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Purpose: Competitive horse racing is the second largest sport in Great Britain by spectator attendance, employability, and revenue. It is a lucrative yet hazardous sport, with high injury rates, particularly from falls. Clavicular fractures are one of the most common injuries reported, yet their management, especially regarding return to racing, is under-researched. The purpose of this study was to explore the factors associated with the time to return to competition following a clavicular fracture in jockeys competing in Great Britain. Materials and methods: This review of medical records utilised data from the British Horseracing Authority spanning 2011–2018, inclusive. Data included the jockey's age, sex, type of licence, race discipline, location of incident, and fracture management. Descriptive statistics and univariable and multivariable generalised linear models were constructed to analyse the impact of these factors on the time to return to racing. Results: Out of 212 records of clavicular fractures, 169 were analysed. The majority (82.8%) of fractures were managed conservatively, with the remainder requiring surgery. The median time to return to racing was 40 days, with an interquartile range of 34 days. Following a clavicular fracture, the results from the univariable and multivariable models indicated that the management approach, whether the fracture is displaced, and the type of race in which the injury occurred have the greatest influence on extending the time to return to racing. In contrast, professional, conditional and amateur licence types, as well as experiencing the injury at a racecourse, were associated with reduced time to return to racing, which may indicate greater risk-taking behaviour. Conclusion: This study offers unique insights into key medical and contextual factors that influence the time to return to racing among jockeys in Great Britain, contributing to tailoring medical management and return to racing protocols to support jockeys' health and career longevity. Clinicians working within horse racing can use the findings of this study to provide return to racing guidance to trainers, riders and other medical professionals based on the key contextual information reported in this study. [ABSTRACT FROM AUTHOR]

Objective: The objective of the article is to explore the investment decision criteria of venture capitalists (VCs) in the cellular agriculture industry, focusing particularly on the initial screening phase. It seeks to understand the relative importance of various criteria that VCs consider when selecting cellular agriculture ventures for early-stage investment. Research Design & Methods: The research employs a multi-method approach, including expert interviews and a survey-based choice-based conjoint (CBC) experiment. We conducted interviews with investment managers from VC firms, an incubator, and a nonprofit organisation. The CBC experiment involved 44 individual investors, focusing on various investment criteria like entrepreneurial spirit, professional background, and scalability. Findings: The study reveals that in the cellular agriculture sector, investors place the highest importance on scalability, the entrepreneurial spirit of the founding team, and the value-added of the product and technology. Other criteria like the team's track record, proof of concept, degree of competition, and professional background are considered less important. This emphasis on scalability and product value differs from nonindustry-specific studies where team-related criteria often dominate. Implications & Recommendations: For new ventures in cellular agriculture, understanding these criteria can help tailor their investment proposals more effectively. For cellular agriculture investors and policymakers, these insights can assist in benchmarking and shaping policies to support industry development. Recommendations for policymakers include funding open-access R&D and creating critical infrastructure. Contribution & Value Added: This article contributes significantly to the field by applying the conjoint study method in the context of finance, which is relatively novel. This approach offers valuable insights that surpass those obtained from traditional surveys, providing a more nuanced understanding of investment decision criteria. It is one of the first to systematically investigate these criteria in the growing area of cellular agriculture. The findings add a new dimension to the 'jockey (entrepreneur) vs horse (product)' debate in venture capital decisions and offer practical guidance for entrepreneurs and investors in this sector, making it a noteworthy addition to entrepreneurial finance and venture capital studies. [ABSTRACT FROM AUTHOR]

A large proportion of jockeys report symptoms associated with mental health difficulties (MHDs), yet most do not seek help from professional mental health support services. Due to the paucity of literature in this field, this study sought to explore jockeys' barriers to, and facilitators of, help-seeking for MHDs. Twelve jockeys participated in semistructured interviews, subsequently analyzed via reflexive thematic analysis. Barriers to help-seeking included the negative perceptions of others (stigma and career implications), cultural norms (masculinity and self-reliance), and low mental health literacy (not knowing where to seek help, minimization of MHDs, negative perceptions of treatment, and recognizing symptoms). Facilitators to help-seeking included education (exposure to psychological support at a younger age), social support (from professionals, jockeys, family, and friends), and media campaigns (high-profile disclosures from jockeys). Findings are consistent with barrier and facilitator studies among general and athletic populations. Applied recommendations and future research considerations are presented throughout the manuscript. [ABSTRACT FROM AUTHOR]

