For VC-backed startups, their investors – who are also their main stakeholders – play a critical role. Only a limited number of notable contributions regarding in-depth examinations of stakeholders in the turnaround process exist. Several research studies highlight the research gap with regard to stakeholder management in turnaround situations. Due to the small and insufficient body of literature regarding the role of VCCs in turnarounds, I conducted an exploratory, qualitative empirical study based on four comprehensive turnaround cases, interviewing 14 co-founders and investors. Through a grounded theory approach, I developed a turnaround model, which takes into account the VCCs’ involvement. This dissertation shows that the general value-adding services of VCCs are during a turnaround only partially apparent. Moreover, the importance of the agency theory was again confirmed. It became clear how important continuous monitoring is for investors in order to identify problems in a portfolio company. Additionally, the findings show how important a good relationship between all parties involved is and how trust and transparency are essential during a turnaround.

En effektiv lärprocess för individen i arbetet är väsentligt för företags utveckling. Startups är företag som befinner sig i ett tidigt skede och karaktäriseras av innovation och en flexibel struktur. Tidigare forskning pekar på att dessa företags möjligheter och förutsättningar för lärande skiljer sig från de hos mer etablerade företag. Entreprenören har en nyckelroll i startups och deras lärande korrelerar med företagets utveckling. Syftet med denna studie är därför att undersöka lärandeaktiviteter för entreprenörer i startups för att öka förståelsen för hur deras lärande sker. För att undersöka syftet används en kvalitativ metod baserad på semistrukturerade intervjuer. Empirin analyseras med stöd av ett teoretiskt ramverk. Den teoretiska referensramen består av formellt samt informellt lärande och de tre läraspekterna situerat, erfarenhetsbaserat och kollektivt. Genom studiens analys identifieras entreprenörers lärande i form av aktiviteter i arbetet. Resultatet pekar på att entreprenörens lärande till stor del sker genom aktiviteter som i första hand fokuserar på företagets överlevnad. / An effective learning process for the individual at work is essential for company development. Startups are companies that are in an early stage and are characterized by innovation and a flexible structure. Previous research indicates that these companies opportunities and conditions for learning differ from those of more established companies. The entrepreneur has a key role in startups and their learning correlates with the company's development. The purpose of this study is therefore to investigate learning activities for entrepreneurs in startups to increase the understanding of how their learning takes place. To investigate the purpose, a qualitative method based on semi-structured interviews is used. The empirical material is analyzed with the support of a theoretical framework. The theoretical framework consists of formal and informal learning and the three learning aspects situated, experience-based and collective. Through the study's analysis entrepreneurs learning is identified in the form of work based activities. The results indicate that the entrepreneur's learning largely takes place through activities that primarily focus on the company's survival.

