Start-up Cases Research Articles

Capitalization and the production of value at the nexus of academia and industry: the case of a microbiome startup

This article analyses valuation practices, focusing on the way health data constitute different kinds of assets for different actors within an industry-academia partnership in the field of microbiome research. It examines emerging bioeconomic dynamics within data-driven computational biology, contributing to debates about the sociopolitical implications of multiple and synergic valuation practices in personalized medicine for future public health. Through the ethnographic exploration of a personalized nutrition startup active in Europe and the US and a metagenomics research lab based in Italy, we explore the dynamics around the intersection of knowledge production with scientific, economic, and health value. In contrast to traditional commodity and rent-based structures, we expose a hybrid model of bioeconomic enterprise that challenges rigid distinctions between commodification and asset-based rentiership, highlighting synergic business models where multiple registers of the value of worth are played out, translated, and combined. The study unveils a nuanced relationship between data, research, and economic drivers, where scientists perceive they can pursue research independently from market pressures. Beyond these perceptions and narratives, we highlight the economic dynamics that suture basic research and industry in their promotion of health governance that causes social justice concerns by restricting access to high income and hegemonic types of clients/patients. We clarify that epistemic aspects cannot be disentangled from sociopolitical aspects, especially in the digital age, and that where governments implement and enhance digital health solutions, they also need to plan for consistent social (re)adjustments.

Implementation of Blue Ocean Strategy in Facing Business Competition: A Startup Case Study of Lapangbola.Com

Research aims: This study discusses the specific blue ocean strategy employed by lapangbola.com to emerge successful in the business competition.Design/Methodology/Approach: This study employed a descriptive qualitative methodology, utilizing interviews with relevant individuals (Operations and Marketing managers) from lapangbola.com. The analysis was conducted using the Blue Ocean Strategy, employing a strategy canvas, a four-step framework, and a six-step framework for data gathering.Research findings: A business competition strategy employs a blue ocean strategy approach that originates from business innovation, encompassing product development, operational enhancements, and the utilization of efficient digital marketing channels.Theoretical Contribution/Originality: This research serves as valuable information for decision-makers, particularly in startup firms, seeking to enhance their business growth by adopting a blue ocean strategy approach. The successful implementation of this technique by lapangbola.com, a startup business in the sports industry, further exemplifies its effectiveness.Practitioners/Policy Implications: Startup companies or businesses in the digital industry might employ a blue ocean strategy, characterized by a rigorous, flexible, and inventive approach, to analyze the market and formulate an effective formula for company development.Research Limitations/Implications: The limitations of this research are found in the secondary data (literature studies) used, this is because not many businesses have consciously implemented blue ocean strategy simultaneously using canvas strategies, 4-step frameworks and 6-step frameworks. More in-depth analysis is needed on the implementation of the blue ocean business strategy that will be carried out at each startup.

The evolution of organizational design: the case of digital startups

PurposeAlong their journey to achieve exponential growth, startups must process a vast amount of information and make quick decisions, reevaluate and adjust strategies and simultaneously redesign their organization along with the venture lifecycle. This paper delineates the evolution of startups' organizational design and identifies the influencing factors in every phase of the lifecycle.Design/methodology/approachThis study adopts an explorative qualitative approach using a multiple case study methodology for six Indonesian startups. Indonesia is chosen as an emerging country in Southeast Asia with tremendous growth in digital startup businesses.FindingsThe research findings suggest that, as they experience exponential growth, startups strive to manage the tension between being structured and being flexible and hence remain innovative by combining management-centric and employee-centric approaches. In particular, this study identified three main factors that potentially influence the evolution of startups' organizational design: founders, investors and the characteristics of business and market.Research limitations/implicationsThe present study focuses mainly on Indonesian digital startups and does not fully explain how the influencing factors work in each phase of the venture journey.Practical implicationsThis study offers practical contributions for startups pursuing business growth by focusing on the importance of balancing the tension between structured and flexible organizational design and placing more attention on founders, investors and business-market characteristics.Originality/valueThis empirical study is among the first to delineate nuances of organizational design evolution during the startup lifecycle by adopting an explorative qualitative method.

