Based on the theories, such as the resources-based theory, new product development and Strategic alliances, we proposed the equity-building process of new ventures of Internet industry. We note that new ventures¡¦ purpose of capital raising actions before going public is not simply to raising fund, those actions represents that organizations attempt to obtain rare resources, building core competence, through equity invested or conjoined. In other word, equity portion to the new venture can become a means not necessarily an end. Through several Internet new ventures¡¦ interview, we discussed factors that affect the equity-building process, such as original core resources and primary exchanging resources. Four propositions have developed. First, original core resources of new ventures would affect equity-building process, especially on target selecting, conjoining timing, and interaction. Second, on the affection of single equity relation¡¦s occurs, primary exchanging resource didn¡¦t evidently a decisive factor, for, it¡¦s hardly to tell it apart from original core resources. Third is our basic notion, we hold that equity-building process before IPO becomes a portion of growing strategy of emerging organization. Fourth, based on the observation of these selected cases, we conclude that characteristics of core resources of new ventures would affect their manners of acquiring resources, especially needed for organization growth. Due to the limitations of organization condition and capital market, new ventures¡¦ equity-building process of Internet industry could not apply the financial views of analysis. For this reason, we proposed new analysis manner, tried to indicate that how to select and equity portion, and how to build-up competitive advantage during infant stage.

Die rapide voranschreitende Globalisierung der Weltwirtschaft wird letztlich getragen von der zunehmenden Anzahl international aktiver Unternehmen. Diese Prozesse der verstärkten Involvierung von Unternehmen in internationale Aktivitäten, bzw. die Anpassung von Strategien, Strukturen und Ressourcen von Unternehmen an internationale Umgebungen werden als ‚betriebliche Internationalisierungsprozesse‘ definiert. Aus Sicht der Betriebswirtschaftslehre als einer gestaltungsorientierten Disziplin erwachsen aus betrieblichen Internationalisierungsprozessen neue Anforderungen an das Management von Unternehmen. Diese bestehen darin, Internationalisierungsprozesse aktiv zu gestalten und so das Überleben des Unternehmens in einer zunehmend globalisierten Wettbewerbsumwelt nachhaltig zu sichern. Ziel der Arbeit ist es erstens, einen Vorschlag für ein integratives Prozessverständnis von betrieblicher Internationalisierung auszuarbeiten, indem eine konzeptionelle Brücke zwischen Stufenmodellen, Netzwerkmodellen und International-New-Venture Modellen der Internationalisierung geschlagen wird. Zweitens wird dieses integrative Prozessverständnis dazu genutzt, wesentliche Gestaltungsfelder eines betrieblichen Internationalisierungsmanagement aufzuzeigen. Für die Entwicklung eines integrativen Prozessverständnisses und damit verbunden für ein Managementmodell der Internationalisierung erschließt die Arbeit das Konzept der Absorptionsfähigkeit von Unternehmen.

Background: With the high pace global market development we are experiencing that there is a need for entreprenurs to always be alert and seize opportunities when they appear, espcially in the SME- sector. Researchers have during the years worked with questions surrounding the area of International New Ventures, different opportunity aspects and entreprenurial processes. However there seems to be a gap in the research surrounding the correlation between these related areas and how it effects the opportunity realization process. This gap has lead the researchers to the purpose and the research question stated below. Research question: What is the role of the entrepreneurial process in opportunity realization of Swedish INVs? Purpose: To conduct an exploratory study to further the knowledge within the field of opportunity realization within Swedish INVs and to see the impact that the entrepreneurial process in the shape of Causation and Effectuation logics has in terms of the realization process. Methodology: The researchers worked through an abductive approch with an exploratory purpose where the empirical findings were gathered from four different case companies that operated in different business sectors. Semi-structured interviews were conducted in order to collect primary data, founded in the qualitative method background. Conclusion: The conclusion shows that a correct assessment of the capabilities of the entrepreneur is extremely important. Failing to provide a correct assessment may lead to a misinterpreted opportunity which may lead to a failure in terms of Opportunity realization. The authors concluded that the role of the entreprenerial process is very central in the Opportunity realization process, especially in the beginning of the venture.

