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  • 1.
    Henriques, Niklas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Öberg, Mattias
    CSR as a tool for startups to gain external financing: A qualitative study in a Swedish context2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Previous studies show that firms, in general, die young, and that they are in dire needs for capital

    injections. However, for various reasons, startups are sometime not able to gain financing, and

    in certain cases one prefer a certain type of capital, which has led to the pecking-order theory,

    which assumes that internal capital is preferred over external, and debt is issued rather than

    equity. Furthermore, business angels and venture capitalists have very stringent criteria for

    investing in a startup, making the conditions very harsh. To remedy this problem, this study

    aims to see if startups can utilize Corporate Social Responsibility efforts to enhance their odds

    of gaining capital from business angels and venture capitalists, since it during the last decades

    has become increasingly popular to integrate in the businesses. Thus, we intend to see if

    Corporate Social Responsibility can be a new investment criterion that previous studies have

    not expressed.

    We identified a research gap in the literature, that investments can be made on other premises

    than economical, making us wonder whether or not this can be exploited through CSRactivities.

    This led us to the research questions of this qualitative study:

    How does CSR-activities within a startup affect the business angel or venture capitalist’s

    willingness to invest in the firm?

    To fulfill the purposes of this study, we concluded it would be best to conduct a mono-method

    qualitative study, wherein we intended to answer the question using data from semi-structured

    interviews. We gained invaluable information through eight semi-structured interviews, which

    were thematically analyzed into three global themes; investment criteria, networking and

    communication, and sustainable undertakings. From the themes we identified different

    characteristics which are important for both the startup and entrepreneur, as well as found

    evidence that ethical and environmental efforts of startups indeed increase the willingness of

    business angels and venture capitalists to invest, especially in economically strong

    organizations. However, the investors did not try to make the business model more sustainable

    post investment. These findings are very exciting, as they disclose Swedish investors to be

    following a triple bottom line approach when investing, meaning that the findings of Carol

    (1991, p. 42) and other researchers can be adopted when studying Swedish investment

    decisions. This cements social entrepreneurship as a strong contender to the classic notions of

    entrepreneurship.

    Download full text (pdf)
    fulltext
  • 2.
    Ljungberg, Patrik
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Henriques, Niklas
    Exploring the grant application process: A case study investigating strategic tools by which to influence a scientific career2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Download full text (pdf)
    Exploring the grant application process
1 - 2 of 2
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