Goat and second cheese whey from sheep’s milk are by-products of the manufacture of goat cheeses and whey cheeses from sheep. Due to their composition which, apart from water—about 92%—includes lactose, proteins, fat, and minerals, and the elevated volumes generated, these by-products constitute one of the main problems facing to cheese producers. Aiming to add value to those by-products, this study evaluates the efficiency of ultrafiltration/diafiltration (UF/DF) for the recovery of protein fraction, the most valuable component. For a daily production of 3500 and using the experimental results obtained in the UF/DF tests, a membrane installation was designed for valorization of protein fraction, which currently have no commercial value. A Cost–Benefit Analysis (CBA) and Sensitivity Analysis (SA) were performed to evaluate the profitability of installing that membrane unit to produce three new innovative products from the liquid whey protein concentrates (LWPC), namely food gels, protein concentrates in powder and whey cheeses with probiotics. It was possible to obtain LWPC of around 80% and 64% of crude protein, from second sheep cheese whey and goat cheese whey, respectively. From a survey of commercial values for the intended applications, the results of CBA and SA show that this system is economically viable in small/medium sized cheese dairies.

No abstract

No abstract

Business angels (BAs) are recognized as playing a significant role in stimulating entrepreneurial activity. With the decline in both bank lending and venture capital investment since the onset of the global economic crisis, government efforts to stimulate BA activity have become a more significant component in strategies to increase the level of entrepreneurial activity. This paper examines the responsiveness of angels to such initiatives in so-called austerity economies – countries that were hardest hit by the financial crisis of 2008 and subsequent global recession and, as a consequence, had to take extreme economic and fiscal measures to reduce their budget deficits. We examine this question in Portugal which experienced one of the deepest recessions in the European Union following the implementation of severe austerity measures. This study confirms that government intervention to support angel investing can have a positive impact. However, the different types of intervention have varied in take-up rates. Other countries can learn from the Portuguese experience in three ways: the types of interventions that have the highest and lowest levels of take-up, the link between the design and the take-up of incentives, and types of intervention that should be considered but have not been implemented in Portugal