Valuation of a Pre-Revenue Startup: The Case of a Philippine Software Company

Cris Edwin B. Bonalos(Cris Edwin B. Bonalos ),Dinah Pura T. Depositario(Dinah Pura T. Depositario ),Normito R. Zapata Jr.(Normito R. Zapata Jr. ) 아시아무역학회 2022 Journal of Asia Trade and Business Vol.9 No.2

Purpose - This study aimed to valuate a pre-revenue software startup in the Philippines by applying various valuation tools. Also, it aimed to verify these tools’ advantages and disadvantages in the context of a pre-revenue startup. Design/Methodology/Approach - The study employed a case study approach. Valuation methods used were the Venture Capital Method, Chicago Method, Development Milestone Method, and Cayenne Consulting Calculator. In performing these methods, quantitative and qualitative data were used. Such data were mostly provided and validated by the company’s executive management or offices. Findings - Based on the comparisons made among the pre-revenue valuation methods, the Chicago Method is determined to be the most recommended method. This method considered various factors relating to where the company is currently, and weighed different scenarios the in which the company could be. Research Implications - Further research on possible strategies for the startup’s sustainability and survivability is recommended. Such strategies may include further evaluating and recalibrating operations, and sourcing capital from angel investors.

당나라시대의 한국인 (上)

Reischawer, Edwin O 한국해사문제연구소 1990 (月刊)海洋韓國 Vol.205 No.-

아래에 소개하는 글은 美國의 유명한 東洋學者 에드윈 라이샤워(Edwin O Reiachawer) 敎授가 1955년에 간행한 著書, '엔닌의 唐나라 旅行'(ENNINS's Travels in T'ang China)중 제8장 '中國에서의 韓國人'(the Korean in China)과 제9장 ' ??國'(Homeward Bound)을 번역한 것이다. 엔닌(円仁)은 慈覺大師라고 불리우는 日本의 高僧으로서 佛法을 배우기 위해 西紀838년부터 847년까지 唐나라를 旅行,'入唐求法進禮行記'라는 記錄을 남겼다. 그러므로 라이샤워敎授의 이 著書는 위의 엔닌의 記錄을 바탕으로 한 硏究라고 하겠는데, 이 書冊과 硏究가 우리의 관심을 끄는 것은 唐나라 時代의 新羅人들의 活動像, 특히 海洋活動像에 대한 技術하고 있는 점이라고 하겠다. 특히 張保?에 대해서도 비교적 상세히 언급하고 있어, 이 硏究는 그 時代의 우리 海上活動을 硏究하는 귀중한 바탕이 되고 있다. 라이샤워敎授는 이 硏究에서 新羅人들을 통칭 코리언으로 表現하고 있는 바, 韓國人으로 번역하였다. 이 資料를 入手하여 번역하던 중 7월 1일 아이야워敎授가 別世하였다는 新聞記事에 접했다. 1910년생이니 만 79년간 生存했던 셈이다. 꽤 長壽한 편이라 하겠으나 여전히 아쉽기는 마찬가지이다. 독자와 더불어 삼가 故人의 명복을 빈다. 엔닌(円仁)은 불교탄압이 끝나고 나서도 1년간 이상 中國에 머물렀다. 그렇지만 이 사이에 그가 개인적으로 접촉했던 사람들은 中國人들이었다기보다는 오히려 韓國人들이었던 것으로 생각된다. 즉 그가 赤山院에 체재했던 초기와 마찬가지였다. 실제로 엔닌의 日記는 中國에 대한 日本人 旅行記이지만, 그 전반에 걸쳐 등장하고 있는 사람들의 숫자면에서 중국인에게 필적하는 것은 韓國人이고, 日本人은 그림자조차 아주 희미하다. 그런데 11세기 여가 지난 현재와 마찬가지로 이들 세 민족은 당시에도 세계의 그 부분을 차지하는 주요 국가군을 형성하고 있었다. 3자중 韓國人이 맡고 있던 역할이 가장 잘 잘 알려져 있지 않다. 그러나 우리들이 엔닌의 日記에서 보는 한, 가장 흥미깊은 중요한 역할을 맡고 있던 것이 韓國人이었다.

Overall Vibration Values for Reliable Wind Turbines - The New VDI 3834 and the New ISO 10816-21 Guideline Close a Gap - Less Vibration is Better -

Becker, Edwin The Korean Society for Noise and Vibration Enginee 2012 소음 진동 Vol.22 No.4

Condition-based maintenance on wind turbines not only involves maintenance, but also encompasses servicing, inspection, measurement and evaluation of the condition of the unit. The current condition can be evaluated on the basis of machine-specific overall vibration values. Until now, overall vibration values had not been defined for wind turbines. In fact, ISO 10816-3 explicitly excludes wind power plants. The new VDI 3834 closes this gap shown in Sheet 1: Vibration values for wind turbines up to 3 MW. In addition to the new VDI 3834 is the ISO 10816-21 in preparation. The author of the article Dr. Edwin Becker is the nominated expert for Germany.

