Effects Of Venture Capital On Innovation Finance Essay - Free Essay 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. 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?

7 Different Types of College Admissions ( Which One is Best for Your Student)

Different Types of College AdmissionsIn total, there are actually around seven types of college admissions your student may encounter, depending on when and where they apply to go to school.Usually, not every college offers all seven types of college admissions, but three or more options arent uncommon at many four-year schools.Understanding the differences between them is essential, especially if your student wants to have the best shot at getting into their first-choice school.By applying at the proper time, your student may face less competition, with could increase their odds of being able to attend the college or university of their dreams.Here are the types of college admissions:Regular AdmissionRolling AdmissionOpen AdmissionEarly DecisionEarly ActionEarly EvaluationDeferred AdmissionRegular AdmissionThe most common kind of college admission is regular admission. Schools set a specific deadline for all of the applications, typically at some point between November and January, then review them all after the closing date. This means every application is compared to the others before any acceptance or rejections letters are sent out.Many schools who have a regular admissions deadline also have early admissions options (which will be discussed below). Effectively, the deadline for regular admissions is the last date your student can apply if they want a chance at attending that college, so its a critical one to know.Rolling AdmissionRolling admission relies on a first-come, first-serve approach when it comes to reviewing applications, as well as potentially offering a prospective student the opportunity to enroll.Applications are accepted during a set timeframe but are reviewed as they are received. Acceptance letters are sent continuously as well, so those who apply later in the application window automatically have less of a chance of getting in, even if they qualify, because there may not be spots available.That means, for these types of college admission s, applying as soon as possible is a must.Open AdmissionsProbably the most laidback option, open admissions means practically any student who applies and meets the requirements will get in. It is more commonly offered by community colleges or online schools, where their enrollment numbers dont tend to create overcrowding issues.Students with low GPAs may benefit from a school that has open admissions. As long as they meet the minimum requirements, admission is almost a sure bet.Early College Admission Many parents ask about the different types of college admissions options out there.Colleges typically provide students with a few admissions options, each with its own deadline and requirements. While submitting an app at any time before the final deadline means your student will be considered, different types of college admissions options each come with their own potential benefits, as well as some possible drawbacks.Before your student assumes that the last deadline is the only one they need to worry about, its wise to review what each of the types of college admissions has to offer.We cover each admission deadline option below so you can make sure your family chooses the best one for your student.Different Types of College AdmissionsIn total, there are actually around seven types of college admissions your student may encounter, depending on when and where they apply to go to school.Usually, not every college offers all seven types of college admissions, but three or more options arent uncommon at many four-year schools.Understanding the differences between them is essential, especially if your student wants to have the best shot at getting into their first-choice school.By applying at the proper time, your student may face less competition, with could increase their odds of being able to attend the college or university of their dreams.Here are the types of college admissions:Regular AdmissionRolling AdmissionOpen AdmissionEarly DecisionEarly ActionEarly EvaluationDeferred AdmissionRegular AdmissionThe most common kind of college admission is regular admission. Schools set a specific deadline for all of the applications, typically at some point between November and January, then review them all after the closing date. This means every application is compared to the others before any acceptance or rejections letters are sent out.Many schools who have a regular admissions deadline also have early admissions options (which will be discussed below). Effectively , the deadline for regular admissions is the last date your student can apply if they want a chance at attending that college, so its a critical one to know.Rolling AdmissionRolling admission relies on a first-come, first-serve approach when it comes to reviewing applications, as well as potentially offering a prospective student the opportunity to enroll.Applications are accepted during a set timeframe but are reviewed as they are received. Acceptance letters are sent continuously as well, so those who apply later in the application window automatically have less of a chance of getting in, even if they qualify, because there may not be spots available.That means, for these types of college admissions, applying as soon as possible is a must.Open AdmissionsProbably the most laidback option, open admissions means practically any student who applies and meets the requirements will get in. It is more commonly offered by community colleges or online schools, where their enrollment number s dont tend to create overcrowding issues.Students with low GPAs may benefit from a school that has open admissions. As long as they meet the minimum requirements, admission is almost a sure bet.Early College AdmissionIf your students dream school has an early college admissions option, then it is worth their while to consider it. This allows their application to be considered before those who apply under regular admission, so it usually means there are more spots available, which could increase their odds of getting accepted.However, not all forms of early college admissions are created equal, and some come with some serious caveats.Heres a look at the three kinds of early college admissions.Early DecisionThe most restriction form of early admissions is early decision. Under this program, your student has to attend the school if accepted, and they typically cant apply anywhere else until a decision is made (or at least have to withdraw their application if accepted).This