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Monday, September 30, 2019

Analysis of Adidas

POLITICAL FACTORS: Political stability is an important factor in any country for Adidas. Political and regulatory risks include potential losses from expropriation, nationalization, civil unrest, terrorism and significant changes to trade policies . In particular the Adidas Group faces risks arising from sudden increase of import restrictions, charges in the taxation system of a country, minimum wage policy, import tariffs and duties that could compromise the free flow of goods.ECONOMIC FACTORS: Economic growth and interest rates are major factors for any economy in the world, if interest rates are too high and keep rising, then the demand for products will fall, as it makes saving more attractive and borrowing more expensive (Babette & Ferrell et. al 2008). Whereas if interest rates are too low, people are encouraged to spend, as saving isn’t attractive. This means that there is more money going round in the economy and makes goods seem cheaper, which is bad for the economy a s it causes inflation to increase. This is why it is important that interest rates are stable. Taxation, VAT, Inflation, unemployment and per capita income highly affect the company’s profitability.SOCIAL FACTORS: Adidas target market comprises of people from different social backgrounds. The Adidas Group is affected by people’s religion, race, culture, education levels, population, gender, buying habits and lifestyle. Different religions like Hinduism, Islam, Christianity, Judaism and many more have different buying patterns and opinions for any products they buy (Wilson 2005). The Adidas Group has penetrated most countries so all these social attributes play very important roles in deciding the company’s strategy. PEST ANALYSISTECHNOLOGICAL FACTORS Technological advances in things like machinery will have an affect on the Adidas Group. The latest Technology can speed up production, save energy or cut down labour costs. Currently the world has become a small vi llage and the use of the Internet is increasing day by day all around the world, so  Adidas needs to make sure that they keep up-to-date with the Internet all the time. It will help customers to buy online, and help it to advertise online and many other things.

Sunday, September 29, 2019

How reliable is source 5 as a representation of the death of Hattie Carroll?

‘The Lonesome Death of Hattie Carroll', the song by Bob Dylan is both reliable and unreliable in many ways as a representation of her death. During the Black Civil Rights Movement of the time, Dylan was a popular artist and felt strongly about this specific cause. Through his lyrics he spoke out for the oppressed minority. His songs however, did not represent the views of all the black people at the time. Through his lyrics he expressed only his point of view. Therefore, it must be taken into account that there may be bias of some form in some of his works. We must take into account that it is more than likely that Dylan was not at the actual murder scene and therefore his song is a secondary source. We also are not totally sure if Dylan was genuinely concerned about the welfare of the oppressed, or, he was using the situation to boost his own career. Ultimately, these together could be factors for why Dylan wrote and performed â€Å"finger-pointing songs.† I would say that the majority of the motives in his work are honourable but others may think differently. Joan Baez, a folk singer and a Civil Rights activist and, Dylan's girlfriend at the time said of him; â€Å"he never went to marches. One of the ironic things was, 20 years after the fact, people at marches saying, â€Å"Is Bob coming? We heard Bob's coming.† He never went. It wasn't his life and there was no reason he should really because he didn't believe in all that politics stuff.† The contents of the song tell us some of the basic facts about the incident. We know Hattie was murdered by Zanzinger who got a very lenient sentence. Gaps however exist in our knowledge due to the fact that source 5 contains only part of the actual song. Therefore we do not see the full picture surrounding what happened and what actually happened. Dylan puts his lyrics across with a sarcasm and bitterness. This is because Carroll was murdered due to racial discrimination. We are not sure if Dylan was present at the trial and because of this we cannot trust what he is suggesting fully but we can take it for granted that what he is saying is at least partly true. I feel that Dylan's intended audience was universal. He aimed to inform people of the wrong in society and he gave the black Americans hope in their campaign for justice. I can only presume that Dylan wrote this song to make society aware of what was happening to the black people. I also think that the fact that Dylan would gain publicity for his controversy and therefore this may have been a reason for him writing and performing â€Å"finger-pointing songs.† In source 5 we do not gain any insight into Zanzinger's motives for murdering Carroll. Zanzinger's story is not known and because each story has two sides we cannot view the ‘bigger picture.' This source is partly reliable. We know that Dylan had a good reputation as a truthful, genuine artist but it must be acknowledged that the limitations to the song as a representation of the death of Hattie Carroll given the language, tone, motives and the missing part of the source.

Saturday, September 28, 2019

Perinatal Depression In Black Women Health And Social Care Essay

Perinatal depression is defined as depression which has either originated during gestation or one twelvemonth station kid birth. [ 1 ] The overall prevalence of perinatal depression is estimated to be 14.5 % per centum of all the gestations in the United States. [ 2 ] The estimated prevalence of perinatal depression in African American adult females is higher than white adult females. [ 3 ] Perinatal depression is multi factorial. Major hazard factors for perinatal depression are undiagnosed depression in the prenatal period, bing major depressive upset, past history of gestation with post-partum depression. The chief hazard factors hypothesized are low socio-economic position, societal isolation, increased prevalence of confidant spouse force, increased figure of unwanted gestations, increased religionism, cultural factors such as stigma associated with seeking mental wellness services, deficiency of societal support and societal detachment, increased high hazard behaviour such as smoke, alcohol addiction and drug maltreatment during gestation, increased prevalence of HIV/AIDS and self perceived favoritism. Surveies show that African American adult females from interior metropolis countries have GED instruction and a few adult females have a college grade. Unwanted gestation in teenage, deficiency of entree to exigency preventives, and reduced use of abortion services are the causes for higher rates of high school dropouts in these adult females. Food, lodging and occupation insecurities are more frequently seen in adult females from interior metropolis. Odd work hours, deficiency of insurance or under insurance, high strain occupations have inauspicious effects on the wellness of the female parent. Unsafe vicinities and deficiency of supermarkets can restrict the entree to fresh fruits and veggies. Most adult females depend on nutrient casts for their monthly food markets. Low SES Poor Health, Depression Social isolation reported by adult females with perinatal depression. Studies show that most adult females are individual female parents with no fellows or hubbies. Lack of societal support and societal detachment are other societal barriers experienced by these adult females. Lack of cognition on parenting, nutrition, contraceptive method during gestation, services available through plans like Healthy Start, WIC and how to voyage through these systems for wellness attention are the major countries where support services are either losing or non easy available. Many African American adult females are either victims of physical, emotional, sexual or more than one signifier of confidant spouse force. Rape and incest are really normally reported signifiers of sexual maltreatment. Intimate spouse force can ensue in low ego regard and do adult females more prone to depression during gestation. Besides, culprits are more likely to be drug maltreaters and may forcefully expose the adult females to drugs. The unmet demand for exigency preventive in African American adult females is higher than white adult females. The rate of elected abortions in African American adult females is lower than white adult females. The barriers to exigency preventive are cost, deficiency of information about the timing of exigency preventive usage, cultural barriers such as guilt and shame. It is estimated that the prevalence of unwanted gestation in the United States is 50 % . The mean age of maternity in African American adult females is in early 20s versus late 20s and mid 30s for white adult females. Besides of all the uninsured or underinsured female parents, bulk are African American. Surveies suggest that African American adult females prefer psychotherapeutics compared to pharmacotherapy. Black adult females are more likely to go to church than white adult females and they approach spiritual leaders in the church for support. Increased religionism is one of the drive grounds for decreased and less frequent abortions in African American adult females and increased figure of unwanted gestations. Many Orthodox Catholic churches do non approve preventive usage in any signifier and promote abstain merely methods for contraceptive method. Some surveies suggest that using mental wellness is perceived as a societal stigma in African American adult females particularly among Haitians. High hazard behaviours such as smoke and utilizing street drugs during gestation are more prevailing in African American adult females. These adult females are more likely to hold past history of engagement in drug trafficking and many have pending eviction or public-service corporation cuts. It is hard to badger out whether depression caused the usage of drugs or the usage of drugs caused depression. Public Health impact Complications of perinatal depression are placental abnormalcies, self-generated abortions and preeclampsia. Depressed female parents have hapless female parent to child fond regard and chest provender less often. Perinatal depression additions maternal morbidity and decreases overall good being by doing day-to-day life damage. Depressed female parents have increased pre term birth associated with high rates of low births. The babies of down female parents have higher prevalence of perinatal birth complications and more frequent NICU admittances. Some surveies suggest that these babies may confront developmental issues and may non turn to allow percentile for age. As down female parents feed their babies less often, there can be an increased hazard of diarrhoeas due to bottle provenders. Depressed female parent Sick babe Healthy Start Initiative is a federal enterprise to supply mental wellness services for low income African American adult females. hapless referral and usage of mental wellness services Federal degree Including support services for mental wellness Intervention The barriers experienced by the African American adult females can be structural, knowledge based and attitudinal. The structural barriers can run from deficiency of coverage by insurance, inability to pay, inadequate kid attention, transit troubles and distance to go to clinic. The normally seen cognition barriers are deficiency of clip, non cognizing whom to reach, how to put up and assignment, non cognizing what intervention might be the best for oneself. The attitudinal barriers include worrying what others would believe, concerns about effectual aid one can acquire, deficiency of household support for acquiring the intervention and trouble in going motivated to seek intervention. Problem work outing instruction Medicine is impermanent Skills can be used over life clip Negative life events can act upon mental wellness Case directors can play the function of job work outing instruction Administration of BECK trial. Mild to chair depression can be eligible for the job work outing instruction. Severe depression can be provided with engagement interview to assist voyage through mental wellness service Describe job work outing instruction Describe battle interview 0-3-6 Focus groups instance directors, adult females having job work outing instruction, engagement interview Culturally acceptable, more unfastened ended Provides something for everybody Decreases the load on community mental wellness Centres Can better the use of mental wellness services Breast feeding support groups Social support group Policy degree support to develop the instance directors Church based activities Education on contraceptive method Breastfeeding, abortion support groups Weak job work outing accomplishments and life jobs make a individual more prone to depression. There is besides rearward causing, as depression additions, the ability to place and work out job lessenings. Problem work outing accomplishments will authorise the adult females to hold a sense of control on their jobs and utilize them in the hereafter to forestall depression. Problem work outing therapy will assist adult females place their jobs and happen realistic solutions to them. It will besides supply adult females with a systematic problem-solving scheme. & A ; acirc ; ˆ?Engagement interview is an individualised, psychosocial intercession, based on an integrating of rules and techniques of ethnographic interviewing ( EI ) and motivational interviewing ( MI ) . & A ; acirc ; ˆA? This methodological analysis can turn to cultural barriers experienced by low income adult females and offer a curative scheme to prosecute adult females in mental wellness services. The interview is based on unfastened ended inquiries technique and is delivered over 45 to 60 proceedingss to run into the specific demands of the client. The motivational constituents address working with ambivalency. Ethnographic rules on the other manus aid to research in a non judgmental mode the values and experiences of the clients. Recognitions Rosie Munoz-Lopez Xandra Negron Emily Fineberg Barbara Gottlieb 1. Gaynes BN, G.N. , Meltzer-Brody S, Lohr KN, Swinson T, Gartlehner G, Brody S, and M. WC. , Perinatal depression: prevalence, testing truth, and testing results. Evid Rep Technol Assess ( Summ ) , 2005 Feb. 119: p. 1-8. 2. Sit DK, F.C. , Svidergol D, White J, Wimer M, Bish B, Wisner KL, Best patterns: an emerging best pattern theoretical account for perinatal depression attention. Psychiatr Serv. , 2009 Nov. 60 ( 11 ) : p. 1429-31. 3. O'Mahen, H.A. and H.A. Flynn, Preferences and perceived barriers to intervention for depression during the perinatal period. J Womens Health ( Larchmt ) , 2008. 17 ( 8 ) : p. 1301-9.

