The purpose of this study is to examine the German coffee market and its appropriateness as a new market to enter for the startup Company Briu. The company has been continuously growing since its initial start. The Chilean Coffee startup has since then looked for new markets opportunities in Europe. Their favored market is Germany. The research conducted in this paper is supposed to reveal the market its suitability for the company its expansion. The following key areas are assessed in order to decide whether or not the company should enter the market: 1. The demand for specialty quality coffee in Germany 2. The supply chain for the product 3. Governmental support of startups in Germany 4. The potential of the German Coffee Market 5. The legal and regulatory frame in Germany 6. German Customer 7. Market attractiveness 8. Ease of entry 9. Partner selection In this study, nine Coffee startups were interviewed. All the companies are located in Germany and the interviews were conducted via phone. The results suggest that the demand for specialty coffee in Germany is high enough to make the market entry of the company successful. The legal and financial landscape of the German startup industry supports the decision to enter the German specialty coffee market and an appropriate supply chain as well as suitable business partners are available.

O empreendedorismo e a cultura de inovação ganham cada vez mais lugar na realidade econômica mundial. Grandes centros inovadores, como o Vale do Silício, nos Estados Unidos, e Tel-Aviv, em Israel, surgem como modelos para outras nações que pretendem introduzir definitivamente o empreendedorismo como uma cultura local. Nesta dissertação, uma nova metodologia de coleta e análise de dados proposta pelo Grupo de Pesquisa em Empreendedorismo do IME-USP foi refinada e utilizada para desenvolver um modelo do ecossistema de startups de software da cidade de São Paulo. Para tanto, os dados que compõem o modelo foram reunidos através de pesquisa qualitativa com membros e fundadores de startups, aceleradoras, investidores de risco e outros agentes importantes para o ecossistema. Os resultados do estudo constatam que a cidade possui todos os elementos fundamentais para o ecossistema empreendedor, tais como instituições, clientes interessados em experimentar novos produtos, a presença de importantes agentes financeiros, e um ambiente promissor; no entanto, ainda é necessária uma melhor conexão entre esses componentes, e certos problemas críticos de grandes metrópoles, tais como a mobilidade urbana e o alto custo de vida, precisam ser melhorados para que o ecossistema da cidade possa continuar progredindo. A dissertação conclui com sugestões de ações para a melhoria do ecossistema, baseadas nos comentários dos entrevistados e em recomendações de outros estudos e relatórios com foco similar. / Entrepreneurship and the innovation culture are increasingly gaining ground in the global economy. Great innovative centers, such as the Silicon Valley, in the United States, and Tel-Aviv, Israel, arise as models for other nations wishing to definitely introduce entrepreneurship as part of the local culture. In this thesis, a new methodology for collecting and analyzing data proposed by the IME-USP Entrepreneurship Research Group was refined and used to build a model of the software startups ecosystem in São Paulo, Brazil. Data that make up the model were gathered through qualitative research with members and founders of startups, accelerators, venture capitalists and other important agents of the ecosystem. The study findings show that the city possesses all vital elements for the entrepreneurial ecosystem, such as institutions, customers interested in experimenting new products, the presence of important financial agents, and a promising environment; however, better connections among these components are required, and certain critical problems common in very large cities need to be improved so that the city\'s ecosystem can continue evolving. The thesis concludes by suggesting concrete actions for the improvement of the ecosystem based on the results from the qualitative research.

