres simply no way around that basic fact. And if youre behind in your classes, youll need some kind of large, master calendar you can use to coordinate your catch-up efforts. So whether its something online, something you print out, or something like a Google calendar, youll need to get something started ASAP. Prioritize Make separate lists for all of your classes–even the ones you arent behind on- about what youll need to do from here. First, look at all that you need to do to catch up (as suggested above). Second, look at all that you need to do in the next four to six weeks (also suggested previously). Pick the top two to three things you absolutely must do for each class. This likely means that all of the work you need to do wont get done, but thats okay: part of being in college is learning how to prioritize when necessary.   Make an Action Plan Take that master calendar you made, grab the list of priorities you created, and introduce them to one another. If, for example, you need to first outline chapters one to six so that you can then write your research paper next week, simply break it down. Which chapter will you do on what day? What is your goal date to complete it? When will you outline your paper, and when will you write it? When will you revise it? Telling yourself that you have to read all of the material before your paper is due is both too nebulous and completely overwhelming. However, telling yourself that you have an action plan and all you need to do is outline chapter 1 today makes it all manageable. When you have a solid plan to get back on track to meet your deadlines, youll be a lot less stressed. Stick With It Youre still behind, after all, which means you have a lot of work to do to make sure you pass your classes. It isnt easy to catch up, but you can do it- if you stick with it. It took more than one day for you to fall behind, which means it will take more than one day to catch up. Stick with your plan and adjust as necessary. As long as you keep your goals in view, remain on track with your calendar, and reward yourself along the way, you should be just fine.

UK Taxation System Research Paper Example | Topics and Well Written Essays - 3000 words

UK Taxation System - Research Paper Example There are certain types of income that do not attract tax. They are benefits, income from tax-exempt accounts and special pensions. Residents of the UK are eligible for tax-free allowance called personal allowance, which is an amount of taxable income which the resident is allowed to earn each year. This allowance is free of tax. For the year 2008-2009, the tax-free amount is fixed at '5,435. If the individual is over the age of sixty-five, this amount is likely to increase. A registered blind person can claim tax-free blind person's allowance. Income tax is applicable on taxable income after the tax-free allowances. Certain deductible reliefs and allowance will reduce the tax bill of an individual. Some of the deductible allowances are married couple allowance, maintenance payment relief, and tax relief on pension, donations to charity based on gift aid or payroll giving. There are some other amounts which can be reduced from the tax bill. They are an allowance that decreases tax in retirement, tax advantages of personal pension and offers to charity (Income Tax, n.d). The revenue-raising methods of the UK government have come to debate with the abolition of 10 percent tax. The 10 percent tax was abolished to simplify the tax system. This is likely to affect the poor household which enjoyed limitations in paying tax. The reduction of the tax rate from 22 to 20 percent and the abolition of 10 percent tax are set to affect people whose annual income is less than '18,500. This initiative has raised argument because five million people who fall under the low earning group is targeted to raise more tax revenues. Simplification of tax is appreciable but the abolition of 10 percent requires identification of people who fall under the category and necessary benefits should be provided to help them. While families without children would be the worst effect, low-income families with children are expected to be in a better position. The tax reform will affect the already high cost of living of poor people (Abolition of 10 p tax, 2008).

Agenda Setting Essay Example | Topics and Well Written Essays - 4250 words

Agenda Setting - Essay Example Social problems are issues that negatively affect the state of being of individuals in the society. A social problem has two elements that include subjective concerns and objective condition of the problem. An objective condition of a social problem includes all the aspects the problem that can be viewed without any biasness. Subjective concerns are issues that are affect and individual based on their biasness to particular points of view. Subjective concerns create differences with solving problems in the society. The formation opposing groups in a society is due to the subjective concerns of individuals.Objective conditions have enlightened people in societies such that they have reformulated human conditions. Through intelligence by humankind, complex problems that seemed unsolvable are solved in the modern societies. Social reformers developed empirical analysis that has formed the basis for political science and social science. Positivists were empowered by the strength of facts . For instance, Florence Nightingale and William Beveridge believed that use of scientific researches was essential in solving social problems in our societies. Nightingale was convinced that doctrines are not very important as facts are. Facts do not hold uncertainties that make the process of making decisions harder.The other view of positivists in regard to problems is by perceiving social problems as dysfunctions. Other people against the views of the society define things as acceptable or unacceptable.

