Duening / Hisrich / Lechter Technology Entrepreneurship

Creating, Capturing, and Protecting Value
1. Auflage 2009
ISBN: 978-0-08-092288-1
Verlag: Elsevier Science & Techn.
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 590 Seiten

Recognizing the unique needs of the technology startup, Duening focuses on intellectual property development, funding, and marketing/selling more than other texts in this market. Extensive use of technology examples, case studies, and assignments keeps the book relevant and motivating for engineering students. A full supplements package, including instructor manual and lecture notes, makes it easy to get the course up and running.
* Rich in case studies, examples, and in-chapter elements that focus on the challenges of launching and operating a technology venture
* In-depth examination of intellectual property development, valuation, deal structuring, and equity preservation, issues of most relevance to technology start-ups
* Extensive discussion of technology management and continuous innovation as a competitive advantage
* Addresses the issue of leading, managing, motivating, and compensating technical workers
* More time on the fundamentals of marketing and selling, as these are elements of entrepreneurshipcommonly most neglected by engineers and scientists

Thomas Duening previously was the director of entrepreneurial programs for the Ira A. Fulton Schools of Engineering at Arizona State University. He obtained his undergraduate degree from the University of Wisconsin-Stevens Point and then attended the University of Minnesota, where he received his master's degree in philosophy of science and his doctorate in higher education administration. While completing his Ph.D., Duening was a consultant at Robert S. Banks, Associates, Inc., an international consulting firm serving the electric utility industry. He also has served in many executive positions, including president of U.S. Learning Systems, LLC, vice president for Content Development at Edgia, Inc., and still remains owner and CEO of the consulting firm INSYTE Business Research Group. Before joining ASU in September 2004, Duening successfully launched the Entrepreneurial and Venture Development Center at the University of Houston-Downtown. For nine years, he was the assistant dean for administration, and international and executive programs at the C.T. Bauer College of Business at the University of Houston main campus. Duening is the author of numerous journal articles, and he is the author of 12 books on investing in entrepreneurship, including Technology Entrepreneurship released Aug. 19, 2009.

Autoren/Hrsg.

Duening, Thomas N.

Hisrich, Robert A.

Lechter, Michael A.

Inhaltsverzeichnis

1;Front Cover;1
2;Technology Entrepreneurship;4
3;Copyright Page;5
4;Contents;8
5;Preface;18
6;Acknowledgments;24
7;About the Authors;26
8;PART I: FUNDAMENTALS OF BUSINESS AND ECONOMICS;30
8.1;CHAPTER 1 Fundamentals of Business;32
8.1.1;1.1 What is a Business?;35
8.1.1.1;1.1.1 Business as an Organized Activity;36
8.1.1.2;1.1.2 Business as a Purposeful Activity;36
