| 1. |
- Isaksson, Anders, 1965, et al.
(författare)
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The influence of initial business models on early business performance – a study of 589 new high-tech firm
- 2021
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Ingår i: International Journal of Innovation Management. - 1363-9196. ; 25:5
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Tidskriftsartikel (refereegranskat)abstract
- The initial business model of start-ups affects the performance and development of new ventures. Therefore, new technology-based firms (NTBFs) must choose a suitable initial business model to survive, perform, and grow. We propose a measurement framework comprising of nine elements described using 16 variables for NTBFs' initial business models. We test our framework by surveying 589 young manufacturing and knowledge-intensive high-tech firms established in 2013 in Sweden, Finland, and France. We identify differences between the business models across countries and measure sales growth during 2014-2016. We find significant differences between high-tech manufacturing firms and high-tech knowledge-intensive firms regarding key partners, activities, and resources, as well as value propositions and the ranking of elements. In the second part of the analysis, we apply correlation and regression tests for the nine elements regarding early business performance (sales growth) for the manufacturing and knowledge-intensive high-tech firms.
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| 2. |
- Rydehell, Hanna, et al.
(författare)
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Novelty-oriented value propositions for new technology-based firms: Impact of business networks and growth orientation
- 2018
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Ingår i: Journal of High Technology Management Research. - : Elsevier BV. - 1047-8310. ; 29:2, s. 161-171
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Tidskriftsartikel (refereegranskat)abstract
- To perform, new technology-based firms (NTBFs) need to develop value for customers that distinguish them from others in the market. Therefore, the development of novelty-oriented value propositions are important, and may be influenced by several factors. We argue that the propensity to become more novelty-oriented can be influenced by an internal drive to grow (growth orientation) and by external contributions (business networks). Hence, the purpose of this paper is to analyse how business networks and growth orientation effects on the novelty orientation of NTBF value propositions. Based on survey data from 401 NTBFs founded between 2013 and 2015, in the nascent start-up phase novelty-oriented value propositions of NTBFs positively relate to informal (management) networks, as well as founders' attitudes towards growth. Thus, such networks and attitudes from founders should be supported in the very early phases of start-up if novelty orientation is to be preferred as a performance determinant.
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| 3. |
- Linderoth, Henrik, 1962-, et al.
(författare)
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What is the “Potential” of new ICT and how are Perceptions Shaped by Experience of Use and Practice? - The Case of Building Information Modelling
- 2016
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Ingår i: The 27th Australasian Conference on Information Systems. - 9781741282672
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Konferensbidrag (refereegranskat)abstract
- The emergence of new open ended ICT (Information and communication Technology). is often accompanied by optimistic predictions about the technologies inherent capabilities, or “potential”, to solve a wide array organizational related problems. In the building and construction industry, BIM – Building Information Modelling – is such an example. However, unrealistic expectations about a technology is also a determinant for failed implementations, but at the same time ICT-induced transformation of organizations and industries is a well-known phenomenon. This research in progress paper has two interlinked explorative aims. First, how can the “potential” of a technology be captured? Second, how does experience of practice and experience of technology use shape the perceived potential of a technology. The data is collected via a survey to practitioners, with and without BIM-experiences, in medium sized contractor companies, and last year’s bachelor students in civil engineering. The total number of respondents was 205. In order to achieve the first aim, it is needed to inquire how users and prospective users’ perception of a technology’s “potential” can be captured? It can be claimed that constructs used when adoption of open ended ICT is studied, implicitly or explicitly, emphasize a status quo, then a transformation of organizational processes and structures. The results show that one alternative for measuring perceived “potential” is to measure respondents’ perceptions about how useful different applications are in practice. However, this scale needs to be developed in order to become more applicable different industries. Based on the measurement of perceived “potential” the results indicate that experience of practice had a negative impact on the perceived “potential”, whereas experience of technology had a positive impact compared to respondents with experience of practice but no experience of technology. It is concluded that further research is needed on which factors these shape the perceived potential when experienced technology user also gain an increased experience of practice.
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| 4. |
- Rannikko, Heikki, et al.
(författare)
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Empirical exploration of a cohort of new technology-based firms in Sweden: what happens to them during their early years?
