Even though venture capital trade sale exits are the most common and successful exit vehicle, historically most academic attention has been given to IPO exits. This thesis takes the first steps towards opening the black box that is trade sale exits. The thesis is paper-based, and the main academic contributions belong to the four papers appended. This document opens with an introduction to the field of study as well as overall reflections in order to offer the reader a contextual background. Paper one is based on a literature review, while paper two through four are based on an inductive multiple-case study covering 19 venture capital trade sale exits from Norway and the U.S. Paper one conducts an extensive literature review of venture capital exits in general, leading up to the development of a model denoted “The Road to Venture Capital Exit”. This model identifies the variables that influence the exit process in the different phases, and describes how these variables influence the exit process.Paper two explores the relation between pre-planned exit strategies and value-adding, and suggests the existence of two different venture capitalist mindsets; the Tailor and the Architect. The Tailor uses exit possibilities as an addition to traditional deal evaluation criteria, has a pre-planned exit strategy, and adds value with exit in mind. The Architect does not use exit possibilities as an evaluation criteria, and adds value in a more general manner.Paper three examines the relationship between the venture capitalist and the entrepreneur during the trade sale exit process, finding that this relationship is characterized more by consensus and cooperation than by conflict and defection. Further, it is found that four factors influence the relationship during the exit process, and are determining for the conflict level. These factors are: pre-investment alignment, strategic hurdles and personal motives faced by the entrepreneur, the reputation and connectedness of the venture capitalist, and the probability for entrepreneurial recycling.Paper four explores the role of financial advisors in trade sale exits, by looking closer at why advisors are utilized, as well as by examining the factors determining the choice of a specific advisor. It is found that advisors are considered especially useful in bargaining situations, through playing the role of bad cops, and also by letting venture capitalists and entrepreneurs focus on their primary tasks. With regards to selection criteria, venture capitalists emphasize industry experience, prior relations and the size of the advisory firm. Finally, the findings are integrated in a framework explaining the role of financial advisors in venture capital trade sale exits.

PramPack er en norsk oppstarstbedrift som ble startet av en kvinnelig gründer og to unge studenter i 2007, og som ble solgt til et større selskap i oktober 2010. Denne oppgaven er et case-studie av PramPack og de tre gründerne bak bedriften. Forfatteren av oppgaven var selv én av de tre gründerne. Noen av de viktigste årsakene bak PramPacks suksess presenteres og ses i lys av relevante teoretiske perspektiver: effectuation og bootstrapping. Suksessfaktorene som presenteres er basert på åpne intervjuer med personer som har vært nært tilknyttet bedriften, enten eksternt (eks. produsenter, kunder) eller internt (eks. oppstartsteamet, styret). Oppgaven har som hensikt å gi et detaljert inntrykk av hva det innebærer å starte en bedrift under de samme eller liknende omstendigheter som det PramPack-gründerne var i. De var studenter og hadde begrenset med erfaring, minimalt med penger og ingen kunnskap om den bransjen de skulle inn i. Det er forfatterens ønske og mål at oppgaven skal kunne hjelpe potensielle førstegangsentreprenører til å få et riktigere bilde av hva det å starte en bedrift innebærer.

When working with this I want to treat the following:Evaluate literature of the planning, construction and commisioning phase in projects.Do an empirical investegation of a Megaproject at CERN and the and a large project at Statoil.Evaluate and compare these two projects in relation to each other and in relation to available literature.

The Internet is an emerging distribution channel for television content that will deeply impact industry incumbents in the long term. This master thesis explores what challenges are brought forth in this industry by the possibility of Internet distribution of TV and how these issues should be addressed from the business model perspective of incumbent distributors in the Norwegian television market.There have been tremendous developments in Internet related infrastructure over the last decade. Combined with other industry developments this have led to the introduction of several new OTT-services that offer the consumer increased convenience and lower price points at the expense of lower quality. Overseas the development has come even further than in Norway and new entrants are challenging incumbents and stealing market share.However, the emergence of the Internet as a distribution channel for TV-content has brought forth numerous complications for existing incumbents. An explosive growth in Internet data traffic tied to online video consumption is straining the existing infrastructure. Distributors want content providers to cover parts of the costs for expanding infrastructure capacity, while content providers argue that consumers are already paying for Internet traffic. Another challenge is increased competition for end-consumer ownership with the introduction of OTT-services. The consumer behavior is also changing towards wanting to increase the share of content consumed on-demand, and to have the content available on multiple devices. The industry challenges combined are forcing incumbents to take action. Traditional distributors of TV have not been able to build a holistic business model that supports the new environment, in fear of extensively cannibalizing their existing model.This paper maintains that industry incumbents need to shift away from their reactive behavior with regards to technological development, and to start focusing on what value they can deliver to consumers. Our suggested new value proposition is to offer a highly personalized TV-service that is available on all types of screens, can be accessed at the consumers convenience, does not discriminate on content, and which is focused on providing a superior user experience.The value proposition entails shifting focus from proprietary networks to network agnostic distribution platforms. Broadcasted and on-demand TV should be supported equally and integrated seamlessly across the platform, without the silos that exists between the two today. For distributors to align their business model to this value proposition, they must carry out the following activities: 1) Develop a platform for TV-services that supports video-on-demand. 2) Make sure the platform can be used with all distribution channels. 3) Adapt the platform to support a ubiquitous experience across multiple screens and devices. 4) Create a vast library of content by aggregating different sources and negotiating rights. 5) Create a seamless integration and user experience across the platform. 6) Maintain a focus on traditional linear broadcasting to support live events and the social TV-experience.For all of this to take place management must first and foremost come to terms with the fact that the industry around them is changing. This entails starting to experiment with new business models alongside their existing model, regardless of the risk of cannibalization. Not getting involved in the emerging market can be even more dangerous than failing at the first attempt. Catching up once one is lagging behind will be extremely difficult.

