[pt] O propósito desta pesquisa é investigar um tipo emergente de INV, a Borderless Firm, ao apresentar um estudo de caso sobre uma jovem e pequena empresa brasileira que se enquadra nas características que distinguem este tipo de empresa. Analisa-se detalhadamente como ocorreu o processo de estabelecimento de cada uma das atividades coordenadas internacionalmente, buscando entender as motivações da empresa e a relevância das redes de relacionamento nessa trajetória. Embora a pesquisa seja baseada em um estudo de caso único devido às limitações atuais de se identificar empreendimentos que apresentem a configuração da Borderless Firm, acredita-se que o caso da Zee.dog contribui para corroborar certos aspectos da incipiente teoria, como a diversidade de motivos que influenciam as decisões de internacionalização dessas empresas, a alternância entre as lógicas de previsão e controle que parecem guiar esse processo e a importância que as redes de relacionamento assumem não apenas para o reconhecimento de novas oportunidades, mas para diminuir barreiras ao aprofundamento da internacionalização, e como mecanismo alternativo de governança para evitar o oportunismo. Além disso, o estudo indica que a configuração global pautada na coordenação de atividades geograficamente dispersas e baseada em relacionamentos complexos com diversos atores internacionais pode vir a ser fonte de vantagens competitivas sustentáveis, que são necessárias para sobreviver no mercado global. / [en] The purpose of this research is to inquire about an emergent type of International New Venture, the Borderless Firm, by presenting a case study on a small and young Brazilian company that can be framed in this type of firm main characteristics. The analysis details how was the process of establishing internationally coordinated activities, also trying to understand the company s motivations and the relevance of international networks to this trajectory. Although the research is based on a single case study due to current limitations of identifying companies that present the Borderless Firm configuration, it is believed that the Zee.dog case contributes to corroborate certain aspects of the incipient theory, such as the diversity of reasons that influence the companies internationalization decisions, the alternance between the logics of causation and effectuation that seems to guide this process and the importance that networks relationships assume not only to the acknowledgement of new opportunities, but to diminish the barriers of broadening internationalization and as an alternative governance mechanism to avoid opportunism. Furthermore, this study indicates that the global configuration grounded by the coordination of geographically dispersed activities and based on complex relationships with multiple international actors may become source of sustainable competitive advantages that are required to survival in the global market.

New ventures started by entrepreneurs need access to the right amount of financial resourcesin order to grow and expand businesses. Venture capital financing and partnerships withventure capital firms is a common route for entrepreneurial companies to acquire the neededfinancing for growing the venture, which in turn benefits a country’s economy as a whole.The partnership between the venture capital firm and the entrepreneur may involve conflicts,due to different goals and objectives towards the business, difference in management stylesand personal background as well as task and contextual conflicts, to mention some examples.We discovered a knowledge gap regarding conflicts between venture capital firms andentrepreneurs in Sweden and hence our aim with this study is to provide an answer on howventure capital firms and entrepreneurs are dealing with these potential conflicts in Sweden.To find out the answer, we reviewed selected and relevant literature on the subject andadapted a theoretical framework, based on existing literature. In terms of methodologicalapproach, we chose to be constructionists by following the abductive approach, in order toeffectively answer our research question and be able to add and complement our theoreticalframework, based on our empirical findings.Our empirical findings consists of four valuable interviews with venture capital firmmanagers and another four interviews with entrepreneurial CEOs and/or company founders,to get the view of both parties involved in venture capital partnerships. Based on ourempirical findings, our main conclusion is that the venture capital partnership often suffersfrom lacking communication from either or both parties, which could start or worsen theconflicts. Many of these problems are also derived by the vastly different backgrounds ofventure capital firm managers compared to entrepreneurs.Additionally, our study notes a tendency for less patience for conflicts among venture capitalfirms compared to entrepreneurs, as venture capital firms are willing to replace the currentCEO or make an early exit the venture or even liquidate its shares, if they deem problems assevere. On the other hand, entrepreneurs want to keep the dialogue going and seem to havemore patience. To mitigate the conflicts in the venture capital partnership, based on ourfindings, we propose that venture capital firms should hire managers or consultants with amore technical background when evaluating and working with certain entrepreneurs.Furthermore, venture capital firms may need to be more dynamic in terms of their controlmeasurements as opposed to being overly static on a long-term business plan which may getoutdated or lose relevancy.Entrepreneurs, nonetheless, need training and support in many cases, to understand how tocommunicate in business contexts and write business plans in order to facilitate thecollaboration with their venture capitalists.

