FDS research, resources & history
Research & Resources
FDS is based on decades of research (published, working papers and dissertations), research projects and industry reports, practitioner books, blogs, and finally the practical experiences of EVS and FDS founder Per Hulthén. It is this mix of knowledge from theory and practice that makes for some of the best insights. Only theory can be somewhat detached from reality. Only practice can be too localized, and not generalizable enough. Mixing, as in most of life, is beneficial.
The Research Foundation: EVS 1–3
The research basis for FDS comes from a series of research projects, EVS 1-3 (Exit Value Study), conducted during 2016-2024. The primary focus of the EVS research was to understand what happened long-term to venture capital funded startups, and the most important influences behind these long-term outcomes. The EVS studies were conducted in collaborations between Chalmers University and Gothenburg University, with funding from Vinnova, Carl Bennet AB, Västra Götalandsregionen (Region of Western Sweden) and Business Region Gothenburg. Per Hulthén was the industrial PhD candidate at Chalmers University, who was the originator behind and project leader for the research projects. The EVS research projects were conducted in collaboration with among others Professor Mats Lundqvist at Chalmers University, Professor Gregory Graff at Colorado State University and Professor Dimo Dimov at University of Bath. The EVS projects research results can be accessed through
Insights from Practitioner Literature
In addition to this research foundation, FDS incorporates the best insights from a wide range of startups and investors practioner’s literature. Practitioners are essentially non-academics writing literature for professionals, and the knowledge they contain is often overlooked by academics as they are perceived to have limited theoretical value. However, for startups looking to get hands-on advice on how to succeed, this literature is gold. Hence, FDS has drawn from the best startup books over the last thirty years, from the early classic Crossing the Chasm series to the later classics Lean Startup’s series and Startup Owner’s Manual, as well as the venture capital literature and relevant startup blogs, such as Steve Blank’s excellent blog.
Practical Experience and Teaching
Finally, learning from books without anchoring in practical experience runs the risk of abstract knowledge without grounding. Hence, FDS draws to a degree from Per Hulthén’s experiences as co-founder and CEO of building two successful startups (Illuminate Labs and LumenRadio) for over fifteen years, and over fifteen years of teaching entrepreneurship in theory and practice at Chalmers School of Entrepreneurship. Chalmers School of Entrepreneurship runs a two-year Master’s program, where the students as part of the curriculum develop their own startups from research ideas to founded companies with seed funding. In this context, Per has contributed to the foundation and early development of dozens of startups, using his own developed Venture Docs methodology. The Venture Docs methodology for venture development is part of the pedagogical approach used in FDS.
History
FDS originated from the mission to make the research findings of EVS useful for startups. In 2024, Per Hulthén formulated and proposed an ambitious educational program for Chalmers University and affiliated universities. The vision was a range of courses in practical aspects of entrepreneurship for all students from undergraduate level to doctoral studies. The proposed courses covered topics from venture development and entrepreneurial finance to negotiation. Chalmers University eventually declined to offer these courses. By the time Chalmers declined, much of the course content was already in development. Furthermore, there was a strong interest among startup professionals to attend the proposed courses. Thus, Vinnova funded the reorientation of the course content into FDS in 2024. The intent was to increase the knowledge in the Swedish startup ecosystem on how to finance and structure startups for the best chances of long-term survival and success. GU Ventures volunteered as a collaboration partner in developing FDS, as the FDS content was tested and polished over six months with the highly proficient coaches at GU Ventures and their affiliate incubators. Later in 2025, the European Union’s KRAFT-project joined the efforts to take FDS to the next level and further increase the financing expertise among Swedish startups and the ecosystem. Per Hulthén has more than thirty years in the Swedish startup ecosystem. In the early years as a student, Per was engaged as project manager of Entrepreneurship Day and Venture Cup. Later, Per co-founded his first startup as a student at Chalmers School of Entrepreneurship. After graduation, Per co-founded Illuminate Labs within computer graphics and as CEO grew the company to achieve positive cash flow with sales in seventeen countries. Illuminate Labs was year later acquired by Autodesk. After a couple of years as consultant and seed venture capitalist, Per co-founded LumenRadio within wireless communication (later IoT), which he as CEO grew to reach profitability and sales in over thirty countries. LumenRadio was later listed at OMX Sweden. For over a decade, Per has been active as an educator affiliated with Chalmers School of Entrepreneurship, and working with research from his own company, Autlook. The EVS 1-3 and FDS projects are Per’s latest babies, working as an entrepreneur in startup education and academia. Per is formally listed as an industrial PhD candidate at Chalmers, until such time as Per finally finishes his doctoral dissertation and completes his doctoral defense.
If you want to know more about the details of the FDS course, and book your participation, go to FDS course information & booking.