The Growth Game of Life Sciences Ventures: A Qualitative Study on How Investors Create Value Beyond Financial Capital Throughout the Scaling Process of Early-Stage Life Sciences Ventures

Sammanfattning

This thesis examines how investors create value beyond financial capital in early-stage life sciences ventures. While prior research in venture capital and entrepreneurial finance has primarily focused on financial outcomes such as valuation growth, exit performance, and returns, less attention has been given to the organizational mechanisms through which investors influence venture development. This gap is particularly salient in the life sciences sector, characterized by scientific uncertainty, regulatory complexity, long development timelines, and high capital intensity. The study applies a qualitative and abductive research approach based on semi-structured interviews, including investors and representatives from early-stage life sciences ventures. The findings indicate that investors contribute substantial value beyond financial capital through strategic guidance, governance structures, network access, legitimacy, and continuous strategic engagement. Investors help ventures bridge the gap between scientific innovation and commercialization by providing expertise, facilitating stakeholder relationships, and professionalizing organizational processes. The study further demonstrates that investor- venture relationships are dynamic and characterized by knowledge complementarity, but also by tensions concerning autonomy, strategic direction, and growth pace. The thesis contributes to the literature by providing process-level insight into investor value creation, adopting a dual- perspective approach, and contextualizing investor involvement within the life sciences industry. It further proposes an integrated framework illustrating how resource provision, governance involvement, and relational dynamics jointly shape organizational scaling in early- stage life sciences ventures.