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Governance and Resource Interaction in Networks: The role of venture capital in biotech start-up
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economic History, Science and Technology Studies Center.
2012 (English)In: Journal of Business Research, ISSN 0148-2963, E-ISSN 1873-7978, Vol. 65, no 2, 232-244 p.Article in journal (Refereed) Published
Abstract [en]

This paper examines venture capital (VC) governance in innovation processes. The VC literature often presents the relationship between a VC firm and a start-up as dyadic and analyzes it with agency theory. In contrast, this paper deploys the resource interaction framework presented in Hakansson and Waluszewski (2002) to governance and innovation in networks. The paper reports an in-depth case study of Pyrosequencing, a Swedish biotech firm financed with VC. The results from this study reveal how the relationship between a VC and a start-up company is embedded in a wider network and how the governance of the VC spreads in the surrounding network and influences a start-up's possibilities to develop organizational and technical resource interfaces to critical counterparts such as suppliers and customers.

Place, publisher, year, edition, pages
Elsevier, 2012. Vol. 65, no 2, 232-244 p.
Keyword [en]
Resources, Innovation, Networks, Corporate governance, Venture capital, Speed
National Category
Business Administration
URN: urn:nbn:se:uu:diva-166976DOI: 10.1016/j.jbusres.2010.11.030ISI: 000300968000020OAI: oai:DiVA.org:uu-166976DiVA: diva2:479548
Available from: 2012-01-18 Created: 2012-01-18 Last updated: 2012-03-26Bibliographically approved

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