Friday, September 27, 2019

Burumas Murder in Amsterdam and Duboiss Soccer Empire Essay

Burumas Murder in Amsterdam and Duboiss Soccer Empire - Essay Example She feels that the West should not be cowards in proclaiming their system’s superiority. However, she compels the Muslims to adopt the Western values risk as a counterattack. The author shows that the most radical Muslims are not those who immigrate to Europe but those in the second generation and born in Europe. The most radical Muslims grow up rootless, disaffected and most of them are jobless. In the Book â€Å"Soccer Empire† by Dubois, the author explores the history of French football and illuminates the tangled and great history of the relationship between France and its colonies in Africa such as Algeria, Caribbean, and West Africa. Dubois illustrates the role of sport in the evolution of anti-racism and anti-colonial movements. Dubois explores the relationship between sports clubs and political parties and the manner in which they influence racial equality and act as a channel for collective desires and emotions. The author uses two heroes in the modern French games namely Zidane and Lilian Thuram. Thuram is a hero: a diplomat and a football intellectual. He was born in Guadeloupe and committed to both his birthplace and the values of the French Republic. Thuram campaigns against racism because for him dignity is paramount despite all the provocation. According to Thuram, he does not sing the La Marseilaise when presenting France because he feels that it is mo re significant to feel loyalty instead of showing it. Zidane is Dubois’ antihero character in his book. The players from different origins together with Zidane form a great team and win the World Cup in the year. Dubois illustrates that, the football team has come against racism and overcome it fully because the team is a multicultural composition of people from different origins. The team members forget their differences, work hard together to achieve one common goal. The French society in the

Thursday, September 26, 2019

Canadas Electoral System at the Federal level. Political Participation Essay

Canadas Electoral System at the Federal level. Political Participation in Canada - Essay Example This has not been the situation in Canada. Appointive change has been an exceedingly wrangled about the issue all through Canadian legislative issues. As of now, Canada's appointive framework is being addressed for its powerlessness to mirror the political perspectives of its residents. The single member plurality system (SMP), which Canada utilizes to create a just election, can make agents be chosen without most of the well-known votes. Interestingly, the arrangement of proportional representation disposes of a disparity in parliament synthesis by guaranteeing representation from each gathering that got votes. Despite the fact that this framework would unavoidably bring about minority governments, it would properly take into account the perspectives of the constituents. To create a more successful government, Canada's single member plurality framework ought to be supplanted by an arrangement of proportional representation (PR). Single Member Plurality framework vs Proportional Representation Canada's present single member plurality appointive framework is frequently depicted as a "first past the post† framework. The path, in which this framework capacity works, is that every voter is permitted one vote and the competitor with the most votes (or a majority) gets to be chosen. Then again, proportional representation can be expert through a large number of discretionary strategies. However, for accommodation, we will concentrate essentially on the two most outstanding frameworks: party list framework, and mixed member proportionality. Finally, we will conclude with answering which electoral system would be best for Canada at the federal level?

Feature story base on interview Essay Example | Topics and Well Written Essays - 500 words - 1

Feature story base on interview - Essay Example you are currently placed, if you believe that you have it in you, you are today more likely to fit into the increasingly diverse and inclusive world of PR. In a modern day PR firm you are very prone to find PR teams comprising of generously assorted misfits like self style writers and editors, compilers of cheap record books, university drop outs, techno geeks, part time waiters, blog writers, fitness enthusiasts and what not. It’s a brave new world. A simpleton may construe this to mean that the standards of contemporary PR professionals have deteriorated abysmally. No sir, it is nothing like that. The real thing is that the next generation of PR professionals not only avoid giving in to ego hassles, when it comes to gaining experience, but a grass root level insight into the mass consciousness actually endows them with an eye for value and mass interest. Yet, nobody will advice the likely aspirants to drop on the basics because many acclaimed PR professionals did so. Having a sound academic base and taking care to allay the parental anxieties by securing good grades curtails much unwanted stress and opposition. In fact, doing is more likely to provide you with the much needed emotional support and financial backup, which you will need during the initial years. If the contemporary PR environment defined by multimedia portals and a diverse consumer base has increased opportunities for the newcomers, it has at the same time curtailed the honeymoon periods that the editors could extend to the newcomers. The saving grace is that as in any other vocation, in PR also, some old fashioned values still hold. Young professionals who enter the world of PR because they have a passion for it are more likely to make it, as compared to those who enter, lured by the craze for money. The learning graph is often long and arduous, marked by much bitter criticism, disappointments and ample failures. Therefore, only those who have a real interest, manage to hold on and sustain

Wednesday, September 25, 2019

The Plight of Workers Assignment Example | Topics and Well Written Essays - 1000 words

The Plight of Workers - Assignment Example In the early years of twentieth century there was a massive inflow of immigrants in the United States of America. The poor immigrants were beckoned into America by the alleged abundant opportunities. Upon arrival they provided a reservoir of cheap labor to factories and other businesses. The dilapidated tenements were the abode of choice for many of them. The houses had no clean water or sewerage system. Life in these slums was unbearable.1 Chicago was strategically located with a cattle rearing hinterland. This gave rise to a mammoth meat packing sector which needed thousand of unskilled labor. It was a city of contrast with magnificent buildings owned by the factory owners and the slums housing the laborers. The working condition was akin to slavery and the meat packing process was unhealthy. Apart from the misery in the meat packing factories, the filth and toxics from the factories found their way into the local rivers. The entire macabre situation is captured through the life of an immigrant Lithuanian family. It narrates their struggles to adapt to a new life and a series of misfortune that befalls them in the process. Upon arrival the future looks bright with prospects of getting jobs in the slaughter house.2 The cheer magnitude of the deplorable conditions is not only evidenced by the dilapidated buildings housing the workers but the land upon which the houses are built. It is a waste land reclaimed by filling soil mining pits with garbage resulting to a perpetual stench. Jurgis however, views the idea as a brilliant innovation. This notion depicts a common believe of many immigrants who were buoyed by idea of being in the land of opportunities. Jurgis can not understand the negative altitude of his fellow workers in the slaughter house. But slowly he encounters episodes in his work place and outside which makes him realize all is not well. He realizes pregnant cows are slaughtered for meat against the law and Antana’s dubious job offer. Perhaps the single event that eventually leads to the break up of Jurgis’ family is the attempt to purchase a house. Apart from the difficulties in raising the required amount they discover the contract is fraudulent. The house is worth much less than indicated and there are hidden interest charges. The subsequent financial burden ignites a series of events that eventually shatters the family’s American dream that lured them into America in the first place. All members of the family including children are sent to work in order to keep the family financially afloat. Considering the financial burden the family is facing Ona is silent of her rape ordeal by her boss. Once Jurgis learns of the ordeal he fights Ona’s boss and he is subsequently jailed for thirty days. With the exit of Jurgis the main contributor to their house project, they are evicted. The family suffers anguish and frustration which results to the death of several of the family members. Dejected, Jurgis bec omes a drifter hopping from place to place is search of solace and work. Eventually he returns back to Chicago and embarks on criminal activities. The changed Jurgis intends to hit back to the society against which he is aggrieved. He engages in activities ranging from mugging to rigging of the election. However he fails to improve his fortune through this path until he accidentally stumbles upon a Socialist Party