피벗을 통한 창업기업의 Death Valley 극복 사례 분석

Most successful pivot cases in the domestic market are either promotional materials for well-known companies or cases of stable companies that can afford to fail once or twice. As a result, there is a lack of pivot research that early-stage startups can refer to in order to overcome the Death Valley. Therefore, in order for early-stage startups to overcome the Death Valley through pivoting, it is necessary to reduce the probability of pivot failure. To achieve this, research on pivot cases of early-stage startups in similar environments is needed to gain a precise understanding of pivoting and its key factors. In this study, we conducted a case analysis of five early-stage startups that are currently actively conducting their business to identify the types of pivot in domestic startups and summarize the success factors. The research results revealed that domestic startups are relatively engaged in Customer Need Pivot and Zoom-out Pivot. The prevalence of Customer Need Pivot indicates that pivoting, which reflects customers' needs, is also being applied in reality as part of the Lean Startup methodology. Moreover, it was found that startups often undergo Zoom-out Pivots, where they leverage existing resources and capabilities to add new business models in order to expand their business. The research results indicate that in crisis situations, rapid decision-making and execution, problem-solving starting from understanding customers' needs, securing resources and capabilities necessary for pivoting, modifying the direction of the business through pivoting, and increasing the chances of success are crucial. Additionally, maintaining an open attitude towards various possibilities, making correct choices, and focusing on core competencies were identified as important factors for successful pivoting.

Adoption of AI-Based Technologies in the Food Supplement Industry: An Italian Start-Up Case Study

Although many industries have already implemented technologies based on artificial intelligence (AI) in their business, the effects of new digital solutions on customer satisfaction are not yet fully known. This study aimed to evaluate the AI-based advice implemented by an Italian start-up operating in food supplements to support customer choices. The evaluation utilized the Delphi method and a questionnaire survey. This research aimed to provide companies wishing to use AI with a preliminary evaluation criterion for improving customer satisfaction through digital approaches. Research findings indicate that AI-based advice can improve customer perspectives, such as customer satisfaction and loyalty, by providing a value-added business service, diversified for each product category. However, some mistakes have emerged, which may still be a limitation in the use of AI-based advice. Therefore, this study presents an innovative approach to evaluate the performance of digital advice in traditional sectors such as the food industry.

The Dynamic Capabilities of High-Turbulent Markets: Indonesian Start-Up Cases During COVID-19 Pandemic

Abstract This study explores how start-ups manage high-turbulent markets during the first six-months of the COVID-19 pandemic, and how dynamic capabilities are operationalized in that situation. A multiple-case study approach was employed to investigate eight start-up cases in Indonesia. Indonesia was chosen to represent an emerging economy with a tremendous growing number of start-ups. The data are presented based on the evolving circumstances of the COVID-19 crisis. The research findings illustrate how dynamic capabilities are operationalized simultaneously with the validation of adjusted business models through simple-experiential routines, iterative executions, and action-oriented processes amidst the high-turbulent markets. Dynamic capabilities that operate in full combination by sensing, seizing, and transforming capabilities potentially can facilitate the creation of values for firms faster than otherwise. This study also identifies specific elements and alignment mechanisms incorporated in the dynamic capabilities.

Entrepreneurship challenges: the case of Jordanian start-ups

This study investigates challenges facing entrepreneurs in Jordan, identifies some of problems specific to SMEs, and offers some solutions to help these companies improve their conditions. This study collected primary data through interviews with entrepreneurs in four start-up companies specialized in diverse fields, including information technology, consulting, training, and e-marketing. This study found many obstacles facing entrepreneurs in Jordan, the most important of which are financial and logistical support, the challenge of distributing work, owning operating experiences, obtaining information, commercial relations, and networking. The results of this study showed that women face greater challenges in relation to financing and investment opportunities. Finally, this study proposes some solutions which expected to be applied to improve the business environment, the most important of which is that the Jordanian Ministry of Digital Economy and Entrepreneurship should activate pilot projects and stimulate investment in them, facilitating the development and deployment of technical knowledge in private sector development.

