Journal of Business Venturing Insights最新文献

{"title":"The future within: Commitment, hope, and values in entrepreneurship","authors":"Dimo Dimov ,&nbsp;Christian Garmann Johnsen ,&nbsp;Bent Meier Sørensen","doi":"10.1016/j.jbvi.2025.e00543","DOIUrl":"10.1016/j.jbvi.2025.e00543","url":null,"abstract":"<div><div>This paper provides philosophical foundations for understanding the <em>future</em> as an internal space for entrepreneurial aspirations. Our argument is laid out in three premises. First, the beliefs underpinning conceptions of the future are best seen as hinge commitments, not subject to rational critique. Second, hope generates the power to make new beginnings and thus enable the pursuit of different futures. Third, the pull of a different future is enabled by the creation of new values that can act as a compass for its pursuit. By engaging with the existential side of the entrepreneurial pursuit of imagined futures, our work aims to expand our scholarly activity.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00543"},"PeriodicalIF":0.0,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144169425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Voting governance and value creation in decentralized autonomous organizations (DAOs)","authors":"Cristiano Bellavitis ,&nbsp;Paul P. Momtaz","doi":"10.1016/j.jbvi.2025.e00537","DOIUrl":"10.1016/j.jbvi.2025.e00537","url":null,"abstract":"<div><div>Decentralized autonomous organizations (DAOs) crowdfunds to invest in various projects. The decentralization feature of DAOs submits that decision-making is a collective democratic action of all DAO members. The autonomy feature of DAOs suggests that decision-making is an algorithmic process governed by self-executing smart contracts. However, in reality, DAOs are neither perfectly decentralized nor completely autonomous. Our empirical analysis shows that deviations from the ideals of decentralization and autonomy are costly. Non-algorithmic off-chain voting governance of decision-making leads to a substantial discount in DAO value. Non-decentralized aspects such as large voting coalitions also affect DAO value. Interaction effects are also shown. The study implies that platform governance design choices are crucial for DAO success.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00537"},"PeriodicalIF":0.0,"publicationDate":"2025-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Decoding regulatory institutions: The stability-flexibility perceptions model for entrepreneurs and regulators","authors":"Alberto Peralta ,&nbsp;Susan L. Young","doi":"10.1016/j.jbvi.2025.e00536","DOIUrl":"10.1016/j.jbvi.2025.e00536","url":null,"abstract":"<div><div>Entrepreneurial environments are interconnected systems of actors, institutions, and cultural elements that shape the creation and growth of new ventures. A critical gap persists in understanding how regulatory institutions can simultaneously foster stability and flexibility within these environments, limiting the effective implementation of regulatory strategies by entrepreneurs and regulators. We address this by exploring key factors influencing individuals' perceptions of risk and uncertainty in regulations that promote stability and flexibility. We offer the Stability-Flexibility Perceptions Model (SFPM), a structured framework for assessing the efficiency of regulatory institutions from entrepreneurs' and regulators' perspectives. By leveraging the Index of Economic Freedom, our study's key insight is that the SFPM enables a comprehensive evaluation of stability-oriented regulations—such as property rights protection and infrastructure investment—and flexibility-oriented regulations, including labor market adaptability and regulatory simplification. Specifically, it illustrates how property rights and the rule of law, fiscal health and government size, labor and business regulations, and market openness and others are viewed as either fostering or constraining these dynamics. The SFPM enhances the understanding of dynamics within entrepreneurial environments, with its key takeaway being a valuable evaluation tool for analyzing how regulations influence perceptions of stability and flexibility. Future research should enhance the SFPM's applicability across diverse environments.