Norwegian manufacturers are experiencing increasing competition from manufactures based in developing countries with substantially lower production costs. This increased competition forces manufacturers to differentiate and add more value to their offerings, in order to stay competitive. Servitization represents a strategy for Norwegian manufacturers to do so by expanding their business model to include services and ultimately provide solutions. Despite the evolvement of different servitization strategies among Norwegian manufacturers, the concept has yet to be properly studied in this context. On the basis of a multiple case study, this paper aims to identify why servitization is attractive for Norwegian manufacturers and how the strategy should be implemented. A comprehensive literature study including 26 empirical articles and 20 conceptual articles was initially conducted to provide a theoretical foundation for study. Following this, five suitable Norwegian manufacturing companies were selected as case companies. Data was collected largely by interviewing managers from the five manufacturing companies, and subsequently analysed in relation to the theoretical foundation. The study finds that servitization is attractive for Norwegian manufacturers because the strategy ensures a good alignment between the offerings and the comparative advantages of the companies, and because customers value it. Manufacturers that decide to servitize should put great emphasis on the transition required to become a servitized manufacturer. The new resources that must be developed in order to succeed with a servitization strategy, coupled with cultural and structural rigidnesses, make the required transition more problematic than companies expect. Companies pursuing a new strategy to increase competitiveness cannot, like Resource-advantage theory of competition states, purely rely on its current comparative advantages to find it. In order to do so, they must also critically consider their ability to change and adapt to the new strategies proposed. Servitization is an attractive strategy for Norwegian manufacturers considering their comparative advantages, but when bearing in mind the dynamic capabilities required to implement it, the strategy becomes less apparent.

The rapid growth and development of emerging markets have made them noteworthy actors in today’s globalized world. These markets are no longer restricted to resourceful MNCs. The potential these markets represent has also been captured by an increasing number of opportunity seeking INVs. Meanwhile, INVs are different from MNCs. Hence, what influences the entry mode decision of MNCs may not be the case for INVs. Furthermore, studies on INVs present a dilemma between alternative governance structures and FDIs. The objective of this paper is therefore to examine how the different factors influence the entry mode decision of INVs in emerging markets. The factors considered are taken from the conceptual model of Lin (2000). These are entering firm, market environment, partner factor, transaction-specific factor, and competitive strategy. This paper performs qualitative research by conducting semi-structured interviews with four INVs from different emerging markets to address the objective. The findings of this paper support the use of HRC modes, especially wholly-owned subsidiaries, in emerging markets. This decision is mostly influenced by transaction-specific and competitive strategic concerns. Knowledge-based INVs have to protect against leakages and expropriation of their valuable assets. This is why partner factors are of less significance when deciding on an entry mode. The risk of losing knowledge to partners is considered greater than the benefits of sharing risks. Furthermore, local presence signifies long-term commitment and makes it easier to seize emerging opportunities. Moreover, entering firm variables are also significant influencers of the decision. An international orientation is vital for the firm to risk using complex modes in highly uncertain markets. The market environment factor is therefore of less significance because the firms acknowledge that emerging markets are inevitable for niche-serving INVs. Considering the entry mode dilemma for INVs, this paper supports the use of FDIs. INVs need to take strategically optimal choices, despite their being start-ups. Alternative governance structures are not supported due to transaction-specific and competitive strategic variables. The argument supporting alternative governance structures, namely resource and power constraints, can be overcome through leveraging on other sources. The financial constraints are also of less significance due to the low-cost nature of emerging markets. Efficiency and context-specific knowledge can be learnt over time. Meanwhile, control is important in uncertain environments marked by unpredictable conditions. Hence, extant research on this area supporting the use of alternative governance structures is discarded due to the conflicting findings, especially when considering emerging markets. However, this field needs further research to support the findings of this study. Researchers eager to explore this relatively untouched field have more than enough to keep themselves occupied with.

