Social media use in science-based entrepreneurship : A qualitative study of Swedish science-based entrepreneurial firms utilizing social media in the initial stage of venture development

Abstract: This degree project examines the role of social media for science-based entrepreneurial firms in the initial stage of the venture. Social media in entrepreneurship is an emerging phenomenon that has gotten increased attention from scholars. However, little is known about the social media phenomenon in the initial stage of science-based entrepreneurship. Sweden was chosen as the geographic setting for this study and four life-science entrepreneurial startups founded after 2010 were selected. We conducted 8 semi-structured interviews to explore the phenomenon, two for each case.  The findings suggest an interplay between science-based entrepreneurs utilizing social media and the factors of human capital, social networks, and marketing. We theorize that science entrepreneurs rely on three levels of social media interactions: person-to-system level, person-to- person level, and person-to-group level, which all relate to different utilizations of social media. First, extending knowledge through social media use. Second, utilizing social media to develop social networks. Third, improving marketing by leveraging social media. Fourth, we identified the relationship among the three factors: appropriating extended knowledge to develop social networks, anchoring social networks to improve marketing, and refining marketing to extend knowledge.  This thesis contributes to entrepreneurial science in several different ways. First, it extends the understanding of social media for science-based entrepreneurs. Secondly, it brings new insight specific to science-based entrepreneurs when implementing social media. Third, expand upon existing research on human capital theory, social networking approach, and marketing.  Furthermore, this study also provides practical implications which might be helpful for science- based entrepreneurial firms. Firstly, this study proposes that social media can be applied to develop entrepreneur’s human capital and social capital for venture development. Secondly, science-based entrepreneurial firms should engage in marketing activities through social media as soon as they create ventures, this could increase brand visibility and expand social networks. Thirdly, science- based entrepreneurial firms should integrate the various social media uses and adopt an effective social media strategy to enhance business performance in the initial stage.