La presència de les dones emprenedores a l' àmbit empresarial cada vegada va en augment y amb allò, l' interès per conèixer més sobre aquest potencial col·lectiu i els resultats que tenen les empreses que creen. D'una banda, els estudis publicats fins ara se centren en la seva majoria en països anglosaxons, per això existeix una necessitat per conèixer com és aquest col·lectiu en països amb cultura diferent. D'altra banda, existeix debat sobre els resultats de les mateixes per això es fa també necessari considerar aspectes nous en la valoració d'aquest tipus d' empreses. El present treball planteja l' objectiu de determinar l' influència dels factors del procés de creació d'empreses en els resultats de les empreses noves creades per dones. Això, a fi d'explicar alguna variació en els resultats d' aquestes empreses. L'estudi se centra a Espanya i en específic l' objecte d'estudi són empreses noves creades i dirigides per dones ubicades a les ciutats urbanes més grans d'Espanya (amb una població més gran de 500.000 habitants), que són: Barcelona, Madrid, Màlaga, Sevilla, València i Saragossa. Es realitza una revisió d' estudis empírics sobre l' activitat emprenedora femenina publicats i una perspectiva de l'activitat empresarial de dones a Espanya. S' analitzen diverses aportacions teòriques i empíriques referents a l' avaluació dels resultats d'empreses noves. Amb això, construir un marc conceptual que conjuga aquests temes i descriu els factors del procés de creació d'empreses que poden influir en els resultats d'aquest col·lectiu. La metodologia i disseny de l' investigació es basa en l'aplicació a emprenedores fundadores i dirigents de la seva empresa d'un qüestionari per correu postal a una mostra de 253 empreses, equivalent a una taxa de resposta del 22,33%. La qual, és considerada molt alta per a aquest tipus de qüestionaris i Espanya. Dit qüestionari d'elaboració pròpia identifica els factors que poden influir en els resultats d'una empresa nova. El model d' investigació va ser contrastat i provat mitjançant el mètode de regressió lineal per a les variables continues la família, objectius empresarials i resultats de les empreses i, els mètodes no-paramètrics dels Mann-Whitney i Kolgomorov-Smirov per a les variables dicotòmiques pla d'empresa, experiència professional i institucions externes . Els resultats mostren que el perfil soci demogràfic de les emprenedores espanyoles correspon al de països amb alts ingressos només amb petites diferències en el nivell educatiu i l' edat que són una mica més altes. Hi ha evidència significativa de l'efecte positiu que tenen els objectius empresarials perseguits per la emprenedora i el suport brindat per la seva família sobre els resultats de les seves empreses. També, es corrobora de manera parcial l'efecte positiu de les relacions amb institucions externes. En canvi, les variables d'experiència professional i pla d'empresa tenen un efecte nul. Aquesta investigació s'inscriu dintre d'un corrent de treballs empírics que estudien l'activitat del female entrepreneurship i, pretén ser una aportació que permeti ampliar el coneixement existent i pugui conduir a futures investigacions sobre aquest col·lectiu. / La presencia de las mujeres emprendedoras en el ámbito empresarial cada vez va en aumento y con ello, el interés por conocer mas acerca de este potencial colectivo y de los resultados que tienen las empresas que crean. Por un lado, los estudios publicados hasta ahora se centran en su mayoría en países anglosajones, por lo que existe una necesidad por conocer como es este colectivo en pasíses con cultura diferente. Por otro lado, existe debate sobre los resultados que tienen este tipo de empresas por lo que se hace también necesario considerar aspectos nuevos en la valoración de estas empresas. El presente trabajo plantea el objetivo de determinar la influencia de factores del proceso de creación de empresas en los resultados de las nuevas empresas creadas por mujeres. Esto, con el fin de explicar alguna diferenciación en los resultados de estas empresas. El estudio se centra en España y en específico el objeto de estudio son las nuevas empresas creadas y dirigidas por mujeres ubicadas en las ciudades urbanas más grandes de España (con una población mayor a los 500.000 habitantes), que son: Barcelona, Madrid, Málaga, Sevilla, Valencia y Zaragoza. Se realiza una revisión de estudios empíricos sobre la actividad emprendedora femenina publicados y una perspectiva de la actividad empresarial de mujeres en España. Se analizan diversas aportaciones teóricas y empíricas referentes a la evaluación de los resultados de nuevas empresas. Para así, construir un marco conceptual que conjunta estos temas y describe los factores