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00536"},"PeriodicalIF":0.0,"publicationDate":"2025-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143948851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evaluating impact potential in early-stage impact investing: Investment criteria and cognitive processes of investors","authors":"Peter Vandor ,&nbsp;Fabian Dober ,&nbsp;Michael Meyer ,&nbsp;Reinhard Millner","doi":"10.1016/j.jbvi.2025.e00535","DOIUrl":"10.1016/j.jbvi.2025.e00535","url":null,"abstract":"<div><div>Impact investing has experienced rapid growth in recent years, with a share of capital directed toward social enterprises that aim to generate both financial returns and social impact. For investors, evaluating the anticipated impact of a venture is a critical part of the selection process. Yet, little is known about how impact investors form these ex-ante assessments. Drawing on verbal protocol analysis of 58 real-world selection processes, we identify 18 distinct cognitive processes investors use to assess social impact potential. Our findings show that, rather than relying on structured or theory-based assessment methods, investors frequently use heuristics. This suggests that bounded rationality plays a central role in impact evaluation, raising questions about the assumed rigor of impact investing practices.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00535"},"PeriodicalIF":0.0,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143928960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Entrepreneurial agency reloaded: Intentions, capabilities and the dynamics of entrepreneurial ecosystems","authors":"Pedro Henrique Gonçalves da Silva Napoli de Lima,&nbsp;Bruno Brandão Fischer,&nbsp;Gustavo Hermínio Salati Marcondes de Morais","doi":"10.1016/j.jbvi.2025.e00540","DOIUrl":"10.1016/j.jbvi.2025.e00540","url":null,"abstract":"<div><div>Increasing attention has been paid in the literature on entrepreneurial ecosystems (EE) concerning configurational microfoundations. The need for a better understanding of the causal channels driving these configurations stems from the view that entrepreneurial ecosystems operate as complex adaptive systems (CAS). Within this paradigm, one dimension that has gained prominence is entrepreneurial agency (EAG). Considered a key element in understanding how EEs are structured, EAG generate outputs, and follow specific evolutionary trajectories. The entrepreneurial agency construct used in this research captures two key subdimensions of entrepreneurial agency: intention and capability. With the consideration of these two subdimensions, the possibility of a mismatch arises (e.g high intention/low capability or low intention/high capability). Yet, significant gaps remain in understanding the subdimensions of EAG and their interplay. Here we aim at further developing the theoretical dimension of entrepreneurial agency by answering the following question: How does the match/mismatch dynamics between the subdimensions intention and capability of EAG affect the configurations and outputs of EE? Using the agent-based modeling (ABM) methodology our results indicate that a mismatch between entrepreneurial intention and capability leads to a decrease in EE output compared to settings where no mismatch is present. Our inquiry identifies key differences between types of mismatch, revealing non-trivial and heterogeneous impacts of intention and capability on the aggregate output of the modeled EE. Our main insight derived from ABM simulations and analyses is related to the dominance of entrepreneurial intention over capability <em>vis-à-vis</em> their impacts on aggregate EE output. This dominance has both academic and policy implications and call for a deepening of the microfoundation paradigm on the field of EE.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00540"},"PeriodicalIF":0.0,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143928959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Which signals matter most? A meta-analytic study of early-stage investment decisions","authors":"Ashley Y. Roccapriore ,&nbsp;Melissa S. Cardon ,&nbsp;Charles Y. Murnieks ,&nbsp;T. Russell Crook","doi":"10.1016/j.jbvi.2025.e00539","DOIUrl":"10.1016/j.jbvi.2025.e00539","url":null,"abstract":"<div><div>One Size Fits None: Tailoring Your Pitch for Investor Success.</div><div>Look at almost any entrepreneur's funding pitch and you see a template of information most investors would expect – what technology their venture has, the entrepreneur's prior experience, the social networks they leverage, and their passion for the idea and venture. But does this “one size fits all approach” work equally well in securing the funding they need? Through our study of over 100 published papers reflecting millions of investment decisions, we find that the answer is no; instead, different types of investors prioritize different kinds of information – and these differences drastically change their funding decisions.