[EN] Entrepreneurship from the university is a system very frequently observed in the international environment, to commercialize the research and to contribute to the society and to the growth in general. This thesis researches the capacities of a university to promote said entrepreneurship, as part of the third mission, focusing on the Architectural Entrepreneurship Organization (AOE) of some universities. Our goal is to see the influence of that entrepreneurship architecture in the birth of new companies within the university. We define AOE as the structure or organization context of the University that, as part of the third mission, is focused in promoting the entrepreneurship within the students, completing thus the transfer of knowledge task existing from the academicians in their spin-offs (to commercialize licenses, patents or other intellectual property registered). This thesis centers in the study of the entrepreneurship phenomenon, dealing with the promoting of the creation of new companies from faculty and/or students that are part of the University, in the (physical) context of the University, in a broad meaning. We use a bibliographic methodology on references about entrepreneurship, university spin-offs and third mission; and a qualitative approach interviewing 54 persons from 9 different universities, 1 from the United States and 8 from Spain, including the 5 public Valencian universities to produce a qualitative research using the case study method (complemented with secondary sources). It is interesting to think that the entrepreneurial university, in Audretsch (2014) meaning must generate and create entrepreneurship attitudes, accumulating entrepreneur capital and, as a consequence, change mentalities related to entrepreneurship, mainly amongst students (considering this factor even in mid and high school teaching). Integrating entrepreneurial attitudes, by including entrepreneurship topics (patents and company projects, etc.) in the curriculum of the studies of the students and in the DNA of the course descriptions, should be the first priority within an AOE. / [ES] El emprendimiento desde la universidad es una forma cada vez más observada en el plano internacional, para comercializar la investigación y contribuir a la sociedad y al crecimiento. Esta tesis ha investigado las capacidades de la universidad para fomentar dicho emprendimiento, dentro de la llamada tercera misión, centrándose en la arquitectura organizativa emprendedora (AOE) de diversas universidades. Nuestro objetivo es ver cómo influye dicha arquitectura emprendedora en la creación de nuevas empresas desde la propia universidad. Definimos la AOE como la estructura o contexto organizativo de la Universidad que, dentro de la tercera misión, está enfocada a promover el emprendimiento en los alumnos, completando así el papel de la transferencia por parte de los académicos en sus spinoffs (para explotar licencias, patentes u otro conocimiento no registrado). La presente tesis se centra en el estudio del fenómeno de emprendimiento, tratando en este caso el fomento a la creación de empresas nuevas por parte de profesores y/o alumnos vinculados a la Universidad, en el ámbito y contexto (físico) de la Universidad, de una manera amplia. Utilizamos metodología bibliométrica sobre referencias en el campo del emprendimiento, spin-off universitarias y tercera misión; y cualitativa entrevistando a un total de 54 personas de 9 universidades diferentes, 1 estadounidense y 8 españolas, incluyendo las 5 universidades públicas valencianas para realizar un estudio cualitativo sobre el método del caso (complementado con fuentes secundarias). Resulta relevante el plantearnos que la entrepreneurial university (Universidad Emprendedora) en el sentido de Audretsch (2014) debe generar y crear actitudes de emprendimiento, acumular capital emprendedor y, en consecuencia, cambiar mentalidades en lo que respecta al emprendimiento, sobre todo en los estudiantes (considerando dicho factor incluso en enseñanzas secundarias). El integrar actitudes emprendedoras, el introducir el emprendimiento y sus temas (generaciones de patentes, proyectos empresariales, etc.) en el currículo de los estudiantes y en el ADN de los temarios y cursos debería ser la primera prioridad dentro de una AEO. / [CAT] L'empreniment desde la universitat és una forma cada volta més observada en el pla internacional, per a comercialitzar la investigació i contribuir a la societat i al creixement. Esta tesis ha investigat les capacitats de la universitat per a fomentar l'anomenat empreniment, dins de la tercera missió, centrant-se en l'arquitectura organitzativa emprenedora (AOE) de diverses universitats. El nostre objectiu és vore com influeix esta arquitectura emprenedora en la creació de noves empreses des de la pròpia universitat. Definim la AOE com l'estructura o