Life Time Prediction of Node-to-Node Communication Essay -- Informati

1 Introduction Now-a-days any time anywhere connectivity was needed, which can be achieved by Mobile Ad hoc networks (MANET). Infrastructure less, self-organizing networks was called MANET. Nodes in a MANET can act as routers, able to forward packets to other nodes, within its transmission region. Designing a routing protocol for such a dynamic networks was a challenging task, due to frequent link failure, limited battery power, and mobility. Huge number of routing protocols has been proposed for MANET [1], different Criteria were used to classify those protocols. Most important criteria’s are, 1. Route discovery 2. Number of routes that are computed between source and destination. Route discovery Establishing the path between source and destination was called route discovery, as per this idea, routing protocols are classified into 1. Proactive or Table driven 2. Reactive or On demand 3. Hybrid Routing Proactive protocols uses table to maintain the overview of the network topology, these table should be updated when ever there is a change in network topology (e.g. OLSR [2]). In reactive protocols route request is sent on demand i.e if a node want to sent data to another node, during that time route request was broadcast , once response came from destination data transfer will happen (e.g. Ad hoc On Demand Destination Vector Routing AODV [3], Dynamic Source Routing (DSR [4])). Hybrid protocols uses the advantage of both proactive and reactive protocols (e.g Zone Routing Protocols (ZRP [5]), Zone based Hierarchical Link state (ZHLS [6])). Number of routes Another important routing criterion was the number of routes that are computed between the source and destination. As per this criteria Routing Prot... ...etworks using multiple disjoint paths, in: 2nd International Conference on Broadband Networks, Boston, MA, USA, 2005. [17] H. Badis, K.A. Agha, Qolsr multi-path routing for mobile ad hoc networks based on multiple metrics: bandwidth and delay, in: IEEE Vehicular Technology Conference, Los Angeles, CA, USA, 2004, pp. 2181–2184. [18] J. Yi et al., Multipath optimized link state routing for mobile ad hoc networks, Ad Hoc Netw. (2010),doi:10.1016/j.adhoc.2010.04.007 [19] J. Vazifehdan et al., On the lifetime of node-to-node communication in wireless ad hoc networks, Com-put. Netw. (2012), doi:10.1016/j.comnet.2011.12.014 [20] Asokan, R., Natarajan, A.M., Nivetha, A.: ‘A swarm-based distance vector routing to support multiple quality of service (QoS) metrics in mobile ad hoc networks’, J. Comput. Sci. , 2010, 3 , pp. 700 – 707, doi: 10.3844/jcssp.2007.700.707

Find the leader on you Essay

Assignment 1: Finding the leader in you: Self – Assessment /Johari Window Leadership can be considered in terms of power capacity and opportunity to give to others, the desire to get involved and take action to achieve a collective goal or achieve a common goal. This power derives an estimated authority, trust or reference mentor who cannot be decreed. Leadership is no way from a status, function or any degree of responsibility. It owes its existence to the recognition of others. 1. Develop a profile of your personality characteristics and assessment results. Personality is not only specific to each, but also a psychological identity of a person distinctive behavioral singularity. It is forged throughout life, from a set of circumstances and experiences. Family executives, professionals or relationship are elements that influence personality. According to (Schermerhorn and others 2012), Personality captures the overall profile, or combination of characteristics, that represents the unique nature of an individual as that individual interacts with others. Personality is determined by both heredity and environment; across all personality characteristics, the mix of heredity and environment is about 50-50† It’s very difficult for somebody to look into the mirror and describe themself. I grew up in a Christian family. I was taught to be honest, modest, and tolerant, to respect others no matter their faith or their convictions. Being asked to describe your personality appears to be a  simple topic. On the contrary, it’s a very difficult and critical exercise. I describe myself as a hard worker. Whatever the circumstances, I have to reach my goals. I do whatever it takes to get the job done, sometimes working extra hours. I inherited that aspect of me from my parents who taught me that, â€Å"to succeed, you must work hard, because sun always shines for those who work hard†. I am not influenced by the gender and race of my colleagues or people around me. I build great relationships with people around me, they appreciate my presence and I have a genuine collaboration with them. I grew up in a multiracial community. We use to play together black and white, male and female. I learnt to respect and embrace different cultures. This helped me better understand cultural diversity. I strongly believe that cultural diversity is a value. Around me I see people with different sexual orientation. I accept and respect their choice, because they may be  influenced by their culture or where they grew up. It’s so interesting to hear people share their experiences. Taking personal initiatives is another part of me. However, I adhere to rational and realistic changes. I have the honesty to recognize my strengths and weaknesses when it comes to skills required for a job. I don’t accept a job if I can’t manage it. I’m ambitious; I love challenges because they reveal my strength and leadership. I am somebody who also learns from my experiences and experiences of others. I like to organize my work by priority and deadlines. I do this so I can produce the highest quality work in the amount of time I have. When I am in charge of a team, I share my vision with my team members and delegate duties with clear and precise instructions and expectations. I value other people’s opinions, suggestions and contributions. My friends, my classmates or my colleagues would tell you that I am a fair man, who always listens when they have something to say. I’m a reliable, flexible, and honest person always open the new ideas, new concept and new experiences. For me, failure is something that should never happen. That is my weakness. So it becomes very difficult for me when I fail to attend my objectives. It takes time for me to accept such situation. That is one aspect of me on which I should take some resolutions. 