8.1.1.3;1.1.3 Business as a "Going Concern";37
8.1.1.4;1.1.4 Value;37
8.1.2;1.2 Value and the Market;38
8.1.2.1;1.2.1 Value Creation;38
8.1.2.2;1.2.2 Value Protection;40
8.1.2.3;1.2.3 Value Capture;40
8.1.2.4;1.2.4 Value Proposition;40
8.1.3;1.3 Business and Society;41
8.1.3.1;1.3.1 Business and Social Responsibility;43
8.1.3.2;1.3.2 The Mechanics of a "Going Concern";44
8.1.4;1.4 Business Dynamics;46
8.1.4.1;1.4.1 Change and Competition;46
8.1.4.2;1.4.2 Change and Globalization;47
8.1.4.3;1.4.3 Engineering Creative Solutions;47
8.1.5;1.5 The Future of Business;50
8.2;CHAPTER 2 Fundamentals of Economics in a Global Context;58
8.2.1;2.1 Economic Resources;59
8.2.1.1;2.1.1 Goods and Services;60
8.2.1.2;2.1.2 Resource Allocation;60
8.2.1.3;2.1.3 Product Distribution;62
8.2.2;2.2 Supply, Demand, and Pricing;62
8.2.2.1;2.2.1 Price and Market Equilibrium;63
8.2.2.2;2.2.2 Price and Competition;65
8.2.2.3;2.2.3 Price and Gross Margin;66
8.2.2.4;2.2.4 Inflation;67
8.2.2.5;2.2.5 Price in a Compromised Market;68
8.2.2.6;2.2.6 Interest and the Price of Money;69
8.2.3;2.3 Economic Systems;70
8.2.3.1;2.3.1 Socialism;70
8.2.3.2;2.3.2 Communism;70
8.2.3.3;2.3.3 Mixed Market Economies;71
8.2.3.4;2.3.4 The U.S. Economic System;73
8.2.4;2.4 International Trade;75
8.2.4.1;2.4.1 Exporting and Importing;76
8.2.4.2;2.4.2 Balance of Trade;76
8.2.4.3;2.4.3 Balance of Payments;76
8.2.5;2.5 International Monetary System;76
8.2.5.1;2.5.1 International Monetary Fund;77
8.2.5.2;2.5.2 The World Bank;78
8.2.6;2.6 Elements of Global Trade;78
8.2.6.1;2.6.1 The WTO;79
8.2.6.2;2.6.2 Trade Blocs and Free Trade Areas;80
8.2.6.3;2.6.3 Currency Exchange Rates;81
8.3;CHAPTER 3 Technology Ventures in a Global Context;88
8.3.1;3.1 Globalization and Technology Ventures;90
8.3.1.1;3.1.1 Technology Venture Drivers;91
8.3.1.2;3.1.2 Capital Intensity;92
8.3.1.3;3.1.3 Knowledge Intensity;95
8.3.1.4;3.1.4 Accelerated Pace of Change;96
8.3.1.5;3.1.5 The Network Effect;97
8.3.2;3.2 Value Creation in the Global Economy;101
8.3.2.1;3.2.1 Creating Market Value;101
8.3.2.2;3.2.2 Creating Enterprise Value;102
8.3.2.3;3.2.3 Value Protection in Technology Ventures;104
8.3.3;3.3 Value Capture in the Global Economy;107
8.3.3.1;3.3.1 Capturing Market Value;107
8.3.3.2;3.3.2 Capturing Enterprise Value;109
8.3.4;3.4 Global Market Entry Strategies;110
8.3.4.1;3.4.1 Exporting;111
8.3.4.2;3.4.2 Licensing;111
8.3.4.3;3.4.3 Joint Ventures;112
8.3.4.4;3.4.4 Strategic Alliances;112
8.3.4.5;3.4.5 Trading Companies;113
8.3.4.6;3.4.6 Countertrading;113
8.3.4.7;3.4.7 Direct Ownership;113
9;PART II: LEGAL STRUCTURE AND CAPITAL;122
9.1;CHAPTER 4 Legal Structure and Equity Distribution;124
9.1.1;4.1 Ownership and Liability Issues;126
9.1.1.1;4.1.1 Limited versus Unlimited Liability;127
9.1.1.2;4.1.2 The Extent of Limited Liability;128
9.1.2;4.2 Choice of Legal Structure;130
9.1.2.1;4.2.1 Sole Proprietorship;131
9.1.2.2;4.2.2 General Partnership;132
9.1.2.3;4.2.3 Limited Partnership;134
9.1.2.4;4.2.4 Corporation;137
9.1.2.5;4.2.5 Limited Liability Company;145
9.1.3;4.3 Limited Liability Entities—A Comparison;147