Low-Scale Expression and Purification of an Active Putative Iduronate 2-Sulfate Sulfatase-Like Enzyme from Escherichia coli K12

Edwin David Morales-Álvarez,Claudia Marcela Rivera-Hoyos,Angélica María Baena-Moncada,Patricia Landázuri,Raúl A. Poutou-Piñales,Homero Sáenz-Suárez,Luis A. Barrera,Olga Y. Echeverri-Peña 한국미생물학회 2013 The journal of microbiology Vol.51 No.2

The sulfatase family involves a group of enzymes with a large degree of similarity. Until now, sixteen human sulfatases have been identified, most of them found in lysosomes. Human deficiency of sulfatases generates various genetic disorders characterized by abnormal accumulation of sulfated intermediate compounds. Mucopolysaccharidosis type II is characterized by the deficiency of iduronate 2-sulfate sulfatase (IDS), causing the lysosomal accumulation of heparan and dermatan sulfates. Currently, there are several cases of genetic diseases treated with enzyme replacement therapy, which have generated a great interest in the development of systems for recombinant protein expression. In this work we expressed the human recombinant IDS-Like enzyme (hrIDS-Like) in Escherichia coli DH5α. The enzyme concentration revealed by ELISA varied from 78.13 to 94.35 ng/ml and the specific activity varied from 34.20 to 25.97 nmol/h/mg. Western blotting done after affinity chromatography purification showed a single band of approximately 40 kDa, which was recognized by an IgY polyclonal antibody that was developed against the specific peptide of the native protein. Our 100 ml-shake-flask assays allowed us to improve the enzyme activity seven fold,compared to the E. coli JM109/pUC13-hrIDS-Like system. Additionally, the results obtained in the present study were equal to those obtained with the Pichia pastoris GS1115/pPIC-9-hrIDS-Like system (3 L bioreactor scale). The system used in this work (E. coli DH5α/pGEX-3X-hrIDS-Like)emerges as a strategy for improving protein expression and purification, aimed at recombinant protein chemical characterization,future laboratory assays for enzyme replacement therapy, and as new evidence of active putative sulfatase production in E. coli.

Populismo, Desarrollismo y “Problema Indígena” en Bolivia y Ecuador

Edwin Cruz Rodriguez 한국라틴아메리카학회 2012 라틴아메리카연구 Vol.25 No.4

In the mid-twentieth century, nation-building projects arose in Bolivia and Ecuador based on the concept of "miscegenation." This paper studies how such projects articulated nationalist visions of indigenous race. In both cases the aim was to include the indigenous peoples within the nation, conceived as a peasant and mestizo amalgam. However, the implemented policies of agrarian reform, generated trials with paradoxical consequences. Instead of transforming indigenous peoples into mestizo peasants, they made possible the affirmation of their ethnic identity, their self-organization and participation in the national political arena. In this article, I first analyze the political process by comparing the ideals of mestizo nationhood in Bolivia and Ecuador. Then, I examine the land reform and its unintended effects as well as the origins of indigenous movements.

Welcoming Remarks for the International Conference on “The Future of the Korean Peninsula: Unification or Perpetual Division”

Edwin J. Feulner 한반도선진화재단 2013 한반도선진화재단 기타 단행본 Vol.- No.-

Clinicopathological, Biochemical, and Sonographic Features of Thyroid Nodule Predictive of Malignancy among Adult Filipino Patients in a Tertiary Hospital in the Philippines

Edwin Jadulco Cañete,Cherrie Mae Sison-Peña,Cecilia Alegado Jimeno 대한내분비학회 2014 Endocrinology and metabolism Vol.29 No.4

Background: Thyroid nodules may harbor cancer in 5% to 15% of cases. Specific clinical and sonographic features predictive of malignancy have been investigated in various populations, but due to differences in epidemiology, risk factors and iodine nutrition status, these predictors may not be valid in the Philippines. This study determined the clinicopathological, biochemical, and sonographic features of thyroid nodules predictive of malignancy among adult Filipino patients at the University of the Philippines-Philippine General Hospital (UP-PGH). Methods: We reviewed the medical records of Filipino patients ≥19 years of age who underwent thyroid surgery in UP-PGH from 2008 to 2011. Results: A total of 837 of 1,670 patients (50.1%) were enrolled in the study, which included 417 benign and 420 malignant tumors. The mean age at diagnosis was 38±11 years, with female predominance. Multiple logistic regression analysis showed that the presence of a hard or firm nodule (odds ratio [OR], 58.8, P<0.001; OR, 12.8, P<0.001), presence of microcalcifications (OR, 11.1; P<0.001), irregular margins on ultrasound (OR, 4.5; P<0.001), and absence of associated symptoms (OR, 2.3; P<0.002) increased significantly the likelihood of thyroid malignancy. Conclusion: Similar to international data, the absence of associated symptoms, firm to hard thyroid nodules, and the presence of microcalcifications and irregular margins were significant predictors of thyroid malignancy.

