Scaling Health Innovation: Academic Origins and Global Growth in the Oculis Journey
Main Article Content
Throstur Olaf Sigurjonsson, PhD
http://orcid.org/0000-0001-6598-9065
Svala Gudmundsdottir, PhD
http://orcid.org/0000-0002-8331-2055
Lara Johannsdottir, PhD
http://orcid.org/0000-0001-5912-3337
http://orcid.org/0000-0001-6598-9065
Svala Gudmundsdottir, PhD
http://orcid.org/0000-0002-8331-2055
Lara Johannsdottir, PhD
http://orcid.org/0000-0001-5912-3337
Abstract
This paper explores the transformation of Oculis, an Icelandic biotech company, from an academic research initiative into a publicly listed pharmaceutical firm on NASDAQ. Drawing on four in-depth interviews with the company’s scientific founders, an early-stage investor, and a senior executive, the study examines how health innovations are scaled through a deliberate interplay of identity transformation, strategic financing, regulatory engagement, and global team building. Using a qualitative case study approach, the paper identifies four central themes: 1 the shift from academic to entrepreneurial identities; 2 the use of phased investment and strategic partnerships to support growth; 3 regulatory navigation, especially engagement with the U.S. FDA, as a tool for institutional legitimacy; and 4 the development of a decentralized, cross-cultural leadership team. Situated within the literature on health care entrepreneurship, academic spin-offs, and institutional theory, this case contributes new insights into how science-based ventures can achieve credibility and scale in highly regulated, global markets. The findings underscore the importance of hybrid leadership, legitimacy-building narratives, and cross-sector collaboration in successfully commercializing scientific research.
Keywords:
Health care entrepreneurship, academic spin-offs, institutional legitimacy, biotech scaling, hybrid identities
Article Details
How to Cite
SIGURJONSSON, Throstur Olaf; GUDMUNDSDOTTIR, Svala; JOHANNSDOTTIR, Lara.
Scaling Health Innovation: Academic Origins and Global Growth in the Oculis Journey.
Medical Research Archives, [S.l.], v. 13, n. 7, july 2025.
ISSN 2375-1924.
Available at: <https://esmed.org/MRA/mra/article/view/6648>. Date accessed: 05 dec. 2025.
doi: https://doi.org/10.18103/mra.v13i7.6648.
Section
Review Articles
The Medical Research Archives grants authors the right to publish and reproduce the unrevised contribution in whole or in part at any time and in any form for any scholarly non-commercial purpose with the condition that all publications of the contribution include a full citation to the journal as published by the Medical Research Archives.
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45. Oculis. (n.d.a). About us.
2. Ahern, D. (2025). The New Anticipatory Governance Culture for Innovation: Regulatory Foresight, Regulatory Experimentation and Regulatory Learning. European Business Organization Law Review.
3. Aldrich, H. E., & Fiol, C. M. (1994). Fools rush in? The institutional context of industry creation. Academy of Management Review, 19(4), 645–670.
4. Arctica Finance. (2025). Oculis fagnar tímamótum. https://www.arctica.is/en/frettir/oculis-fagnar-timamotum.
5. Aust, A. M., Aundrup, M., Greven, A., & Brettel, M. (2024). Exploring the relationship between hybrid founder social identities and entrepreneurs’ psychological resilience. Journal of Small Business Management, 1–34.
6. Baron, J. N., & Hannan, M. T. (2002). Organizational blueprints for success in high-tech startups: Lessons from the Stanford Project on Emerging Companies. California Management Review, 44(3), 8–36.
7. Beckman, C. M., Burton, M. D., & O'Reilly, C. (2007). Early teams: The impact of team demography on VC financing and going public. Journal of Business Venturing, 22(2), 147–173.
8. Hall, B. H., & Lerner, J. (2010). The financing of R&D and innovation. Handbook of the Economics of Innovation, 1, 609–639.
9. Hellmann, T., & Puri, M. (2002). Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance, 57(1), 169–197.
10. Herzlinger, R. E. (2006). Why innovation in health care is so hard. Harvard Business Review, 84(5), 58–66.
11. Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations (2nd ed.). Sage Publications.
12. Hong B. Power to the outsiders: External hiring and decision authority allocation within organizations. Strat Mgmt J. 2020; 41: 1628–1652.
13. Hsu, D. H. (2004). What do entrepreneurs pay for venture capital affiliation? Journal of Finance, 59(4), 1805–1844.
14. Hyett, N., Kenny, A., & Dickson-Swift, V. (2014). Methodology or method? A critical review of qualitative case study reports. International Journal of Qualiative Studies in Health and Well-being, 9, 23606.
15. Jain, S., George, G., & Maltarich, M. (2009). Academics or entrepreneurs? Investigating role identity modification of university scientists involved in commercialization activity. Research Policy, 38(6), 922–935.
16. Lim, W. M. (2024). What Is Qualitative Research? An Overview and Guidelines. Australasian Marketing Journal, 33(2), 199-229.