The purpose of this longitudinal pilot study was to add to the body of research relating to head kinematics/vibration in sport and their potential to cause short-term alterations in brain function. In horseracing, due to the horse’s movement, repeated low-level accelerations are transmitted to the jockey’s head. To measure this, professional jockeys (2 male, 2 female) wore an inertial measurement unit (IMU) to record their head kinematics while riding out. In addition, a short battery of tests (Stroop, Trail Making Test B, choice reaction time, manual dexterity, and visual function) was completed immediately before and after riding. Pre- and post-outcome measures from the cognitive test battery were compared using descriptive statistics. The average head kinematics measured across all jockeys and days were at a low level: resultant linear acceleration peak = 5.82 ± 1.08 g, mean = 1.02 ± 0.01 g; resultant rotational velocity peak = 10.37 ± 3.23 rad/s, mean = 0.85 ± 0.15 rad/s; and resultant rotational acceleration peak = 1495 ± 532.75 rad/s2, mean = 86.58 ± 15.54 rad/s2. The duration of an acceleration event was on average 127.04 ± 17.22 ms for linear accelerations and 89.42 ± 19.74 ms for rotational accelerations. This was longer than those noted in many impact and non-impact sports. Jockeys experienced high counts of linear and rotational head accelerations above 3 g and 400 rad/s2, which are considered normal daily living levels (average 300 linear and 445 rotational accelerations per hour of riding). No measurable decline in executive function or dexterity was found after riding; however, a deterioration in visual function (near point convergence and accommodation) was seen. This work lays the foundation for future large-scale research to monitor the head kinematics of riders, measure the effects and understand variables that might influence them.

This study discusses the analysis of work posture on all activities of workers who produce coco fiber in CV. Sumber Sari is located in Lembengan Village, Jember Regency. The production processes that are currently operating are the jockey, drying, sieving, and pressing processes. Work activities are carried out repeatedly, causing complaints to workers. These complaints arise due to non-ergonomic posture causing pain in several parts of the body felt by workers. The purpose of this study was to determine the level of risk and the percentage of complaints experienced during the production process. The methods used are the Standard Nordic Questionnaire (SNQ) and the Rapid Entire Body Assessment (REBA). The results of the research from the SNQ questionnaire on the manufacture of coco fiber, the body segments of workers mostly experience complaints on the back, waist and thighs. Research using the REBA method has a very high level of risk in jockey, sieving, and pressing workers (A4 and A5). [ABSTRACT FROM AUTHOR]

The purpose of this study was to explore the sources of stress reported by professional jockeys. In total, 15 jockeys participated in semistructured interviews that included apprentice, conditional, and senior jockeys. Reflexive thematic analysis was used to analyze qualitative data that included inductive and deductive approaches. Jockeys reported a wide range of stress sources. Four core themes were identified and categorized as competitive (current form or being in a slump, pressure, horse, injury, opponents, tactical, and race day), racing industry (weight, workload, travel demands, injury concerns, suspension, and facilities), interpersonal (trainer, other jockeys, expectations of others, support networks, and communication), and career stressors (career uncertainty, career opportunities, and transitions). The findings highlight unique stressors to the jockey population, as well as stressors common with other athlete groups. Practical applied recommendations and future research directions are provided. [ABSTRACT FROM AUTHOR]

Unisex sport – where males and females compete directly against each other with no form of differentiation – offers a radical challenge to the norms of sex segregation that contribute to ongoing gender inequality in sport. This article presents findings from an ethnographic study of horseracing events in rural Mexico as an example of the unisex model operating within a wider sociocultural context still characterised by machismo and traditional gender relations. Findings indicate that although horseracing remains a male-dominated sporting space, the presence of women as jockeys, spectators and veterinary professionals is beginning to challenge this. Women's acceptance is contingent on male support and authorisation, and women are often marginalised symbolically and physically, yet their presence illustrates that the unisex model may be an important way of beginning to challenge the masculinisation of horseracing. The study highlights the importance of considering how the wider sociocultural context influences acceptance and experience of the unisex model and steps towards greater gender equality in horseracing and other unisex sports. [ABSTRACT FROM AUTHOR]