The purpose of this thesis is to see how home networks and relationships are involved in the internationalization process of INVs. Therefore we will investigate how INVs are affected and use their home networks/relationships and to reach this purpose we have formulated two research questions:  What roles do relationships and networks on the home market have for Swedish INVs internationalization?  How do Swedish INVs use domestic relationships and their home network when internationalizing? The theoretical framework thus includes INV theory in order to categorize the case companies, networks and relations theory to see if different types of INVs respond differently to their different types of networks and international entrepreneurship theory as a higher theoretical lens to analyse the entrepreneurial behaviour. The methodology is qualitative and has an abductive approach, combined with a multiple case study on six companies which fall under the INV category. We have divided the gathered empirical data and analysed the cases where empirical data will be interpreted with the theoretical framework. The study’s conclusion indicates that INVs use their home networks/relationships as door openers to foreign markets. We then present the theoretical gap we found within the field of research and the theoretical contribution we found as well as suggestions for further research and managerial implications for practicing managers.

In recent years, start-ups and small to medium sized enterprises that operate globally from their inception have become commonplace. These companies often use shared leadership structures and aim to disrupt an existing market with a innovative product. This thesis intends to explore and understand the influence of shared leadership on disruptive innovation inside these international new ventures using a qualitative research approach, by gathering relevant theories of shared leadership, such as disruptive innovation and international new ventures and contrasting them in an abductive manner with the results of six interviews conducted with representatives of chosen start-ups. In these interviews the participants were questioned about shared leadership and disruptive innovation separately and try to integrate the results of shared leadership that relate to disruptive innovation in a positive or negative manner. Our findings suggest that creativity, efficiency, intrinsic motivation as well as cross-field knowledge have an incubative effect, while shared leadership itself, when managed poorly, can hamper disruptive innovation.

Internationalization is a strategy which is regarded as a trend where firms expand their business globally to achieve competitive advantages, especially for firms with limited resources. International new ventures are firms that are international from inception, con- nected to them is a certain failure rate. Further, entrepreneurial orientation is seen as a strategy for firms to implement risks-taking attitudes, proactiveness and innovativeness within such firms. Different scholars also show the importance of strong personal and business networks for international new ventures. The three dimensions of international entrepreneurial orientation can aid a firm to prepare themselves to the international envi- ronment. The purpose of this thesis is therefore to analyze the influence of international entrepre- neurial orientation and networks on the performance of international new ventures. How- ever, emphasis on specific kinds of networks or performance has been left out. The dif- ferent theories have been investigated separately and in correlation to each other to pre- sent what research has shown so far. To portray how the different theories are correlated a conceptual framework derived from the literature has been developed. This research has been conducted following the abductive approach, since there is a short- age of research concerning the Swedish context and the combination of the three theories. To enable the investigation of these relationships, semi-structured interviews with differ- ent Swedish international new ventures operating in different industries have been con- ducted. In order to be able to see similarities and differences between the cases a cross- case analysis has been applied. One of the results of the study have found that the effect of networks on performance of international new ventures come in different forms. The findings also show that interna- tional entrepreneurial orientation has a mostly positive impact to different extends on performance. However, the outcomes in relation to international entrepreneurial orienta- tion have presented other factors, which are not included in the concept of international entrepreneurial orientation, having a positive impact on performance. The study under- lines the importance of having both constructs in order to enhance the performance of international new ventures.