2. Summarize the result of the assessments you completed for homework in week 1. The 21st century called the century of globalization, is marked by the digital revolution following the development of the information technology. This revolution has given birth to a new form of management, based on constant and innovative changes. Today’s manager must be proactive because technology is advancing very quickly. He must master his professional environment to be effective. In today organization, the person in charge of management should be able to instigate actions and creative ideas. In the ever more demanding world of work, many companies are seeking individuals with more proactive qualities, individuals who take initiative and engage in proactive problem solving. Research supports this, showing that proactive personality is positively related to job performance, creativity, leadership and career success. (Shermerhorn and other 2012). This assessment is applied to Late Steve Job, Co-founder of Apple Company. In term of products, Apple has been at the top for a while. That company is  making products better than anyone else for years. The reason of their success is that Steve was anticipating what people’s needs would be in the future, not what they are right now. A manager has to identify where the market is heading, not where it is right now. That means, he should have a vision. That is one of Steve job traits. I can add imagination and passion. Steve Job has the imagination to create an IPhone which at that time was unique. IPhone is an assemble of six or more most needed products. (Watch, flashlight, telephone, camera, camcorder, music box, calculator and many others services). That was a genius idea. To realize this genius technology, you have to be passionate and willing to settle for a long term goal of achievement. Most companies failed because they put little emphasis on the future. They were focus on day by day management. Kodak was leader in cameras and most photographic supplies. They did not understand the digital revolution. They tried year after year to maintain the same routine. They did not understand people’s need and didn’t integrated changes provided by the outcome of digital technology. That type of management brought the company down. They lost a big part of the market. Transformational leadership style in today organization is most efficient. Leader’s mission is not only to maintain the organization’s stability, but also to bring innovations, high productivity and employee satisfaction. Leaders should inspire followers. Managers or Leaders in charge of organizations should be equipped to challenge conflicts every day, either from employees not willing to change or from organization’s customers or others. Conflict is inevitable among humans. It is a natural outcome of human interaction that begins when two or more social entities engage one another while striving to attain their objective. (M.Afzalur Rahim. 2001). A manager should give all parties to a conflict an equal voice, regardless of their position, length of service or political influence. People in conflict can become defensive if they feel they are being marginalized or are going through a process leading to a predetermined outcome. Time is an important but limited resource that we never seem to have enough. So, a manager must be a well organizing person. He should prioritize, planning and understand completing activities of the organization. Most organizations today are taking organic characteristics. No matter the design, to succeed, leader must socialize with his colleagues. He must be a team player and should have a strong  self-awareness. He must get his followers his passion and his visions. Successful leaders today involve employees in all aspects of the work process: design, manufacture, inventory, marketing. Leaders create team. They don’t issue orders from above. Dale Carnegie and others. (1993). Today’s manager must be proactive because things are going very quickly. He must master professional environment to be effective. 3. Analyze how attribute / scores speak to your relationships and career. By analyzing the results of this self-assessment, I discovered my strengths and weaknesses. My results have revealed the leadership qualities that I have and what I don’t have. Self-assessment # 22 reveals to me that I met more than seventy percent requirements needed to be a manager 21st century manager. I manage stress effectively and focus on the objectives. I socialize with people in my environment. I listen to my intuition when necessary and like to take initiatives. However, I have to personally set my skills to work to a higher performance standard. I work as a manager in a multinational company which retains its value and its name from the quality of products and services it offers to its customers. This conceptualization of standard is not always accepted by all customers. Consequently, to meet my financial goals and also to provide customer satisfaction I sometimes take the decisions to violate the established standards. Transformational leaders typically have charisma and are known for their ability to develop a vision and the ability to inspire others to follow them toward it. The results of transformational leadership take time. Transformational leaders must invest time and confidence; build energy to convince their followers to share their vision. Today, organizations that are not highly equipped and prepared, and who hire transformational leaders are likely to be frustrated and disappointed. It would be important for me to improve my skills on Organizational Leadership style to be able to succeed in my mission. Organizational leadership skills are also required to stabilize an organization because without stability, you cannot install a real vision and get people to share it. The organization that I work for was created by a dozen people whose common goal is to make profit, but with different approaches. We’ve an organic design preference organization. Employees are sometimes under pressure from the shareholders to increase  productivity. That pressure develops stress on employees. The stress generally impacts employees and their individual behavior. It stimulates their instant creativity and generates short-term enthusiasm. In such situation, employees works hard not to improve the company productivities, but to save their job. They become irritable, nervous and resistant. Otherwise, some employees loose the job satisfaction. All those aspects off stress have impact on company productivities. A manager should be able to anticipate and manage employee stress. I understand the necessity for a leader to have both type of leadership style. Definitely, I have to improve my skills in the style of Organizational leadership. My intuition level is above average, but I believe that I’ve room for improvement. The intuition is an important character for a leader because you have to read between the lines to anticipate action. I am able to improve my intuitive skills. Under the management of conflict, I’m pushing for compromise. I think it helps to calm passion and save time for manager and employees. However, I recognize that a leader must sometimes impose his ideas if he strongly believes he is on the right path. In this case the leader must be prepared to face resistance from other parties which may complicate the process. I firmly believe that the leader must be able to manage conflicts and get away without too much damage. Conflict management is also a part of my daily activities. You cannot be a good manager in an organization when you only choose solutions that favor you, especially if you’ve several customer/employee complaints. You have to be open and willing to compromise. Employees and customers may not be always right, but as a manager, I must listen to their complaints and provide satisfactory solutions. I feel more comfortable in an organization that values long-term relationship; one that emphasizes systematic career development, mandates regular training, and provides promotions based on gained achievement and expertise. I recognize that it is beneficial for an organization to train its employees from top to bottom. This instills in them the true value of the organization even though it may not provide a guarantee of stability. It often happens that the well- trained staff leaves the organization to go elsewhere for a higher pay and benefits. To create a balance, I apply the concept of just-in-time training to minimize destabilization of the organization.