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Simple Summary: Racehorses routinely trot over tarmac, artificial and turf surfaces to access gallop tracks and during warm-up exercises. While undertaking these activities, jockeys may assume either a rising or two-point seat position. Understanding how hoof movements vary depending on jockey seating style may have a bearing on safety and stability, and this may vary across surfaces with contrasting fundamental properties, such as hardness and regularity. This study fitted inertial measurement units (IMUs) to the forelimb hooves of six retired Thoroughbred racehorses as they trotted in a randomized order over tarmac, artificial and turf surfaces, with their jockey in rising and two-point seat positions. The IMUs enabled hoof landing, mid-stance, breakover, and swing durations to be calculated, in addition to stride length, for each trial condition. Landing duration was significantly shorter on the tarmac than on the turf and artificial surfaces. Mid-stance duration was significantly longer on the tarmac than on the artificial surface and increased for the two-point seat position. Neither surface nor jockey position affected breakover, but the presence of a jockey increased breakover compared to in-hand exercise. Swing duration was significantly longer on turf compared to the artificial surface. Stride length was significantly shorter on tarmac than on turf, and stride length had a strong positive correlation with speed. Injuries to racehorses and their jockeys are not limited to the racetrack and high-speed work. To optimise racehorse-jockey dyads' health, well-being, and safety, it is important to understand their kinematics under the various exercise conditions they are exposed to. This includes trot work on roads, turf and artificial surfaces when accessing gallop tracks and warming up. This study quantified the forelimb hoof kinematics of racehorses trotting over tarmac, turf and artificial surfaces as their jockey adopted rising and two-point seat positions. A convenience sample of six horses was recruited from the British Racing School, Newmarket, and the horses were all ridden by the same jockey. Inertial measurement units (HoofBeat) were secured to the forelimb hooves of the horses and enabled landing, mid-stance, breakover, swing and stride durations, plus stride length, to be quantified via an in-built algorithm. Data were collected at a frequency of 1140 Hz. Linear Mixed Models were used to test for significant differences in the timing of these stride phases and stride length amongst the different surface and jockey positions. Speed was included as a covariate. Significance was set at p < 0.05. Hoof landing and mid-stance durations were negatively correlated, with approximately a 0.5 ms decrease in mid-stance duration for every 1 ms increase in landing duration (r2 = 0.5, p < 0.001). Hoof landing duration was significantly affected by surface (p < 0.001) and an interaction between jockey position and surface (p = 0.035). Landing duration was approximately 4.4 times shorter on tarmac compared to grass and artificial surfaces. Mid-stance duration was significantly affected by jockey position (p < 0.001) and surface (p = 0.001), speed (p < 0.001) and jockey position*speed (p < 0.001). Mean values for mid-stance increased by 13 ms with the jockey in the two-point seat position, and mid-stance was 19 ms longer on the tarmac than on the artificial surface. There was no significant difference in the breakover duration amongst surfaces or jockey positions (p ≥ 0.076) for the ridden dataset. However, the mean breakover duration on tarmac in the presence of a rider decreased by 21 ms compared to the in-hand dataset. Swing was significantly affected by surface (p = 0.039) and speed (p = 0.001), with a mean swing phase 20 ms longer on turf than on the artificial surface. Total stride duration was affected by surface only (p = 0.011). Tarmac was associated with a mean stride time that was significantly reduced, by 49 ms, compared to the turf, and this effect may be related to the shorter landing times on turf. Mean stride length was 14 cm shorter on tarmac than on grass, and stride length showed a strong positive correlation with speed, with a 71 cm increase in stride length for every 1 m s−1 increase in speed (r2 = 0.8, p < 0.001). In summary, this study demonstrated that the durations of the different stride cycle phases and stride length can be sensitive to surface type and jockey riding position. Further work is required to establish links between altered stride time variables and the risk of musculoskeletal injury. [ABSTRACT FROM AUTHOR]

In this paper, we proposed a new method of evaluating horse ability and jockey skills in horse racing. In the proposed method, we aimed to estimate unobservable individual effects of horses and jockeys simultaneously with regression coefficients for explanatory variables such as horse age and racetrack conditions and other parameters in the regression model. The data used in this paper are records on 1800-m races (excluding steeplechases) held by the Japan Racing Association from 2016 to 2018, including 4063 horses and 143 jockeys. We applied the hierarchical Bayesian model to stably estimate such a large amount of individual effects. We used the Markov chain Monte Carlo (MCMC) method coupled with Ancillarity- Sufficiency Interweaving Strategy for Bayesian estimation of the model and choose the best model with Widely Applicable Information Criterion as a model selection criterion. As a result, we found a large difference in the ability among horses and jockeys. Additionally, we observed a strong relationship between the individual effects and the race records for both horses and jockeys. [ABSTRACT FROM AUTHOR]