means your student cant apply for early decision at multiple schools all at once, as that would be in direct violation of the arrangement. The agreement is binding, so there can be penalties for going against it.Additionally, early decision deadlines are coming up quick. Most schools require these applications to be submitted between November 1 and November 15. This means, your student should check with their top choice school soon to find their application deadline for early decision. Otherwise, they may miss the opportunity.However, your student should only apply for early decision if they are:Completely sure that is the ideal college for themRealistic about their acceptance chances and will likely get inOpen to a backup school with an application deadline that will work if they dont get inFinancially prepared to handle the costUltimately, early decision is a serious commitment, so its wise to consider it carefully before applying. This is especially true if your student is relying on finan cial aid to help pay for college, as they might not know enough about their financial aid package to feel confident that they can even afford the school.It is important to note that early decision acceptance rates do tend to be slightly higher than the rate for regular admissions, so this can give your student an edge when it comes to getting into their top choice school. Just make sure your student is aware of the commitment required, as breaking a binding agreement can come with consequences.Early ActionEarly action is similar to early decision but much less stringent. Your student is still considered for placement before those who use the regular college admissions deadline, but they dont have to commit to the school as a default.This means your student can usually apply to multiple schools for early action without violating any binding agreement. Then, once they found out whether they have been accepted to each school, they can choose the option thats best for them and relinquis h their spot at the other colleges.However, there is an option called single-choice early action. This college admissions option isnt binding, but your student does promise to only apply to that school until a decision is made, so it limits their ability to apply to backup schools until they know whether they get in.Early action typically has a similar deadline as early decision, usually falling between November 1 and November 15. However, each school can set their own deadline, so some may even come up in October.Early EvaluationEarly evaluation doesnt necessarily lead to early admission. Instead, your student can submit their materials by the deadline, and they will be reviewed in advance. The school then lets your child know if they have a good, fair, or poor chance of getting in, giving them valuable information regarding whether they need to keep applying elsewhere.Just keep in mind that the results of an early evaluation are not binding. Even if a college says your child has a good chance of being accepted, they arent guaranteed a spot based on this college admissions information alone.Deferred College AdmissionsWith deferred college admissions, your student does find out if they were accepted by the school but opts to delay attending for a year.For example, if your student is a high school senior, set to graduate in summer 2019, they would opt out of heading to college for the 2019-2020 school year and instead would begin their college education in the 2020-2021 school year.This works well for students who want to take a gap year. Then, they can spend some time interning, traveling, or even working to help pay for college before actually heading to school.At times, colleges may offer a student deferred admission even if they didnt apply for it specifically. This can happen if your student has solid credentials but a program is particularly competitive, or the college is especially popular. Effectively, the school gives your student a chance to attend, j ust not in the upcoming school year.Accepting a deferred admission offer does typically guarantee your student a slot, but there can be conditions. For example, they may have to come in as a freshman, meaning they cant spend a year at another school and then transfer to their preferred school. Its also possible that agreeing to a deferred enrollment may be binding, which means your student is legally obligated to attend.With any deferred college admission, its important to read the fine print. Otherwise, something that your student overlooked may come back to haunt them.College Admissions Bonus TipsFirst and foremost, your student should never assume that all colleges and universities use similar application deadlines. Every school is different, and they are fully in control of their own schedules.Your child needs to check all of the application deadlines at all of the schools they might want to attend. That way, they know exactly who needs what and when, ensuring they dont miss out on a chance to go to their preferred college or university simply because they missed the deadline.Second, if financial aid is a concern, your student can contact a college admissions counselor to see if they can provide an estimate. While not all schools will, some might, and that can give your student an idea of how their financial aid package may look at that particular school.Similarly, some colleges and universities have financial aid estimate calculators on their websites, allowing your student to gain some insight into how much they could receive and what they may need to pay through either scholarships, loans, or personal savings.Finally, even if your child applies to multiple schools that accept the same application, like the Common Application, that doesnt mean each college or university wont require some unique supplements, such as additional essays. This means your student needs to factor that into the amount of time it will take to apply, ensuring they dont miss a dead line because they were surprised by an unexpected addition to the application process.Which admissions deadline is your student choosing? How did you decide? Comment below to help other families decide!If youre looking for more helpful information, here are some additional articles to explore:College Decision Time! Are Double Deposits Ethical?When Your Child Should Start Applying for ScholarshipsIf you and your student are working on the scholarship process, make sure you dont miss our free scholarship training. Its about 45 to 60 minutes long and I cover exactly where you can find more scholarships your student isactuallyeligible forand arelegitimate.Grab your spot here:6 Steps to Quickly Securing Scholarships for College.