9.1.3.1;4.3.1 Expense;148
9.1.3.2;4.3.2 Shareholder Options;148
9.1.3.3;4.3.3 Taxation;148
9.1.3.4;4.3.4 Profits and Losses;148
9.1.3.5;4.3.5 Partnerships;149
9.1.4;4.4 Equity and Equity Types;149
9.1.4.1;4.4.1 Equity and Stocks;149
9.1.4.2;4.4.2 Common Stock;150
9.1.4.3;4.4.3 Preferred Stock;151
9.1.4.4;4.4.4 Preferred Stock Distributions;151
9.1.4.5;4.4.5 Convertibility;152
9.1.4.6;4.4.6 Participating Preferred Stoch;152
9.1.4.7;4.4.7 Voting Rights;153
9.1.4.8;4.4.8 Founder's Stock;153
9.1.5;4.5 Equity Distribution in the Nascent Venture;154
9.1.5.1;4.5.1 Employee Stock Options;156
9.2;CHAPTER 5 Capital and Deal Structuring;168
9.2.1;5.1 Role of Capital in Technology Ventures;170
9.2.2;5.2 Capital Sources;171
9.2.2.1;5.2.1 Angel Investors;172
9.2.2.2;5.2.2 Venture Capital;173
9.2.3;5.3 Equity and Debt Financing;175
9.2.3.1;5.3.1 Equity Financing;175
9.2.3.2;5.3.2 Costs of Equity Financing;179
9.2.3.3;5.3.3 Debt Financing;180
9.2.3.4;5.3.4 Institutional Lender Requirements;181
9.2.4;5.4 Loan Rates, Payment Methods, and Lender Types;181
9.2.4.1;5.4.1 Small Business Administration Loans;184
9.2.5;5.5 Fund-Raising Tools and Techniques;185
9.2.5.1;5.5.1 Private Placement Memorandum;187
9.2.5.2;5.5.2 Subscription Agreement;187
9.2.5.3;5.5.3 "Elevator Pitch";188
9.2.6;5.6 Alternatives to Debt and Equity Financing;188
9.2.6.1;5.6.1 SBIR Program;188
9.2.6.2;5.6.2 Small Business Technology Transfer Program;189
9.2.6.3;5.6.3 Bootstrap Financing;190
9.3;CHAPTER 6 Exit Strategies for Technology Ventures;200
9.3.1;6.1 Acquisition;202
9.3.1.1;6.1.1 Due Diligence;203
9.3.1.2;6.1.2 The Acquisition Deal;206
9.3.2;6.2 Mergers;207
9.3.3;6.3 Venture Valuation;209
9.3.4;6.4 Going Public;212
9.3.4.1;6.4.1 Advantages of Going Public;212
9.3.4.2;6.4.2 Disadvantages of Going Public;213
9.3.4.3;6.4.3 Timing;215
9.3.4.4;6.4.4 Underwriter Selection;215
9.3.4.5;6.4.5 Registration Statement and Timetable;217
9.3.4.6;6.4.6 The Prospectus;217
9.3.4.7;6.4.7 The Red Herring;218
9.3.4.8;6.4.8 Reporting Requirements;220
10;PART III: INTELLECTUAL PROPERTY AND CONTRACTS;230
10.1;CHAPTER 7 Intellectual Property Management and Protection;232
10.1.1;7.1 Intellectual Property and Technology Ventures;234
10.1.2;7.2 Intellectual Property Protection;234
10.1.2.1;7.2.1 Recognizing Intellectual Property;236
10.1.2.2;7.2.2 Record Keeping;236
10.1.2.3;7.2.3 Record-Keeping Procedures;239
10.1.3;7.3 Trade Secrets;240
10.1.3.1;7.3.1 Trade Secret Protection;241
10.1.3.2;7.3.2 Maintaining Trade Secrets;241
10.1.4;7.4 Patents;244
10.1.4.1;7.4.1 Patentability;245
10.1.4.2;7.4.2 Requirements for Novelty and Nonobviousness;245
10.1.4.3;7.4.3 Exclusive Right;246
10.1.4.4;7.4.4 The Patent Application Process;247
10.1.4.5;7.4.5 The Patent Examination Process;250
10.1.4.6;7.4.6 Patent Pending;251
10.1.5;7.5 Patent Ownership;251
10.1.6;7.6 International Patent Protection;251
10.1.7;7.7 Copyrights;253
10.1.7.1;7.7.1 Considerations with Respect to Software;254
10.1.7.2;7.7.2 Notice;255
10.1.7.3;7.7.3 The Term;255
10.1.7.4;7.7.4 Copyright Registration;255
10.1.7.5;7.7.5 Copyright Ownership;256
