Accounting devices role in transforming science innovators into start-up entrepreneurs: Business plan formulation in science based start-ups and using Venture Cup competition to teach Calculative Equipment

Louise Pierrel Mikkelsen

Student thesis: Master thesis


Entrepreneurship is fundamentally important to firms and government agencies worldwide. Innovation is the core dynamics of modern capitalism, and the entrepre-neur is ―the driving force of the whole market system‖ (Mises, 1998). The following thesis describes how the practice of formulating a Business Plan transforms Science innovators into Entrepreneurship Organizers. The provided answer is framed in Actor Network Theory by Michel Callon and uses Entrepreneurial economics by Joseph A. Schumpeter, Business Strategy & Organiza-tion by Peter Drucker and Technological Entry-Barriers by Daniel J. Teece to inves-tigate the accounting, a successful Business plan must encompass. In order to prove the usefulness of the theory, 3 empirical cases of science based start-up attempts are narrated by involved science students, who have participated in the Venture Cup Competition Final. This thesis argues that 1) the act of Entrepreneurship is rational and can be ex-plained as such and 2) that natural science students can gain important real world Calculative Equipment by participating in the Venture Cup Competition Petri Dish. But 3) Traditional Valuation Analysis is lacking when dealing with start-up compa-nies, 4) The Venture Cup competition is biased toward low-cost start-up in Services and Software, and 5) Technological innovations in Lifescience and Cleantech will never grow as independent companies due to the incubative structures and capital organization through Banks and Venture Funds in Denmark.

EducationsMSc in Accounting, Strategy and Control, (Graduate Programme) Final Thesis
Publication date2011
Number of pages83