{"title":"The Interdependence Between Donors and Investors: Liability of Hybridity, Entrepreneurial Ecosystem Affordances, and Venture Financing","authors":"Brandon Ofem, Ikenna Uzuegbunam, Satish Nambisan","doi":"10.1177/10422587251347059","DOIUrl":null,"url":null,"abstract":"This study investigates how spatial and digital affordances within entrepreneurial ecosystems (EEs) enable early-stage hybrid ventures to overcome the liability of hybridity and to secure funding from both philanthropic and equity funding sources. Using a simultaneous equation model with a U.S.-based sample of 2,723 hybrid ventures, we demonstrate that philanthropic and equity funding exhibit a statistically and economically significant complementary relationship. We further find that accelerator participation weakens this complementary relationship, while social media utilization strengthens it. These findings highlight the mechanisms through which EE-based affordances enhance hybrid ventures’ ability to navigate competing institutional logics and attract diverse funding sources.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"18 1","pages":""},"PeriodicalIF":7.8000,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Entrepreneurship Theory and Practice","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/10422587251347059","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
This study investigates how spatial and digital affordances within entrepreneurial ecosystems (EEs) enable early-stage hybrid ventures to overcome the liability of hybridity and to secure funding from both philanthropic and equity funding sources. Using a simultaneous equation model with a U.S.-based sample of 2,723 hybrid ventures, we demonstrate that philanthropic and equity funding exhibit a statistically and economically significant complementary relationship. We further find that accelerator participation weakens this complementary relationship, while social media utilization strengthens it. These findings highlight the mechanisms through which EE-based affordances enhance hybrid ventures’ ability to navigate competing institutional logics and attract diverse funding sources.
期刊介绍:
Entrepreneurship Theory and Practice (ETP) is an interdisciplinary scholarly journal dedicated to conceptual and empirical research that advances, tests, or extends theory relating to entrepreneurship in its broadest sense.
Article Topics:
Topics covered in ETP include, but are not limited to:
New Venture Creation, Development, Growth, and Performance
Characteristics, Behaviors, and Types of Entrepreneurs
Small Business Management
Family-Owned Businesses
Corporate, Social, and Sustainable Entrepreneurship
National and International Studies of Enterprise Creation
Research Methods in Entrepreneurship
Venture Financing
Content:
The journal publishes articles that explore these topics through rigorous theoretical development, empirical analysis, and methodological innovation. ETP serves as a platform for advancing our understanding of entrepreneurship and its implications for individuals, organizations, and society.