Effects of Electroacupuncture and Electroacupuncture Plus Tao Hong Si Wu Wan in Treating Primary Dysmenorrhea

Edwin Yong Miao,Miranda Yi-mo Miao,Daniel George Kildea,Yi-Wen Lao 사단법인약침학회 2014 Journal of Acupuncture & Meridian Studies Vol.7 No.1

This study investigated the efficacies of electroacupuncture and electroacupuncture combined with Tao Hong Si Wu Wan in treating primary dysmenorrhea and compared the results with those obtained using conventional medical treatment. One treatment group, group 1, was administered Tao Hong Si Wu Wan (2625 mg) while the other, group 2, was administered a placebo (2625 mg) twice daily for 3 months. Electroacupuncture was used in both treatment groups: two sessions per menstrual cycle for three menstrual cycles. The reference group, group 3, was administered ibuprofen, 600 mg, twice daily, for five menstrual cycles. Uses of the herb, placebo and ibuprofen were blinded. A ridit analysis was used for testing and interpreting the effects of treatment. Pain intensity was determined using a qualitative grading method in a blinded manner. The ridit scores in groups 1 and 2 were significantly higher than those in reference group immediately after treatment and three months later. Twelve months after the treatment, group 1 had a higher ridit score than group 2. In comparison to the reference group, groups 1 and 2 achieved better menstrual pain relief both immediately and 3 months after treatment. In addition, group 1 had better long-term pain relief than group 2.

Crash Simulation of Roll Formed Parts by Damage Modelling Taking Into Account Preforming Effects

Edwin T. Till,Benjamin Hackl,Hermann Schauer 한국소성가공학회 2011 기타자료 Vol.2011 No.8

Complex phase steels of strength levels up to 1200 ㎫ are suitable to roll forming. These may be applied in automotive structures for enhancing the crashworthiness, e. g. as stiffeners in doors. Even though the strain hardening of the material is low there is considerable bending formability. However ductility decreases with the strength level. Higher strength requires more focus to the structural integrity of the part during the process planning stage and with respect to the crash behavior. Nowadays numerical simulation is used as a process design tool for roll-forming in a production environment. The assessment of the stability of a roll forming process is quite challenging for AHSS grades. There are two objectives of the present work. First to provide a reliable assessment tool to the roll forming analyst for failure prediction. Second to establish simulation procedures in order to predict the part’s behavior in crash applications taking into account damage and failure. Today adequate ductile fracture models are available which can be used in forming and crash applications. These continuum models are based on failure strain curves or surfaces which depend on the stress triaxiality (e. g. Crach or GISSMO) and may additionally include the Lode angle (extended Mohr Coulomb or extended GISSMO model). A challenging task is to obtain the respective failure strain curves. In the paper the procedure is described in detail how these failure strain curves are obtained using small scale tests within voestalpine Stahl, notch tensile?, bulge and shear tests. It is shown that capturing the surface strains is not sufficient for obtaining reliable material failure parameters. The simulation tool for roll-forming at the site of voestalpine Krems is Copra® FEA RF, which is a 3D continuum finite element solver based on MSC.Marc. The simulation environment for crash applications is LS-DYNA. Shell elements are used for this type of analyses. A major task is to provide results of the roll forming simulation as initial conditions for the crash model, taking over the shell thickness, the variation of the plastic strain and the damage parameter over the profile. This is realized by a python [13] interface program. Profiles are manufactured by the roll forming facility in Krems with a complexphase steel grade of 980 ㎫ strength. The final samples are manufactured using the profiled parts with cover plates fixed to them by spotwelds. Axial crash experiments are carried out using the inhouse horizontal crash test facility. It is observed that the component shows good folding behavior with some minor failure sites at edges where there is extensive forming during roll-forming. Simulation runs are made with LS-DYNA using the GISSMO damage model. The results match reasonably well with the experimental results. The simulation tool seems to be useful in order to assess not only the integrity of the roll-forming process but also to adequately predict the crash behavior of roll-formed components. Some suggestions are made in order to improve the simulation of the evolution of damage after initiation in the future.

Modeling Water Balance for the Small-Forested Watershed in Korea

Edwin A. Combalicer,Sang Ho Lee,안수정,김동엽,임상준 대한토목학회 2008 KSCE JOURNAL OF CIVIL ENGINEERING Vol.12 No.5

In this paper, the water balance of the 15-ha forested watershed in the southern part of Korea was evaluated to determine the model performance and the fractions of precipitation that become streamflow, evapotranspiration, and ground water flow. The BROOK90 model, a lumped hydrologic simulation model, was calibrated and used for the water balance analysis. Results showed that the model efficiency performance of r2 and Nash-Sutcliffe were fitted quite well over the observed and simulated streamflow values. The water balance investigation showed that about 46 percent of the annual precipitation released as evapotranspiration, 39 percent as streamflow, and 15 percent for the seepage loss. The BROOK90 model was significantly correlated as compared to the PART and WHAT system programs in terms of ground water flow simulation. In particular, it can be asserted that the partitioned amount of water varied from one component to another as affected by seasonal variations, canopy, soil, and drainage flow characteristics.