A New Economic Reconstruction Program - 863 Words

Wal-Mart has been cautious in moving into the international markets. In 1994, Brazil under new leadership was undertaking a new economic reconstruction program that aggressively shrunk monthly inflation rates from 40% to a low of 3%. The sound decreased in inflation rates helped improve the buying power of Brazilians and stimulated many outside companies to make new investments in Brazil. Major Competitors The economy of the retail sector in Brazil is mostly concentrated in the Southeast region. The area includes Sà £o Paulo State which is very dense, mostly affluent, and vastly developed. Is very dense and is also located in that region. The retail sector accounted, in 2012, for about 5.5% of GNP, with combined sales of US$ US$122.7 billion. The number of retail stores in Brazil amounts to 83,572 employing about 986,000 employees. The total retail sales floor in 2012 was approximately 21 million square meters, and the number of check-outs was about 210,245. In terms of sales volume, the main competitors are Carrefour, Casino Pà £o-de-Aà §Ãƒ ºcar, Casas Sendas, Bompreà §o and Paes Mendonà §a. Walmart was Brazil largest retail store until Casino merged with Grupo Pao de Acucar in 2012 giving it 41.3% of market share. Carrefour is Brazil second-largest retail company(14.5 sales). In the face of its Brazil’s expansion, Wal-Mart has a competitive advantage over its competitors because of its low price aggressiveness. Walmart implemented the same unique characteristics and qualitiesShow MoreRelatedSocial Policy For Shared Societies982 Words   |  4 Pages2016) (By Krishna Prasad Subedi, COEX Program) Reflection of Presentation 11/30/2016 Summary My presentation was based on my previous work experience where I worked as Program Coordinator. The name of the organization is Public Welfare Society Nepal (PWSN) which is located in a rural part of Nepal. Since its establishment in 1990, PWSN has been working in different fields such as health, education, brain drain, environment, agriculture, rural reconstruction, peace-building, community empowermentRead MorePost-WW II Occupation - Rebuilding Japan1228 Words   |  5 PagesSpector stated that, The United States acquired a strong democratic ally in the new Japan which emerged from the wreckage of war.1 Following the Japanese surrender on September, 2, 1945, General Douglas MacArthur, the Supreme Commander Allied Powers (SCAP) in Japan, led the largely unilateral U.S. effort to rebuild Japan. The U.S. occupation and reconstruction met with varying degrees of political, social and economic success, but overall, the U.S. succeeded in developing Japan as a strong responsibleRead Mo reReconstruction Goals : Reconstruction And Reconstruction1296 Words   |  6 PagesReconstruction Goals Reconstruction started in 1865 after the war was coming to an end and completed in 1877. 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These â€Å"revolutionary movements† have created lasting impressions on the United States that helped mold the nation that it is today. One such movement was Reconstruction. Reconstruction was a time in America consisting of reuniting the country and pulling it from the economic catastrophe that stemmed from the Civil War. The reconstruction era had dealt with three separate plans: the Lincoln Plan, the Johnson Plan and the congressional Plan. These plans, each with their own unique way of unifyingRead MoreEssay on Managing Organizational Change1052 Words   |  5 Pagesdrivin g forces behind. The major forces for change can be derived from the nature of the workforce, technology, economic shocks, competition, social trends, and world politics (Robbins Judge, 2011). In this post the author will explain the Kotter’s eight –step approaches to managing organizational change and discuss how his company handles the planned changes in term of organization reconstruction. When changes are inevitable, the leaders usually design some adequate steps to make the change go smoothRead MoreThe Difficulty Of Fusion : Jack Walton And The Farmer Laborer Reconstruction League Essay718 Words   |  3 PagesExtra Credit Dr. Quincy Lehr The Difficulty of Fusion: Jack Walton and the Farmer-Laborer Reconstruction League in Post-World War I Oklahoma Organized labor first entered Oklahoma with railroad work and mining, in the Indian Territory. During the late 1800’s strikes were sponsored by groups such as the Knights of Labor. The UMWA strike lasted from 1898 until 1903, and was helped lead by Peter Hanraty. The result of this strike was the 1903 agreement with mine operators that guaranteed most of