Objective Professional jockeys experience high rates of concussion, workplace stress, and poor mental health. The present cross-sectional study, for the first time, concurrently assessed the potential interplay between concussion history and workplace stress with current depression symptoms. Method Seventy-two professional flat-track jockeys (male = 49, female = 23) were grouped based on self-reported concussion history (CG; n  = 56) and those who did not report a concussion history (NCG; total n  = 16). Analyses featured both between (CG vs NCG) and within group (CG only) assessment on self-reported measures of workplace stress and depression symptoms (affect, daily functioning). Results Jockeys in the CG had more symptoms of negative affect than the NCG. This association, however, was nonsignificant after covarying for age, gender, and workplace stress. Higher workplace stress (p  = .005) and gender (p  = .001) were associated with poorer daily functioning after controlling for concussion history (CG vs. NCG) and age. Gender moderated the association between concussion group and poorer daily functioning (β = −18.739, t (71) = −2.924, p  = .005), with the difference between CG and NCG significant for females, but not males (β = 33.648, t (71) = 3.420, p  = .001). Conclusions The findings provide preliminary evidence that previously concussed females may be more likely to report poorer daily functioning than males with a history of concussion, and that workplace stress may reduce the association between a history of concussion and depression symptoms. Prospective studies are required to validate and extend these findings. [ABSTRACT FROM AUTHOR]

The paper proposes a systemic theory of rivalry that addresses a key limitation of past research by articulating how rivalry spreads across levels of analysis and between social domains. Shifting the perspective from what rivalry does to what it prevents from doing, we conceptualize rivalry as a system of relational constraints that extends beyond the level of direct rivals. Using qualitative and quantitative data on the mobility of jockeys in the Palio di Siena (1743–2011), the famous horse race in Siena, Italy, we document relational gaps in the mobility network—career moves that do not occur, even if expected on economic grounds. The analysis shows that rivalry constrains not only the moves to rivals but also to allies of rivals and rivals of allies. The effect becomes stronger over time, attesting that relational constraints persist in developed markets. Our fieldwork reveals that the constraining ability of rivalry is based on conformity to expectations of loyalty and adherence to group identities. The observed relational gaps are pertinent not only to scholarship on rivalry but also to mobility and network research. [ABSTRACT FROM AUTHOR]

There is little information for strength and conditioning, sport science and medical departments to accurately assess the physical characteristics of jockey athletes. The purpose of this study was to draw from the literature to develop a thorough needs analysis of the sport and create a performance model and corresponding physical profiling assessment tool that multidisciplinary departments could utilise to inform their practice, benchmark jockeys for long term physical development, highlight specific deficits to target with accurate training strategies, and create individualised baselines that could be used along with a more comprehensive injury specific return to performance testing battery following injury. A deterministic model was utilised as a framework to develop a jockey performance model and corresponding physical profile assessment tool to accurately assess the underpinning physical characteristics of the sport. The data collected from 2021-2023 (current) is presented for developmental (apprentice and conditional) and professional (flat and national hunt) male and female jockeys, highlighting specific normative scores for each group. The normative database could serve practitioners in the field with regards to Long Term Athlete development for young jockeys entering the profession and highlight specific strengths and limitations in an individual's physical attributes to target with bespoke training interventions. The physical characteristics of jockey athletes could then be further explored against sport specific metrics such as number of winners rode and injury/fall risk, to gain a more comprehensive understanding of the sport and impact physical development may play. Included is an example in-season and off-season weekly training schedule and a strength and energy system conditioning programme for both developmental and professional jockey athletes. [ABSTRACT FROM AUTHOR]