- 2018
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Ingår i: The Dynamics of Entrepreneurial Contexts: Frontiers in European Entrepreneurship Research. - : Edward Elgar Publishing. ; , s. 166-186
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Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- This chapter contributes to the current understanding of new technologybased firm growth. We find a surprisingly high survival rate (70 per cent) for the 2006 cohort of NTBFs at the end of 2014 and this rate is much higher than those reported in previous studies. Additionally, we find that very few firms experience high-growth during their first seven years (0.6 to 3 per cent from the cohort) and that, among the high-growth firms, employment growth and sales growth are highly correlated. To address the challenges of measuring growth for new and small firms, we show the potential usefulness of the kink-point approach. Researchers can use this approach to capture much of the growth excluded in other measures, for example, the OECD measure.
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| 5. |
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| 6. |
- Rannikko, Heikki, et al.
(författare)
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Mobilising finance and achieving early growth in new technology-based firms: a legitimacy perspective
- 2022
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Ingår i: International Journal of Entrepreneurial Behaviour and Research. - : Emerald Publishing. - 1355-2554 .- 1758-6534. ; 28:6, s. 1532-1555
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Tidskriftsartikel (refereegranskat)abstract
- Purpose: This study investigates a mediational model between legitimated elements, financial resource mobilisation and subsequent early firm growth among New Technology-Based Firms (NTBFs) using conformity and control perspectives of legitimacy. Design/methodology/approach: To test the hypotheses, a longitudinal database of 303 NTBFs from Sweden, Finland and France is used. The ordinary least square regression analysis method is applied, and the proposed mediation relationships are studied by employing the four-step approach developed by Baron and Kenny (1986). Findings: This study finds that based on the conformity principle, two out of three legitimated elements (business plan and incubator relationship, but not start-up experience) have an impact on financial resource mobilisation, which in turn, is associated with early growth in NTBFs based on the control principle. Thus, financial resource mobilisation positively mediates the relationships among the two legitimated elements and early growth in NTBFs. Research limitations/implications: This study has several limitations, which also generate promising pathways for future research. Future research should study the relationship between the three legitimacy elements and financial resource mobilisation and early growth across a wider range of firms and settings. The questionnaire was also based on a single point in time and could not capture the evolving nature of the legitimacy elements and fundraising. Hence, future research can examine the multidimensionality of these processes; longitudinal qualitative studies can be a complement, allowing for a better understanding of the impact of legitimacy on NTBFs. Practical implications: The findings offer implications for managers of NTBFs because developing legitimacy is critical to NTBFs early growth and development. The findings indicate that NTBFs' founders must systematically develop business plans and that incubators help enhance legitimacy through a signalling. Social implications: It is believed that the study meaningfully contributes to the collective understanding of the role of legitimacy in driving the development of NTBFs. Given the importance of NTBFs in our economies, coupled with the lack of attention given to the role of mobilisation of external resources in explaining NTBF early growth, it is believed that the study is both timely and important. Originality/value: The findings meaningfully contribute to the collective understanding of NTBF growth. While there are studies that have examined the antecedents of growth and finance separately, this study proposes a novel mediational model that integrates both and tests it empirically.
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| 7. |
- Löfsten, Hans, 1963, et al.
(författare)
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Entrepreneurial networks, geographical proximity, and their relationship to firm growth: a study of 241 small high-tech firms
- 2023
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Ingår i: Journal of Technology Transfer. - : Springer Science and Business Media LLC. - 0892-9912 .- 1573-7047. ; 48:6, s. 2280-2306
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Tidskriftsartikel (refereegranskat)abstract
- Start-up firms in high-tech sectors normally engage in networking to overcome their lack of resources, knowledge, and competence constraints. A newly established firm’s network can provide a source of social capital, which may enhance its growth prospects. In this study, 241 new technology-based firms (NTBFs) in Sweden are studied during their early formative years to investigate how entrepreneurial networks and the geographical proximity to actors in these networks affect the early performance of these firms in terms of growth. Three underlying factors are identified in the analysis: geographical proximity and professional and consultative networks. This study finds that professional networks have a positive and significant effect on NTBFs’ growth, which indicate that utilizing these networks benefit the growth of both young and growing firms. NTBFs in initial stages can acquire business opportunities by constructing professional networks. In addition, several formal links positively affect growth, such as regional business partners, incubator networks, and links to universities.
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| 8. |
- Isaksson, Anders, 1965, et al.