Effects Of Venture Capital On Innovation Finance Essay - Free Essay Example

Sample details Pages: 19 Words: 5581 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? To start a successful business activities or plan to expand a current company, an entrepreneur needs a certain amount of capital. Actually, there are several options for start-up or expanding financing, but mainly, the possible sources of funding can either be internal or external. Use of internal funds such as personal savings, family and friends is most likely for small starting business. Don’t waste time! Our writers will create an original "Effects Of Venture Capital On Innovation Finance Essay" essay for you Create order However, for expansion stages or big projects, external financing in the form of debt or equity is more suitable. In particular nowadays, one of the most popular equity financing used for start-up companies is the venture capital (VC). VC is money invested in high risk start-ups by venture capitalists on behalf of institutional investors with the aim of making outsize returns. The origin of VC in its modern form may be traced to General Doriot, who established the American Research and Development Fund (ARD) at the Massachusetts Institute of Technology (MIT) in 1946. Respectively, the first VC companies in Germany were founded in the middle of the 60s. The current measures of VC investments are significantly low due to the financial crisis of 2007-2010: 18,3 billion USD in the US and 2,7 billion EUR in Germany for 2009, respectively, 16,7 billion USD in the US and 3,3 billion EUR in Germany till the 3rd quarter of 2010.[1]In spite of the fact that, the VC investments are very small percentage of the countries GDP, the returns from those investments are at very high level.[2] Nowadays, innovation is consistently associated to be one of the most important characteristic of success. Many high-growth small and medium sized enterprises (SMEs) that are very successful in their field are significantly connected to innovation. Moreover, those innovative-enterprises typically accomplish stronger growth or are more successful than enterprises that do not innovate. Similarly, entrepreneurs that gain market share and increasing profitability are those that innovate.[3]For this reason, many governments around the globe try to duplicate the success of the U.S. VC industry. These attempts share a common logic that VC has spurred innovation in the US, and can do so elsewhere.[4]Therefore, VC could be a catalyst for innovation that serves as an important industrys source for job growth, economic development and wealth.[5] In this seminar paper I investigate the correlation between the venture capital investments and the translation into innovation, namely, whether venture capitalists are catalysts for innovation or if they simply exploit it. The research is also focused on whether the collapse of venture capital, due to extraordinary internal or external processes e.g. investments bubbles or financial crisis, has crucial effect on innovation. 1.2 Structure of the analysis What I examine, my concerns, what I find in each of the main subtopics or paragraphs: short, clear, exact review ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ The remainder of the paper has the following structure. Chapter 2 describes how venture capital works and discusses what role it plays in financing innovative start-ups. Chapter 3 presents ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ . In Chapter 4 I build ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ . The final Chapter 5 summarises the most important findings, formulates conclusions and suggests further research topics. 2 Background and overview of venture capital industry Venture Capital is long term equity capital invested in new and rapidly expanding innovative entrepreneurs. Generally, start-up and other emerging enterprises lack the collateral, track of records, or earnings required to get a loan and thus the traditional debt financing is not always available to them. Most enterprisers seek initial seed capital from family members, friends or wealthy individual investors, also known as business angels, who are willing to take the risk associated with start-ups in return for a proportion of the company equity. Professionally managed venture capital firms provide the most notable venture capital money. An informal network of investors supplies the funding of these firms, it includes: insurance companies, bank holding companies and their affiliates, pension funds, endowment funds, foundations, corporations, wealthy individuals, foreign investors and the venture capital professionals. Venture capital professionals in this respect are the primary agents between new enterprises and capital sources. The typical process of VC fundraising consists of four steps investment, value creation and exit.[6] The enterprises in which venture capitalists invest are generally unproven and high-risk, but the main expectation is that such an investment will yield a greater return than other types of investment. Despite the fact that only a relatively small number of start-ups are financed with venture capital, they are often the fastest-growing ventures and most innovative.[7]Integral part after making the investment is the involvement of the venture capitalist in the management of the business, such as becoming members of the board of directors. Their role in the management spreads from the top level of the firm to the lowest levels. That includes: protection of intellectual property, providing guidance to entrepreneurs, monitoring the new company, influencing strategy, help in finding management and shaping boards, creating high-salaried and skilled positions, and creating company checks and balances by sharing investments with other investors.[8]The venture firms are also using the synergi es channels between the various companies they have invested in. One possible example of successful integration is when a company that has better distribution technology may help another company or its management in the venture portfolio that has a great pharmaceutics or software product, but does not have adequate distribution technology. In the formal lifecycle, venture capitalists will help companies grow, but mainly they pursue to exit the investment in three to seven years. Early investments take between seven and ten years to mature, while later stage investments only need a few years, so that the demand for investment life cycle must be congruent with the appetite of the companies limited liquidity. The investment risk is neither a short nor a liquid investment, but an investment should be done with great care, constancy and expertise. Although, high-tech investments are the largest part of the venture firms financing policy in U.S and the company receives a lot of attention for its high technology investments, venture capitalists invest in companies such as construction, industrial products, services, etc.Venture firms come in various sizes from small seed specialist firms of only a few million dollars under management to firms with over a billion dollars in invested capital around the world. Likewise a venture capital investor may be a single individual but a great part of the venture capitalists are organized as a limited partnership. According to Lerner, government efforts can also stimulate growth and bring success but they must proceed with caution. The main aspect the countries with overall performance and using governmental support is to have balanced accountability and independence for the funds in which they invest and have co-invested into funds with private investors.