Tuesday, September 24, 2019

Personal Essay Example | Topics and Well Written Essays - 2500 words

Personal - Essay Example Each of the section also contains background information of each type of services offered by the bank. The financial banks offer several services for the customers and each of them has different importance for different types of customers. The introduction of technology and the fast growth of internet usage have allowed the financial companies to add more value to the customers without much effort. The beginning of internet banking has made it easier for the customers to conduct their banking activities at ease and at their convenience. Although the mode of banking has evolvedbut the overall concept of individual activities are still the same. This paper is focused on the services offered by HSBC bank in their website. It will cover three basic services in details, which are Banking, Borrowing and Investing. The Qatar branch of HSBC will also be covered in this paper. Savings Bank Account:The banking segment of HSBC offers two types of services, savings account and current account. An individual can choose anyone or both types of account depending on his requirements. The savings account allows an individual to accumulate funds and gain interest on it. It helps the individual to save money for future use. Current Bank Account: The current bank account is particularly for business purposes and offers services, which are exclusive to financial activities of a business. It allows the customers to deal with liquid funds, such as deposit funds, withdraw funds, write check, etc. Moreover, the customers can make unlimited transactions in a day (Money, 2015). HSBC Qatar offers three different types of accounts based on the requirement of the customers. They are Basic Current Account, Advanced Current Account and Premier Current Account. Money Transfer: The money transfer facility of HSBC Qatar allows the customer to transfer funds to different accounts. The customers can transfer money to pay bills, send money to

Monday, September 23, 2019

Aristotle and Cicero Understanding of Friendship Research Paper

Aristotle and Cicero Understanding of Friendship - Research Paper Example The same would be done in light of their famous sayings and quotations. Discussion One of the biggest differences between Aristotle and Cicero’s understanding of friendship is the fact that Aristotle has gone on to divide friendship into three categories based on the motivations and predispositions behind the friendship. The first type of friendship, according to Aristotle is friendship based on utility. Elderly people and the ones in the Middle Ages having a common ground would engage in such friendships since the circumstances are such that they are able to derive utility out of their friendship. However, utility is not permanent and as soon as utility vanishes, so does the friendship. The second type of friendship is based on pleasure, which takes place amongst people in the early years and the adult life where they are seeking pleasure and entertainment from the people around them. These friendships do not last for long because as soon as the taste of the people changes, t hey prefer to look for new friends who match their current taste (Price, 1990). However, the third type of friendship based on goodness and virtue where both the friends are virtuous. Their goodness binds each other and hopes the best for his friend. As Aristotle says, â€Å"The best friend is the man who in wishing me well wishes it for my sake.† (Pangle, 2003) These friendships are long lasting and enduring but at the same time difficult to find. The bond between true friends is so strong that that Aristotle has gone to refer that as, â€Å"A true friend is one soul in two bodies† (Stern-Gillet, 1995) Cicero has also endorsed many of these ideas of Aristotle, as it is evident from the following sayings of Cicero. â€Å"For how many things, which for our own sake we should never do, do we perform for the sake of our friends† â€Å"The rule of friendship means there should be mutual sympathy between them, each supplying what the other lacks and trying to benefi t the other, always using friendly and sincere words.† â€Å"A friend is, as it were, a second self† (Cicero & Shuckburgh, 2007) However, when Aristotle defines the highest and the most delightful form of friendship as the one based on goodness and virtue, Cicero has a different dimension for the same. As he says, â€Å"As in the case of wines that improve with age, the oldest friendships ought to be the most delightful† (Cicero, 2006) Cicero shares many similarities in his definition and concept of true friendship but when Aristotle has not mentioned anything but virtue as the prime element of to determine the delight, intimacy and rank of friendship, Cicero believes that, it is the time, which makes the difference in friendship. Quite understandably, over the period, friends develop a greater and more meaningful understanding amongst each other that compliments their friendship (Pangle, 2003). Another distinction between Aristotle and Cicero views on friendship could be the level of importance that they assign to friendship and its existence in the running of society. Cicero says, â€Å"Friendship is nothing else than an accord in all things, human and divine, conjoined with mutual goodwill and affection. â€Å"Thus nature has no love for solitude, and always leans, as it were, on some support; and the sweetest support is found in the most intimate friendship (Price, 1990) Although, Cicero endorses the concept that friendship is present in nature and in fact, nature in itself is a

Sunday, September 22, 2019

The Principles of Morals and Legislation by Jeremy Bentham Essay Example for Free

The Principles of Morals and Legislation by Jeremy Bentham Essay Introduction Jeremy Bentham has written numerous texts but none has had the towering impact on philosophical and legal thinking as his 1789 work titled â€Å"An Introduction to the Principles of Morals and Legislations†. The book spells out a comprehensive theme on the moral and ethical sub structure on which utilitarian philosophy is built.   This is followed by an in depth analysis into the social and legal concerns of crime and punishment. What makes Benthams work extremely useful is the fact that both issues tackled by him have been highly controversial and extremely important topics throughout the modern era and continue to be fiercely debated and dwelt upon to this day. Bentham tackles the principle of utility and aims to link it with the legal verb. To Bentham, society sees highest achievable positive stimulus coupled with the lowest acceptable negative stimulus as something good, or worthwhile. On the other hand, societys perception of bad or corrupt is anything which leads to high negative stimulus and nil amount of positive feeling. These feelings are tangible and intangible, that is, they might be felt through the senses or may leave a mark on his/her soul.   Bentham assumes that these perceptions are integrated into the laws and regulations of a principality and suggests a criterion that calculates the positive and/or negative impact of any decisions flowing from the courts. Bentham identifies the magnitude of the decision, its time scale, its dependability, its qualitative aspects, its fruitfulness, its chastity, and the degree to which it engulfs the stakeholders as the binding tools using which the impact that a certain decision will have can be calculated and on the basis of which the idea of punishment can be studied and its effectiveness as a tool for social correction and betterment can be estimated, including its positive and negative effect on society. Bentham urges law makers and those who interpret of the law to measure the effectiveness of the punishment for it is possible that society, made up of many â€Å"selfs†, may perceive otherwise and the attempt to suppress a negative act may lead to greater manifestation of negativity in the society and its inhabitants. Bentham bases his hypothesis in view of his observation that laws and punishments lacking logic and common sense are not needed as they would lead to society towards greater negativity with far reaching consequences. Bentham then goes on to refute the notion that laws are a product of age, faith, literary compositions, fantasies of the human mind, distaste and fellow feeling. Instead laws, as Bentham sees them, should be constructed by careful examination of the positive and negative stimulus that these prospective laws would have on the society. Rugged Individualism is dangerous for Bentham sees it as a condition where the pursuit of happiness by the self will have adverse effects on those around him, leading to disorder. Thus, laws should be enacted in view of creating the maximum amount of positive stimulus and the lowest acceptable amount of negative feeling in favor of the highest number of people. Analysis Benthams views on the selfs pursuit of positive stimulus is up for scrutiny and synthesis. For Bentham, the self has two primary objectives, being to escape negative feeling and obtain the highest amount of positive feeling. Bentham argues that the pursuit for positive feeling is so strong that the individual self may seem keen to use others as a stepping stone so as to attain it. It is for this reason that Bentham argues against grouping of individuals for these metrics do not hold for long due to the selfs rugged pursuit of individual positive feeling. Thus, by all definitions, the self follows â€Å"utilitarianism†. Bentham banks upon many factors to support his view that humans have certain unique drivers that attempt to spread positivism or negativity amongst those around him. Long lasting political corridors are an example. Bentham makes use of the principles sympathy and antipathy by observing that the self fails to respond to certain actions as it does not feel threatened by them. However, if it does measure these actions in view of the personal effects it may have on itself, its reaction is going to be quite powerful. However, Benthams view of the self as a rigid decision maker on social issues is not without error. By narrowing down to what is right and what is wrong, the external influences on the self are disregarded. Bentham suggests that principle is something that points out some external consideration, as a means of warranting and guiding the internal sentiments of approbation and disapprobation. (Bentham, 75) Thus, the fact that external considerations are the ignition for shaping internal sentiments suggests that morality is also shaped by the environment in which the self resides. It is possible though that moral principle is distasteful. By disagreeing to accept principles, the self returns to its pre civilized state of affairs, that is, returns to its instinct. The tie between the catholic school of thought and the modern day autocratic system of government is explained by Benthams statement that plainness is against the law of human governance as explained by nature itself. To Bentham, both school of thoughts aim to force a code of ethics on the population as a whole, a task which is impossible to begin with. This point is best explained when criticizes using the words though many persons of this class have wielded the reins (sic) of empire, we read of none who have set themselves to work, and made laws of purpose. (Bentham, 73) Bentham goes on and projects a better measure on how to instill ethical considerations into society and improve the standard of governance, both stemming from a monarchist system of government. The Rule of Right under which the royals provided justifications that God had entrusted to them the power to rule was an important issue during Bentham’s lifetime. His theory of Utilitarianism had an answer to all problems of sociology except those arising out of monarchist rule. He argued that when a reformist asked for ethical change in society, the masses responded for this was perceived as something good. Thus, society would be justly governed if the maximum amount of positivism and the lowest amount of negativism would follow from it, Bentham argues that the pursuance of pleasure or positive feeling is paramount to any government. This pursuit of pleasure should extend towards administrative, law making, law enforcement and law making matters. This is evidenced by him saying It is not to be expected that this process should be strictly pursued previously to every moral judgment. (Bentham, 88) By giving thought to the ethical and moral consequences of judicial decision making, Bentham argued for radical reform. Thus, it was possible that simplicity could be sacrificed and ethics kept and thus ensure a fair administrative environment. This would also bring an end to the so called rule of right and its religious fervor.   Thus, Bentham managed to lay the groundwork on which future insight into the field of social morality was constructed. Bentham has a very simple yet powerful explanation to the classification of human positivism or negativism. To him, pleasure and pain are either simple or complex and thus never migrate into other stratifications. The basic observation on the pursuit of happiness and soreness has been termed as very shallow prompting Bentham when he says that â€Å"the simple ones are those which cannot any one of them be resolved into more, (Bentham, 90). Thus, for instance, Benthams remark that the end of the law is to augment happiness is a fair code of administration. (Bentham, 97). However, sometimes safety comes at a cost of pleasure and both sides of the coin are aptly discussed in his book. As the old maxim goes, â€Å"for every dark and light area there is a gray area†. Thus, it was a great feat that Jeremy Bentham managed to break new ground in the study of the origin of the rudiments of the individual’s drive and ethics. He provided a theoretical framework under which it became possible for a government to pursue pleasure for all and regard it as fair administration. While positive stimulus builds character, the probability that good might turn into the opposite s always high and present. Dishonesty has been and continues to be a major issue in governance. Further dwelling upon ways to record these good and bad characters reveals that any government which has positive stimulus at its corner stone ends up being corrupted by the individual’s circumstance. This work by Jeremy Bentham provides a while new insight into the world of ethics. Conclusion The Introduction to the Principles of Morals and legislations by Bentham has formed the sub structure on which the rest of English Utilitarian philosophy is built. It is an important commentary on the principle of utility, theory of action, and the tie between law and morality. Bentham examines morality as a subset of human reaction. The author seeks to enact social reform by trying to bring goal congruence between the interests of the individual and the masses. The history of social reform has not seen a great yet low profile philosopher like Jeremy Bentham. This might be due to the length and width of this draining work. Despite that, his work on utilitarianism has evolved as an important pillar in moral philosophy and his work laid the groundwork for this future development. You have succeeded in understanding the book if one manages to understand utilitarianism, its workings, and how egoism and neutralism converge when viewed in an ethical context. This would help the reader in scrutinizing the theory, internally and externally. However, a thorough reading of this text would ensure that works on this topic by later writers like Mill would seem quite easy to comprehend. Work Cited Bentham, Jeremy. Principles of Morals and Legislation. United States of America: Prometheus Books. ISBN: 0879754346.