del proceso de creación de empresas que pueden influir en los resultados de este colectivo. La metodología y diseño de la investigación está basada en la aplicación de un cuestionario por correo postal a una muestra de 253 emprendedoras fundadoras y dirigentes de su empresa, con una tasa de respuesta del 22,33%. La cual, es considerada muy alta para este tipo de cuestionarios y España. Dicho cuestionario de elaboración propia identifica los factores que pueden influir en los resultados de una nueva empresa. El modelo de investigación fue contrastado y probado mediante el método de regresiones lineales para las variables continuas la familia, objetivos empresariales y resultados de las empresas y, los métodos no-paramétricos de Mann-Whitney y Kolgomorov-Smirov para las variables dicotómicas plan de empresa, experiencia profesional e instituciones externas . Los resultados muestran que el perfil sociodemográfico de las emprendedoras españolas corresponde al de países con altos ingresos solo con pequeñas diferencias en el nivel educativo y la edad que son un poco más altas. Hay evidencia significativa del efecto positivo que tienen los objetivos empresariales perseguidos por la emprendedora y el apoyo brindado de su familia sobre los resultados de sus empresas. También, se corrobora de manera parcial el efecto positivo de las relaciones con instituciones externas. En cambio, son nulos los efectos de las variables experiencia profesional y plan de empresa. Esta investigación se inscribe dentro de una corriente de trabajos empíricos que estudian la actividad del female entrepreneurship y, pretende ser una aportación que permita ampliar el conocimiento existente y pueda conducir a futuras investigaciones sobre este colectivo. / The presence of female entrepreneurs in the business world is increasingly growing together with the interest in learning more about this potential collective and the performance of businesses that create. On the one hand, the studies published so far are mostly focused on Anglo-Saxon countries, so that there is a need to learn more about this group in countries with different culture. On the other hand, due to an existing debate about the performance of this kind of ventures, it is also necessary to consider new aspects for the valuation of these businesses. The current dissertation aims at determining the influence of factors of business creation process in the performance of new businesses created by women. This in order to explain some differences in the performance of these ventures. The study focuses on Spain and its specific object are the new companies run by women and located in the largest urban cities in Spain (with a population greater than 500,000), which are: Barcelona, Madrid, Málaga, Sevilla, Valencia and Zaragoza. A literature review of empirical studies published about female entrepreneurship and a perspective of this activity in Spain are realized. A range of theoretical and empirical contributions relating to the new businesses performance's evaluation are analysed. The purpose is to build a conceptual framework that brings together these issues and describes the factors in the process of venture creation that may influence the performance of this collective. The methodology and research design are based on the application of a questionnaire by mail to a sample of 253 women entrepreneurial founders and managers of his own business. The response rate was of 22.33%, which is considered very high for this type of questionnaire and Spain. Such a specifically designed questionnaire identifies the factors that may influence the performance of a new business. The research model was contrasted and tested through linear regression model for the continuous variables -family, business goals and business performance- and non-parametric methods Mann-Whitney and Kolgomorov-Smirov for dichotomous variables -business plan, professional experience and external institutions-. The results show that sociodemographic profile of Spanish female entrepreneurs is similar to the high income countries only with small differences in educational level and age that are a bit higher. There is a significant evidence of positive effect that corporate objectives pursued by the female entrepreneurs and the support of their families have on their businesses performance. Furthermore, the positive effect of relations with external institutions is partially corroborated. Whereas the effects of professional experience and business plan variables are null. This research falls into a series of empirical studies on female entrepreneurship activity, it is meant to contribute to widen the current knowledge and can lead to future research on this collective.