17. Lim, W. M., Ciasullo, M. V., Escobar, O., & Kumar, S. (2024). Healthcare entrepreneurship: current trends and future directions. International Journal of Entrepreneurial Behavior & Research, 30(8), 2130-2157.
18. Lockett, A., Wright, M., & Franklin, S. (2005). Resources, capabilities, risk capital and the creation of university spin-out companies. Research Policy, 32(1), 1043–1057.
19. Oculis. (n.d.b). Corporate Governance. .
20. Oculis. (n.d.c), Release Details. .
21. O'Shea, R. P., Allen, T. J., O'Gorman, C., & Roche, F. (2005). Entrepreneurial orientation, technology transfer and spinoff performance of U.S. universities. Research Policy, 34(7), 994–1009.
22. Pisano, G. P. (2006). Science business: The promise, the reality, and the future of biotech. Harvard Business Press.
23. Rasmussen, E., Mosey, S., & Wright, M. (2011). The evolution of entrepreneurial competencies: A longitudinal study of university spin-off venture emergence. Journal of Management Studies, 48(6), 1314–1345.
24. Sanami, M., Flood, T., Hall, R., Kingscott, F., Jayne, D., & Culmer, P. (2017). Translating healthcare innovation from academia to industry. Advances in Mechanical Engineering, 9(3), 1687814017694114.
25. Sathian, B., van Teijlingen, E., Simkhada, P., Banerjee, I., Manikyam, H. K., & Kabir, R. (2023). Strengthening Healthcare through Academic and Industry Partnership Research. Nepal J Epidemiol, 13(2), 1264-1267.
26. Schein, E. H. (2010). Organizational culture and leadership (4th ed.). Jossey-Bass.
27. Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226.
28. Somaya, D., & You, J. (2024). Scalability, venture capital availability, and unicorns: Evidence from the valuation and timing of IPOs. Journal of Business Venturing, 39(1), 106345.
29. Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610.
30. Zimmerman, M. A., & Zeitz, G. J. (2002). Beyond survival: Achieving new venture growth by building legitimacy. Academy of Management Review, 27(3), 414–431.
31. Boeker, W. (1997). Strategic change: The influence of managerial characteristics and organizational growth. Academy of Management Journal, 40(1), 152–170.
32. Clarysse, B., Tartari, V., & Salter, A. (2011). The impact of entrepreneurial capacity, experience and organizational support on academic entrepreneurship. Research Policy, 40(8), 1084–1093.
33. Daily, C. M., & Dalton, D. R. (1992). The relationship between governance structure and corporate performance in entrepreneurial firms. Journal of Business Venturing, 7(5), 375–386.
34. Davey, T., Martínez-Martínez, S. L., Ventura, R., & Galán-Muros, V. (2024). The creation of academic spin-offs: University-Business Collaboration matters. The Journal of Technology Transfer.
35. Deeds, D. L., DeCarolis, D., & Coombs, J. (1999). Dynamic capabilities and new product development in high technology ventures: An empirical analysis of new biotechnology firms. Journal of Business Venturing, 15(3), 211–229.
36. Edmondson, A. C., & Mortensen, M. (2021, April 12). What psychological safety looks like in a hybrid workplace. Harvard Business Review. https://hbr.org/2021/04/what-psychological-safety-looks-like-in-a-hybrid-workplace
37. Ensley, M. D., Hmieleski, K. M., & Pearce, C. L. (2006). The importance of vertical and shared leadership within new venture top management teams: Implications for the performance of startups. The Leadership Quarterly, 17(3), 217–231.
38. Etzkowitz, H. (2003). Research groups as ‘quasi-firms’: The invention of the entrepreneurial university. Research Policy, 32(1), 109–121.
39. Glover, W. J., Crocker, A., & Brush, C. G. (2024). Healthcare entrepreneurship: An integrative framework for future research. Journal of Business Venturing Insights, 22, e00476.
40. Gompers, P., & Lerner, J. (2001). The venture capital revolution. Journal of Economic Perspectives, 15(2), 145–168.
41. Kaplan, R. S., Norton, D. P., & Rugelsjoen, B. (2004). Managing alliances with the balanced scorecard. Harvard Business Review, 82(1), 114–120.
42. Komatsu Cipriani, T., Alessandro, D., Maria, K., Francesca, R., & and Terstriep, J. (2020). Business models & social innovation: mission-driven versus profit-driven organisations. International Review of Applied Economics, 34(5), 541-566.
43. Murray, F. (2004). The role of academic inventors in entrepreneurial firms: Sharing the laboratory life. Research Policy, 33(4), 643–659.
44. Navis, C., & Glynn, M. A. (2011). Legitimate distinctiveness and the entrepreneurial identity: Influence on investor judgments of new venture plausibility. Academy of Management Review, 36(3), 479–499.
45. Oculis. (n.d.a). About us.