Abstract The purpose of this study is to explore the role of relational capital in raising and utilizing venture capital by international new ventures (INVs). This study reviews literature on INVs, venture capital, and social capital theory and defines relational capital as the level of trust developed in the course of interactions between INVs and venture capital firms (VC firms) that leads to positive venture capital decisions and value creation. This empirical study of relational capital formation and utilization is accomplished by the case study method. The study is based on interviews with five case INVs regarding entrepreneurs’ and venture capitalists (VCs)’ experiences with forming and utilizing relational capital for the purpose of new venture internationalization. This study approaches the relationship between INV and VC firm from the relational capital perspective, exploring how INVs can raise venture capital for internationalization as well as how they can use relational capital to improve outcomes of new venture internationalization after venture capital is allocated. The analysis identifies the factors that affect formation of relational capital between INVs and VC firms, the outcomes that result from relational capital formed in the pre-investment stage, and the impact on performance of INVs during post-investment collaboration. This study develops a conceptual model proposing that the financing process for entrepreneurial INVs consists of forming and using relational capital to obtain venture capital investment. The particular characteristics of the INVs and VC firms, as well as behavior-related factors, have been found to be important to forming relational capital between INVs and VC firms. The relational capital formation process creates an atmosphere in which entrepreneurs and VCs provide both tangible and intangible resources to support INV internationalization. This study adds the relational capital viewpoint to the literature pertaining to venture capital and INVs by analyzing the role of relational capital in financing entrepreneurial INVs. Regarding managerial implications, the study shows how entrepreneurs can influence the venture capital investment process, where VC firms should pay attention to while working with INVs, and how policy makers could contribute by providing a positive environment for INV and VC firm collaboration. / Tiivistelmä Tässä tutkimuksessa tarkastellaan kansainvälisiin uusiin yrityksiin tehtyjä pääomasijoitusprosesseja suhdepääoman muotoutumisen ja hyödyntämisen näkökulmasta. Tutkimuksessa aihetta lähestytään sekä yritysten että pääomasijoittajien kannalta ja työn teoreettinen viitekehys rakennetaan kansainvälisten uusien yritysten, pääomasijoitusprosessin, ja sosiaalisen pääoman tutkimusjulkaisujen kautta. Työssä suhdepääoma määritellään luottamukseksi, joka kehittyy vuorovaikutuksen kautta yrityksen ja pääomasijoittajan välille ja johtaa positiiviseen pääomasijoituspäätökseen ja arvonluontiin. Työn empiirisessä osassa suhdepääoman muotoutumista ja hyödyntämistä tutkitaan tapaustutkimusmenetelmällä. Tutkimuksen aineisto on kerätty haastattelemalla viiden kansainvälisen nuoren yrityksen yrittäjiä sekä pääomasijoittajia heidän kokemuksistaan yrityksen kansainvälisen kasvun rahoittamiseksi. Työssä yritysten ja pääomasijoittajien suhdetta lähestytään suhdepääoman kautta, erityisesti kun yritysten tavoitteena on saada pääomasijoitus kansainvälistä kasvua varten ja hyödyntää syntynyttä suhdepääomaa pääomasijoituksen jälkeen yrityksen kansainvälistymisprosessissa. Analyysissä tunnistetaan tekijät, jotka vaikuttavat suhdepääoman kehittymiseen, tulokset, jotka ovat seurausta ennen pääomasijoitusta syntyneestä suhdepääomasta, sekä vaikutukset, jotka yrityksen ja pääomasijoittajan välisellä suhdepääomalla on yrityksen menestymiseen pääomasijoituksen jälkeen. Tutkimuksessa yrityksen ja pääomasijoittajan erityisillä piirteillä, toimintamalleilla ja käyttäytymisellä havaittiin olevan merkitystä suhdepääoman muotoutumisessa ja hyödyntämisessä. Suhdepääoman muotoutumisprosessi luo ilmapiirin, jossa yrittäjät ja pääomasijoittajat voivat tuoda aineellisia ja aineettomia resursseja yrityksen kansainvälistymisen tueksi. Työn teoreettinen kontribuutio on erityisesti sen tuoma suhdenäkökulma pääomasijoitusprosessitutkimukseen. Työssä osoitetaan myös kuinka yrittäjät voivat käytännössä vaikuttaa pääomasijoituksen saamiseen ja päätöksentekoprosessiin ja mihin pääomasijoittajien tulisi kiinnittää huomiota yritysten kanssa työskennellessään.

