Vilma Chila, Shivaram V. Devarakonda, Xavier Martin
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引用次数: 0
Abstract
We study the conditions under which founders’ pre-entry experience in the industry affects the prospects of new ventures mobilizing financial resources. Drawing on signaling theory, we theorize that the signal value of pre-entry experience is contingent on the extent to which new ventures leverage such experience as well as the environmental context in which they operate. Specifically, we argue that knowledge linkages to founders’ former employer increase the clarity of the pre-entry experience signal. We further posit that this clarified pre-entry experience signal is more valuable in competitive environments. We investigate these effects by focusing on the time to first VC funding for startups in the US semiconductor industry. We show that (1) knowledge linkages to the founders’ previous employer accentuate the effect of pre-entry experience by further shortening the time to VC funding and (2) this shortening in time is more significant when the industry clustering is high.
期刊介绍：
Small Business Economics: An Entrepreneurship Journal (SBEJ) publishes original, rigorous theoretical and empirical research addressing all aspects of entrepreneurship and small business economics, with a special emphasis on the economic and societal relevance of research findings for scholars, practitioners and policy makers.
SBEJ covers a broad scope of topics, ranging from the core themes of the entrepreneurial process and new venture creation to other topics like self-employment, family firms, small and medium-sized enterprises, innovative start-ups, and entrepreneurial finance. SBEJ welcomes scientific studies at different levels of analysis, including individuals (e.g. entrepreneurs'' characteristics and occupational choice), firms (e.g., firms’ life courses and performance, innovation, and global issues like digitization), macro level (e.g., institutions and public policies within local, regional, national and international contexts), as well as cross-level dynamics.
As a leading entrepreneurship journal, SBEJ welcomes cross-disciplinary research.
Officially cited as: Small Bus Econ
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