網際網路(Internet)於1990年代中期蓬勃發展以來，營運模式(business model, BM)成為創投業者(venture capitalists, VCs)評估新興dotcom廠商能否在競爭中勝出的準則。從相關文獻指出，成功的營運模式不僅可形塑新產業，甚且重新分配新價值。因此，營運模式對廠商在市場的持續競爭力，求取生存與成長，具有重大的影響。 市場競爭的本質是以動態呈現，本研究嘗試探索具有動態性之營運模式架構。依循Eisenhardt(1989)個案研究法，本研究以6個新創廠商個案進行深度訪談，將訪談逐字稿進行逐句、逐段分析，歸納整理個案研究發現，並進行跨個案分析以取得個案的型態(pattern)。 從個案研究發現與分析，廠商必須面對環境、技術及競爭者等不確定性因素，廠商的營運模式須從外部不確定性因素中，發現具有利基的創業機會，也就是：廠商須提出能夠打造具利基市場之定位與地位之「價值主張」，以及提供生存與成長的動能之「獲利能耐」。從本研究發現與分析萃取出4個營運模式要素，亦即：廠商必須能夠擁有與動員「關鍵資源與能力」；建立「網絡與平台分享機制」；注重能夠產生領導趨勢、深度體驗及高築障礙之「產品/服務之設計與品質」；充分發揮擴展共創雙贏之「在地智慧」。然而，營運模式在動態的環境中，並非一成不變，廠商必須持續透過「配適、校準、嘗試錯誤及快速商品化」之動態調整機制，才可讓營運模式具有與時俱進的持續競爭力。 / In mid of 1990’s, the era of Internet booming, business models (BMs) had become the most important evaluation tools of venture capitalists to emerging dotcoms whether they can be successful competition from the market or not. From the literature review, it showed that the successful BM not only had reshaped the whole industry, but also had redistributed billions of dollars of value. For above reasons, BMs heavily influence to firms’ performance for getting survival and growth in competitive markets. The competitive nature of markets presents a dynamic characteristic. Under this circumstance, this research tries to explore the architecture of BM that is with the adapting mechanisms to a dynamic and competitive market. The research employs case study methodology and conducts 6 new venture cases. The first research question is to explore new ventures how to seize entrepreneurial opportunities. It can be found out new ventures how to confront uncertainties including environments, technologies, and competitors, which construct antecedents of BMs. From research findings, there are two antecedents, one is value propositions which make firms to craft a special position in a niche market, and the other is profitability capabilities. The second research question is to explore new ventures how to build up BMs and adapt to the dynamic settings. Extracting of case studies findings, there are four elements, including key resources and capabilities, sharing mechanism in network and platform, design and quality in products/services, local intelligence. Also, from the research findings, there are four mechanisms of dynamic adaptation, including alignment, fit, trial and error, and commercialization. In the dynamic markets, the optimal status to BMs is to adapt and renew automatically. On one hand, it makes firms to sense and seize opportunities which are coming from external uncertainties; on the other hand, firms have to keep their BMs on the right trajectory with mechanisms of dynamic adaptation. BMs with adapting mechanisms can make firms keep competitive advantages.