[9] Significant entrepreneurial activity, research universities, secure property rights that can be judicially enforced in a timely manner, an educated workforce and others are examples for key elements. In their presence is considered that venture capital can accelerate innovation and force positive outcomes. The injection of venture capital can be a catalyst that brings these elements together. In the United States, Intel, Microsoft, Apple Computer, Cisco Systems, Compaq, Sun Microsystems and many others distinct companies are instances for well-known and highly successful businesses created with venture financing.[10] 3 Venture capital and innovation 3.1 Determinants of innovation How to measure innovation is a much debated topic in a number of researches and a lot of determinants have been developed in order to solve the problem. I decided to follow a scheme in which I will discuss the first major experimental studies in detail. Then, I will argue and present the results from resent experiments, which use the same or similar analysis. In thinking about the product market dimension Hellmann and Puri draw an important differentiation among the competitive strategies of new companies. In order to study the effect of VC on innovation they build a distinction between innovator and imitator strategies. As innovators are named those entrepreneurs that introduce new services and products to the market for which no close substitute is yet offered. Imitators are late adopters also engaged in relatively new products and technologies. The main difference is that they are not the first movers in their field of activity and therefore tend to complete other aspects than innovation.[11]With this differentiation between innovator and imitator strategies, a series of observations related to venture capital financing could be made. First, whether the choice of a product market strategy has connection with the type of financing obtained by a start-up company. Second, investigating the relationship between choice of an investor and ou tcomes in the product market. There might be various interaction effects pointing in different directions and therefore an empirical analysis is debated to submit these questions.[12] Another research conducted from Kortum and Lerner examines the connection between VC and innovation. The relationship is propounded through the effects of Research and Development (RD) spending and venture capital funding on the number of patented innovations a stylized model of the relationship between VC, RD, and innovation.[13] 3.2 Empirical Researches 3.2.1 Product market strategy and outcomes In this chapter the empirical research of Hellmann and Puri for the effect of VC of product market strategy and outcomes is being presented in detail.[14]The research is based on unique collection of dataset of 173 high-technology companies in Silicon Valley, where a high incidence of entrepreneurial activity with rich setting is provided. The sample consists of surveys, interviews, commercial databases and any publicly available information. Its structure also enables to observe a timeline of events for each company. The entrepreneurs are classified into two major groups according to their best described initial strategy as an innovator strategy or an imitator strategy. As innovators are considered the companies that either introduce a radical innovation in an existing market, create a new market or develop a technology that will lead to products and services that satisfy either of the above criteria. Based on that data, the two major aspects strategy and outcomes are studied usin g the method of hypotheses. While testing for interactions, the timing structure of events is carefully observed. In particular, the model consists of ex ante strategy prior to financing, the financing itself, and the ex post product market outcome. Therefore, examined is the interrelationship of the ex ante strategy (innovator or imitator) and the type of financing (VC or other) on the one hand, and the interrelationship of the type of financing and subsequent product market outcomes (in particular time to market) on the other. The first part of the analysis examines whether the product market strategy affect the investor type. First null hypothesis (H0) is that there is no connection between the type of financing and product market strategy, meaning, the type of financing is independent from the ex ante strategy of a start-up firm. Two alternative hypotheses (H1) are suggested. The first H1 is that, venture capitalists prefer to finance innovator companies, the second H1 postulates that, venture capitalists prefer to invest in imitator businesses. Innovators are characterized with the advantage in identifying and then assisting innovator companies while imitators business concepts are easier to comprehend and communicate. In a probit model is found that innovators are more likely to be financed by venture capital than are imitators, this result is statistically significant at a 5% level. Results also represent that innovators obtain VC earlier in the life cycle than do imitators and which refuse the criticisms that VC does not support the most innovative start ups, or that venture capitalists invest in innovative companies only when they are already older and less risky. Relative to imitators, innovators are 1.96 times more likely to obtain VC in any given period of time, and the result is statistically significant at 1%. These results reject the H0 that, there is no connection between and entrepreneurial companys strategy and its tendency to obtain VC financing. Firms pursuing an innovator strategy are more likely to obtain venture capital and to obtain more quickly. Venture capitalist are not shying away from the uncertainty of innovative business concepts, it doesnt seem to be true that they only invest at a later stage when much of the uncertainty may already have been resolved. In the second part of the analysis, the dependence between VC financing and the time it takes a company to bring its product to the market is examined. The second H0 claims that the type of financing is product market neutral, meaning, the product market outcomes of a start-up company is independent form the type of financing . As most important market outcome is distinguished the time it takes to bring a product to market. The first H1 is that, venture capitalists quickly bring a product to market because of they identify promising companies and assist them. Alternatively, venture capitalists as patient