Coupled aero-hydro-mooring dynamic analysis of floating offshore wind turbine under blade pitch motion

Accurate prediction of the dynamic responses of the floating offshore wind turbine (FOWT) under the blade pitch motion is quite challenging because of the strong nonlinear effects. In this study, a fully coupled and highly elaborated model was established based on the computational fluid dynamics, with the dynamic fluid body interaction method. The multi-stage movements consisting of the six degrees of freedom motions of the platform, the rotation of the rotor, and the blade pitch motion were defined by the superposition motion technologies. The blade pitch control module was created through the user-defined function to regulate the blade pitch motion. Then, several coupled dynamic simulations of the full-configuration DeepCwind floating wind turbine system were performed in power production, shutdown, and startup cases. The simulation results in the power production case indicate that the blade pitch motion decreases the generated aerodynamic loads and amplifies the response amplitude of the platform as negative damping is introduced in the FOWT system. The simulation results in the shutdown and startup cases indicate that the extreme motion responses are enlarged, and the mooring line tension oscillates dramatically when it is in high-tension states. In addition, the nonlinear interference effects in the unsteady flow fields, such as the shedding vortices broken by the blade pitch motion, are visualized and investigated in detail.

스타트업 극한직업

Only a limited number of startups can continue to grow by getting over the death valley curve. Attracting necessary and relevant investment is crucial for startups at the stages of their development. The size of venture capital in Korea has continued to increase in recent years. However, most venture capitals are concentrated in the capital area. Although successful startups are affluent, cases of startups in the non-capital area have been little addressed. NETON, Inc. is a four-year-old startup based in Gwangju Metropolitan City, presenting solutions and services of privacy-guaranteed security using artificial intelligent (AI) facial recognition systems. This case is designed to provide a class discussion on startups’ investment attraction. First, this case explains investor relation issues at the different stages of investment attraction. Second, it provides the groundwork to understand the differences and difficulties of startups in the non-capital area and discuss implications for them on how to get over the death valley curve. It does not intend to illustrate either effective or ineffective handling of a managerial situation and decisions on investment attraction. However, this case can apply to case discussion regarding differences in the management of startups depending on growth stages, according to the teaching plan.

Startup spawning: background and formative processes

PurposeThis study aims to analyze the phenomenon of entrepreneurial spawning in the new context of software startups, revisiting theory and identifying patterns within the emergence of startups/spin-offs in Brazil.Design/methodology/approachA study of two cases of startups recognized for generating several spin-offs founded by former employees. The authors based the data collection on the following triangulation: 11 in-depth interviews, systematic analysis of 33 resumes from entrepreneurs in spawned firms and document analysis.FindingsSix skills developed in startups were identified: (1) structuring a company, (2) people management, (3) strategic/operational planning, (4) commercial/sales, (5) product development, and (6) behavioral traits. In addition, points of contradiction concerning the literature were found, such as the absence of the location effect, different professional experiences and new local agents to support startups.Research limitations/implicationsThe present study covers only two cases in the context of software startups, which requires caution and discretion in extrapolating to other contexts.Practical implicationsThe understanding of the phenomenon may reflect in: university programs focused on internships in startups, corporate training programs for entrepreneurs and the design of public policies based on entrepreneurial spawning.Originality/valueThe present study stands out for its access to data from high-impact startups in Brazil, in addition to revisiting the literature bringing a new perspective to the specificities of high-growth software companies.

Board diversity and post-IPO performance: the case of technology start-ups

ABSTRACT IPO firms in the technology industry are regarded as vulnerable due to their limited resources, inexperience, and relatively short technology and product lifecycles. They also lack a track record to signal to the market that they are equipped with sufficient ability to overcome the challenges faced in this highly competitive environment. This study examines whether board diversity helps IPO firms perform better in such a challenging environment; furthermore, we explore the potential contingencies that magnify or weaken the benefits of board diversity by examining how its impact is moderated by firm size and board tenure. Using a sample of 363 IPO events within technology firms over 11 years, we find that higher board diversity is associated with better post-IPO performance; however, a larger firm size and longer board tenure decrease the value created by board diversity. The findings are robust to alternative measures of performance and board diversity. Our study contributes to the literature by demonstrating the significant impact of board diversity on the performance of technology IPO firms as well as explaining the conditions under which boards effectively execute their resource dependence roles.