context organitzatiu de la Universitat que, dins de la tercera missió, està focalitzada en promoure l'empreniment entre els alumnes, completant així el paper de la transferència per part dels acadèmics amb els seus spinoffs (per a explotar llicències, patents o altre coneixement no registrat). La present tesi aborda la tercera missió de la Universitat en el seu rol de transferència de coneixement a la societat i, en particular, es centra en l'estudi del fenomen d'empreniment, tractant el foment a la creació d'empreses noves per part de professors i/o alumnes vinculats a la Universitat, en seu àmbit i context d'una manera àmplia. Utilitzem metodologia qualitativa bibliomètrica sobre referències en el camp del empreniment, spin-off universitàries i tercera missió; i qualitativa entrevistant a un total de 54 persones de 9 universitats diverses, 1 americana i 8 espanyoles, incluint les 5 universitats públiques valencianes per a realitzar un estudi qualitatiu sobre el mètode del cas (complementat amb fonts secundàries). Resulta relevant el plantejar-nos que l'entrepreneurial university (Universitat Emprenedora), en el sentit de Audretsch (2014) ha de generar i crear actituds d'empreniment, acumular capital emprenedor i, en conseqüència, canviar mentalitats en allò que respecta a l'empreniment, sobre tot entre els estudiants (considerant eixe factor fins i tot en l'ensenyança secundària). El integrar actituds emprenedores, el introduir l'empreniment i els seus temes (generacions de patents, projectes empresarials, etc.) en el currículum dels estudiants i en l'ADN dels temaris i cursos hauria de ser la primera prioritat dins de una AEO. / Messana Salinas, I. (2015). La Entrepreneurial University y el constructo de Arquitectura Organizativa Emprendedora: las bases del emprendimiento universitario en la Universidad Española como componente de la tercera misión [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/59067 / TESIS

Syfte: Denna studie avser att undersöka vilka som är de huvudsakliga problemen och riskerna med teckningsoptioner för de anställda och företagen, samt eventuella åtgärder för att öka användbarheten.   Teori: Studien utgår från teorier som kopplas till teckningsoptioner. De teorierna som tillämpas är belöningssystem, optionsprogram, optionsteori, Black-Scholes-modellen, företagsvärdering och principal-agent-teori. Metod: Denna studie utgår från ett kvalitativt angreppssätt och den metod som tillämpas är semistrukturerade intervjuer. Åtta personer som har kompetens inom optionsprogram och/- eller använder teckningsoptioner är respondenter i denna studie. Empiri: Samtliga respondenter kunde nämna olika fördelar med teckningsoptioner och majoriteten anser att det är ett bra och flexibelt instrument. Ett flertal problem och risker belystes och det är problem och risker som drabbar den anställde, företaget eller båda parter. För den anställde handlar det framförallt om att optionerna förfaller värdelösa och att det är problematiskt att finansiera köpet. För företaget krävs det mycket administration och kostnader för att utforma optionsprogrammet. Även ett flertal åtgärder för samtliga risker och problem berördes för att kunna öka användbarheten.   Slutsats: Teckningsoptioner är ett lämpligt instrument men det kan medfölja många risker som bör beaktas och medvetenheten om dem bör vara större. Genom att öka medvetenheten om riskerna ökar chanserna för att kunna minimera dem i tid. / Purpose: This study aims to investigate the main problems and risks of stock warrants for employees and companies and potentially the measures that may increase the usability. Theory: The study is based on theories related to stock warrants as incentive scheme: reward system, option theory, Black-Scholes model, company valuation and principal-agent theory. Method: This study will be based on a qualitative approach through eight semi-structured interviews with people who have expertise in stock warrants and/or use stock warrants as incentive schemes.  Empirics: All respondents could mention various advantages of stock warrants and the majority consider it to be a good and flexible tool to use. A number of problems and risks were highlighted, as well as problems and risks that affect the employee, the company or both parts. For the employees, it is primarily about that the stock warrants expire worthless and it is problematic to finance the purchase. The companies require a lot of administration and it involves large costs to design the incentive schemes. The respondents did also mention some measures to increase the usability of incentive schemes.     Conclusion: Stock warrants are a good instrument but it may entail many problems and risks that should be considered, and the awareness of them should be greater. If the awareness of the risks increases, then the bigger the chances gets to minimize them in time.

