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.

No description available.

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.

In linear accelerator driven 4th generation Free Electron Lasers (FELs), the final beam quality is set by the linac and ultimately by its photoinjector and photocathode. Therefore, to deliver cutting-edge beam characteristics, there are stringent requirements for the photocathode used in the photoinjector. Understanding how surface properties of materials influence photocathode properties such as quantum efficiency (QE) and intrinsic emittance is critical for such sources. Metal photocathode research at Daresbury Laboratory (DL) is driven by our on-site accelerators VELA (Versatile Electron Linear Accelerator) and CLARA (Compact Linear Accelerator for Research and Applications), a free electron laser test facility. Metals offer the advantage of a fast response time which enable the generation of short electron pulses. Additionally, they are robust to conditions within the gun cavity. The main challenge with metal photocathodes is to maximise their (relatively) low electron yield. In this PhD thesis, the goal has been to carry out an experimental investigation on alternative metals to copper, correlating surface properties with photoemissive properties. A range of surface analysis techniques have been employed: surface composition was investigated using X-ray Photoelectron Spectroscopy and Medium Energy Ion Scattering, Kelvin Probe apparatus and Ultra-violet Photoelectron Spectroscopy were used to measure work function, and Atomic Force Microscopy and Interferometric microscope provided images characterising surface morphology. The photocathode properties studied include: QE measured using a 265 nm UV LED source that was later upgraded to a 266 nm UV LASER, and Mean Transverse Energy measured using the Transverse Energy Spread Spectrometer. As a result of this work, Mg, Nb, Pb, Ti and Zr have all been identified as photocathode candidate materials, each exhibiting a QE greater than Cu. Additionally, surface preparation procedures for optimising QE from a selection of metals has been explored; the findings of these experiments would suggest that ex-situ Ar plasma treatment followed by in-situ heat treatment is well suited to remove surface contaminants without altering the surface morphology of the cathode. As part of this work, metallic thin films produced by magnetron sputtering have been produced; ultimately the chosen cathode metal will be deposited onto a cathode plug which will be inserted into the electron gun that will drive CLARA. Thus the preparation of metal thin films has been investigated and the effect of different substrate materials on the film properties has been explored. Preliminary experiments studying the effects of surface roughness on photoelectron energy distribution have been conducted; the findings have not been conclusive, thus further systematic studies are required.

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 Rafael Ornelas (rafael.amaral.ornelas@gmail.com) on 2014-10-13T14:42:40Z No. of bitstreams: 1 Comparative Advantage, Heterogeneous Firms and Variable Mark-ups.pdf: 719604 bytes, checksum: a740a6997be4cfdd2be9d1a7f48aad00 (MD5) / Approved for entry into archive by BRUNA BARROS (bruna.barros@fgv.br) on 2014-10-13T17:17:33Z (GMT) No. of bitstreams: 1 Comparative Advantage, Heterogeneous Firms and Variable Mark-ups.pdf: 719604 bytes, checksum: a740a6997be4cfdd2be9d1a7f48aad00 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2014-10-14T11:58:54Z (GMT) No. of bitstreams: 1 Comparative Advantage, Heterogeneous Firms and Variable Mark-ups.pdf: 719604 bytes, checksum: a740a6997be4cfdd2be9d1a7f48aad00 (MD5) / Made available in DSpace on 2014-10-14T11:59:35Z (GMT). No. of bitstreams: 1 Comparative Advantage, Heterogeneous Firms and Variable Mark-ups.pdf: 719604 bytes, checksum: a740a6997be4cfdd2be9d1a7f48aad00 (MD5) Previous issue date: 2014-06-27 / We develop a model of comparative advantage with monopolistic competition, that incorporates heterogeneous firms and endogenous mark-ups. We analyse how these features vary across countries with different factor endowments, and across markets of different size. In this model we can obtain trade gains via two channels. First, when we open the economy, most productive firms start to export their product, then, they demand more producing factors and wages rises, thus, those firms that are less productive will be forced to stop to produce. Second channel is via endogenous mark-ups, when we open the economy, the competition gets ``tougher'', then, mark-ups falls, thus, those firms that are less productive will stop to produce. We also show that comparative advantage works as a ``third channel'' of trade gains, because, all trade gains results are magnified in comparative advantage industry of both countries. We also make a numerical exercise to see how endogenous variables of the model vary when trade costs fall.