The Triple Helix model promotes interaction between the government, universities and industry through free flow of information. The model is created with a closed system in mind. Free flow of information is illustrated by local interaction, without mention of external influence from e.g. global companies or donor organizations. In developing countries these actors play an important role and may influence the local Triple Helix. This influence is the basis for the main research question of this study.Research was conducted through a case study of Uganda and its hydropower sector. Relevant actors within the sector were interviewed in accordance to three sub questions on University-Industry collaboration. Through a thematic analysis of these semi-structured interviews, empirical results are presented. There is little UI-collaboration within hydropower in Uganda. The foreign actors within this sector wish to collaborate with the university, but request a national framework. A number of challenges to UI-collaboration in Uganda are revealed, which can be generalized as problems of all developing countries, i.e. lack of capital, weak institutions and lack of initiative to more collaboration.It is argued that foreign industry benefit from local knowledge and supports the local Triple Helix interactions. In the university, there is a need for a catalyst to initiate changes to enable increased UI-collaboration. Neither the government nor the industry is able to take this role. Donors are identified as important actors in developing countries and suggested as a catalyst. However, the study finds donors’ way of working to be slowing down the development in developing countries. This calls for a change in donor support, and further research to validate such change is suggested.It is concluded that the open system influence of donors, foreign industry and other similar institutions influence the Triple Helix interactions in developing countries. The model is still valid, as the external influence is supportive of local institutional interactions. To better illustrate the situation in developing countries, The Open Triple Helix model is introduced, which includes external actors as an influence to the Triple Helix model in developing countries.

This thesis addresses valuation of new technology-based ventures. Its main contribution is a framework for new technology-based venture valuation based on use of both empirically identified success criteria and traditional financial valuation theory. The framework is based on the principle that new technology-based venture value is driven by venture success, and that one therefore can assess a venture’s value through assessing its’ performance on criteria indicating success. To our knowledge this is the first framework for new technology-based venture valuation using this principle.In the thesis we conduct a thorough literature review on venture success, and we identify a series of success criteria. We also assess the impact of applying traditional financial theory on the new venture market. A framework is developed based on the theoretical development and the identified criteria. A preliminary empirical investigation to verify the identified factors is also conducted, and an indication of its ability to predict success is assessed. The framework is applied in a case study, and the results are compared to reference values. Conclusions on its applicability and value are drawn.The thesis consists of two main parts. The first part is a theoretically based article aimed for publication and the second part is a report that has a more applied context. Both the article and the report cover some of the same topics, but are aimed at different audiences of readers. Both parts can be read separately.

The thesis studied resilience in drilling and well operations at an oil company operating on the Norwegian continental shelf, with a major focus on the onshore drilling support function in the case company. Drilling for oil and gas involves significant risks, according to scientists, authorities and the industry itself. The risks of offshore oil extraction have also been manifested through major accidents like the Deepwater Horizon. At the same time, the industry faces challenges like less reservoirs and rising operating costs. The development of new technology for collecting and transmitting data and new ways of working emerged about a decade ago and is often referred to as Integrated Operations or simply IO. The changes made new ways of working over distance possible, which were said to have produced numerous advantages that would lead to improved productivity and profitability as well as HSE. Some scientists however have warned against possible negative risks associated to Integrated Operations that should be accounted for. At the same time, within the safety management science Resilience Engineering has evolved as a well acknowledged theory for building resilient organizations. However, the literature on Resilience Engineering is rather new, and some authors have called for more empirical studies of resilience in practice. To perform a study on resilience in practice in an IO environment, the following research questions were formulated:•How does collaboration technology and integrating of operations influence resilience?•How can resilience be engineered in an IO environment?A case study design was chosen, and the case was delimited to compass the selected case company's drilling and well operations units with the organization's onshore drilling support center as the core object of study. The qualitative research methods semi structured interviews of key personnel at the case company and observation of work practice were used for data collection. In addition some documents were used.The study started off by investigating how the case operates, and in particular how they utilize collaboration technology and work over geographical and organizational borders. Specifically, the focus of attention was to identify the risks and challenges in drilling and well operations and how the organization operates in such an environment. The data collection then focused on how the organization manages risks and what factors contribute to resilience. Relevant literature was reviewed in order to identify characteristics resilient organizations. The data collected at the case company were then compared with the literature study and the organization's resilience was then sought to explain.The analysis resulted in a set of recommendations that was seen as key contributors to resilience for the case, and may be useful recommendations for organizations in other relevant contexts. The suggested steps towards a resilient organization are:•Organize the workers into teams of experts in collaborative open space offices•Make sure employees have experience from relevant work practice•Have organizational processes that facilitate collaboration in place•Use analytics on historical and realtime data extensively•Have knowledge databases with lessons learned and best practices•Invest in new technology and workplace facilities•Create positive attitudes towards change•Encourage curiosity and employees' interest in their field of expertise

A global CEO study conducted by IBM in 2006 showed that business model innovation has a higher correlation with operating margin growth than any other type of innovation. It is therefore not surprising that business model innovation is a buzzword increasingly seen in business jargon and literature. However, the field is quite novel and finding ways of approaching and understanding the subject has been more elusive. This thesis presents a comprehensive and academically founded approach to business model innovation, including a framework that can be applied by managers to transform their business, and building capabilities that can become a source of competitive advantage.