Saturday, September 21, 2019

Growth of Venture Capital in India

Growth of Venture Capital in India VENTURE CAPITAL:- Venture capital (also known as VC or Venture) is a type of private equity capital typically provided for early-stage, high-potential, growth companies in the interest of generating a return through an eventual realization event such as an IPO or trade sale of the company. Venture capital investments are generally made as cash in exchange for shares in the invested company. It is typical for venture capital investors to identify and back companies in high technology industries such as biotechnology and ICT (information and communication technology). Venture capital firms typically comprise small teams with technology backgrounds scientists, researchers or those with business training or deep industry experience. VCs also take a role in managing entrepreneurial companies at an early stage, thus adding skills as well as capital . Inherent in realizing abnormally high rates of returns is the risk of losing all of ones investment in a given startup company. As a consequence, most venture capital investments are done in a pool format where several investors combine their investments into one large fund that invests in many different startup companies. By investing in the pool format the investors are spreading out their risk to many different investments versus taking the chance of putting all of their monies in one start up firm. A venture capitalist (also known as a VC) is a person or investment firm that makes venture investments, and these venture capitalists are expected to bring managerial and technical expertise as well as capital to their investments. A venture capital fund refers to a pooled investment vehicle (often an LP or LLC) that primarily invests the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans. Venture capital is also associated with job creation, the knowledge economy and used as a proxy measure of innovation within an economic sector or geography. Venture capital is most attractive for new companies with limited operating history that are too small to raise capital in the public markets and have not reached the point where they are able to secure a bank loan or complete a debt offering. In exchange for the high risk that venture capitalists assume by investing in smaller and less mature companies, venture capitalists usually get significant control over company decisions, in addition to a significant portion of the companys ownership (and consequently value). STRUCTURE OF VENTURE CAPITAL FIRMS:- Venture capital firms are typically structured as partnerships, the general partners of which serve as the managers of the firm and will serve as investment advisors to the venture capital funds raised. This constituency comprises both high net worth individuals and institutions with large amounts of available capital, such as state and private pension funds, university financial endowments, foundations, insurance companies, and pooled investment vehicles, called fund of funds or mutual funds. TYPES OF VENTURE CAPITAL FIRMS:- Depending on business type, the venture capital firm approach differ. When approaching a VC firm, consider their portfolio: Business Cycle: Do they invest in budding or established businesses? Industry: What is their industry focus? Investment: Is their typical investment sufficient for your needs? Location: Are they regional, national or international? Return: What is their expected return on investment? Involvement: What is their involvement level? Targeting specific types of firms will yield the best results when seeking VC financing. The National Venture Capital Association segments dozens of VC firms into ways that might assist you in your search. Many VC firms have diverse portfolios with a range of clients. If this is the case, finding gaps in their portfolio is one strategy that might succeed. ROLES WITHIN VENTURE CAPITAL FIRMS:- Although the titles are not entirely uniform from firm to firm, other positions at venture capital firms include: Venture partners Venture partners are expected to source potential investment opportunities and typically are compensated only for those deals with which they are involved. Entrepreneur-in-residence (EIR) EIRs are experts in a particular domain and perform due diligence on potential deals. EIRs are engaged by venture capital firms temporarily (six to 18 months) and are expected to develop and pitch startup ideas to their host firm. Principal This is a mid-level investment professional position, and often considered a partner-track position. Principals will have been promoted from a senior associate position or who have commensurate experience in another field such as investment banking or management consulting. Associate This is typically the most junior apprentice position within a venture capital firm. After a few successful years, an associate may move up to the senior associate position and potentially principal and beyond. Associates will often have worked for 1-2 years in another field such as investment banking or management consulting. ORIGINS OF MODERN PRIVATE EQUITY:- Before World War II, venture capital investments (originally known as development capital) were primarily the domain of wealthy individuals and families. Today true private equity investments began to emerge marked by the founding of the first two venture capital firms in 1946: American Research and Development Corporation. (ARDC) and J.H. Whitney Company. ARDC was founded by Georges Doriot, the father of venture capitalism to encourage private sector investments in businesses run by soldiers who were returning from World War II. ARDCs significance was primarily that it was the first institutional private equity investment firm that raised capital from sources other than wealthy families although it had several notable investment successes as well. ARDC is credited with the first major venture capital success story when its 1957 investment of $70,000 in Digital Equipment Corporation (DEC) would be valued at over $355 million after the companys initial public offering in 1968. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. THE VENTURE CAPITAL FUNDS IN INDIA:- The concept and origin of Venture Capital, trace its growth, and highlight the venture capital regulations. It has briefly explained about the Chandra Sekhar Committee recommendations, various types of Venture Capital Funds and the venture capital process in India. A simple case on first Venture Capital Fund in India, Technology Development Information Company Of India Ltd., has also developed with concluding remarks. Introduction:- The venture capital investment helps for the growth of innovative entrepreneurships in India. Venture capital has developed as a result of the need to provide non-conventional, risky finance to new ventures based on innovative entrepreneurship. Venture capital is an investment in the form of equity, quasi-equity and sometimes debt straight or conditional, made in new or untried concepts, promoted by a technically or professionally qualified entrepreneur. Venture capital means risk capital. It refers to capital investment, both equity and debt, which carries substantial risk and uncertainties. The risk envisaged may be very high may be so high as to result in total loss or very less so as to result in high gains. THE CONCEPT OF VENTURE CAPITAL :- Venture capital means many things to many people. It is in fact nearly impossible to come across one single definition of the concept. Venture capital is defined as providing seed, start-up and first stage financing and also funding the expansion of companies that have already demonstrated their business potential but do not yet have access to the public securities market or to credit oriented institutional funding sources. The European Venture Capital Association describes it as risk finance for entrepreneurial growth oriented companies. It is investment for the medium or long term return seeking to maximize medium or long term for both parties. It is a partnership with the entrepreneur in which the investor can add value to the company because of his knowledge, experience and contact base. THE ORIGIN OF VENTURE CAPITAL :- In the 1920s 1930s, the wealthy families of and individuals investors provided the start up money for companies that would later become famous. Eastern Airlines and Xerox are the more famous ventures financed. Among the early VC funds set up, was the one by the Rockfeller Family, which started a special fund called VENROCK in 1950, to finance new technology companies. General Doriot, a professor at Harvard Business School, in 1946 set up the American Research and Development Corporation (ARD), the first firm, as opposed to a private individuals, at MIT to finance the commercial promotion of advanced technology, developed in the US Universities. ARDs approach was a classic VC in the sense that it used only equity, invested for long term, and was prepared to live with losers. ARDs investment in Digital Equipment Corporation , 1957 was a watershed in the history of VC financing. While in its early years venture capital may have been associated with high technology, over the years the concept has undergone a change and it implies pooled investment in unlisted companies. MAIN ALTERNATIVES TO VENTURE CAPITAL:- Because of the strict requirements venture capitalists have for potential investments, many entrepreneurs seek initial funding from angel investors, who may be more willing to invest in highly speculative opportunities, or may have a prior relationship with the entrepreneur. Furthermore, many venture capital firms will only seriously evaluate an investment in a start-up otherwise unknown to them if the company can prove at least some of its claims about the technology and/or market potential for its product or services. To achieve this, or even just to avoid the dilutive effects of receiving funding before such claims are proven, many start-ups seek to self-finance until they reach a point where they can credibly approach outside capital providers such as venture capitalists or angel investors. This