Establishment of DeCART/MIG stochastic sampling code system and Application to UAM and BEAVRS benchmarks

In this study, a DeCART/MIG uncertainty quantification (UQ) analysis code system with a multi-correlated cross section stochastic sampling (S.S.) module was established and verified through the UAM (Uncertainty Analysis in Modeling) and the BEAVRS (Benchmark for Evaluation And Validation of Reactor Simulations) benchmark calculations. For the S.S. calculations, a sample of 500 DeCART multi-group cross section sets for two major actinides, i.e., 235U and 238U, were generated by the MIG code and covariance data from the ENDF/B-VII.1 evaluated nuclear data library. In the three pin problems (i.e. TMI-1, PB2, and Koz-6) from the UAM benchmark, the uncertainties in kinf by the DeCART/MIG S.S. calculations agreed very well with the sensitivity and uncertainty (S/U) perturbation results by DeCART/MUSAD and the S/U direct subtraction (S/U-DS) results by the DeCART/MIG. From these results, it was concluded that the multi-group cross section sampling module of the MIG code works correctly and accurately. In the BEAVRS whole benchmark problems, the uncertainties in the control rod bank worth, isothermal temperature coefficient, power distribution, and critical boron concentration due to cross section uncertainties were calculated by the DeCART/MIG code system. Overall, the uncertainties in these design parameters were less than the general design review criteria of a typical pressurized water reactor start-up case. This newly-developed DeCART/MIG UQ analysis code system by the S.S. method can be widely utilized as uncertainty analysis and margin estimation tools for developing and designing new advanced nuclear reactors.

The role of foreign venture capital and foreign business angels in start-ups’ early internationalization: The case of Polish ICT start-ups

The role of foreign venture capital and foreign business angels in start-ups’ early internationalization: The case of Polish ICT start-ups

Tackling the Global Waste Problem as a Multi-Level Process: The Case of a Circular Startup

Tackling the Global Waste Problem as a Multi-Level Process: The Case of a Circular Startup

Assessing Business Modelling Practices for Sustainability: The Lean Startup Case.

Assessing Business Modelling Practices for Sustainability: The Lean Startup Case.

How science-based start-ups and their entrepreneurial ecosystems co-evolve: A process study

There is increasing recognition of the role that ecosystems play in supporting start-ups: particularly start-ups commercializing science-based innovations. In contrast to existing research that tends to focus on established ecosystems, this study uses evolutionary theory to provide a multi-level explanation for the emergence of nascent ecosystems. We employ a qualitative process-based methodology to investigate eight cases of science-based start-ups and their entrepreneurial ecosystems. Our empirical study allowed us to identify a range of retention mechanisms which enable the ecosystem to develop over time – but also, countervailing forces in the form of dissipative processes. Our theoretical contribution is a process model of entrepreneurial ecosystem emergence that makes explicit how retention and dissipation are simultaneous processes. Our model demonstrates the potential of evolutionary theory to understand the interdependence of firm-ecosystem development over time.

Agile methods used by traditional logistics companies and logistics start-ups: a systematic literature review

An increasing number of companies and start-ups aims to enhance their agility through the use of agile methods and practices in order to cope with raising product development and project complexity and quickly changing requirements (Laanti et al. (2011); Schön et al. (2017); Könnölä et al. (2016)). Especially in the logistics industry, which is known as a slow adaptor to changes in general but regarding new innovations in particular (Cockburn and Highsmith (2001); Beck (2000); Abbas et al. (2008)), it is relevant to see how these companies cope with change. Opposed to that, logistics start-ups seem to be able to create customer value with disruptive products and services. This paper aims to capture the current state of the literature related to the use of agile methods and practices in established logistics companies and logistics start-ups. Of particular interest will be analyzing which methods and practices are used, what specific challenges established logistics companies and logistics start-ups aim to solve with these agile methods and practices, and the difficulties they face in doing so. A systematic literature review (SLR) with an extensive quality assessment of the included nine studies was conducted. After the analysis, insights on the following points were derived: use of agile methods and practices, the challenges that are solved with these methods and practices, and difficulties in the application of these methods and practices. Future research should deepen these findings with, for instance, qualitative data from real-life cases of logistics companies and start-ups. The originality of the SLR presented lies in its contribution to the largely unexplored field of agility in traditional logistics companies and logistics start-ups, as well as its assessment of the state-of-the-art literature analyzed.