[pt] Este estudo aborda o caso da startup Esporte e Saúde, analisando sua trajetória desde sua criação até o presente. A empresa opera como uma plataforma tecnológica que conecta indivíduos ao mundo do esporte, saúde e bem-estar. O setor de esporte, saúde e bem-estar é notoriamente volátil devido às rápidas inovações tecnológicas, o que exige constante reconfiguração estratégica, tecnológica e de serviços para se manter competitivo. Mesmo em meio a um ambiente desafiador, a startup foi capaz de prosperar e manter seu desempenho, inclusive durante uma crise pandêmica global. Utilizando uma abordagem qualitativa, este estudo de caso concentra-se na liderança empreendedora da sócia fundadora da Esporte e Saúde, buscando compreender como suas ações e decisões contribuíram para o desenvolvimento de capacidades dinâmicas na empresa, a partir da perspectiva de diversas partes interessadas, como clientes, parceiros, colaboradores, investidores e a própria líder. A análise da Esporte e Saúde empregou a triangulação de dados, e envolveu a utilização de diversas fontes e métodos para examinar a liderança empreendedora e a geração de capacidades dinâmicas na organização. Isso incluiu a coleta de dados por meio de documentos internos da startup, entrevistas com vários stakeholders, questionários direcionados a clientes e parceiros, bem como a observação participante. A análise dos dados envolveu a comparação cruzada de informações para identificar padrões e relações subjacentes. A triangulação de dados contribuiu para a confiabilidade e validade das conclusões, proporcionando uma visão aprofundada da liderança empreendedora e das capacidades dinâmicas da Esporte e Saúde. / [en] This study addresses the case of the startup Esporte e Saúde, analyzing its trajectory from its creation to the present. The company operates as a technology platform that connects individuals to the world of sport, health, and wellness. The sports, health, and well-being sector is notoriously volatile due to rapid technological innovations, which requires constant strategic, technological and service reconfiguration to remain competitive. Even amid a challenging environment, the startup was able to thrive and maintain its performance, even during a global pandemic crisis. Using a qualitative approach, this case study focuses on the entrepreneurial leadership of the founding partner of Esporte e Saúde, seeking to understand how her actions and decisions contributed to the development of dynamic capabilities in the company, based on the perspective of various stakeholders, such as customers, partners, employees, investors, and the leader herself. The analysis of Esporte e Saúde employed data triangulation and involved the use of diverse sources and methods to examine entrepreneurial leadership and the generation of dynamic capabilities in the organization. This included data collection through internal documents of the startup, interviews with various stakeholders, questionnaires aimed at customers and partners, as well as participant observation. Data analysis involved cross-comparing information to identify underlying patterns and relationships. Data triangulation contributed to the reliability and validity of the conclusions, providing an in-depth view of the entrepreneurial leadership and dynamic capabilities of Esporte e Saúde.

Innovation inom försvarsindustrin har under flera år varit utsatt för förändringar på grund av olika trender. Detta har påverkat aktörerna inom marknaden. De mest inflytelserika faktorerna har varit, komplexare kunskapsbaser, ökat inflytande av privata företag och utökad konkurrens. Detta resulterar i att aktörer inom försvarssektorn arbetar under begränsningar. Syftet med denna studie är att undersöka hur dessa begränsningar kan hanteras genom att applicera en alternativ arbetsmetod. Därför introduceras och undersöks det hur Lean teorier kan appliceras för att motverka dessa påverkningsfaktorer och trender. Detta har sedan smalnats av till en Lean teori vilken är anpassad till utvecklingsarbete, Lean startup. Syftet är då formulerat till: Föreslå och undersök möjligheterna att applicera Lean som ett innovationsverktyg i utvecklingsarbeten inom försvarsindustrin. Studien kommer att använda sig av en fallstudiedesign och samla in data med intervjuer. Respondenterna är tagna från två aktörer inom den svenska försvarssektorn. Datainsamlingen gjorde det möjligt att kartlägga och skapa en överblick av arbetsprocessen. Respondenterna gavs också möjligheten att utrycka sina åsikter kring arbetsprocessen för att möjliggöra förbättringsförslag. Resultaten sammanställdes till gap där Lean teorier kunde appliceras och förhoppningsvis förbättra arbetsprocessen. Undersökningen kan påvisa att Lean teori kan användas inom utvecklingsprojekt inom försvarsindustrin. Dessutom kunde fördelarna med att applicera Lean teori hittas. Studien kommer fram till tre områden av kunskapsanskaffning i relation till syftet. Lean kan implementeras även om alla teoretiska krav inte är uppfyllda. Samarbete kan enligt Lean leda till flera fördelar. Lean kan skapa en brygga mellan två organisationer som har olika incitament / Innovation in the defense sector has during several years been under scrutiny and has undergone changes due to trends that have affected several stakeholders within the defense market. The most impactful elements are, more complex knowledge bases, increased role of private companies, and larger scope of competition. In return, these elements create constrictions in terms of limited resources that companies and agencies within the defense industry are affected by. The purpose of this study is to suggest an alternative approach to handle the limited resources and constrictions. The report introduces and investigate how Lean theory can be implemented and used to counter act these trends. Furthermore, it will utilize a Lean theory which specializes in innovation and development projects, Lean startup. The purpose is formulated to suggest and investigate the possibilities of applying Lean as an innovation tool in development projects for the defense industry. Moreover, the study will utilize a case study research design and collect data with interviews, where the respondents are from two of the stakeholders within the Swedish defense industry market. The data collection provided an opportunity to map and create an overview over the current work procedures. The respondents were also given the possibility to express opinions on the work procedures to create improvement possibilities. The findings of the report were concluded into gaps where the Lean theory could be applied and suggest a potential improvement of the current work procedures. The report finds that Lean theory provides tools that can be implemented to development context in the defense industry. It also finds that there are advantages to gain by implementing Lean. The report concludes that knowledge gain can be found in relation to the purpose. Lean can be implemented even though not all theoretical requirements are fulfilled. Collaboration will provide advantages in various areas from a Lean perspective. Lean can be used to bridge organizations with different incentives.