investors are giving more time for the start-up through long development cycles with a higher consideration levels. It is found that the presence of VC is associated with faster time to market. According to the modified Cox proportional hazard model, the likelihood of the first product sale increases by a factor of 1.88 with the advent of a venture capitalist, statistically significant at the 1% level. This effect is particularly strong for innovators with factor of 3.37 and significant at 1%, but statistically insignificant for imitators. These results reject the second H0 that VC is product market neutral. VC is associated with faster time to market and this association is particularly strong for innovator companies. One interpretation of these results is that venture capitalists guide the companies to bring their product to market faster. Above all, this effect is more pronounced for innovators and explains the first finding that innovators are more likely to obtain VC. In particular, there are some alternative interpretations and information from the empirical study extracted. Moreover, for the venture capital-backed companies 59% (66% innovators and 50% imitators) list obtaining VC as a milestone, for the other companies (not VC-backed) only 27% list obtaining financing from some other source as a milestone. This difference is significant at the 5% level. The outcome shows that companies are more likely to consider VC as a crucial event than obtaining financing from some other source of finance. As a robustness check whether the finding of a faster time to market could be due to the fact that venture capitalists select companies with faster time to market, could be threw off using the timeline of events. The trivial understanding typically claims that the nature of the venture capital companies is to select good entrepreneurs and to add value to them but the theory and practice suggest that these may well be complementary activities.[15]Briefly, t he allegation for picking the right industries at the right time could not be proven and therefore rejected. In that experiment I find some important advantages: the independence of the form of financing, the availability of the whole timeline of the events, the usage of interviews and surveys. However, there are some problems and limitations of the research which I am taking into consideration. First of all, the research is conducted for the timeline in 1994-1998, the effect of dot-com bubble is not observed, which is followed by the changes in the investments strategy of the venture capitalists. Another consideration is that the research is conducted in USA and more specifically in the Silicon Valley, which represent only one third[16]of the invested venture capital in USA. Moreover, according to Mayer, the market in Europe[17]significantly differs from that in USA. Gompers and Lerner point that the possibility remains, more innovative firms select VC for financing, rather than VC causing firms to be more innovative.[18]Unfortunately, the narrow focus of the sample could have only limited applicability for companies under different economic base conditions. 3.2.2 Patented inventions By way of contrast, Kortum and Lerner, examine patterns that can be discerned on an aggregate industry level, rather than on the firm level.[19]slamka, the empirical research proposed from Kortum and Lerner discuss the relationship between VC, RD and number of patents as a measure of innovation.[20]The study analyzes annual data for twenty manufacturing industries between 1965 and 1992. The study used as dependent variable the number of patents issued to U.S. investors sorted by industry and date of application, and as explanatory variables are used the money spent for innovative inventions. The data are based on the measures of VC collected by Venture Economics and industrial RD expenditures collected by the U.S. National Science Foundation (NSF). There are two important problems in the research, which are taken into consideration. First, patenting in each industry can be sometimes only indirectly classified, and second, the data rarely do not allow a clear division between VC and R D investments. In order to avoid some misleading, the problems are carefully examined and some of the data is not used in the study. That measure is less likely to influence the final conclusion. This model also suggests that the reduced-form regression may overstate the effect of venture funding. This possibility may occur when venture funding and patenting positively correlate to arrival of technological opportunities as a third unobserved factor. The concerns are addressed in two ways. First, the outbreak of a major event in the VC industry. In 1979, the U.S Department of Labor freed pensions funds to invest in VC. This kind of huge changes is to determine the role of VC as it is unlikely to be associated with the arrival of entrepreneurial opportunities. On the other hand, the RD expenses are used to identify the starting or already existing technological capabilities, which are expected by economic actors, but unobserved to econometricians. One possible solution to suppress the causality problem is to estimate the impact of VC on the patent-RD ratio, rather than on patenting itself. After taking into consideration the causality concerns, the results from the study shows that VC does have a strong positive impact on innovation. The estimates based on the ratio comparison dollar to number of patents suggest that VC appears to be about three-four times more effective in stimulating patenting than a traditional corporate RD. Although VC was less than 3% of corporate RD from 1983 to 1992, it is responsible for about 8%, of U.S. industrial innovations in this decade which corresponds to much greater share. Another problem that is monitored by Kortum and Lerner is that, VC might encourage patenting, but having no impact on innovation, this effect may occur if the VC backed companies simply patent more innovation to impress potential investors or to prevent the expropriation of their ideas by these investors. This possibility is examined by comparing the quality of patents introduced from venture-backed and non-venture-backed firms, the results show that venture backed entrepreneurs does not seem to produce lower quality patents. Furthermore they are more frequent litigators of trade sector, sustaining the goodness of the patents and verifying that VC has positive effect to innovation. In short, one very important conclusion from that observation is the consistent with the results from the first empirical research, more over the data in the first one is ex ante and in the second one ex post, which make the conclusions significantly strong. 