In order to relieve small and medium enterprises (SMEs) from the predicament of inadequate capital and immature technology in the beginning of new ventures as well as to realize sustainable business development, Taiwan gevernment has been heavily investing in many universities to set up incubation centers in the hope to provide start-ups abundant resources with the help of academic institution¡¦s counseling expertise; therefore, the cost and risk for start-ups in the beginning of new venture and R&D phase can be reduced and more sound and competitive SMEs could be incubated under the tutelage of incubation centers. The study mainly discusses the relationship between key success factors (KSFs) of high-tech start-ups and the counseling resources from incubation centers. Firstly, the study establishes the structure of empirical study based on the collection and discussion of domestic and foreign literatures. Since the counselling clients of incubation centers majorly consist of start-ups, the study adopts in-depth interviews to investigate these start-ups via case study. By organizing and analyzing the in-depth interviews with start-ups, the study tries to investigate the relationship between two fundimental dimentions of resources from incubation centers and enterprise characteristics, as well as the performance and competitiveness in start-ups. The objectives of this sudy are to: 1.Understand how incubation centers utilize the relevant resources from government to nurture start-ups. 2.Investigate how the resource platform of incubation center guides the KSFs of high-tech start-ups. 3.Evaluate what the three dimensional roles of resources, innovation, and values play in the competitive strategy of high-tech start-ups, and find out the KSFs therein and their future prospects. 4.Understand how start-ups and entrepreneurship influence the success of the business.

I Sverige klassificeras cirka 99,4 % av alla företag som mindre företag och under 2014 registrerades cirka 70 000 nya företag. Gemensamt är att nystartade och mindre företag som växer och utvecklas bidrar till nationell tillväxt i länderna de är verksamma inom. För att företagen ska kunna växa krävs finansiering och banker har traditionellt tillgodosett detta behov. Regelverket Basel III är därför väldiskuterat eftersom flera studier visar att det kan påverka bankers kreditgivning. Forskning visar bland annat att Basel III leder till minskad utlåning och ökade utlåningsräntor. Det visar också att nystartade företag kan missgynnas mer än andra bolag på grund av de interna riskklassificeringssystem som tillåts inom regelverket. Interna riskklassificeringssystem kan nämligen, på grund av olika variabler och parametrar, göra att nystartade företag betraktas som mer riskfyllda. Andra studier som gjorts i ämnet visar att Basel III inte påverkar varken banker, kreditgivning eller utlåningsräntor. Eftersom tidigare forskning och litteratur visar olika resultat syftar denna studie till att undersöka, beskriva och öka förståelsen för hur Basel III påverkat kreditgivningen till nystartade företag i Sverige. För att få empiriskt underlag till studien har tio intervjuer gjorts med elva respondenter från sju olika banker. Intervjuer har gjorts med anställda på större och mindre banker på central och lokal nivå. Resultatet i studien visar att alla banker höjt utlåningsräntorna till nystartade företag. Bankerna uppger att det framför allt beror på förändrad risksyn och riskbedömning till följd av Basel III. Basel III har lett till att företagskunder prissätts mer efter bedömd kreditrisk och detta har gjort att nystartade företag generellt fått en högre ränta. Resultatet visar också att interna system och modeller blivit viktigare inom bankerna och att alternativa finansieringslösningar börjat växa fram på marknaden. Samtidigt är kreditbedömningsprocessen och låneutbudet oförändrat sedan Basel III:s introduktion. Studiens resultat bidrar med praktiska implikationer till nystartade företag, banker, entreprenörer och samhället. Den bidrar också teoretiskt till forskningen i form av underlag till diskussionen om utlåningsräntor och låneutbud. / In Sweden approximately 99.4% of all companies are classified as small companies and in 2014 around 70,000 new companies were registered. The common denominator is that start-ups and small businesses that grow and evolve contribute to national growth in the countries they operate in. In order to enable businesses to grow they require finance and traditionally banks have met this need. Basel III is therefore a well-argued subject since several studies show that it can affect banks' lending. Research shows that Basel III will lead to reduced lending and increased lending rates. It also shows that start-ups may be more disadvantaged than other companies because of the internal ratings-based (IRB) approach allowed within the regulation. The IRB approach can namely, because of different variables and parameters, consider start-ups more risky than other companies. Other studies however, show that Basel III has no, or very little, impact on lending and interest rates. Since previous research and literature shows different results this study aims to examine, describe and increase the understanding of how Basel III impact lending to start-ups in Sweden. Ten interviews with eleven respondents from seven different banks have been conducted. The interviews were conducted with employees of large and small banks working on central and local level. The results of the study show that all banks have raised lending rates to start-ups. The banks say that it is mainly due to changed risk profile and risk assessment as a result of Basel III. Basel III has led to corporates, retails and start-ups being priced on estimated credit risk and this has led to start-ups being considered as riskier. Thus, banks have raised lending rates to start-ups. The result also shows that internal systems and models have become more important in banks and that alternative financing has begun to emerge on the market. Meanwhile, the credit assessment process and the loan supply are unaffected since Basel III's introduction. The study's results contribute with practical implications for start-ups, banks, entrepreneurs and the community. It also contributes to theoretical research regarding the lending rates and loan supply discussion.