10.1.8;7.8 Mask Works;257
10.1.9;7.9 Trademarks;257
10.1.9.1;7.9.1 Acquiring Trademark Rights;258
10.1.9.2;7.9.2 Registering a Trademark;258
10.1.9.3;7.9.3 Principal Register;260
10.1.9.4;7.9.4 Supplemental Register;260
10.1.9.5;7.9.5 Application Based on "Intent to Use";261
10.1.9.6;7.9.6 The Strength of a Mark;261
10.1.9.7;7.9.7 Choosing a Mark;263
10.1.9.8;7.9.8 Term of the Registration;264
10.1.9.9;7.9.9 Maintaining Trademark Rights;264
10.2;CHAPTER 8 Contracts;276
10.2.1;8.1 Sources of Contract Law;278
10.2.2;8.2 Contract Formation;279
10.2.2.1;8.2.1 The Offer;279
10.2.2.2;8.2.2 The Counteroffer;280
10.2.2.3;8.2.3 Acceptance;281
10.2.2.4;8.2.4 Revocation of Offer or Acceptance;282
10.2.2.5;8.2.5 Consideration;282
10.2.3;8.3 Defenses against Contract Enforcement;282
10.2.4;8.4 Performance and Breach;283
10.2.4.1;8.4.1 Damages;285
10.2.4.2;8.4.2 Rescission and Restitution;286
10.2.4.3;8.4.3 Specific Performance;286
10.2.4.4;8.4.4 Quasi-contract;287
10.2.4.5;8.4.5 Reformation;287
10.2.5;8.5 Anatomy of a Contract;287
10.2.5.1;8.5.1 Preamble;288
10.2.5.2;8.5.2 Recitals;288
10.2.5.3;8.5.3 Definitions;288
10.2.5.4;8.5.4 Performance;288
10.2.5.5;8.5.5 Ownership and Use of Intellectual Property;290
10.2.5.6;8.5.6 Consideration;290
10.2.5.7;8.5.7 Representations and Warranties;291
10.2.5.8;8.5.8 Indemnity;292
10.2.5.9;8.5.9 Term and Termination;293
10.2.5.10;8.5.10 Miscellaneous Provisions;293
10.2.6;8.6 Operating Agreements;294
10.2.6.1;8.6.1 Employment Agreements;295
10.2.6.2;8.6.2 Noncompete Agreements;295
10.2.6.3;8.6.3 Confidentiality Agreements;295
10.2.6.4;8.6.4 Consulting and Development Agreements;297
10.2.6.5;8.6.5 Maintenance and Support Agreements;298
10.2.6.6;8.6.6 Manufacturing Agreements;298
10.2.6.7;8.6.7 Assignment Agreements;299
10.2.7;8.7 License Agreements;299
10.2.7.1;8.7.1 Patent Licenses;300
10.2.7.2;8.7.2 Know-How Licenses;300
10.2.7.3;8.7.3 Trademark Licenses;300
10.2.7.4;8.7.4 Franchise Agreements;301
10.2.7.5;8.7.5 Technical Services Agreements;301
10.2.7.6;8.7.6 Distribution Agreements;301
10.2.7.7;8.7.7 VAR and OEM Agreements;302
10.2.7.8;8.7.8 Purchase Agreements;302
10.3;CHAPTER 9 Negotiating Fundamentals;314
10.3.1;9.1 Negotiation Fundamentals;316
10.3.1.1;9.1.1 Process, Behavior, Substance;317
10.3.1.2;9.1.2 Preparation;317
10.3.1.3;9.1.3 Mindset;317
10.3.1.4;9.1.4 Emotions;319
10.3.1.5;9.1.5 Position versus Interest;319
10.3.1.6;9.1.6 Establishing Your BATNA;320
10.3.2;9.2 Negotiation Approaches;322
10.3.3;9.3 Integrative versus Distributive Bargaining;323
10.3.3.1;9.3.1 Integrative Bargaining;323
10.3.3.2;9.3.2 Distributive Bargaining;324
10.3.4;9.4 Negotiation Outcome Types;326
10.3.4.1;9.4.1 Lose-Win Negotiating;326
10.3.4.2;9.4.2 Lose-Lose Negotiating;326
10.3.4.3;9.4.3 Win-Win Negotiating;327
10.3.5;9.5 Negotiating Gambits;328
10.3.5.1;9.5.1 Opening Gambits;328
10.3.5.2;9.5.2 Bargaining Gambits;329
10.3.5.3;9.5.3 Closing Gambits;331
10.3.5.4;9.5.4 Vendor Tactics;331
10.3.5.5;9.5.5 Negotiations after the Fact;332
10.3.6;9.6 Negotiating Contracts;332
10.3.6.1;9.6.1 Sales Contracts;332