practice is called bootstrapping. In industries where assets can be securitized effectively because they reliably generate future revenue streams or have a good potential for resale in case of foreclosure, businesses may more cheaply be able to raise debt to finance their growth. Good examples would include asset-intensive extractive industries such as mining, or manufacturing industries. Offshore funding is provided via specialist venture capital trusts which seek to utilise securitization in structuring hybrid multi market transactions via an SPV (special purpose vehicle): a corporate entity that is designed solely for the purpose of the financing. In addition to traditional venture capital and angel networks, groups have emerged which allow groups of small investors or entrepreneurs themselves to compete in a privatized business plan competition where the group itself serves as the investor through a democratic process. Venture capital (VC) arms of companies such as Intel, Cisco, Reliance ADAG, Google and Yahoo are increasing their investments in early stage technology and consumer service start-ups in India. Early Days In the absence of an organised Venture Capital industry until almost 1995, individual investors and development financial institutions played the role of venture capitalists in India. Entrepreneurs have largely depended upon private placements, public offerings and lending by the financial institutions. In 1973, a committee on Development of Small and Medium Enterprises highlighted the need to foster venture capital as a source of funding new entrepreneurs and technology. Thereafter some public sector funds were set up but the activity of venture capital did not gather momentum as the thrust was on high-technology projects funded on a purely financial rather than a holistic basis. REGULATORY GUIDELINES FRAMEWORK:- Later, a study was undertaken by the World Bank, to examine the possibility of developing Venture Capital in the private sector, based on which the Government of India took a policy initiative and announced guidelines for Venture Capital Funds (VCFs) in India in 1988. However, these guidelines restricted setting up of VCFs by the banks or the financial institutions only. Thereafter, the Government of India issued guidelines in September 1995, for overseas investment in Venture Capital in India. For tax-exemption purposes, guidelines were also issued by the Central Board of Direct Taxes (CBDT) and the investments and flow of foreign currency into and out of India have been governed by the Reserve Bank of Indias (RBI) requirements. Further, as a part of its mandate to regulate and to develop the Indian capital markets, the Securities and Exchange Board of India (SEBI) framed the SEBI (Venture Capital Funds) Regulations, 1996. These guidelines were further amended in April 2000 with the objective of fuelling the growth of Venture Capital activities in India. OBJECTIVES AND VISION FOR VENTURE CAPITAL IN INDIA:- Venture capitalists finance innovation and ideas which have potential for high growth but with inherent uncertainties. This makes it a high-risk, high return investment. Apart from finance, venture capitalists provide networking, management and marketing support as well. In the broadest sense, therefore, venture capital connotes financial as well as human capital. In the global venture capital industry, investors and investee firms work together closely in an enabling environment that allows entrepreneurs to focus on value creating ideas and allows venture capitalists to drive the industry through ownership of the levers of control, in return for the provision of capital, skills, information and complementary resources. This very blend of risk financing and hand holding of entrepreneurs by venture capitalists creates an environment particularly suitable for knowledge and technology based enterprises. Scientific, technology and knowledge based ideas properly supported by venture capital can be propelled into a powerful engine of economic growth and wealth creation in a sustainable manner. In various developed and developing economies venture capital has played a significant developmental role. India has the second largest English speaking scientific and technical manpower in the world. The Indian software sector crossed the Rs 100 billion mark turnover during 1998. The sector grew 58% on a year to year basis and exports accounted for Rs 65.3 billion while the domestic market accounted for Rs 35.1 billion. Exports grew by 67% in rupee terms and 55% in US dollar terms. The strength of software professionals grew by 14% in 1997 and has crossed 1,60,000. The global software sector is expected to grow at 12% to 15% per annum for the next 5 to 7 years. Recently, there has also been greater visibility of Indian companies in the US. Given such vast potential not only in IT and software but also in the field of service industries, biotechnology, telecommunications, media and entertainment, medical and health services and other technology based manufacturing and product development, venture capital industry can play a catalytic role to put India on the world map as a success story. WHERE ARE VCS INVESTING IN INDIA? IT and IT-enabled services Software Products (Mainly Enterprise-focused) Wireless/Telecom/Semiconductor Banking PSU Disinvestments Media/Entertainment Bio Technology/Bio Informatics Pharmaceuticals Electronic Manufacturing Retail ISSUES AND CHALLENGES:- Indian Venture Capital yet to be established as a sustainable asset class among institutional investors. Moreover a limited amount of true risk-capital impacts entrepreneurial activity. Exit challenges exist mainly due to shallow capital markets and dull MA environment for small companies. Most importantly, India is yet to create a brand-name for IP-led companies, like Israel has successfully done. THE GROWTH OF VENTURE CAPITAL: A CROSS-CULTURAL COMPARISON The venture capital (VC) industry plays an important role in nurturing entrepreneurship and innovation, and its role varies from country to country. The six countries whose VC industries are analyzed here are the United States and Canada, whose VC industries are mature; Sweden and Denmark, which have established small but successful VC industries; and Israel and Turkey, whose experiences demonstrate the state of the young VC industry in transition economies. The analysis is based on the four main determinants of the VC industry: sources of financing, institutional infrastructure, exit mechanisms, and entrepreneurship and innovation generators. In addition, the special role of VC financing in the biomaterials industry is explained. Understanding the factors that contribute to the emergence of a successful venture capital industry is important for academics, VC associations, policy-making institutions, government agencies, and investors themselves. VENTURE CAPITAL IN INDIA:- In India, the Venture Capital plays a vital role in the development and growth of innovative entrepreneurships. Venture Capital activity in the past was possibly done by the developmental financial institutions like IDBI, ICICI and State Financial Corporations. These institutions promoted entities in the private sector with debt as an instrument of funding. For a long time, funds raised from public were used as a source of Venture Capital. This source however depended a lot on the market vagaries. And with the minimum paid up capital requirements being raised for listing at the stock exchanges, it became difficult for smaller firms with viable projects to raise funds from public. In India, the need for Venture Capital was recognised in the 7th five year plan and long term fiscal policy of GOI. In 1973 a committee on Development of small and medium enterprises highlighted the need to faster VC as a source of funding new entrepreneurs and technology. VC financing really started in India in 1988 with the formation of Technology Development and Information Company of India Ltd. (TDICI) promoted by ICICI and UTI. The first private VC fund was sponsored by Credit Capital Finance Corporation (CFC) and promoted by Bank of India, Asian Development Bank and the Commonwealth Development Corporation viz. Credit Capital Venture Fund. At the same time Gujarat Venture Finance Ltd. and APIDC Venture Capital Ltd. were started by state level financial institutions. VENTURE CAPITAL INVESTMENTS IN INDIA:- The venture capital investment in India till the year 2001 was continuously increased and thereby drastically reduced. It is estimated that there was a tremendous growth by almost 327 percent in 1998-99, 132 percent in 1999-00, and 40 percent in 2000-01 thereafter venture capital investors slow down their investment. Surprisingly, there was a negative growth of 4 percent in 2001-02 it was continued and a 54 percent drastic reduction was recorded in the year 2002-2003. TYPES OF VENTURE CAPITAL FUNDS:- Generally, there are three types of organised or institutional venture capital funds: venture capital funds set up by angel investors, that is, high net worth individual investors; venture capital subsidiaries of corporations and private venture capital firms/ funds. Venture capital subsidiaries are established by major corporations, commercial bank holding companies and other financial institutions. Venture funds in India can be classified on the basis of the type of promoters. VCFs promoted by the Central govt. controlled development financial institutions such as TDICI, by ICICI, Risk capital and Technology Finance Corporation Limited (RCTFC) by the Industrial Finance Corporation of India (IFCI) and Risk Capital Fund by IDBI. VCFs promoted by the state government-controlled development finance institutions such as Andhra Pradesh Venture Capital Limited (APVCL) by Andhra Pradesh State Finance Corporation (APSFC) and Gujarat Venture Finance Company Limited (GVCFL) by Gujarat Industrial Investment Corporation (GIIC). VCFs promoted by Public Sector banks such as Canfina by Canara Bank and SBI-Cap by State Bank of India. VCFs promoted by the foreign banks or private sector companies and financial institutions such as Indus Venture Fund, Credit