The other side of the coin: A case study of Norwegian tech startup funding strategies

Abstract

Desire and necessity of sound financials is the lullaby that lets an entrepreneur sleep at night. But the funding strategy that they so much require has been overlooked by the literature. More specifically, founder funding strategy is virtually neglected, but financier funding strategy is overwhelmingly overemphasized. Through one of the many possible lenses, this thesis takes it upon itself to determine how Norwegian tech startups get early-stage public funding. This thesis uses a well-grounded multiple-case study of three intriguing startups that tell their story without reservations. The interviews are analyzed using a technique of cross-case synthesis. The findings show that where there is a will there is a way and how industriousness, an adaptable tenacity and effectively leveraging implicit prerequisites can result in success —receiving a grant— even if the founders consider themselves to have an underdeveloped strategy. The analysis’ findings make it clear that there are some key insights like the power of legitimacy and validation and also make it patently understandable that there will always be caveats and limitations such as hindsight bias. One of this thesis’ gold nuggets is the call-to-action in the recommendations, showing that the odds of a successful funding opportunity are better than a coin toss.