No description available.

Les politiques publiques encouragent le développement de « Jeunes Entreprises Innovantes » (JEI). La littérature aborde en profondeur les motivations des entrepreneurs, ainsi que les enjeux des phases d’idéation et de création. En revanche, après la création, les enjeux liés à l’évaluation des opportunités entrepreneuriales, en vue de sélectionner celles les plus à même de développer une croissance forte, ont reçu une attention limitée.Pour répondre à cette problématique, nous proposons une extension du cadre intégrateur de Fayolle (2010) sur l’organisation entrepreneuriale, en définissant une typologie des opportunités et en précisant les conditions de leur sélection ou non par les entrepreneurs.Les résultats de cette thèse permettent d’élaborer des outils et des enseignements managériaux pour les entrepreneurs et leurs parties prenantes (financeurs, conseils). / Public policies encourage the development of technological startups. The literature deals in depth with the motivations of entrepreneurs, as well as the challenges related to startup ideation and creation. However, once created, limited attention was paid to the issues related to the evaluation of entrepreneurial opportunities in order to select those most likely to develop strong growth.To address this issue, we propose an extension of Fayolle's (2010) framework on entrepreneurial organization, by defining a typology of opportunities and specifying the conditions for their selection or not by entrepreneurs.The results of this thesis make it possible to develop tools and managerial teaching for entrepreneurs and related parties (funds, advisors).

