This thesis investigates the roles of internal resources and product-led growth strategy in an early stage tech startup's ability to develop dynamic capabilities through a single case study on the company Talendary. The purpose of the thesis is to explore how dynamic capabilities are developed in an early-stage tech startup operating in an emerging market, with particular attention to how internal resources, such as VRIN resources, and the product-led growth (PLG) strategy may influence dynamic capability development. By identifying gaps in both VRIN resources and dynamic capabilities, the thesis aims to contribute with broader insights into how dynamic capabilities are developed in early-stage tech startups. The two research questions that will be answered are the following; 1. What gaps in VRIN resources and dynamic capabilities can be identified in the case of an early-stage tech startup? 2. How do internal resources, such as VRIN resources, and the product-led growth strategy influence the development of dynamic capabilities in early-stage tech startups? 

The theoretical framework consists of Teeces “Dynamic capabilities” (1997, further developed 2007) and “The resource based view” (Barney, 1991). To answer the two research questions, qualitative data were gathered through five semi structured interviews held together with five different chiefs at Talendary. The interviews were recorded and later transcribed, which afterwards were analyzed through a thematic analysis based on three recurring themes: Internal resources, Dynamic Capabilities and Product-led growth strategy. These themes also served as the foundation of creating the interview guide, to maintain a clear structure. 

The findings suggest that there were gaps in internal resources looking through the scope of the VRIN model but still, the firm had managed to develop all dynamic capabilities described by Teece (2007) and further developed by Lin and Wu (2014). It could be concluded that one of the main drivers in developing dynamic capabilities were the organizational culture which best can be described as “very open to change”, but also by trust and fostering continuous feedback and internal alignment. It is also concluded that the product-led growth strategy influences the dynamic capability development as the product-centric strategy could be seen as enhancing these capabilities in different ways. Finally, the thesis presents new findings and contributes to the understanding that dynamic capabilities can be developed not only through VRIN resources, but also through other factors such as social and cultural ones, and most especially for this case, a strong organizational culture described as “very open to change”.