3.3 Estimate the effects of venture capital on innovation Despite the importance of VC and its ability to support the development of both individual companies and the economy as a whole the relationship between this instrument and the innovative behavior of entrepreneurs are studied only for a short time. Similarly, the causal relationship between VC and innovation is not clear. VC may spur innovation by relaxing the financial limitations that the innovative firms collide, on the contrary, when innovation opportunities arise, innovating firms may demand venture capital investments and, as a consequence, venture capital markets grow. From the empirical research of Hellmann and Puri follows that there is an interrelationship between the type of investor and product market behavior of start-up firms, it leads that the innovation entrepreneurs are more likely to obtain VC financing. The presence of VC, especially for innovators, is also associated with significant reduction in the time taken to bring a product to market. Thus, the positive effect of VC for innovation could be observed with very high significant level.[21] On the same hand, the study article of Kortum and Lerner about the impact of VC on technological innovation suggests that the effect is positive and significant. VC investment increases number of patents more strongly then industrial RD. The results are substantial to sub samples of industries and different measures of venture activity, moreover, the representations of the relationship ratio between patenting, RD, and venture capital is with very high significant level.[22] According to another research conducted from Lerner in 2010, 10 years after the research from above, he confirms that the arrival of VC to Mexico sparks innovation, furthermore, VC is not only catalyst for innovation but also active the job growth in the region. VC speeds company growth and reduces the time for research, acts as a business accelerator, assists market development and a go-to-market strategy and appears as one of the standard maintainers of the market. The Venture-backed firms in Mexico are typically younger when they IPO and produce higher quality patents than businesses financed with other resources.[23] On a research conducted from Mayer, the bridge[24]function of VC between idea and innovation is investigated. The study is built on the information from 15 Western European countries and the USA over a period between 1993 and 2006.[25]Unlike the studies of Hellmann/Puri and Kortum/Lerner, the particularly volatile period after 2001 is covered, when the previously steady upward trend in VC investments was broken for the first time. This increases the reliability and explanatory power of the results. For considerably great extent of the analysis, the model is based on: triadic patents to measure the input of ideas, and growth in total factor productivity to measure the innovation success.[26]The discovery of positive statistical correlation between VC financing and the translation of ideas into successful innovations confirms the bridging function that VC plays. This correlation is stronger in the earlier stages of financing the company, i.e. investments have a more notable effect in the seed stage than in the expansion one. The relation appears to operate in the direction from VC investment to commercialization. The results showed that the increase in venture capital investments deepens translation of ideas into innovation, in other words, a causal relationship is observed. Another conclusion points that the investment side mainly drives the positive effect of VC rather than the funds being raised. It therefore seems unlikely that VC activity may be increased only by providing the industry with more VC capital.[27] On the other hand, applying the model of Caselli, Gatti and Perrini to the Italian market, reveals some interesting features of VC and its role in financing and developing innovation. Using data from Italian venture backed and non-venture backed companies traded on the Italian Stock Exchange between 1995 and 2004, the research shows that the role of venture capital in Italy does not seem to promote innovation. It appears to be mainly concerned with the growth of sales. In detail, the tendency to innovate is a fundamental requirement to be approved in the screening phase of the VC selection process, but on the other hand, it seems that the entry of venture capital in the company does not encourage continued innovation.[28] Similarly, Engel and Keilbach investigate the connection between venture capital and innovation in Germany. They find weak evidence of relationship between venture capital and innovative behavior, which shows that innovation plays an important role before the venture capital investment and, therefore, it is only to attract sources of venture capital. After investments are made, the innovation process slows down, this suggests that patents stimulate venture capital investment but not the other way around.[29] These results are also consistent with Stuck and Weingarten, who propose an ex post analysis about the real development of already funded companies. The sample consists of more than 800 IPOs of electronic high-tech firms listed world wide after the start-up phase, they show that innovation level drops steadily, and funded companies perform as much as non-funded companies. The research shows that after the IPO, only a small group of firms analyzed were able to increase their market value.[30] In another research, Fulghieri and Sevilir develop a theory of the organization and financing of innovation activities, in which the choice of organization and financial structure of RD plays a strategic role. In particular, they show that, alone venture capital financing is more likely to occur when RD projects have high research intensity, when competition in RD run is less intense or RD cycle involves early-stage research and when research unit is financially limited.[31] 4 Implications of the collapse in venture activity for innovation In this chapter I seek to understand the implications of the collapse in venture activity for innovation. In the years after the dot-com bubble have seen a dramatic decline in VC activity. Investment activity has fallen by more than da vzema Danni ot nekade[32]and fund-raising by VC organizations has similarly undergone a sharp fall. The same effect of decreasing VC investments is also observed during and after the 2007-2010 financial crisis.[33]When taking into consideration the findings from chapter 3, the implications of this decline could be catastrophic for the technological innovation. According to Gompers and Lerner the situation may not be as serious and dangerous as it initially appears.[34]While, as I argue in chapter 3, there are many reasons for believing that on average VC has a powerful influence on innovation, that influence could be far from uniform. The overall correlation between VC and innovation is positive, but it may be quite different across the cycles of venture activity[35]. Gompers and Lerner examine first the peak periods of VC and then make implications for the collapse ones.