My dissertation is focused on developing a better understanding of the technology and innovation strategies of corporations and their impacts on firm performance. I am particularly interested in corporate venture capital (CVC), which serves as a strategy for accessing external technology for corporate investors and as an alternative source of financing and complementary assets for start-ups. I have investigated the conditions under which corporate investors and start-ups achieve the strategic goals by establishing CVC ties, and on estimating the technological and financial gains created by the CVC ties. Specifically, I have concentrated on when and where CVC ties are established in order to maximize economic value. The former relates to a timing issue, whereas the latter is a space issue of CVC investments. In the first essay, I examine corporate investors' decisions to establish CVC ties and their subsequent strategic actions. Consistent with the real options perspective on CVC investments, I find that CVC investments can help corporate investors effectively search for and select future acquisition or licensing partners by reducing asymmetric information and uncertainty that may characterize markets for technology. Specifically, CVC investments facilitate the external acquisition of technology by substituting for a corporate investor's absorptive capacity, as reflected by its upstream research capabilities. CVC investments instead complement the portfolio of internally generated new products, since they allow highly productive corporate investors to shift their focus onto exploratory initiatives with the objective of selecting future technology and partners. Finally, CVC investments facilitate exploratory investments in distant technological areas that are subsequently integrated through licensing or acquisitions. These findings contribute to emerging research on the organization and financing patterns of external R&D activities. In the second essay, I investigate the nature of the relationship between technological spillovers and capital gains created by CVC investments for corporate investors. Using a simple equilibrium model and data from the global bio-pharmaceutical industry between 1986 and 2007, I find that these technological spillovers and capital gains are complements. This complementarity is enhanced when CVC investments are made in post-IPO and technologically diversified start-ups. Beyond providing a broad benchmark for heterogeneous returns on CVC investments, this study has important implications for corporate investors and start-ups. In particular, to the extent that capital gain is greatly determined by changes in the market values of start-ups, it implies that CVC investments can create value for start-ups as well as corporate investors. These mutual benefits can be greatly determined by when (e.g., post-IPO start-ups) and where (e.g., technologically diversified start-ups) CVC investments are made. In the third essay, I analyze the contextual factors that impact the probability of start-ups' obtaining financing through independent venture capitalists and corporate investors. The systematic empirical evidence based on a three-stage game theoretic model suggests that start-ups that possess better evaluated technology tend to be financed through independent venture capitalists, rather than corporate investors. In contrast, start-ups tend to be financed through corporate investors, rather than independent venture capitalists, when their intellectual properties are effectively protected and their research pipelines contain multiple products. These findings provide a theoretical basis to explain why several types of investors co-exist in the entrepreneurial financing market. Moreover, the existence of such determinants indicates that, although investors traditionally have been viewed as the powerful partner that dominates the investment decision, start-ups are also active decision makers in investment ties.

Background: Although leadership is a topic which has been extensively researched, there is limited literature concerning co-leadership, especially in connection to start-ups. Moreover, as those who are co-leaders in start-ups often also are co-founders and co-owners, it is vital that their co-leadership dynamic is functional as a way of staying in business. Co-leadership is described as a leadership form which has become more commonly used, which further adds urgency of exploring the topic of co-leadership dynamics, and how to make it functional. Purpose: The purpose of this thesis is to explore how a functional co-leadership dynamic can be created between leaders who are simultaneously founders and owners of a start-up. Method: This is a qualitative study, for which is used semi-structured interviews to collect data from 11 co-leaders in 10 companies. The transcribed interviews have been used together with secondary data to point out specific elements that have shown to be important for a functional co-leadership dynamic. Both the themes of co-leadership dynamics and the context of entrepreneurship, foundership and ownership were used to find and highlight these elements. The elements have been discussed in the Analysis and are thereafter presented in a model. Conclusion: Six elements have been pointed out as important for a functional co-leadership dynamic: Collaborative Attitude, Shared Values & Vision, Open & Continuous Communication, Synergy, Learning & Personal Growth, and Trust. These elements are interrelated, and Collaborative Attitude, Shared Values & Vision, Synergy and Trust are also connected to the contextual factors.