In this paper, we consider a queueing system consisting of two multi-server subsystems that is designed for the service of clients arriving at a system according to a Markovian arrival process (MAP). Arriving clients receive information about the number of clients present in both subsystems and use this information to make a randomized decision to balk (depart without receiving service) or join the system. In the latter case, they also decide which subsystem they would like to join. One subsystem has an infinite buffer, while the buffer of the second subsystem is finite. The service time distribution is exponential in the first subsystem and phase-type in the second subsystem. During the waiting in the chosen buffers, after the random time intervals, each waiting client checks the status of the alternative subsystem. If some server in that subsystem is idle during this epoch, the client immediately leaves the buffer where it has been staying and starts a service in the alternative subsystem. The problem of computing the steady-state distribution of this system is solved. The feasibility of the proposed solution and certain features of the system's behavior are numerically illustrated. [ABSTRACT FROM AUTHOR]

There is a recognized need for objective tools for detecting and tracking clinical and neuropathological recovery after sports-related concussion (SRC). Although computerized neurocognitive testing has been shown to be sensitive to cognitive deficits after SRC, and some blood biomarkers have shown promise as indicators of axonal and glial damage, the potential utility of these measures in isolation and combination for assisting SRC diagnosis and tracking recovery is not well understood. To provide new insights, we conducted a prospective study of 64 male and female professional flat-track jockeys (49 non-SRC, 15 SRC), with each jockey undergoing symptom evaluation, cognitive testing using the CogSport battery, and serum biomarker quantification of glial fibrillary acidic protein (GFAP), tau, and neurofilament light (NfL) using a Simoa HD-X Analyzer. Measures were performed at baseline (i.e., pre-injury), and 2 and 7 days and 1 and 12 months after SRC. Symptoms were most pronounced at 2 days and had largely resolved by either 7 days or 1 month. CogSport testing at 2 days revealed cognitive impairments relative to both non-concussed peers and their own pre-injury baselines, with SRC classification utility found at 2 days, and to a slightly lesser extent, at 7 days. Relatively prolonged changes in serum NfL were observed, with elevated levels and classification utility persisting beyond the resolution of SRC symptoms and cognitive deficits. Finally, SRC classification performance throughout the 1st month after SRC was optimized through the combination of cognitive testing and serum biomarkers. Considered together, these findings provide further evidence for a role of computerized cognitive testing and fluid biomarkers of neuropathology as objective measures to assist in the identification of SRC and the monitoring of clinical and neuropathological recovery. [ABSTRACT FROM AUTHOR]

Low energy availability (LEA) is a key element of the Female Athlete Triad. Causes of LEA include failure to match high exercise energy expenditure (unintentional) or pathological behaviors of disordered eating (compulsive) and overzealous weight control programs (misguided but intentional). Recognition of such scenarios in male athletes contributed to the pronouncement of the more inclusive Relative Energy Deficiency in Sport (RED-S) syndrome. This commentary describes the insights and experience of the current group of authors around the apparently heightened risk of LEA in some populations of male athletes: road cyclists, rowers (lightweight and open weight), athletes in combat sports, distance runners, and jockeys. The frequency, duration, and magnitude of the LEA state appear to vary between populations. Common risk factors include cyclical management of challenging body mass and composition targets (including “making weight”) and the high energy cost of some training programs or events that is not easily matched by energy intake. However, additional factors such as food insecurity and lack of finances may also contribute to impaired nutrition in some populations. Collectively, these insights substantiate the concept of RED-S in male athletes and suggest that a specific understanding of a sport, subpopulation, or culture may identify a complex series of factors that can contribute to LEA and the type and severity of its outcomes. This commentary provides a perspective on the range of risk factors that should be addressed in future surveys of RED-S in athletic populations and targeted for specific investigation and modification. [ABSTRACT FROM AUTHOR]

• We use 20-years of data to test the betting market for gender bias. • We use censored regression modelling to estimate probability of winning a race. • The market is biased: it underestimates the chances of female jockeys winning. • This systematic underestimation of female jockeys is getting worse. Under-representation of women persists in many industries and represents an important area of concern for society. We use a revealed preference approach to test for bias against females in an underexplored environment. Whilst much use has been made of the financial industry to examine how market prices reveal implicit views on the relative productivity of men and women, our setting offers advantages through both volume of data and unambiguity of outcome. Over a 20-year period, the effect of jockey gender on fixed price betting odds was examined in National Hunt racing. Employing censored regression to account for non-finishers we find female jockeys to be underestimated by the UK betting market. Results indicate an increasing trend for underestimation in recent years, despite growing representation and rising performance levels of female jockeys. We conclude that mistake-based discrimination and confirmation bias may be impacting efficiency in the betting market. The market might recognise some improvement in female performance but may be failing to adapt at the speed with which female jockeys are professionalising. [ABSTRACT FROM AUTHOR]

