Navigating resource constraints in biotechnology firms
Financing, incubators and entrepreneurial strategies in Sweden's clustered innovation environment
Time: Mon 2026-06-15 13.00
Location: Kollegiesalen, Brinellvägen 8, Stockholm
Video link: https://kth-se.zoom.us/j/63443912452
Language: English
Subject area: Business Studies
Doctoral student: Kritthana Kimuam , Fastighetsföretagande och finansiella system
Opponent: Professor Jonas Gabrielsson, Halmstad University
Supervisor: Professor Björn Berggren, Fastighetsföretagande och finansiella system; Ekonomie doktor Andreas Fili, ; Docent Inga-Lill Söderberg, Fastighetsföretagande och finansiella system
QC 20260522
Abstract
Biotechnology is a knowledge-intensive industry characterized by long
development timelines, high uncertainty, and substantial resource
requirements. Firms in this sector often depend heavily on external financial,
institutional, and knowledge-based resources to sustain research and
development and progress toward commercialization. Despite strong public
support, biotechnology firms in Sweden continue to face persistent resource
constraints that shape their growth trajectories and strategic choices. This thesis
examines how biotechnology firm access, mobilize, and manage critical
resources for growth within Sweden’s clustered and institutionally structured
innovation environment. The thesis comprises four complementary studies that
provide a multi-level analysis of biotechnology firm development. The first study
quantitatively examines how access to external financing and locating in cluster
areas influence firm survival. The second study explores how biotechnology
incubators strategically build and manage networks to secure essential
resources for early-stage ventures. The third study investigates how
biotechnology entrepreneurs perceive and navigate evolving resource
constraints and institutional support across different development stages. The
fourth study analyzes how intellectual capital and innovation activities shape
biotechnology firms’ capital structure decisions, particularly their reliance on
equity versus debt financing.
The findings show that biotechnology firm development is shaped not only by
resource availability but also by how resources are coordinated and strategically
mobilized over time. Public funding supports early value creation, incubatorsfunction as active resource coordinators, entrepreneurs adapt strategies as
resource needs evolve, and financing decisions reflect pragmatic trade-offs
related to innovation and intangible assets. Overall, the thesis contributes to
research on biotechnology entrepreneurship by integrating financial,
institutional, and strategic perspectives and offers insights for policymakers,
incubator managers, and entrepreneurs in science-based industries.