Globalisation has taken the world by storm by opening opportunities for new markets and easier communication. The general economic climate during the last decade is one reason to this, and the impact has resulted in internationalisation as a key strategy for survival. This has affected many kinds of industries and companies, not least new venture firms. There is today a competitive market climate where companies need to have a strategic advantage to succeed. One advantage could be to increase customer value through the selection of communication channels and sales channels, which has resulted in the following research objective: The purpose of this study is to examine how international market entry decisions based on customer perceived value can affect the choice of communication and sales channel strategies for new venture firms in a B2B context. This study has been of exploratory descriptive kind where a qualitative data collection has been conducted through in-depth interviews with five gemmologists active worldwide. The results of the research were varied since the respondents had different opinions, but some conclusions could still be made. The findings suggest the use of a multiple channel strategy regarding sales channel. The study also highlights the importance of 1) Building and cherishing customer relations, 2) Looking up potential resellers or distributors, 3) Communicating a solution and not a product and finally 4) Focus on internet advertising rather than paper and television. Since this study has been of qualitative kind, one suggestion for future research is to make a quantitative study of the same study to confirm the previously mentioned findings. These findings are due to the nature of the study only implications, but a quantitative study would make them generalizable. / Globalisering är ett område som tagit världen med storm, detta genom att förenkla kommunikation och öppna möjligheter till nya marknader. Det ekonomiska klimatet i skrivande stund är en av faktorerna som har påverkat detta, vilket har resulterat i internationalisering som en viktig strategi för överlevnad. Detta har påverkat många typer av industrier och företag, inte minst startups. Dagens konkurrenskraftiga marknadsklimat medför att företag behöver ha någon slags strategisk fördel för att lyckas. En fördel kan vara att öka kundvärdet genom val av kommunikationskanaler och försäljningskanaler, vilket lett till följande syfte för denna studie: Syftet med denna studie är att undersöka hur marknadsbeslut baserade på kundvärde kan påverka valet av kommunikations- och försäljningskanaler i ett B2B-sammanhang. Denna studie har varit av förklarande och beskrivande slag, där en kvalitativ datainsamling har genomförts genom djupintervjuer med fem gemmologer som är aktiva på en internationell marknad. Resultaten av studien var varierade då respondenternas åsikter skildes, det gick dock trots detta att dra en del slutsatser. Resultaten indikerar att användning av en hybrid försäljningsstrategi vore optimal. Studien belyser också vikten av att 1) Bygga upp och värna om kundrelationer, 2) Söka potentiella återförsäljare eller distributörer, 3) Sälja en lösning istället för en produkt och slutligen 4) Fokusera på internetannonsering i stället för tidningar och tv. Då denna studie har varit av kvalitativt slag är ett förslag till framtida forskning att göra en kvantitativ studie av samma ämne för att bekräfta resultaten. Resultaten är i nuläget endast indikationer medans en kvantitativ studie skulle göra dem generaliserbara.

BACKGROUND. Researcher have identified a relevance for profit-seeking new ventures to implement “Business Sustainability 3.0” standards in order to face current social and environmental challenges, like scarcity of resources. Research, moreover, suggest that new ventures would me more open to implementing the standards of “Business Sustainability 3.0”. The authors of this thesis initiate this field of research in the context of a new venture in the form of a single case study. PURPOSE. The purpose of this study is to explore the implementation process of “Business Sustainability 3.0” standards in a new venture. The aim is to identify challenges in the implementation process and how they can be approached by new ventures. METHODOLOGY. The implementation process of “Business Sustainability 3.0” standards was researched based on a single case study in a new venture striving to achieve the standards. The authors conducted a semi-structure interview with a sustainability manager within the company. The empirical data was analyzed based on the translation process of the Actor-Network Theory. RESULTS. The authors conclude that a new venture cope with “Business Sustainability 3.0” by making use of being a new venture founded with a specific purpose and by addressing challenges that appear during the implementation process. Two measures are suggested to support addressing these challenges: striving for transparency and internalizing the standards for the company’s compartments. The Actor-Network translation process is considered to be a suitable method when analyzing the integration process of “Business Sustainability 3.0”.

This study aims to explore what capabilities that are involved in the formation and early performance of firms that internationalize in an early stage of their development. More specifically, the antecedents of identification and exploitation of business opportunities are explored and linked to specific capabilities. For this purpose, an exploratory-inductive case study is employed to allow for new capabilities to be identified. The analyzed data largely confirms the insights already reached in academic research, in particular the centrality of networking capability in the process of entrepreneurship. As for international business opportunities, the study highlights the importance of creating opportunities to meet with prospective international customers and suggests the importance of absorbing knowledge about these markets so as to reduce cultural distance. The main virtue of this study though, is that it provides a practice-oriented perspective on the process of international entrepreneurship. / Denna studies syfte är att utforska vilka förmågor som bidrar till grundandet av och prestationsförmågan hos företag som söker sig till internationella marknader i ett tidigt skede av sin utveckling. Mer specifikt utforskas vilka händelser som ligger till grund för att affärsmöjligheter identifieras och exploateras; dessa händelser kopplas sedan till specifika förmågor. En induktiv och explorativ studie begagnas i detta syfte för att möjliggöra att ej tidigare upptäckta förmågor kan upptäckas. Analysen av datan bekräftar de insikter som tidigare har nåtts inom forskningsområdet, framförallt betydelsen av ”networking capability” i entreprenörskap. När det gäller internationella affärsmöjligheter betonas vidare vikten av att skapa möjligheter till att träffa presumtiva kunder och det föreslås att det är av vikt att tillägna sig kunskap om dessa marknader i syfte att överbrygga kulturellt betingade kunskapsluckor. Studiens främsta förtjänst är att den ger ett perspektiv på det internationella entreprenörskapet som ligger praktiken nära.