Capital Venture Fund and Grindlays India Development Fund. VENTURE CAPITAL FUNDING:- Venture capitalists are typically very selective in deciding what to invest in; as a rule of thumb, a fund may invest in one in four hundred opportunities presented to it. Funds are most interested in ventures with exceptionally high growth potential, as only such opportunities are likely capable of providing the financial returns and successful exit event within the required timeframe (typically 3-7 years) that venture capitalists expect. Venture capitalists also are expected to nurture the companies in which they invest, in order to increase the likelihood of reaching an IPO stage when valuations are favorable. Venture capitalists typically assist at four stages in the companys development: Idea generation; Start-up; Ramp up; and Exit There are typically six stages of financing offered in Venture Capital, that correspond to these stages of a companys development. Seed Money: Low level financing needed to prove a new idea (Often provided by angel investors) Start-up: Early stage firms that need funding for expenses associated with marketing and product development First-Round: Early sales and manufacturing funds Second-Round: Working capital for early stage companies that are selling product, but not yet turning a profit Third-Round: Also called Mezzanine financing, this is expansion money for a newly profitable company Fourth-Round: Also called bridge financing, 4th round is intended to finance the going public process WHAT DO VCS LOOK FOR? Venture capitalists are higher risk investors and, in accepting these risks, they desire a higher return on their investment. The venture capitalist manages the risk/reward ratio by only investing in businesses which fit their investment criteria and after having completed extensive due diligence. Venture capitalists have differing operating approaches. These differences may relate to location of the business, the size of the investment, the stage of the company, industry specialization, structure of the investment and involvement of the venture capitalists in the companies activities. The entrepreneur should not be discouraged if one venture capitalist does not wish to proceed with an investment in the company. The rejection may not be a reflection of the quality of the business, but rather a matter of the business not fitting with the venture capitalists particular investment criteria. Often entrepreneurs may want to ask the venture capitalist for other firms that might be interested in the investment opportunity. VENTURE CAPITAL IS NOT SUITABLE FOR ALL BUSINESSES, AS A VENTURE CAPITALIST TYPICALLY SEEKS : Superior Businesses:- Venture capitalists look for companies with superior products or services targeted at large, fast growing or untapped markets with a defensible strategic position such as intellectual property or patents. Quality and Depth of Management:- Venture capitalists must be confident that the firm has the quality and depth in the management team to achieve its aspirations. Venture capitalists seldom seek managerial control, rather they want to add value to the investment where they have particular skills including fund raising, mergers and acquisitions, international marketing, product development, and networks. Appropriate Investment Structure:- As well as the requirement of being an attractive business opportunity, the venture capitalist will also seek to structure a deal to produce the anticipated financial returns to investors. This includes making an investment at a reasonable price per share (valuation). Exit Opportunity:- Lastly, venture capitalists look for the clear exit opportunity for their investment such as public listing or a third party acquisition of the investee company. Once a short list of appropriate venture capitalists has been selected, the entrepreneur can proceed to identify which investors match their funding requirements. At this point, the entrepreneur should contact the venture capital firm and identify an investment manager as an initial contact point. The venture capital firm will ask prospective investee companies for information concerning the product or service, the market analysis, how the company operates, the investment required and how it is to be used, financial projections, and importantly questions about the management team. In reality, all of the above questions should be answered in the Business Plan. Assuming the venture capitalist expresses interest in the investment opportunity, a good business plan is a pre-requisite. METHODS OF VENTURE FINANCING:- Venture capital is typically available in three forms in India, they are: Equity : All VCFs in India provide equity but generally their contribution does not exceed 49 percent of the total equity capital. Thus, the effective control and majority ownership of the firm remains with the entrepreneur. They buy shares of an enterprise with an intention to ultimately sell them off to make capital gains. Conditional Loan: It is repayable in the form of a royalty after the venture is able to generate sales. No interest is paid on such loans. In India, VCFs charge royalty ranging between 2 to 15 percent; actual rate depends on other factors of the venture such as gestation period, cost-flow patterns, riskiness and other factors of the enterprise. Income Note : It is a hybrid security which combines the features of both conventional loan and conditional loan. The entrepreneur has to pay both interest and royalty on sales, but at substantially low rates. Other Financing Methods: A few venture capitalists, particularly in the private sector, have started introducing innovative financial securities like participating debentures, introduced by TCFC is an example. VENTURE CAPITALISTS INVESTING IN INDIA:- For a very long time, Silicon Valley venture capitalists only invested locally. However, throughout the years, they expanded their investments worldwide. Most recently, Matrix Partners, a leading American venture capitalist firm, had announced a $150 million India fund, where they will provide internet, mobile, media, entertainment, leisure, and travel services to customers in Mumbai. Sequoia Capital, a Silicon Valley-based VC firm, wanted to take advantage of investing in start-up companies and had acquired West bridge Capital, an Indian firm, for $350 million. It is no wonder that venture capitalist investments in India have risen dramatically within the past few years. From 2005 to 2007, VC investments in India grew from $320 million to about $777 million, respectively. Some important Venture Capital Funds in India:- APIDC Venture Capital Limited , 1102, Babukhan Estate, Hyderabad 500 001 Canbank Venture Capital Fund Limited, IInd Floor, Kareem Towers, Bangalore Gujarat Venture Capital Fund 1997, Ashram Road, Ahmedabad 380 009 Industrial Venture Capital Limited, Thyagaraya Road, Chennai 600 017 Auto Ancillary Fund Opp. Signals Enclave, New Delhi 110 010 Gujarat Venture Capital Fund 1995 Ashram Road Ahmedabad 380 009 Karnataka Information Technology Venture Capital Fund Cunningham Rd Bangalore India Auto Ancillary Fund Nariman Point, Mumbai 400 021 Information Technology Fund, Nariman Point, Mumbai 400 021 Tamilnadu Infotech Fund Nariman Point, Mumbai 400 021 Orissa Venture Capital Fund Nariman Point Mumbai 400 021 Uttar Pradesh Venture Capital Fund Nariman Point, Mumbai 400 021 SICOM Venture Capital Fund Nariman Point Mumbai 400 021 Punjab Infotech Venture Fund 18 Himalaya Marg, Chandigarh 160 017 National venture fund for software and information technology industry Nariman. DHFL VENTURE CAPITAL INDIA PVT LTD:- DHFL Venture Capital India Pvt. Ltd. (DVCI) provides advisory, managerial and consultancy services to Venture Capital Funds, Venture Capital Managements and Venture Capital Undertakings, related to Indian Real Estate. DVCI is promoted by Dewan Housing Finance Corporation Limited (DHFL), Indias premier second largest housing finance company in the private sector. The Company is presently providing investment management services to DHFL Venture Capital Fund. DHFL Venture Capital Fund was launched in Feb 2006, one of the first private equity Real estate funds in India. The fund is registered with Securities and Exchange Board of India. CANBANK:- Canaan Partners (Canaan) is a global venture capital firm focusing on investments in early stage companies in the technology and healthcare sectors. The firms technology group focuses on digital media, communications, enterprise software, semiconductors, and cleantech. The healthcare group focuses on biopharmaceuticals, devices, and diagnostics. Founded in 1987, the firm has offices in Menlo Park, California; Westport, Connecticut; Gurgaon, India; and Herzliya, Israel. Since inception, Canaan has raised eight funds to date and as of 2009 manages $3 billion in capital. Canbank Venture Capital Fund Ltd (CVCFL) is a wholly owned Subsidiary of Canara Bank. Canbank Venture Capital Fund is Indias First and Only Public Sector Bank sponsored Venture Capital Fund, set up in 1989. The Fund is registered with SEBI. Four Venture Capital Funds with an aggregate corpus of around INR 1200 Million launched till date. The portfolio investments are spread across diverse industrial segments. A Case on Technology Development Information Company Of India Ltd. TDICI was incorporated in January 1988 with the support of the ICICI and the UTI. The countrys first venture fund managed by the TDICI called VECAUS ( Venture Capital Units Scheme) was started with an initial corpus of Rs.20 crore and was completely committed to 37 small and medium enterprises. The first project of the TDICI was loan and equity to a computer software company called Kale Consultants. Present Status: At present the TDICI is administering two UTI -mobilised funds under VECAUS-I and II, totaling Rs.120 crore. the Rs.20 crore invested under the first fund, VECAUS-I, has already yielded returns totaling Rs. 16 crore to its investors. Some of the projects financed by the TDICI are discussed below. MASTEK , a Mumbai based software firm, in which the TDICI invested Rs.42 lakh in equity in 1989, went public just three ye