Det blir allt enklare att starta ett företag i Sverige, mycket tack vare de många startupplattformar som finns. Samtidigt överlever knappt hälften av alla startup längre än fem år. En viktig aspekt för att inte misslyckas som nystartat företag är att förstå sina kunder och sina användare och lansera produkten till rätt kundsegment, samtidigt som det kan vara kostsamma undersökningar som också förlänger den kritiska tiden innan företaget börjar generera inkomster. För att det ska bli lönsamt krävs det också att företagen förstår hur informationen som insamlas ska användas för att förbättra produkten. Det här arbetet undersöker hur och när startups väljer att involvera sina användare i produktutvecklingsprocessen. För att besvara arbetets frågeställningar har en litteraturstudie utförts, där bakgrunden till problematiseringen kartlagts. Därefter genomfördes en intervjustudie med fyra olika startups där syftet var att förstå hur arbetet med användarinvolveringen utfördes i praktiken. Samtliga företag som intervjuades hade genomgått ett program på, eller finansierats av någon startupplattform. Studien visade att startups ofta inte följer en linjär produktutvecklingsprocess, utan måste anpassa den efter de finansiella och strukturella förutsättningar som företaget har. Därför lämpar sig ofta andra iterativa metoder för företagen, där insatsen för varje förändring blir mindre. Det gäller också för användarinvolvering, där företagen dock strävar efter att involvera användaren så mycket som möjligt då det upplevs som en minskad osäkerhet. En kontinuerlig involvering av användare är dock sällan genomförbart för nystartade företag. Dessutom gör bristen på erfarenhet det svårt för företagen att strukturerat fastställa de viktigaste kraven och behoven från användarna. Sammanfattningsvis pekar studiens resultat på att en utmaning för startups är att applicera en linjär produktutvecklingsprocessen på grund av bristande struktur och startupfas. De strävar efter att förstå sina kunder och användare då konsensus råder om att detta leder till en lyckad lansering då osäkerheten minskar och produkterna förbättras. / Starting a business in Sweden is becoming easier, thanks in large part to the numerous startup platforms available. However, barely half of all startups survive beyond the first five years. A crucial aspect of avoiding failure as a new company is understanding one's customers and users and launching the product to the right customer segments. Yet, conducting costly surveys can also prolong the critical period before the company starts generating income. To make it profitable, companies also need to understand how the collected information should be used to improve the product. This study investigates how and when startups choose to involve their users in the product development process. To address the research questions, a literature review was conducted mapping out the background of the problem. Then an interview study was carried out with four different startups, aiming to understand how user involvement was implemented in practice. All interviewed companies had gone through a program on or were funded by a startup platform. The study revealed that startups often do not follow a conventional product development process but have to adapt it based on the company's financial and structural conditions. Insted, other iterative methods are often suitable for new companies, where the cost for each change is less significant. This also applies to user involvement, although companies strive to involve users as much as possible because it is perceived as reducing uncertainty. However, continuous user involvement is rarely possible for startups with limited budgets and time constraints. Moreover, the lack of experience makes it challenging for companies to systematically determine the most critical requirements and needs from users. In summary, the study's findings indicate that a challenge for startups is to apply a linear product development process due to a lack of structure and the startup phase. They strive to understand their customers and users, as there is a consensus that this leads to a successful launch by reducing uncertainty and improving products.

近年來網路產業快速成長，本研究希望以網路產業中的「APP行動應用程式產業」出發，探討這些提供行動應用服務的新創團隊，在各創建階段時期的資源取得與內化，透過創業者給予的建議以及資料整理與分析，提供未來欲創業的網路創業家參考。由於新創事業的團隊人數較為精煉，公司規模也尚未建立，初期所探討的資源具有人身依附性，資源與知識主要專屬在員工身上。本研究透過實證研究，在新創事業成長的各個不同的階段，探討隨著組織的調整，公司要如何將員工自身的能力與資源有效地傳遞給團隊其他成員，並且最終內化成為組織內部所屬的資源。 為了深入了解轉換過程進而獲得實證結果，本研究採取個案分析方法，針對網路產業的創業家進行一對一訪談為主，從創辦人與合夥人，分別就公司不同資源應用上一一詢問。完整訪談過後經由整理、比較，以吸收能耐理論的獲取、吸收、轉換、應用為架構，以求歸納出各資源轉換成組織資源過程以及後續應用創新 研究結果顯示，在將上述無形資源轉換成組織所擁有的過程中，新創公司最先採取的都是資料庫的建立，然而形式化的歸檔動作只是一種初期的手段，只有真正讓這些「資源」，針對其獨特性有效地流動於組織中，才可能後續為公司帶來真正的創新與應用。新創事業應該把握此時組織靈活的優勢，越快找到適合公司的商業模式，越能快速的從生存期進到成功期，而研究中也針對不同的資源屬性，深入探討其轉換與應用中的不同之處。