Digital Transformation in Marketing through a Customer Knowledge Management Approach for Startups and SMEs: An EdTech Startup Case Study

Technologies are transforming marketing organizations; and exploiting the full potential of this transformation is one of the key challenges for startups and Small and Medium Enterprises (SMEs) requiring a holistic management approach towards Knowledge Management (KM) in the digital context. This paper addresses a central question from a resource-based perspective: how startups and SMEs with inadequate capabilities and limited resources drive digital transformation in marketing? Customer Knowledge Management (CKM) which integrates approaches from Knowledge Management and Customer Relationship Management (CRM) can play an important role towards this goal. This paper examines the evolving role of data sciences in relation to marketing for effective Customer Knowledge Management in startups and SMEs. Adopting a case study methodology in EdTech startup based in Egypt, this paper suggests technological tools that help startups and SMEs with limited resources and capabilities take advantage of data sciences in relation to marketing and extract valuable customer knowledge to improve CRM effectiveness. The case study also sheds some light on the relevant organizational factors that could help such organizations align the CRM business processes with IT infrastructure. This research provides some guidance, from an organizational perspective, to startups and SMEs in their digital transformation in marketing.

Hybrid storage solution steam-accumulator combined to concrete-block to save energy during startups of combined cycles

This work presents a novel steam accumulator and concrete-block storage system (SACSS) to recover part of the energy lost through the steam cycle side during startups of combined cycle power plants (CCPPs). The steam accumulators are integrated with sensible-heat concrete storage to provide superheated steam resulting then to a higher efficiency and safer steam turbine operation compared with systems based only on saturated steam. An economic analysis is performed considering two different scenarios: i) a CCPP able to execute fast startups using a Benson-type heat recovery steam generator (HRSG) and ii) a CCPP operated with conventional startups which employs a typical drum-type HRSG. It is worth mentioning that the second scenario is based on measured data. The economic optimization of the SACSS is carried out focusing in four design variables: number of steam accumulator units, storage pressure, concrete-block length and outer concrete diameter. The optimum solution presents a net present value of 4.45 M€ and a payback period of 3 years for the CCPP suitable for fast startups. For the CCPP operated with conventional startups, a net present value of 2.53 M€ and a payback period of 3.4 years are obtained. The net present value grows around 60 % in both cases if the benefits from carbon credits are considered. In addition to the efficiency improvement, the SACSS could be used to preheat critical sections of the heat recovery steam generators, reducing the thermal stress and the fatigue damage during fast startups. Finally, the emissions avoided thanks to SACSS are estimated to be around 3 640 and 2 175 tons of CO2 per year, for fast and conventional startup cases, respectively.

The determinants of debt financing: The case of fintech start-ups

The purpose of this paper is to explore determinants of the debt financing of FinTech start-ups. Using a new hand-collected multisource database that maps FinTech start-ups incorporated in the UK from 2010 to 2015, this study examines how the characteristics of FinTech start-ups affect the types of financing used in the first three years after incorporation. The novelty of this study consists in the identification and analysis of the determinants that enable FinTech start-ups to obtain long-term debt and hence to finance their growth. The analysis is primarily conducted via a Tobit regression model. This paper contributes to the literature since we still have limited understanding of the financing of FinTech firms, even if academic literature examining the financing of start-ups has expanded in the last few years. The results from the empirical analysis demonstrate that unregulated FinTech start-ups are more likely to be financed with long-term debt. Asset structure, owner characteristics and the specific FinTech activity influence the funding source. Moreover, FinTech start-ups backed by equity investors receive less long-term debt funding than their peers. A better understanding of the debt financing of FinTech start-ups provides managers with valuable insights into ways of managing their firms. Furthermore, our results have relevant implications for the employment, competition and innovation, given the role that start-ups generally play in the economy. The study is limited to a sample of FinTech start-ups incorporated in an advanced economy, and thus the generalization of the presented results to developing economies will require caution.