10.3.6.2;9.6.2 Complex Project Contracts in Technology;334
11;PART IV: TECHNOLOGY VENTURE STRATEGY AND OPERATIONS;344
11.1;CHAPTER 10 Launching the Technology Venture;346
11.1.1;10.1 The Business Plan;348
11.1.1.1;10.1.1 Writing a Business Plan;349
11.1.1.2;10.1.2 Company Information;351
11.1.1.3;10.1.3 Product/Service Description;352
11.1.1.4;10.1.4 Competitive Analysis;353
11.1.1.5;10.1.5 Market Analysis;353
11.1.1.6;10.1.6 Industry Analysis;355
11.1.1.7;10.1.7 The Management Team;357
11.1.1.8;10.1.8 The Marketing Plan;358
11.1.1.9;10.1.9 Financial Projections;359
11.1.2;10.2 Networking;360
11.1.2.1;10.2.1 Serendipity;362
11.1.2.2;10.2.2 Using the Internet to Network;362
11.1.2.3;10.2.3 The Primary Objective of Networking;363
11.1.3;10.3 Resource Aggregation;363
11.1.3.1;10.3.1 Capital Resources;364
11.1.3.2;10.3.2 Human Resources;364
11.1.3.3;10.3.3 Organizational Resources;365
11.1.3.4;10.3.4 Technology Resources;366
11.1.4;10.4 New-Venture Operations;366
11.1.4.1;10.4.1 Performance Standards;367
11.1.4.2;10.4.2 Information and Measurement;367
11.1.4.3;10.4.3 Quality Standards;368
11.1.4.4;10.4.4 Managing for Quality;370
11.2;CHAPTER 11 Going to Market and the Marketing Plan;380
11.2.1;11.1 Marketing;382
11.2.1.1;11.1.1 The Marketing Concept;384
11.2.1.2;11.1.2 Market Segmentation;384
11.2.2;11.2 Product;387
11.2.2.1;11.2.1 Product Planning and Development;387
11.2.2.2;11.2.2 Product Life Cycle;389
11.2.3;11.3 Price;390
11.2.3.1;11.3.1 Economic Dimension of Pricing;390
11.2.3.2;11.3.2 Pricing Objectives;390
11.2.4;11.4 Distribution;392
11.2.4.1;11.4.1 Functions of Physical Distribution;393
11.2.4.2;11.4.2 Modes of Transportation;393
11.2.4.3;11.4.3 Types of Transport Services;395
11.2.4.4;11.4.4 Managerial Practices in Physical Distribution;395
11.2.5;11.5 Promotion;396
11.2.5.1;11.5.1 The Marketing Mix;397
11.2.6;11.6 The Marketing Plan;402
11.2.6.1;11.6.1 The Marketing Budget;403
11.2.6.2;11.6.2 Determining a Marketing Budget;404
11.2.6.3;11.6.3 The Marketing Message;405
11.3;CHAPTER 12 Financial Management and Control;416
11.3.1;12.1 Accounting—Definition and Practices;418
11.3.1.1;12.1.1 The Accounting Cycle;419
11.3.1.2;12.1.2 The Accounting Equation;421
11.3.1.3;12.1.3 Working with Accountants;421
11.3.2;12.2 Finance—Definition and Practices;422
11.3.2.1;12.2.1 The Financial Manager;422
11.3.2.2;12.2.2 The Financial Plan;423
11.3.3;12.3 Financial Statements;424
11.3.3.1;12.3.1 Sales Forecast;425
11.3.3.2;12.3.2 Income Statement;428
11.3.3.3;12.3.3 Cash Flow Statement;431
11.3.3.4;12.3.4 Balance Sheet;431
11.3.4;12.4 Financial Statement Analysis;434
11.3.4.1;12.4.1 Breakeven Analysis;434
11.3.4.2;12.4.2 Ratio Analysis;435
11.3.4.3;12.4.3 Types of Ratio Analyses;436
11.3.5;12.5 Financial Management;438
11.3.5.1;12.5.1 Start-up Costs;438
11.3.5.2;12.5.2 Working Capital;438
11.3.5.3;12.5.3 Accounts Receivable;439
11.3.5.4;12.5.4 Credit and Collections;440
11.3.5.5;12.5.5 Inventory Management;443
11.3.5.6;12.5.6 Purchase of Capital Assets;443
11.3.5.7;12.5.7 Payment of Debt;443
11.3.5.8;12.5.8 Payment of Dividends;444