[36]To deal with, they illustrate this unevenness with both: case-study and empirical evidence. Gompers and Lerner support the field-based evidence[37]with two examples in boom periods between the years 1990-2000. The first one presenting the peak period of biotechnology investing in early 90s, and the second, the boom of internet and telecommunication investments between 1998-2000, later become famous with the name dot-com bubble. During peak periods the venture capitalists funding firms are too similar to one another, the consequences of these overgrown investments are frequently the same: same targets, intensive negotiation for scientific and technical professionals, highly duplicative researches, costly legal proceedings for intellectual property theft and misappropriation of ideas. Most of the firms yielded very disappointing returns for their venture financiers, in many cases the firms were liquidated after further financing could not be arranged. Funds appear to be extended much less efficiently during the boom period, the reason for this may be found in the presence of misleading public signals or over optimism on the part of venture capitalists. Meanwhile, many obviously promising areas stayed unfunded as venture capitalist rushed to focus on the most visible and popular investment areas. The impact of VC investment was not as powerful in spurring innovation during these periods as in others. The statistical evidence[38]of Gompers and Lerner shows the same result that the effect of venture capital on innovation is less pronounced during boom periods. This evidence is based on the same framework as the empirical research conducted from Kortum and Lerner[39], which analyze annual data for twenty manufacturing industries between 1965 and 1992 and use patents issued as a dependent variable. As the model reports, the effect of patenting is some 15% lower during the boom periods, a difference that is strongly statistically significant, the magnitude of the effect of venture capital on innovation subsides, but remains positive and significant. My observation from those results is that the field study result corroborates the statistical evidence, suggesting that venture capitals effect on innovation is less pronounced during booms but is positive. According to Gompers and Lerner[40]the patterns from above may lead us to less worry about the short-run instability in venture financing, the expected impact on entrepreneurial activity is likely to be significant but the effects on innovation should be more moderate. VC fundraising and investment has decreased considerably after the internet boom of 2000, but the level of activity is still extremely high in respect to the period before the crisis. From historical perspective, ignoring the dot-com bubble, the VC industry shows robust growth over the past decade. Mayer[41]confirms the observations of Gompers and Lerner with data for 15 European countries and the USA between 1993 and 2006, including the period of peak and weakness of the VC investments not only in the US but also i n Europe. The research demonstrates the steady positive effect of VC in the transition of the entrepreneurs ideas in successful innovations. In the following paragraphs I will discuss the implication of the financial crisis on the venture capital backed innovation. So far, there exists only small number and limited studies that have empirically analyzed the impact of a financial crisis on VC activity. In two of the few studies on this issue, Block, Sandner and De Vries analyzed the VC investments in US Internet firms and VC activity across different industries and countries (US vs. non-US).[42] Block, Sandner and De Vries summarized that there is a decrease in VC activity due to the financial crisis, although it is not as large as one might have expected. As a whole, the VC market did not come to an immediate and complete halt. The effect differs with regard to the stage of financing: firms in later financing rounds received less funds than before crisis while for those obtaining initial financing no such result is observed. Also, the slowdown of VC activity is more notable in US than outside US.[43] Due to the external shock caused by the financial crisis, the VC market dries up. The evolution of innovative industries might be long-lasting negatively affected. Innovative entrepreneurs could run into severe liquidity problems, and the commercializations speed of technological innovations might slow down. Undoubtedly, the economic growth of the countries would be negatively affected, the exogenous impact on VC activity would lead to a severe funding gap in the financing of technological development and innovation. Unlike the last slowdown of VC activities after the collapse of the dot-com bubble in the year 2000, the current slowdown came more as an exogenous shock. In the 2007-2009 crisis, what initiated the downturn of VC activity were not unrealistic expectations but instead problems in the financial sector and that could differ the impact of VC on innovation in completely other way than the internet crisis.[44] I can conclude that all recent researches only confirm that the VC investments decrease, but the effect on innovation is not clearly reviewed. One possibility is that all investors are more careful and invest only in more stable and clear ideas and in that way the innovation could be slightly lagged. Secondly, the innovation determinants like relationship between innovators-imitators and the number of patents are not deeply investigated. Taken together, the evidence supporting the negative impact of the crisis on innovation is weak. It may take some more time for the commercialization of the new innovations, especially the less profitable, but as a whole the innovation is likely to persist even during and after the crisiss downtime. Thanks to the scientific curiosity and enthusiasm the innovation process will continue in the short and long-term. https://www.bea.gov/ https://www.destatis.de/jetspeed/portal/cms/ 5 Conclusion Although, some recent researches show the role of VC to innovation as decreasing, I can say with very high significant level that positive effect is undoubted. From the all the discussions and researches I am dividing the VC fund-raising and investment in three periods and I conclude for each one. The first period is a cycle of normal distribution of VC, according to all researches, the VC have a positive effect on innovation and spurs it. The second period is a peak one, characterized with less effectiveness of the invested capital but still with positive effect. The last one is a period of collapse, although the VC investments decline, the positive effect on innovation is still there. Many questions are left unanswered and provide good opportunities for future research. For example some of them could be directed to long-term effect of the recent finance crisis. Does the impact of financial crises on VC activity differ among industries or regions? How do the start-ups respond to the challenges posed by the financial crisis and the difficulties encountered in the search for VC funding? Does a lower success rate of VC-backed companies lead to a decline in the performance of VC funds? And ultimately, over a long time period, does VC as a financing instrument for innovative start-ups become severely harmed as an effect of the crisis? What is the effect of the crisis on the performance of VC funds?