The idea behind this thesis was born from the success of the so-called unicorn companies originating from Stockholm. Unicorn companies are highly successful tech-startups which reached an evaluation of 1 billion USD while remaining private companies. This has created international attention to Stockholm, and the number of tech startups in the city has increased dramatically. The purpose of this thesis is to achieve a deeper understanding of how tech-startups in Stockholm design their internationalization strategy. To do this, comprehensive information regarding the background of this situation was given, which was then used to form the research questions. To answer them, research regarding internationalization, entrepreneurial strategies and business networks and relations were collected. The theories were then formulated into a conceptual synthesis. To answer our research questions, qualitative data was gathered through four semi-structured interviews with tech-startups operating in Stockholm. The abductive research approach was found to be the most useful approach for our research design. The analysis chapter was built upon the structure of our theories and analyzed through the lens of our conceptual synthesis. Formulating a discussion on the similarities between the theories and the empirical findings as well as unforeseen differences.   Concluding our analysis of the gathered empirical data, we found an implication that there was a connection between the environment, the company and the strategy that they choose in order to internationalize, and that all factors impact each other. Following the analysis, the theoretical synthesis was adjusted based on the gathered data and restructured into a conceptual framework. This thesis stresses the importance of networks in entrepreneurial businesses and showcases why this is. It is of interest to entrepreneurs wishing to establish their own companies in Stockholm, but can also be of interest to entrepreneurs at large concerning their presence in tech-hubs.

Switzerland has, despite being a rather small country, a big start-up scene which develops rapidly and puts forth many entrepreneurs. Currently, it is certain that any opportunity for competitive advantage must be exploited and emerging markets like India prove to be full of them. This research aims to investigate the cultural and institutional problems Swiss start-ups faced and how they overcame them when internationalising to India, using a qualitative research approach. Relevant theories regarding the topic were gathered and collated in a deductive manner with the empirical findings of five interviews conducted with Swiss Born Global start-ups, which internationalised either down- or upstream activities of their value chain to India. The findings show that institutional problems are largely dependent on the industry a company is working in. Cultural problems on the other hand occur in a more general manner and entrepreneurs internationalising to this market should be aware of the cultural differences to facilitate their internationalisation process. Further findings display the importance of an own network in the country and the indispensability of partners that help the companies navigate the Indian space.

Abstract Swedish start-ups seem to efficiently develop new products and services but less successful when it comes to taking them to the market and launching them globally. This research aims to address this gap through investigating Swedish start-ups. In light of this problem, the author argues that there is a need for increasing knowledge regarding the financial success factors and challenges facing Swedish start-ups in the go-to-market phase. The research question is thus: What are the significant challenges and success factors affecting the financing of Swedish start-ups during the go-to-market phase? Four major challenges facing start-ups during the go-to-market phase are identified. These are lack ofsufficient capital,lack of support from the banking sector, lack of support from the regional public leveland, finally, regulations and legal issues. On the other hand, four success factors have been identified, which are support from private investors, shared financial private/public risk, efficient internal operationsand non-traditional financing methods. In order to facilitate the go-to-market financing, it is recommended that start-ups be established in a business incubator environment in order to have access to investor networks and other financial support. Besides, having investors with financial experience in the start-up boards increases the chances of success in the go-to-market phase. The banking sector in Sweden should also play a bigger role in the strategic issues in order to accelerate the start-up’s growth. For further studies, more knowledge regarding the underlying motivations of private capitalists, public funders and loan lenders is desirable. Furthermore, the business incubator’s role in facilitating the financing of start-ups and understanding how start-ups in different sectors should act to increase the rate of success are two important areas for future studies.  Keywords: start-ups, go-to-market, financing, growth, early growth, success factors