The effect of a jockey's sex on both pari-mutuel betting odds and race outcomes is examined for a three-year sample of North American thoroughbred races. The results reveal that for all races in total, a jockey's sex has no significant impact on the outcome of a race, holding all else constant, including horse quality. However, horseplayers assign a 1.5% higher probability of winning to female jockeys as reflected in their betting behaviour. For the subsample of stakes races, female jockeys are 2% less likely to win, ceteris paribus, but horseplayers do not consider jockey sex to be significant information for these premier races. Thus, the results indicate that horseplayers overestimate the performance of female jockeys in an industry where female jockeys often report significant hurdles to achievement and advancement. We conclude that pari-mutuel betting markets reflect an inefficiency with respect to a jockey's sex and that additional research is needed to uncover the source of this anomaly. [ABSTRACT FROM AUTHOR]

Simple Summary: Jockeys are elite athletes and their performance during a race impacts not only their own injury risk and career longevity but also that of the horse they ride. The physiological parameters and muscle activity of jockeys during trials and races were quantified. This study found that trials act as a segue to race riding, with jockeys experiencing moderate to high-intensity effort during a trial, but using both their legs and (increasingly) arms to dampen horse oscillation. Jockeys riding in races exercise at near maximal physiological potential, using only their legs to dampen horse oscillation in a lower crouched posture than that adopted by jockeys in trials, with their centre of mass (COM) shifted anteriorly. Therefore, the competition (race) level performance demands of the jockey are not only higher than training level demands, but jockeys assume a different riding posture. Achieving race-specific fitness in readiness for competition is important for both horse and jockey safety, performance, and career longevity. Future physical training guidelines should aim to specifically target the physiological demands of race riding which are not addressed by training rides. Physiological parameters and muscle activity of jockeys may affect their fall and injury risk, performance, and career longevity, as well as the performance and welfare of the horses they ride. Therefore, this study aimed to quantify the physiological demands, body displacement, and electromyographic (EMG) activity of twelve jockeys riding 52 trials and 16 professional races. The jockeys were instrumented with heart rate (HR) monitors, accelerometers, and integrated EMG clothing (recording eight muscle groups: quadriceps, hamstrings, gluteal, erector spinae/lower back, abdominal external obliques, abdominal, trapezial and pectoral) which recorded continuously whilst riding. During race day, jockeys rode an average of 5 ± 4 trials and 4 ± 2 races over 2–2.5 h. The trials represented lower intensity cardiovascular demand (~81% HRmax) and Training Impulse (TRIMP) scores (4.4 ± 1.8) than races at maximal intensity effort (~94% HRmax, 7.2 ± 1.8 TRIMP, p < 0.05). Jockey head displacement was similar in trials (5.4 ± 2.1 cm) and races (5.6 ± 2.2 cm, p > 0.05), with more vertical (6.7 ± 2.7 cm) and less medio/lateral (2.3 ± 0.7 cm) and fore/aft (3.7 ± 1.6 cm) displacement for jockeys riding in trials than races (5.5 ± 2.3, 2.8 ± 1.0, 5.6 ± 2.5 cm, p < 0.05). Jockeys in races adopted a lower crouched posture, with their centre of mass (COM) shifted anteriorly, using greater hamstring activation and less upper arm muscle activation than in trials. The differences in riding posture and physiological demands on jockeys riding in a race rather than a trial, highlight the requirement for an off-horse race-specific training programme to improve jockey fitness and performance. Greater jockey stability and coordination will have mutual benefits for both horse welfare and performance. [ABSTRACT FROM AUTHOR]

With its alumnus having founded 1300 VC backed startups since 2006, of which 19 achieved unicorn status (many of whom have been author's students), HBS has been a fertile ground for the startup factory. Tom Eisenmann, Professor of Entrepreneurship at Harvard Business School (HBS) has attempted to unravel the reasons for 90% of start-ups to fail and presented in I The Fail-Safe Startup i . Christensen and Raynor (2003) quoted that only 20% of start-ups funded by venture capitalists (VC) money succeed, 50% end up walking wounded, and the rest fail altogether. [Extracted from the article]