O empreendedorismo e a cultura de inovação ganham cada vez mais lugar na realidade econômica mundial. Grandes centros inovadores, como o Vale do Silício, nos Estados Unidos, e Tel-Aviv, em Israel, surgem como modelos para outras nações que pretendem introduzir definitivamente o empreendedorismo como uma cultura local. Nesta dissertação, uma nova metodologia de coleta e análise de dados proposta pelo Grupo de Pesquisa em Empreendedorismo do IME-USP foi refinada e utilizada para desenvolver um modelo do ecossistema de startups de software da cidade de São Paulo. Para tanto, os dados que compõem o modelo foram reunidos através de pesquisa qualitativa com membros e fundadores de startups, aceleradoras, investidores de risco e outros agentes importantes para o ecossistema. Os resultados do estudo constatam que a cidade possui todos os elementos fundamentais para o ecossistema empreendedor, tais como instituições, clientes interessados em experimentar novos produtos, a presença de importantes agentes financeiros, e um ambiente promissor; no entanto, ainda é necessária uma melhor conexão entre esses componentes, e certos problemas críticos de grandes metrópoles, tais como a mobilidade urbana e o alto custo de vida, precisam ser melhorados para que o ecossistema da cidade possa continuar progredindo. A dissertação conclui com sugestões de ações para a melhoria do ecossistema, baseadas nos comentários dos entrevistados e em recomendações de outros estudos e relatórios com foco similar. / Entrepreneurship and the innovation culture are increasingly gaining ground in the global economy. Great innovative centers, such as the Silicon Valley, in the United States, and Tel-Aviv, Israel, arise as models for other nations wishing to definitely introduce entrepreneurship as part of the local culture. In this thesis, a new methodology for collecting and analyzing data proposed by the IME-USP Entrepreneurship Research Group was refined and used to build a model of the software startups ecosystem in São Paulo, Brazil. Data that make up the model were gathered through qualitative research with members and founders of startups, accelerators, venture capitalists and other important agents of the ecosystem. The study findings show that the city possesses all vital elements for the entrepreneurial ecosystem, such as institutions, customers interested in experimenting new products, the presence of important financial agents, and a promising environment; however, better connections among these components are required, and certain critical problems common in very large cities need to be improved so that the city\'s ecosystem can continue evolving. The thesis concludes by suggesting concrete actions for the improvement of the ecosystem based on the results from the qualitative research.

The process of internationalization may be more difficult for emerging markets' artificial intelligence startups (AI startups) due to several challenges. These challenges include weak institutions, limited financial support, political instability, lack of adequate local infrastructure. Significantly less research has being done on entrepreneurial ecosystems, especially in emerging markets. Therefore, this study aims to address the current state of the entrepreneurial ecosystem, in emerging markets and AI startups internationalization process. As a result, the study focuses on the challenges faced by AI startup within the Nigerian and South African entrepreneurial ecosystem, to address how the entrepreneurial ecosystem affects AI startups internationalisation process. To answer the research question, qualitative research was carried out using semi structure interviews with different case companies from South Africa and Nigeria. Although these countries are similar in nature, AI startups face various internal challenges in terms of government policies, institutions, and infrastructure. Based on the findings, it was noticed that there is a relationship between the entrepreneurial ecosystem and the growth and survival of AI startups. The elements of an Entrepreneurial ecosystem (social, cultural, and material elements) also influence the internationalisation of AI startups within an entrepreneurial ecosystem space. Entrepreneurial ecosystem challenges were identified which discourages or hinder the growth of AI startups within the Nigerian and South African markets. In conclusion, we noticed that African AI startups prefer to practice their business model in the home markets and flourish their confidence levels before seeking internationalization opportunities. Most of the case AI startups prefer to start internationalization from close psychic market before going distance international markets. However, these AI startups adopt network relationship approach through key business partners for international expansion.