This thesis examines what impact digitalization can have on the trustworthiness of the leader through the lens of managers and employees in Dutch start-ups. The study explores the intersection set of trust, leadership and digitalization. As there was no prior research on the research issue at hand, a model that incorporated a process of trust and its interaction with digitalization has been constructed by the authors. The model relied on previous research on models of the trust process and characteristics of digitalization in the light of leadership. First a theoretical framework is built through a literature survey. A qualitative inquiry through interviews was carried out in order to be able to analyze the trustworthiness of the leader. The objective of the authors during the research was to document how leaders and followers perceived a trustee (leader) in a trust process with digitalization involved. The analysis revealed that even though digitalization has pervaded our lives; its impact on the trustworthiness of the leader has remained limited so far. Empirical data from this research indicated that the impact of digitalization on the three attributes of trustworthiness of the trustee was the strongest: objectives and intentions, competence and integrity. There were also digitalization related implications that could be drawn from the accounts of the interviewees. Thesis findings contribute to a better understanding of the role of the leader in a trust process in digitalized organizational environments and encourage further research in the field of trust especially when digital technologies have become so pervasive in the work life.

This thesis is about entrepreneurial leadership and how entrepreneurs are affected by social media. Our aim with this study is to investigate how social media affects entrepreneurial leadership. One of the main questions we are trying to figure out is, can social media be used as a tool for entrepreneurial leadership and if that is the case, how? To be able to answer the aim, the thesis takes a qualitative researched approach, we conducted individual face-to-face semi-structured interviews with entrepreneurs. The data from the interviews will be analysed using grounded theory coding with the approach of finding 1st order concepts to look for patterns in the data.  The 1st order concepts led us to the 2nd ordered themes, which became three aggregated dimensions; cast expander, leadership enhancer and new social context.   The result gave us a deeper understanding of entrepreneurial leadership and how the entrepreneurial leader perceives social media as a leadership tool. By combining our three aggregate dimensions, cast expander, leadership enhancer and new social context we were able to build a model of how these three dimensions intersect. What makes this model useful is that it gives us some insight into how social media affects entrepreneurial leadership

Submitted by Octhavio Martins (octhavio@gmail.com) on 2016-01-11T19:39:24Z No. of bitstreams: 1 MPGI Thesis - Octhavio Martins - jan2016.pdf: 689522 bytes, checksum: 94a3d686879f99f8dc15466021b9d2ff (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-01-11T19:43:58Z (GMT) No. of bitstreams: 1 MPGI Thesis - Octhavio Martins - jan2016.pdf: 689522 bytes, checksum: 94a3d686879f99f8dc15466021b9d2ff (MD5) / Made available in DSpace on 2016-01-12T11:41:17Z (GMT). No. of bitstreams: 1 MPGI Thesis - Octhavio Martins - jan2016.pdf: 689522 bytes, checksum: 94a3d686879f99f8dc15466021b9d2ff (MD5) Previous issue date: 2015-12-17 / O fenômeno das empresas born globals e a internacionalização de empresas brasileiras de base tecnológica são tópicos recentes na literatura acadêmica, devido também ao fenômeno ser recente. Não existem muitos estudados feitos com foco no mercado brasileiro, e os poucos que foram feitos, possuem um viés quantitativo. Esse estudo, entretanto, tem como objetivo analisar startups de maneira qualitativa. Uma extensa revisão de literatura foi desenvolvida a fim de melhor analisar as fundações nas quais o estudo seria desenvolvido, revisando os métodos de internacionalização, empreendedorismo no Brasil, e o fenômeno born global no geral. Entrevistas foram conduzidas com empreendedores no Brasil, que passaram pelo processo de internacionalização de seus modelos de negócios, a fim de reunir introspecções a respeito das peculiaridades do mercado brasileiro. Foram também analisados os fatores de escalabilidade de modelos de negócios dependentes de tecnologia, motivadores para a internacionalização, critério de seleção de mercados, programas governamentais, e o papel das startups brasileiras em uma perspectiva global. / The born-global phenomenon and the internationalization of Brazilian technology-based start-ups are very recent topics in the academic literature due to the phenomenon itself also being relatively recent. Not many studies have been made focusing on the Brazilian market, and the few ones that do focus on Brazil, have been made from a quantitative perspective. This study, on the other hand, aims to analyze start-ups qualitatively. An extensive literature review was developed to better analyze the foundations on which the study would be built on, reviewing internationalization methods, entrepreneurship in Brazil, and the born-global phenomenon in general. In addition, interviews were conducted with entrepreneurs in Brazil who have been through internationalizing their business models, in order to gather in-depth insights regarding the nuances of the Brazilian reality. The scalability of technology-dependent business models, internationalization triggers, criteria for selecting target markets, governmental programs, and the role of Brazilian start-ups in a global perspective, were also factors analyzed.