[pt] O objetivo inicial deste estudo é introduzir e discutir os diferentes métodos que são aplicados na avaliação de Startups. Normalmente startups não podem ser avaliadas com métodos tradicionais, como fluxo de caixa descontado (FCD) e múltiplos de mercado, pois não possuem lucros. Mesmo quando possuem lucros, a incerteza referente aos números é muito grande, dificultando e limitando a compreensão dos riscos inerentes aos negócios. Dadas as limitações dos métodos tradicionais de avaliação, esta dissertação sugere adicionar a incerteza aos modelos tradicionais através das variáveis estocásticas do investimento em análise, permitindo ao investidor ter maior conhecimento não só dos ganhos potenciais, mas também das perdas e suas probabilidades. Posteriormente, analisamos algumas opções reais presentes nos acordos de acionistas em startups. Os resultados são apresentados através de um estudo de caso real. Por fim, os métodos são comparados, com suas vantagens e desvantagens, na discussão de resultados e na conclusão, onde se espera demonstrar uma superioridade do método estocástico para avaliação de startups. / [en] The initial goal of this study is to introduce and discuss the different startup valuation methods. Usually startups can t be valued through traditional methods such as discounted cash flow (DCF) and market multiples due to its lack of profits. Even when profits are present, uncertainty plays a big part on valuation, making it difficult and limiting the comprehension of the inherent business risks. Due to the limitations of traditional valuation methods, this dissertation suggests adding uncertainty to the traditional models through stochastic variables present in the valuation, thus allowing the investor not only to look at the potential gains, but also at the potential losses and its probabilities. We also look at real options present in startup shareholders agreement. The results are shown as a real case study. Finally, in the outcomes discussion and in the conclusion, we compare the methods, discussing its advantages and disadvantages, where we expect to demonstrate the superiority of the stochastic method for valuying startups.

As startups digitais ocorrem como um fenômeno da própria Sociedade em Rede e de uma mudança profunda e qualitativa nas relações entre pessoas, espaços e coisas. Seus fluxos produtivos traduzem uma intensa transitividade dos espaços de produção, um protagonismo permanente com novas tecnologias digitais e uma mobilização do corpo como máquina produtiva. Esta pesquisa aborda a criação das startups na sua fase inicial, ou seja, nos momentos de idealizações do pensamento que age, na relação entre ideia e ação, especificando o movimento de travessia dos seus criadores, aqui chamados de Novos Idealistas, num percurso de alta criticidade denominado Zona Cinzenta. A partir dos pontos de ideação-previsão e experimentação-criação, a pesquisa produz reflexos sobre a arte desse empreendedorismo em situação-embrião. Com o objetivo de produzir um tecimento das suas ações na travessia, a pesquisa realiza um acompanhamento de processos nos territórios moventes das startups, desenvolvendo uma cartografia de conceitos que pulsam com intensidade neste transcurso. As teorias que situam o contexto desse novo modo de produzir, configurado pela hegemonização do trabalho imaterial, referenciam os caminhos da pesquisa, situando o conhecimento como principal força produtiva. Para entender esta travessia, a pesquisa navegou nos fazeres das startups, observando de dentro os movimentos de produção, a linguagem e o acionamento das máquinas comunicativas. Ao acompanhar os desejos e expor cases das ações, esta investigação assinala o fenômeno das startups como um novo empreendedorismo marcadamente digital, ecossistêmico e comunicativo. / Digital startups occur as phenomena of the Internet Society and a deep and qualitative change in relationships between people, places and things. Their production flows reveal an intense transitivity of production spaces, a permanent leading role with new digital technologies, and mobilization of the body as a productive machine. This research deals with the creation of startups in their initial phase. That is, in those moments of idealization of thoughts that relate idea and action, that specify the movement of their creators, here called New Idealists, on a high criticality path through what is called a Grey zone. Starting from the points of ideation-prediction and experimentation-creation, the research produces reflections on the art of this entrepreneurship in an embryo situation. With the goal of interweaving their actions in this passage, the research performs a monitoring process in areas where startups act, mapping concepts that pulsate with intensity along this course. The theories that contextualize this new production mode, in which immaterial labor dominates, reference the paths of research, placing knowledge as the main productive force. To understand this passage, the research navigated the doings of startups, observing from inside the movements of production, the language, the activation of the communication machines. In following the desires and exposing \'cases\' of actions, this research points to the phenomenon of startups as a new entrepreneurship, markedly digital, ecosystemic and communicative.