Firms‘ resource base is one of the determinants of their capacity to innovate. When firms’ internal base of financial, intangible or technical resources is not sufficient to realize innovation projects, resources provided by other stakeholders can mitigate innovation constraints. This cumulative dissertation intends to shed light on innovation-related collaborations and interactions of three specific kinds of actors. The first article investigates the role innovation plays for investors when screening and evaluating potential investment targets and explains to which extent the investors’ behavior re-orients towards the implementation of innovation-pushing measures once being invested. Also, the second article refers to the interaction between investors and innovative firms: Subsequent to a derivation of an industry-specific business model pattern, the second article analyzes whether and how financing of new and innovative digital health ventures differ between Europe and USA. Adopting a single case study approach, the third article focuses on the interaction between corporate accelerators and innovative firms and identifies shortcomings of Telefonica’s corporate accelerator Wayra.:1 Introduction 2 Theoretical background of dissertation 3 Purpose and focus of dissertation 4 Overview and summaries of dissertation articles 5 First article: The Role of Innovation in Venture Capital and Private Equity Investments in Different Investment Phases 6 Second article: Venture Capital in the Digital Health Industry: Analyzing and Comparing Funding Environment and Business Models of Digital Health Start-ups in USA and Europe 7 Third article: Start-ups in a Corporate Accelerator: What is Satisfying, What is Relevant and What can Corporates Improve? 8 Contribution of dissertation 9 Limitations of dissertation 10 Future Research 11 References

The economic growth of recently established companies by the name of startups has increased significantly within the past couple of years. Startups are commonly attributed to achieving positive effects on socioeconomic advancements by creating new employment opportunities within its surrounding environments. However, startups are particularly vulnerable for having a supply of limited resources caused by their lack of market experience. Additionally, in times of turbulence, such companies are predominantly dependent on a commonly short-term method called an ad hoc strategy to avoid facing the risk of operational loss or even bankruptcy. This study comes to examine how ad hoc strategies can be used as long-term methods following a period of organizational instability, leading to the thesis’ research question: How can startups continue to use ad hoc strategies after turbulent times? To investigate this, the study applied a qualitative research method in the form of semi-structured interviews with representatives of startup companies. The following results show that during the time of the Covid-19 pandemic, startups have used a variant of ad hoc strategies in order to become more digital. This has resulted in several advantages, mainly that their main business measures become more economically efficient through the process of digitalization. Thus, the study concludes that startups can utilize ad hoc strategies after a turbulent time by using digitalization to a greater extent on a daily basis, exemplified by the approaches used during the Covid-19 pandemic. Consequently, the research proves that ad hoc methods do not have to be used exclusively as temporary solutions and can instead be applied to benefit with future organizational approaches. / Tillväxten av nystartade företag, även kallade för startups, har ökat markant. Startups har en positiv effekt på den samhällsekonomiska utvecklingen genom att möjliggöra ny sysselsättning för individer i samhället. Dock är dessa typer av organisationer sårbara i och med deras begränsade resurser vilket grundar sig i att startups har varit på marknaden under en kortare tid som resulterat i en lägre grad av erfarenhet inom respektive bransch. Utöver de begränsade resurserna som startups besitter kan turbulenta tider vara avgörande för att startups inte har möjligheten att driva sin verksamhet på ett lönsamt vis och riskerar därmed att hamna i konkurs. Vid turbulenta tider är dessa företag då tvungna att använda sig av ad hoc strategier, det vill säga specifika korttidsåtgärder, som en lösning på ett oväntat och tillfälligt problem. Syftet med denna studie är att ta reda på hur ad hoc strategier kan användas som metoder efter turbulenta tider. Därmed utformades studiens problemformulering: Hur kan startups fortsätta använda ad hoc strategier efter turbulenta tider? För att undersöka detta har studien använt en kvalitativ metod i form av semistrukturerade intervjuer med representanter från startups. Resultatet har påvisat att under Covid-19-pandemin har startups verksamheter blivit mer digitala vilket har resulterat i flera fördelar, främst att arbetet blir mer effektivt genom att utgå från digitaliseringen. Studiens slutsats är att startups kan nyttja ad hoc strategier efter en turbulent tid genom att använda digitalisering i större utsträckning på daglig basis, exemplifierat av hur vissa företag gått till väga under Covid-19-pandemin. Därmed underbyggs det att ad hoc strategier inte endast fungerar som tillfälliga lösningar utan kan fortsätta användas för framtida organisatorisk utveckling.