Worst Christmas Ever - Free Essay Example

Sample details Pages: 1 Words: 350 Downloads: 1 Date added: 2017/09/17 Category People Essay Type Argumentative essay Did you like this example? The Worst Christmas Ever It was December 1991, I just had my ninth birthday two months prior. My father was a cross-country truck driver. He had been one since before I was born. He loved being able to see new places and even visit places he had been before. He loved taking my brother, sister and me on â€Å"runs† with him, when we didn’t have school! In the few years, before his death my father had a Triple-Bypass and had a pacemaker put into his heart. This December 12th will make it nineteen years ago that the most important person was taken out of my life and gone forever. The last time I see or spoke to my dad was that Thanksgiving. It was two weeks before Christmas, when my father called our house in the middle of the night. We were in bed sleeping; we had six days until winter vacation. My mother answered the phone and he wanted to talk to us kids. My mother said, â€Å"No, they’re asleep and have school in the morning† he said â€Å"Oka y, just tell them I miss them and love them very much! † My mother said, â€Å"Okay Andy, I will. See you soon! † About three hours later my mother got a phone call from my Grandma. My grandma said, â€Å"Brenda, a waitress at a truck stop found Andy’s truck blocking the driveway about three hours ago. She knocked on the door, when he didn’t answer she opened it. I’m sorry but it was too late. Brenda, he’s gone! † My mother just started crying. She didn’t know what to say. My mother woke us up one by one and brought us into the living room. She said, â€Å"Dad called tonight, but it was too late. You guys were already in bed sleeping. I’m so sorry I told him no† She started crying again. â€Å"Guys daddy died in his truck tonight after I hung up with him† she sobbed . We were devastated. My mother didn’t know what else to say. It was the worst Christmas ever. Don’t waste time! Our writers will create an original "Worst Christmas Ever" essay for you Create order

Summary Of 12 Years A Slave By Solomon Northup Essay

Before the Reconstruction which took place after the Civil War, many slaves began to acquire their freedom by many things, including escaping plantations, buying their freedom, or being granted freedom from their former owners. Once slaves entered the North, they were able to finally be seen as a free African American. The thing that scared African Americans the most, frequently happened, being sent back to the South into slavery. 12 Years a Slave by Solomon Northup gives a recap of how his life, filled with joy and freedom one day, became a living nightmare the next. Northup, a self-taught, master violin player is fooled into traveling with â€Å"gentlemen† to share his talents for a small fortune. Leaving his family behind, he decides to go with the men and once he reaches New York City, the men convince Northup to travel to Washington D.C. Solomon soon began feeling sick and one day wakes up chained in a cell. Next thing he knows, he is being sold into slavery. He lives a l ife of a slave for twelve years until he is rescued by Henry B. Northup, who saves Solomon while he was working in the field. Once back in his own home, Solomon writes an autobiography of his experiences. After many decades, a historical movie retelling Solomon’s autobiography was released. Throughout the movie, many differences are present. For example, the wife of Solomon’s master was portrayed to be an evil woman in the movie, but in the book not so evil. Another example is while slaves did not fight backShow MoreRelatedSummary Of 12 Years A Slave By Solomon Northup946 Words   |  4 Pages12 Years a Slave 12 Years a Slave by Solomon Northup is the true story of the author, a free black man, being abduction from his home in N.Y and sold as a slave down south in Louisiana. Torn from his family and friends, Solomon Northup endured the cruelties of slavery for twelve years before being returned to freedom through the help of a sympathetic abolitionist. Told in first person narrative, Solomon Northup makes clear on the first page of the book his intentions. â€Å"My object is, to give a candidRead MoreAnalysis Of Django Unchained And 12 Years A Slave1543 Words   |  7 Pagesmovie Django Unchained and how it took a somewhat satirical approach on slavery and how slaves were treated in the 19th century. But when I saw 12 Years a Slave, and how it took a more serious approach on how slavery was in the 19th century. There were a lot of compare and contrasts that came up as I finished watching both films. So nonetheless, this is a double feature analysis on Django Unchained and 12 Years a Sla ve. Here I will summarize and discuss about the two movies and how they’ve impacted meRead MoreJehovah s Witnesses During The Nazi Regime1258 Words   |  6 Pagesanother group of people that were violated of their human rights, 19th century slaves. These slaves were required to labor and suffer pain in the South, but some of these slaves were actually free black men from the northern states (where slavery was illegal) who had been lured into the southern states (where slavery was legal and encouraged) like Solomon Northup was a victim to this scam. Jehovah’s Witnesses and slaves were persecuted in a homogeneous manner, in a sense that both groups were torturedRead MoreAnalysis Of The Movie 12 Years A Slave By Steve Mcqueen1396 Words   |  6 Pages The movie 12 Years a Slave, directed by Steve McQueen, depicts a free black man, Solomon Northup, from New York who was drugged and kidnapped in order to be sold into slavery in the pre-Civil War South. The movie is fil led with powerful scenes and moments of tension that portray the cruel, gruesome years that millions of slaves experienced. For the next twelve years of Solomon’s life, the movie illustrates how he became a piece of property under several different masters. Solomon spent the bulkRead MoreAfrican American Studies4176 Words   |  17 PagesVictoria Braden Jasmine Sullivan AAAS 2000 23 April 14 1.) In chapter 1, Black women slaves were defined as either a â€Å"jezebel† or â€Å"mammy†. In detail define the characteristics of a â€Å"jezebel† and â€Å"mammy†. Why were black women defined in these two extreme ways? By contrast, how were Southern white women characterized? * One of the most standout images of black women in white slavery America was of a woman who ran entirely off of her sex drive, a Jezebel. A jezebel was considered to be