Friday, September 20, 2019

Biometric Technologies: Advantages and Disadvantages

Biometric Technologies: Advantages and Disadvantages Abstract There have two aims of this project. Firstly is to provide an objective analysis of available biometric technologies, to identify their strengths and weaknesses and to investigate a broad range of application scenario in where biometric techniques are better than traditional recognition and verification method. Another aim is to develop a product. Now a day most of the online banking and financial organization are trying to convert their existing online banking in open source Java or in some other open source platform, so that it could be more reliable, secure and difficult for the hacker to hack such open source management system. Most of the systems are still using the login ID and password typing functionality which is not secure at all as anybody can steal password by using a hidden Keystroke logger or like this sort of software and another problem is user need to remember so many password and user ID for different web services. From a statistical observation it found that more than 70% people write down their Username and password, which can be stolen, lost and can be misuse by others. If the organizations could integrate secure fingerprint or any other biometrics built in functionality then it could be more secure, reliable, easier and hassle free for the user. To get ride from such problem I have tried to develop such a model of secure web service integrating with fingerprint recognition where users no need to remember or insert anymore user name or password. Although there has lots of password replacement fingerprint software available in the market but as my knowledge such software doesnt work for completely platform independent (Java based) secure web service. I have used platform-independent Java 2 Platform Enterprise Edition (J2EE), Netbean, Jboss server, sql data base and open source bio-sdk to develop this model. Preface Although this web service has integrated only with the fingerprint functionality due to limitations of hardware and other resources but in here has critically investigate about the strengths and the security hole of other biometric functionality, so that in future such biometrics functionality can be imply. Another constraint with regard to this report is time. To provide more strength and security for that system, many features could be added like development of better algorithm to fix the security hole of the fingerprint software. To cope with the time changes are an inevitable part of the software or web service development but many have been entirely avoided in this case as they would not have added any value to the principal purpose of this project. Problem Areas for that Project Biometrics is a young technology, therefore relative hardware is not that available in the local market and they are so expensive to buy personally. Unfortunately there is no biometrics hardware in the CMSs hardware lab. As well as there is no biometrics software or equipment. It was requested to buy some hardware for this thesis purpose but unfortunately the university was not agree to buy or manage anything which is related to biometrics. Many companies of this biometrics fields were requested personally to help or give information regarding their product but they denied for the marketing reason. There was no biometrics related books in the university library. Moreover the library was unable to provide. So without any technical and theoretical support it was really hard to gain new idea and to make a new product which is related to the biometrics. Some biometrics hardware has been bought personally for this thesis. With the extraordinary help, advice and encourage from the supervisor this work has been done. Section One: Background Literature of Biometrics Chapter 2: Background Literature of Biometrics Now a day biometrics is a well known term in the information technology. The origin of the word biometrics comes from Greek language. Bio means life and metrics means measurement. So the biometrics is related to the measurement of a living thing. But in the information technology it means an automated process where a human is recognised or identified using his/her physiological or behavioural characteristics. The specific physiological characteristics is collected, quantified, measured, compared with the previous stored characteristic and decided. So it is the process for the identification not any innovation. 2.1 A short history of biometrics: In the normal life a person has been recognised or identified based on face, body structure, height, colour, hair etc. So in that sense the history of biometrics identifiers or characteristics is as old as mankind history. In the ancient East Asia, plotters used their fingerprint on their products which is the identification of individual. In the ancient Egypt the people use some characteristics such as complexion, eye colour, hair, height to identify trusted traders. But for a long time biometrics had not been considered as a field of study. At the late 1880, the biometrics gained the interest as a field of study. The credit was Alphonse Bertillon who was an anthropologist and police clerk. He was tried to identify convicted criminal to others. He first discovered and mentioned that some physical measurement of an adult human is invariant of time. These combinations of measurements are different to human to human. So these measurements can be used to recognize an individual from other (Scottish Criminal Record Office, 2002a). His theory was known as Bertillonage or anthropometry. That time his theory was appreciated and thought to be well established. The main measurements which he suggested are given in the picture 2.1. But in the year 1903, it was found that his theory was wrong for the identical twins. That time an identical twin was found, according to his theory they are single person. So the new theory or new characteristics were looking for the identification. It was said that Sir Edward Henry was the first who interested on finger print for the purpose of identification. He was an Inspector General of Bengal police. In 1986, he ordered to record the prisoners fingerprint as an identification measurement. He tried to introduce the classification system of the fingerprint. In the year 1901, Sir Henry was joined as Assistant Commissioner of the Scotland Yard. After then a finger print bureau was established. That time the failure of the anthropometry system made the finger print system well known. Finger print system was started to use for the purpose of identification of a person. The system is used as same way still today. Automated system to read finger print was first introduced in the early 1970s. The first finger-print measurement device was first used in 1972 which was known as Identimeter. This device was used at Shearson Hamil named Wall Street Company. The purpose of this device was time keeping and monitoring. Day after day the interest of this biometric system was increased. The decrease of the hardware cost of the computer and improvement of the algorithm increase the research of the biometrics. 2.2 Biometric characteristics: 2.2.1 General requirements for a characteristic using as a biometric identifier: In the biometric history section, it has been discussed that several characteristics were consider as an identifier of human. But many of them were rejected. According to the Amberg 2003, if a characteristic can be considered as an identifier for the biometric purpose then it should mitigate some requirements such as university (Every human should have that characteristics), uniqueness (That characteristic should be different person to person), permanence (that characteristic should be permanent) and collect ability (that characteristic should be able to collect and that should also be measurable). There are some additional requirement can be applied with a these requirement such as performance (It accuracy should be high, it should need minimum resources), acceptability (it should be accept everywhere and it should also be acceptable to the future users), fraud resistance (It should have higher security level and can be resistance to fraudulent), cost effective (it users benefit sho uld be many times higher then its using cost). 2.2.2 Classification of the characteristics which can be used as biometric identifiers: Biometrics characteristics or identifiers can be categorized into two groups. They are Physiological type and Behavioural type. Physiological type: This type of characteristics is related to human body or anatomy. Finger print reading, DNA analysis and face of individual which are frequently used as biometric identifiers of this type. The use of retina and the iris will be prospective future. This type pf characteristic can be divided as genotype and phenotype. A group of people can have the same genotype characteristics. Blood group, DNA analysis these are the two most commonly used genotype characteristics. In contrast to genotype characteristics, phenotype characteristics can be having only single individual, so this type of characteristics is different from person to person. Finger print, retina and iris are this type of characteristic. Behavioural Characteristics: This type of the characteristic is related to human behaviour. Signature is the most commonly used characteristics of this type. Human voice analysis and key stoke is another two characteristics which are now also be used. This kind of characteristics is the indirect measurement of the human body. This type of characteristics has been learned or trained; therefore these can be different from time to time. But when a human reach in a certain age, the change of behaviour is negligible, therefore these type characteristic used as identifiers. In the 2.2 the frequently used biometrics characteristics have been shown. 2.2.3 Contrast of the biometrics characteristics: A contrast of biometrics characteristics has been given in the table 2.1. Table 2.1: A contrast of the biometrics characteristics (Jaine et al. 1999) From the table 2.1, it has been said that the physiological characteristics have the better performance then the behavioural characteristics. From the table 2.1, it has also been seen that some biometrics trait can be regarded more universal, unique and permanent then the other. Such as Iris, DNA, body odour and finger print. But the Iris, DNA and body odour are promising, they need future research and Experiment. Their cost is high, so they are not cost effective. So, now in present the finger print is one of the most accepted biometric traits. 2.3 Establish Identity Now a day society has been changed significantly. In the past, everyone of a community knew everyone. But now a day, globalization has been changed the situation. Peoples are now interconnected electronically. They are mobile all around the world. So establishing identity is one of the most important task. 2.3.1 Resolving identity of an individual: There are two fundamental problems occurs for this purpose. They are authentication and identification. Authentication problem: This problem is also known as verification. This problem arises to confirm or denied anyones claimed identity. When any person claimed an identity then this operation process required a comparison. The comparison occurs between submitted biometric samples and the stored samples for the claimed identity. This process is called a ‘one to one comparison. For an example an ATM (automatic teller machine) can be considered. For ATM machine the authentication problem has been solved in a two stages process. First stage is to possess a valid ATM card. The second stage is to know the PIN (Personal Identification Number). If anyone know the other persons PIN and possess his/her correspondence ATM card then that person can claimed the identity of the original ATM card owner identity. This kind of fraud activities have been increasing day after day. According to Jain Et Al, 1999, In 1996 ATM associated swindle activities valued in USA 3 billion US dollar. In the oth er hand biometrics system promotes a system which can overcome this authentication problem. Recognition problem: This is also known as identification problem. This problem occurs when a person has been identified from a set template of database. In this problem the persons data has been compared against the data from the database. It is ‘one to many system. An example would help to clear the concept. To identify a criminal a law enforce officials some time lifted finger print or other data from the crime scene. After then they compare the data with the stored data of known criminal. By this way they might be able to identify the criminal. According to the UK Biometrics Working Group (2002), all the biometric matters does not included in the title of verification and identification. Therefore three more pair of terms has been introduced. These three pairs are (1) Positive claim of identity and negative claim of identity, (2) Explicit claim of identity and implicit claim of identity, and (3) Genuine claim of identity and imposter claim of identity. Positive claim of identity is also known as positive identification. In this process the claimed persons identity should have to be enrolled before and known to the system. An example would help to realize the process. An online email account customer enters his or her login name and password into the system, the system compared the combination of these two against a set of data where customer data has been stored before. If the combination of the login name and password has been matched then the user has been verified. The process needs only the login and pass word nothing else. So the email provider does not know who is actually using the account. Negative claim of identity has been known as negative identification. In this process the claimed persons identity has not been stored before. So the claimed person can enters only one time, after entering his/her identity has been stored in the system and he or she cannot enters again. Such kind of example is American Social Security. According to the Jain Et Al, 1999, around a billon of US dollar has been taken away annually by using multiple identities from the social security welfare in USA. In the case of Explicit Claim of Identity, a person unambiguously declares his identity to the system. The claim may be negative claim or positive claim. His/ her submitted identity has been compared with the stored data in one to one comparison. (One to one comparison has been described in the authentication section). Using ATM card is an example of the positive explicit claim of identity. To realize the negative explicit claim of identity, consider an air port where the face recognition system has been established. If a passenger is similar to a known terrorist person then the system would raise the alarm. Then the passenger needs to claim the explicit negative claim of identity. So the passengers other identity such as finger print, iris etch has been compared against that known terrorist in one to one basis comparison. Implicit claim of identity can be positive or negative claim. In this process a persons identity has been compared in ‘one to many comparison basis against all stored identities. When anyone claims an honest claim to be himself or herself then it is called the genuine claim of identity (UK Biometric Working Group, 2002). In this case his / her identity has been truly matched with the stored identity. Imposter Claim of Identity is the process where anyone claims to be someone else is deceit or false (UK Biometric Working Group, 2002). In this case submitted identity does not match with the stored identity. 