11.3.6;12.6 Capital Budgeting;444
11.4;CHAPTER 13 Venture Management and Leadership;454
11.4.1;13.1 Entrepreneur Managers;456
11.4.2;13.2 Basic Management Skills;457
11.4.2.1;13.2.1 Analytical Skills;457
11.4.2.2;13.2.2 Decision-Making Skills;459
11.4.2.3;13.2.3 Communication Skills;460
11.4.2.4;13.2.4 Conceptual Skills;461
11.4.2.5;13.2.5 Team Building Skills;462
11.4.3;13.3 Entrepreneurial Leadership;463
11.4.3.1;13.3.1 Influence;464
11.4.3.2;13.3.2 Leadership versus Management;465
11.4.4;13.4 Effectuation and Entrepreneurial Expertise;466
11.4.5;13.5 Entrepreneurial Ethics;468
11.4.6;13.6 Entrepreneurial Strategy;471
11.4.6.1;13.6.1 Real Options Approach;472
11.4.6.2;13.6.2 Resource-Based Theory;473
11.4.7;13.7 Competitive Strategy Model;474
11.4.7.1;13.7.1 Differentiation;474
11.4.7.2;13.7.2 Cost Leadership;475
11.4.7.3;13.7.3 Niche Strategy;475
12;PART V: MANAGING RISK AND CAREER DEVELOPMENT;486
12.1;CHAPTER 14 Venture Risk Management;488
12.1.1;14.1 Venture Risk Management;490
12.1.2;14.2 Hazard Risks;491
12.1.2.1;14.2.1 Product Liability;492
12.1.2.2;14.2.2 Liability Insurance;492
12.1.3;14.3 Operational Risks;493
12.1.3.1;14.3.1 Venture Governance;493
12.1.3.2;14.3.2 Investor Relations;497
12.1.3.3;14.3.3 Human Resources Management;498
12.1.3.4;14.3.4 Legal Risk Management;500
12.1.4;14.4 Laws Affecting Start-up Ventures;503
12.1.4.1;14.4.1 Law of Torts;503
12.1.4.2;14.4.2 Law of Sales;503
12.1.4.3;14.4.3 Law of Bankruptcy;504
12.1.4.4;14.4.4 Law of Negotiable Instruments;504
12.1.5;14.5 Obtaining and Working with Legal Counsel;505
12.1.6;14.6 Managing Failure Risk;507
12.1.6.1;14.6.1 Developing Resilience;507
12.1.6.2;14.6.2 Overcoming Cognitive Biases;508
12.2;CHAPTER 15 Your Entrepreneurial Career;520
12.2.1;15.1 Your Entrepreneurial Career;522
12.2.1.1;15.1.1 The Individual Entrepreneur;522
12.2.1.2;15.1.2 Conceptual Model of Entrepreneurial Careers;523
12.2.1.3;15.1.3 Finding a Mentor;525
12.2.2;15.2 The Entrepreneurial Personality;525
12.2.2.1;15.2.1 Characteristics of Growth-Oriented Entrepreneurs;526
12.2.2.2;15.2.2 Emotional Intelligence;527
12.2.3;15.3 Intrapreneurship;528
12.2.4;15.4 Five Entrepreneurial Careers;530
12.2.4.1;15.4.1 Paul Baran;530
12.2.4.2;15.4.2 Marc Andreessen;531
12.2.4.3;15.4.3 Pierre Omidyar;531
12.2.4.4;15.4.4 Craig Newmark;532
12.2.4.5;15.4.5 Robert Metcalfe;533
12.2.5;15.5 The Franchising Option;534
12.2.5.1;15.5.1 Franchising: A Brief History;535
12.2.5.2;15.5.2 Uniform Franchise Offering Circular;535
12.2.5.3;15.5.3 Ten-Day Rule;536
12.2.5.4;15.5.4 Franchising Agreement;536
12.2.5.5;15.5.5 Advantages of Owning a Franchise;538
12.2.5.6;15.5.6 Disadvantages of Owning a Franchise;539
12.2.5.7;15.5.7 Franchisor Disclosure;540
12.2.6;15.6 Launching Your Entrepreneurial Career;541
13;Appendix;550
14;Index;574
14.1;A;574
14.2;B;575
14.3;C;575
14.4;D;577
14.5;E;578
14.6;F;580
14.7;G;580
14.8;H;581
14.9;I;581
14.10;J;582
14.11;K;582
14.12;L;582
14.13;M;583
14.14;N;584
14.15;O;585
14.16;P;585
14.17;Q;586
14.18;R;586
14.19;S;587
14.20;T;588
14.21;U;589
14.22;V;590
14.23;W;590
14.24;X;591
14.25;Y;591
14.26;Z;591