College Is More Than Just Getting A Degree At Go Get A Job

Ethan Myers Paideia Assignment FYS Youth in Fiction and Film I think college is more than just getting a degree to go get a job. If that was the main reason for college, online colleges would be much more mainstream and accepted. College is just as much a way to get a career as it is a bridge to help you transition from childhood to adulthood. For many students, college is the first time you are really away from home. You no longer have your parents around all the time, making sure you get all your work done on time and keeping you on the straight and narrow. On the other side, adulthood has none of those safety nets. Don’t do the work and you get fired; don’t pay the bills and you’re hungry out on the street. College is the stepping stone from that time of your life you have everything taken care of for you, to when you have to take care of everything yourself. If you don’t show up to class and do your homework, no one is going to come up to you and tell you to shape up. I intend to get a lot done in my time here at Capital. I am currently studying Financial Econ, and I plan to also start working on a double major in accounting in the fall. I believe that being able to become a CPA after my time here at Capital is a good idea. People always need accountants, and being a CPA greatly increases my chances for employment out of grad school. I realize that double majoring is a tall task, even if it’s in the same field. I know I’m going to have to work hard to make sure I getShow MoreRelatedBenefits of a College Degree Essay1411 Words   |  6 Pagesstudents have to make is whether to go to college or not. There are many factors that go into one’s decision. There are pros and cons to going to college and also there are pros and cons for not going to college. But the decision that will give someone the better opportunity to have a more successful life is to go to college. The money that one will earn after getting a college degree will be more than the money a person will make without getting a college degree. As our society has continued to evolveRead MoreGraduation Speech : High School Diploma1393 Words   |  6 Pagesyear just in the United States. That is a student ever 26 seconds or you could think of it like 7,000 students a day. A student that gets a high school diploma but does not go to college is going to be doing better than students that drop out. The majority of jobs will not hire you if you don t simply have a high school diploma. The income of college degrees, what work expects from people, and how it all relates to high school is important in todays society. If you plan on going to college youRead MoreGraduation Speech : High School918 Words   |  4 Pagesof their time in school and accrue debt that will take years to pay off? People in general go to college to better themselves and accomplish what one wants out of life. 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Dracula and The Woman In Black Essay Example For Students