The recently coined term, Impact Startup, and its rising popularity on the global scene proves its importance as a subject of research. As startups are considered key players in changing the status quo and breaking barriers, they are considered crucial in overcoming some of the most evident issues of today. Utilizing an approach based on previously validated content analysis methods, this study aims to shine a light on the relatively unexplored topic by identifying the key qualities of Impact Startups. Looking into how these organizations communicate about themselves and comparing the findings with the compiled theoretical definition of Impact Startups, we can evaluate the alignment of theory with practice and gain a deeper understanding of the trending phenomenon. Finding that Impact Startups should effectively change the social and/or environmental status quo we conclude that they should be categorized as, Social Impact Startups, Environmental Startups, and Total Impact Startups. Further results of this investigation highlight the importance of distinguishing between Mature Impact Organizations and Impact Startups. This study contributes extensively to the understanding we have of Impact Startups and lays the foundation for further research and establishing legitimate qualifications of Impact.

[pt] A transição energética se põe como um dos grandes desafios de nosso tempo. Até 2050 são previstos mais de 13 trilhões de dólares de investimentos só em energia elétrica, sendo 77 por cento em fontes renováveis. Nesse contexto o paradigma das inovações abertas deve exercer um papel fundamental, reduzindo os custos das tecnologias atuais, criando novos mercados e remodelando os existentes através da interação dos cinco principais atores desse processo: universidades, corporações, governos, empreendedores e capitalistas de risco. No nosso primeiro artigo, mostramos a importância da interação desses três primeiros atores ao redor de políticas públicas orientadas às missões. Construímos um framework capaz de endereçar as melhores práticas desse tipo de política quando estas são aplicadas à transição energética. No segundo, buscamos identificar os padrões que levaram startups de energia ao sucesso ou ao fracasso o longo dos últimos 20 anos. Descobrimos que os modelos de negócio, os valores investidos e o perfil dos investidores exerceram um papel fundamental nestas trajetórias. Por fim, dada a relevância da relação entre startups e corporações na transição energética, analisamos no terceiro artigo o papel do corporate venture capital (CVC) ao longo dos últimos 25 anos e identificamos a existência de uma quinta onda de CVC, que possui notáveis particularidades e que leva as unidades de CVC ao centro estratégico de inovação das corporações modernas. De modo geral concluímos que todos os cinco principais atores possuem papeis distintos, mas fundamentais, na transição energética. / [en] The energy transition is one of the most significant challenges of our time. By 2050, more than 13 trillion of dollars of investments are expected in the electricity sector, with 77 percent from renewable sources. In this context, the open innovation paradigm should play a key role in reducing the costs of current technologies, creating new markets and reshaping the existing ones through the interaction of the five main stakeholders in this process: universities, corporations, governments, entrepreneurs and venture capitalists. In the first article, we show the importance of the interaction of the first three actors around mission-oriented public policies. We build a framework that can address the best practices of this type of policy when applied to the energy transition context. In the second, we seek to identify the patterns that have led energy startups to success or failure over the past 20 years. We find that business models, invested values, and investor profiles play a key role in these trajectories. Finally, considering the relevance of the relationship between startups and corporations during the energy transition, we analyzed in the third article the role of corporate venture capital (CVC) over the last 25 years and we recognize the fifth wave of CVC, which has many particularities and drives the CVC units to the innovation s strategic center of modern corporations. Overall, we conclude that all these main five stakeholders have a distinct but fundamental role in the energy transition.