2.3.2 Verification Technique: According to the Mitnick, 2002, the Verification technique can be divided into three types. They are (1) Knowledge based verification technique, (2) Token based verification technique and (3) Biometric based verification technique. Knowledge based verification system: In this process some information has been used, that information is secret (combination of pass word/PIN/Memorable words etc), usually the person of the original identity has been supposed to be acquainted with secret information. People may travel from distance to distance, so that their memorable secret information will be with them. So it can be said that it will be suitable to use from a distance or remote place. But this type of authentication has some serious drawbacks. By using Trojan horses and Spywares a hacker can know the others secret information. Trojan horses and Spy wares are able to send the key stoke as email. So this knowledge based verification is not a secure system. Most of the times people use their known name as secret information for the knowledge based verification system. So, it might be possible for the others to guess. Sometimes people do not change their secret information in the knowledge based verification system for a long time. Their secret information is not secure. Sometimes they keep their initial secret information, so that it might be easy to hack. Many types of hacking methods have been developed such as dictionary attack, Hybrid methods, brute force attack etc. In comparison to other technologies, this is cheap and has a large level of security stage. Token based verification system: In this system the claimed identity person should have something which should be used with the secret information. ATM card is an example of the token based verification system. It can be said that it is more secure then the knowledge based verification process because if the token has been lost or stolen then its user can notify. Biometric verification system: In this system users biometric distinguishing characteristics such as finger print, face, signature, etc have been used which represents the users appearance. These characteristics are moved with the users they are more secure compare to the other two systems. It is quite impossible to use by the unauthorized person. But this system is relatively costly. Actually no system is fully secure. All of the three systems have some serious drawbacks. Secret information can be hacked, unauthorised person can stole the token and use that and it is also possible to copy biometric information and later replay those (Woodward Et Al. 2003). In order to counter these drawbacks, multiple verification systems can be used. ATM card is an example of the combination of knowledge based verification system and token based verification system. If in the future, the iris scanner is available then it will be more secure if iris scanner has been used with the ATM card. 2.4 The components of a general biometric system and their function: A general biometric system can be divided into five subsystems. They are: (1) Data acquisition system, (2) Data transmission system, (3) Signal processing system, (4) Data storage system and (5) Decision making system. In the 2.2 a general biometric system has been shown. Data acquisition system: It has been assumed that every biometric system has two characteristics. They are uniqueness and repeatability. Uniqueness represents that every persons biometric trait is different. It will not be same for the two persons. The repeatability represents that the biometric trait will be same over time. In this acquisition system the sensors measure the users biometric characteristics. These characteristics are said as samples which have definite attributes. The type of presentation and the reader quality can affect the sample qualities. Data Transmission system: Most of the cases the data collection and processing is not at the same location. So there is a one subsystem which function is to transfer the data. In the data transmission system, compression and expansion has been functioned depend on the size of the sample. The standard protocol has been used for compression and expansion. When the facial image has been sent JPEG format has been used. WSQ format has been used for transferring the data of fingerprint and CELP format has been used for the voice. Data processing system: there are three parts of signal processing system. They are: (1) feature extraction section (2) quality control section, and (3) pattern matching section. At the extraction section the appropriate biometric data has been split from the background information of the sample. This process is called segmentation. For an example, in a face detection system facial image has been separated from the wall or other back ground. After the extraction the quality has been checked. If the quality of the data is very poor then another sample has been asked. After this section, the pattern matching process has been started. After then the decision making section. Featured data from the pattern matching section has been stored to the storage section depends on the function of the overall biometric section. Data storage section: From the pattern matching section, some featured of data has been stored as data storage section as template. The main purpose is to compare with the incoming feature. If the overall system is based on one to one matching then the data storage section can be decentralized but if the overall system has been functioned for the one to many matching then the central data base has been needed. Decision making system: Quality score and the matching score have been sent to the decision making section from the processing section. The decision making system decide the sample has been accepted or denied. The policy is specific depends on the system security expectation. If the number of false non match incident has been increased then the number of false match will be decreased. 2.5 Performance of a biometric system: The main focus of a biometric system is to ensure the security where only the authorised used can be accepted and non authorised users are denied. The system processing speed is usually given to less priority. The main considerable factors of a biometric system are mainly described by some terms such as Failure to En-roll Rate (FTE), Failure to Acquire Rate (FTA), False Acceptance rate (FAR), False Rejection rate (FRR), False Match Rate (FMR), False Non Match Rate (FNMR) etc. False Match Rate (FMR): This represents the serious type of fault of a biometric system. This occurs when an authorised users biometric information match to an unauthorised persons identity. In this case the signal processing system produces a high matching score of a non corresponding template. False Non Match Rate (FNMR): In this case the authorised persons biometric features are unable to produce enough high matching score to qualify. This is the opposite of FMR. One of the main reasons of FNMR is partially less quality of the biometric features. Comparison of FMR and FNMR for the different biometric system: The main aim of a biometric security system is to reduce the rate of False Match Rate (FMR). On the other hand if the False Non Match Rate can be reduced then the system will be more fast and reliable. But all the time there is a relationship between FMR and FNMR. In the 2.4, relationships have been shown for different biometric system. Higher False Match Rate (FMR) is not acceptable, but for the low FMR the False Non Match Rate (FNMR) is considerably higher in every system. Failure to En-roll Rate (FTE): Sometimes the biometric system cannot make a valid template for some users. Although biometric characteristics are universal but some case there are differences. For an example for a very low number of peoples finger print cannot be enrolled in the system such person who use their hands aggressively such as construction workers or carpenter. So Failure to En-roll rate is the ratio of the number of the people whose biometric features cannot be enrolled to system to the number of the total person who use the system. In the 2.5 a practical test result has been shown where Failure to En-roll (FTE) has been measured for the different system (Mansfield Et Al.2001). Failure to Acquire Rate (FTA): Sometimes the system cannot acquire data of the desired quality due to the readers/sensors, instrumental problem, environmental problem, noise level of data, background data etc. Simply Failure to Acquire Rate (FAR) represents those biometric sample which cannot get high quality score to go the decision making section. False Acceptance Rate (FAR) and False Rejection Rate (FRR): these two terms are related to the False Match Rate and False Non Match Rate. False Acceptance Rate (FAR) and False Rejection Rate (FRR) are related to the whole biometric system. On the other hand the False Match Rate and the False Non Match rate are related to the single matching process. So in the case of FAR and FRR, Failure to Acquire Rate of the system should be included. According to Mansfield Et Al.2001, relationships can concluded as follow: FAR (Ï„) = (1-FTA) FMR (Ï„) FRR (Ï„) = (1-FTA) FNMR (Ï„) + FTA Here, FAR- False Acceptance Rate Ï„- Decision threshold FTA- Failure to Acquire Rate FMR- False Match Rate FRR- False Rejection Rate FNMR- False Non Matching Rate Each point of the receiver operating characteristics (ROC) curves is corresponded to a definite threshold decision making score which has a particular False Rejection Rate and False Acceptance Rate. For the Forensic purpose, False Rejection Rate should be lowest and for the high security access purpose, False Acceptance Rate should be lowest. Section Two: Biometric Technology 2.1 Physiological Biometric In this section has mentioned about the pattern of fingerprint, hand geometry, pattern of iris, facial, retinal and vascular characteristics as a possible biometric identifier. 2.1.1 Fingerprint Pattern Fingerprint is the oldest, popular and definitely the most widely publicly acceptable mature biometric identifiers. It perfectly meets the necessary criteria for of a biometric identifier like universality, distinctively, persistent and collectability. They are impressions of the friction ridges on the surface of the hand. In the most application and in this thesis as well, the primary concern is focused on the ridges located above the end joints of fingers. However, in certain forensic applications, the area of importance is broader including the fingers, the palm and the writers palm (WOODWARD ET AL. 2003). Since early 1970 Federal Bureau of Investigation (FBI) has initiated extensive research and development efforts on fingerprint identification. Their main aim was to invent an automated fingerprint identification system (AFIS), so that it could be helpful for forensic purposes (RUGGLES 1996). 2.1.1.1 Feature and Technology There are two main elements in fingerprint matching technique: firstly minutiae matching and secondly pattern matching. In the bellows shows regarding the primary technique that analyzes basic minutia types: Macroscopic overview, universal pattern matching, focus on the integral flow of ridges -these could be categorized into three groups: loops, whorls and arches. Every individual fingerprint should be fit into one of these three categories that shown in the bellows Now a day most of the application depends on the minutiae matching. If a fingerprint scan device capture a typical fingerprint image then there could be identify around 30 to 60 minutia patterns. Federal Bureau of Investigation (FBI) has confirmed that it is not possible for two individuals, even for monozygotic twins also to have more than eight common minutiae. For matching minutiae are examine with type, shape, co-ordinate location (x,y) and direction. In the bellows has shown about the automated minutiae matching process based on these attributes: In the above describes a case in where the input image (in left) is trying to match against a stored template (in right). 39 minutiae were detected in the input, while the template contained 42 different minutiae. The matching algorithm identified 36 matching data points. (Source: Prabhakar 2001) In the above , inputted image (in left) has detected 64 minutiae while in the template (in right) contain 65 different minutiae. The algorithm identified 25 completely non-matching data points. There need a scanning or capture device to obtain such images. Since 1970s, lots of researches have been done to develop and improve such devices. As a result optical, capacitive, ultrasonic, thermoelectric, radio frequency and touch less scanners has invented and now a day most of them become less expensive and available in the market. Optical device / scanner: The first method to capture the fingerprint image was the optical scanning technique. Frustrated total internal reflection is the main principle of the operation of such scanner. In that case the finger is placed on the glass platen and illuminated by the laser light. The surface of the finger reflects certain amounts of light depending on the depth of the ridges and valleys and then reflectance is captured by a CCD (charge-coupled device) camera that constitutes of an array of light sensitive diodes called photosites (OGORMAN 1999). The big advantage of such device is they are cheaper among all of the automated biometric devices and also available in the local market. The disadvantage for such device is: it could be easily fooled by impostors. The latent fingerprint left on the scanning surface, its a big drawback of such device as anybody can collect the latent fingerprint image from there to spoof. Optical Scanner â€Å"Digital Persona† has used to integrate the fingerprint scanning support for the product of that project are using popular U.are.U fingerprint recognition systems depicted in the below . In October 2003, the US Department of Defence has chosen digital persona scanner to secure network security at desktops in its offices in Washington, D.C. (digital persona 2009). Capacitive Scanner / devices: since their first appearance in 1990, such devices have become very popular. A capacitive scanner is a solid-state device, which incorporates a sensing surface composed of an array of about 100.000 conductive plates over which lies a dielectric surface. When a user touches the sensor, the human skin acts as the other side of the array of capacitors. The measurement of voltage at a capacitor decreases with the growing distance between the plates. Therefore, the capacitance measured at the ridges of a fingerprint will be higher than the capacitance measured at the valleys. These measurements are then analyzed in a way similar to a sonar scan of the ocean bottom, resulting in a video signal depicting the surface of the fingerprint (OGORMAN 1999). The advantage of capacitive scanners is its very high accuracy rate. Another big advantages that they are much harder to fool than optical scanners since the process requires living tissue. As the users need to touch the silicon chip itself, solid-state scanners are susceptible to electrostatic discharge (ESD). Recent chip designs were specifically developed to withstand high levels of ESD and frequent handling. modern capacitive device manufacturer like Veridicom claims that their chips will survive around 1 million touches (Ryan 2002). Thermoelectric device: It is silicon based. It measures the difference of temperature between the ridges touching the surface of the sensor and the valleys distant from them (OGorman 1999). Although thermal scanning is very promising but it is still an uncommon method. A company named Atmel proponents of this technique. It uses finger sweep method to capture fingerprint in a tiny si