Dracula and The Woman In Black Essay I heard many things in hell. This suggests that he may have a voice in his head, telling him these things. This then makes him think that he is hearing things from hell. This clearly shows that wherever the things he keeps hearing are coming from they are non-existent.  I made up my mind to murder the old man. This makes the reader think that he is crazy or that he could be mentally ill. The thing which is disturbing about the narrator explaining how he plans to murder the old man is, that it is all written in a way which is cold blooded and spine chilling. The narrator thinks he is being clever about what hes about to do. Would a madman have been so wise as this?  The narrator realises that the reader is going to think he is mad so he starts off by denying the fact that he is. but why WILL you say that I am mad?  As the narrator is telling the story it sounds as if he is thrilled about what he is going to do and after he has murdered the old man he is delighted and triumphant. for what had I now to fear? I think it is more frightening for a murderer to behave carefully because he has thought about, how hes going to do it, where hes going to do it, what hell do with the body afterwards and other details along these lines. The murderer in this story is behaving carefully by planning it, but the murder is a spur of the moment thing because he does it to make the old mans heart be silent. Dracula. Arthur takes a stake and plunges it into Lucys heart. There are a few other people in the vault while Arthur is doing the deed.  The deed takes place in a small vault. The small vault adds a sense of horror to the story in a way that is fairly clever, it is used as a place where only the dead should be to rest in peace, not a place where the living should be.  I think it makes it more horrifying that it is Lucys husband that is driving the stake into her heart, because if it were a stranger they wouldnt show any emotion over it.  The Thing in the coffin writhed; sounds more powerful than Lucy writhed because when it says The Thing your not sure whether its human or not, but if it said Lucy you would automatically think she was a normal human being. The sharp white teeth champed together till the lips were cut, and the mouth formed a crimson foam. All of the words in the sentence make you realise how disgusting Lucy has become but there are a few words that make it more powerful than others and these are: white teeth champed and crimson foam.  the blood from the pierced heart welled and spurted up around it. The writer wants the readers to see things with this much detail so that they can visualise in much detail what it would have been like to be there while it was happening.  I think the most disturbing thing about the story is that its her husband that is driving the stake into her heart to kill her. The Woman In Black.  In the story there is a lot of confusion between life and death. The narrator does not know whether the woman he can see is living or whether she is a ghost. He says that she has a look of extreme illness, no expression on her face and the look of bone rather than skin. her face the sheen and pallor not of flesh so much as of bone itselfI had not noticed any particular expression on her ravaged face, but then I had, after all, been entirely taken with the look of extreme illness.  The setting of the story adds to the disturbing atmosphere. In the greyness of the fading lightFor the combination of the peculiar, isolated place. .ua861ab119aa3a4ef817b97d0f38448f6 , .ua861ab119aa3a4ef817b97d0f38448f6 .postImageUrl , .ua861ab119aa3a4ef817b97d0f38448f6 .centered-text-area { min-height: 80px; position: relative; } .ua861ab119aa3a4ef817b97d0f38448f6 , .ua861ab119aa3a4ef817b97d0f38448f6:hover , .ua861ab119aa3a4ef817b97d0f38448f6:visited , .ua861ab119aa3a4ef817b97d0f38448f6:active { border:0!important; } .ua861ab119aa3a4ef817b97d0f38448f6 .clearfix:after { content: ""; display: table; clear: both; } .ua861ab119aa3a4ef817b97d0f38448f6 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua861ab119aa3a4ef817b97d0f38448f6:active , .ua861ab119aa3a4ef817b97d0f38448f6:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua861ab119aa3a4ef817b97d0f38448f6 .centered-text-area { width: 100%; position: relative ; } .ua861ab119aa3a4ef817b97d0f38448f6 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua861ab119aa3a4ef817b97d0f38448f6 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua861ab119aa3a4ef817b97d0f38448f6 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua861ab119aa3a4ef817b97d0f38448f6:hover .ctaButton { background-color: #34495E!important; } .ua861ab119aa3a4ef817b97d0f38448f6 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua861ab119aa3a4ef817b97d0f38448f6 .ua861ab119aa3a4ef817b97d0f38448f6-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua861ab119aa3a4ef817b97d0f38448f6:after { content: ""; display: block; clear: both; } READ: The Woman's Renaissance EssayThe experience the narrator has with the woman is extremely chilling. He explains to you every detail of what he sees of the woman, he also explains how the woman makes him feel. He fears the woman, her expression began to fill me with fear. He feels possessed by the woman, I had never in my life been so possessed by it. He then goes on to explain how his knees tremble, how his flesh creeps, how he turns as cold as stone, how he has never known his heart to jump and how he has never known himself gripped and held by such dread and horror and apprehension of evil. The way the woman is described in the story makes you think is she really alive or dead. She is described as something that is not natural as though she is super natural, all the details about her make you realise that she cannot be human. The narrator describes her in a way that is strange, at first it sounds as if she is just sad and lonely but nearer the end she sounds as if she is a danger to people. she directed the purest evil and hatred and loathing, with all the force that was available to her. Conclusion. I think that all three of the stories are frightening in their own way. I like the way that the Tell Tale Heart is about a mad man who denies he is mad. I like the way the woman in black has a lot of detail in it even though its only very short. I like the way Dracula is about a husband and wife even though the husband kills his wife.  I think that a modern reader would find Dracula most disturbing because there arent that many books that include in it a husband killing his wife or vice versa. The other two stories were not as disturbing as Dracula but the Tell Tale Heart is quite creepy.