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Tackling the innovation focus continuum; implications for change in venture capitalists' investment models
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Business Development and Entrepreneurship.
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Business Development and Entrepreneurship.
2012 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
Hantering av kontinuumet för innovationsfokus; implikationer för förändring i riskkapitalisters investeringsmodeller (Swedish)
Abstract [en]

Innovation has been considered the critical driver behind economic growth and value creation for a long time. However, in order to achieve an innovative status, the commercializing of an invention is required by injecting capital and strategy. While capital comes in many forms, this thesis focuses on the field of venture capital and how this type of financial backing can be analyzed and managed. Herein, the company characteristics continuum is presented, where business model innovation and technological innovation represent the two extremities. The purpose was then to investigate if there are significant differences in the venture capitalists' investment models as one moves along the aforementioned continuum.

Semi-structured interviews were used and interpreted independently by the authors, with respect to coding units, in order to enhance objectivity. The thesis mainly targeted the information technology industry, where analysis was conducted on four of the largest actors on the Nordic venture capital market.

The Nordic focus, combined with the rapidly moving industry, resulted in that significant differences, in the venture capitalists' investment models, were identified; giving implications both for theory and practice. These differences were identified as stemming from the initially adopted risk profiles, which then affected all other areas of the investment models. 

Abstract [sv]

Innovation har länge ansetts vara den kritiska drivkraften bakom ekonomisk tillväxt och värdeskapande. Emellertid, för att uppnå en innovativ status, krävs kommersialisering av en uppfinning genom att tillföra kapital och strategi. Kapital existerar i flera olika former, dock fokuserar denna uppsats på området riskkapital, och hur denna typ av finansiell backning kan analyseras och hanteras. Häri presenteras kontinuumet för företagskaraktäristik, där innovation inom affärsmodeller och teknik representerar de två ändpunkterna. Syftet var att undersöka om det fanns signifikanta skillnader mellan riskkapitalisters investeringsmodeller, när ett företag rör sig längs det ovan nämnda kontinuumet.

Semi-strukturerade intervjuer användes och tolkades oberoende av författarna, genom att använda kodord, för att förbättra objektiviteten. Uppsatsen berör främst företag inom industrin för informationsteknologi, där analys har gjorts på fyra av de största aktörerna inom marknaden för riskkapital i Norden.

Ett Nordiskt fokus, kombinerat med en hastigt utvecklande industri, resulterade i att signifikanta skillnader, i riskkapitalisters investeringsmodeller, identifierades; vilket gav implikationer för både teori och praktik. Dessa skillnader identifierades att härstamma från de initialt anammade riskprofilerna, som sedan påverkade alla andra områden inom investeringsmodellen. 

Place, publisher, year, edition, pages
2012. , 112 p.
Series
Examensarbete INDEK, 2012:49
Keyword [en]
Venture Capital, Investment Models, Technological Innovation, Business Model Innovation, Commercialization, Company Innovation Characteristics, Innovation Focus, Screening Process, Risk and Portfolio, Investment Stages, Capital Contribution, Strategic Contribution, Exit Strategies, Nordic, Sweden
Keyword [sv]
Riskkapital, Venture Capital, Investeringsmodeller, Teknologisk Innovation, Affärsmodellsinnovation, Kommersialisering, Kontinuumet för företagskaraktäristik, Innovationsfokus, Urvalsprocess, Risk och Portfölj, Investeringsfaser, Kapitaltillskott, Strategitillskott, Exit-strategi, Norden, Sverige
National Category
Economics and Business Computer and Information Science
Identifiers
URN: urn:nbn:se:kth:diva-98820OAI: oai:DiVA.org:kth-98820DiVA: diva2:539238
Educational program
Master of Science in Engineering - Computer Science and Technology
Presentation
2012-05-24, Stockholm, 10:00 (English)
Uppsok
Technology
Supervisors
Examiners
Available from: 2012-07-06 Created: 2012-07-03 Last updated: 2012-07-06Bibliographically approved

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