(författare)
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Venture capital firms valuation in bull and bear markets: Evidence from Sweden
- 2020
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Ingår i: International Journal of Entrepreneurship and Innovation Management. - 1741-5098 .- 1368-275X. ; 24:2/3, s. 97-115
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Tidskriftsartikel (refereegranskat)abstract
- This study uses an experimentally designed case study to investigate Swedish venture capital firms’ valuation practices in two different economic contexts—the economic boom (bull market) of 1999 and the downturn (bear market) of 2002. Studying these periods enables an investigation of changes in valuations, and implicitly, required rate of return, rules of thumb, and valuation models used. Contrary to expectations, in times of heightened stringency and economic downturn, venture capital firms employed fewer valuation models than during boom times. This study thus enriches the knowledge of venture capitalists’ valuation practices, in general, and the effect of market conditions on them. Furthermore, the results can also aid researchers developing more relevant theories of valuation, valuation models, and valuation practices.
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| 9. |
- Isaksson, Anders, 1965, et al.
(författare)
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Environmental considerations in the Swedish building and construction industry: the role of costs, institutional setting, and information
- 2018
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Ingår i: Journal of Housing and the Built Environment. - : Springer Science and Business Media LLC. - 1573-7772 .- 1566-4910. ; 33:4, s. 615-632
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Tidskriftsartikel (refereegranskat)abstract
- Despite increasing evidence that being an environment-friendly company not only benefits the environment but also makes long-term economic sense, the transition to a more sustainable society is extremely slow. This is true of the building and construction industry as well. At a strategic level, environmental issues have received more attention with the establishment of roles such as environmental managers and implementation of advanced environmental management systems. However, adoption has been slow in the absence of a holistic approach to environmental challenges, partly reinforced by a perception that giving more than the legally required level of environmental consideration will only add to costs without corresponding financial benefits. This raises the following question that the study aims to answer: What is the most important factor influencing decision makers’ in adopting environmental considerations? To this end, it analysed questionnaire data collected from decision makers in the Swedish construction industry along with an in-depth case study of a specific building and construction company. The results show that decision makers perceive informational and institutional constraints on the adoption of environmental considerations. Lack of information is perceived as the biggest obstacle to environmental considerations. If information and knowledge about clients’ and end users’ financial benefits from adopting environmental considerations need to be exploited, they have to be supported by contractual forms that discard a short-term focus on the investment costs of a building in favour of a focus on long-term operational and maintenance costs and benefits.
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| 10. |
- Isaksson, Anders, 1965-
(författare)
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Studies on the venture capital process
- 2006
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of an introductory part, including venture capital definitions, the history of venture capital in Sweden, and an overview of the venture capital process, and four self-contained papers on venture capital and the venture capital process.Paper 1 investigates the standardisation of the contractual strategies applied in the Swedish venture capital industry. The study was based on a questionnaire data regarding the use of contractual covenants. Our results indicate that the greatest differences occur among those with different investment preferences. There would appear to be two distinct venture capital cultures controlling contractual choices in these groups. Our findings generally conform to expectations as predicated by institutional theory.Paper 2 investigate venture capital firms’ valuation practices in two different economic contexts, in the economic boom of 1999 and in the downturn market of 2002 by using an experimental case study design with a case based on a real firm. Contrary to our expectations, in times of heightened stringency and economic downturn, venture capital investors employ fewer valuation models than they do in boom times. The main contribution of our research is an increase in the knowledge of venture capitalists’ valuation practices under different market conditions. It can also contribute to researchers developing more relevant theories of valuation, valuation models and valuation practice.Paper 3 empirically examines the linkage between governance, trust and performance based on a questionnaire sent to entrepreneurs in venture capital backed companies in Sweden. The results suggest that the level of trust between the venture capitalist and the entrepreneur affects the relationship between VCs governance and the portfolio company’s performance.Paper 4 analyse exit strategies and exit-directed activities among entrepreneurs in venture capital relationships. The study focuses on the effect of the venture capital organization (independent, public sector and captive) on strategy and exit-directed activities. The results indicate that firms with a trade sale strategy tend to have a higher degree of exit activities compared to other exit strategies. Furthermore, the type of venture capital organization involved (especially when comparing private independent VCs to public sector VCs) also affects exit strategies and activities.
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