</div><div>For early-stage entrepreneurs who seek funding to launch and grow their businesses, it's important to understand that while all investors care about an entrepreneur's human capital (i.e., their education and experience), what impresses one type of investor might discourage another. For instance, angel investors and reward crowdfunders invest when they see displays of positive affect – such as passion. Not only that, but angels value passion as much as human capital. Meanwhile, venture capitalists often view these displays negatively, preferring concrete evidence of an entrepreneur's social connections and a venture's technology instead. These differences occur among crowdfunders as well – whereas equity crowdfunders value the entrepreneur's human capital but not their social network, reward crowdfunders prioritize the entrepreneur's social network, but value it substantially less than displays of passion. Our analysis also reveals research gaps – there is an overemphasis on crowdfunders compared to angel investors and venture capitalists, and stark differences in funding decisions depending on whether the decision is real or experimental.</div><div>The implications are clear: when pitching to a particular investor, it's important for entrepreneurs to tailor communication to emphasize what that investor values most. This targeted approach doesn't just boost the chances of securing funding—it maximizes the effectiveness of your overall fundraising efforts.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00539"},"PeriodicalIF":0.0,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143924624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The future of entrepreneurial ecosystems research: Toward a policy-oriented research agenda","authors":"Sophia Hess ,&nbsp;Bernd Wurth ,&nbsp;Erik Stam ,&nbsp;Ferran Giones ,&nbsp;Riccardo Fini ,&nbsp;Angelo Cavallo ,&nbsp;Andreas Wahl ,&nbsp;Niels Bosma ,&nbsp;Christina Theodoraki ,&nbsp;Didier Chabaud ,&nbsp;Alexander Brem ,&nbsp;Andreas Kuckertz","doi":"10.1016/j.jbvi.2025.e00538","DOIUrl":"10.1016/j.jbvi.2025.e00538","url":null,"abstract":"<div><div>Entrepreneurial ecosystem (EE) research has contributed to reshaping entrepreneurial policy and practice. Despite significant translational efforts, the gap between theory and actionable policy seems to be widening. This paper adopts a collaborative approach and critically reflects on the alignment of EE research with practical policy needs, structured around an interactive round-robin brainstorming with 58 EE scholars (i.e., 12 authors and 46 additional experts). We examine policy adoption in the context of EE, discussing the challenges and evolution of research methods, data, and theory. We propose a future policy-oriented research agenda, validated and prioritized by European policymakers, to ensure that EE research effectively informs entrepreneurship policy.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00538"},"PeriodicalIF":0.0,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143890553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A train to New Orleans: Creatives, exaptation and community-inspired entrepreneurial action","authors":"Shelby J. Solomon ,&nbsp;Benjamin D. McLarty ,&nbsp;Blake D. Mathias","doi":"10.1016/j.jbvi.2025.e00534","DOIUrl":"10.1016/j.jbvi.2025.e00534","url":null,"abstract":"<div><div>Exaptation, the evolutionary process of originative change, underlies much of creativity and innovation, as skills and knowledge are adapted from serving one purpose to another. In conducting an inductive qualitative field study among 80 street creatives in New Orleans, our key insight is that street creatives learn in community-based gatherings and are able to take knowledge, skills, and traits to other contexts via an exaptation process to enhance their entrepreneurial prospects in the future. Creatives seek out accessible microcosms known for developing artistic, technical, or craft capacities such as community-based gatherings as destinations for their creative journeys. These locations become migration stops for nascent creatives who desire to evolve adaptations that can later be repurposed for more exploitative objectives. To date, researchers have primarily dedicated their efforts to studying the geographies settled by entrepreneurs as <em>final destinations</em>, and little attention has been devoted to the microcosms which creatives journey to as <em>stops</em> to initially develop themselves. Through our inductive field study, we build theory which highlights the value of these overlooked microcosms and the crucial role they play in the creative lifecycle.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00534"},"PeriodicalIF":0.0,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143886574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Ecosystems cast a shadow: How high-quality entrepreneurial ecosystems hamper productive entrepreneurship in neighboring regions","authors":"Jip Leendertse ,&nbsp;Frank van Rijnsoever ,&nbsp;Brendan Oostveen","doi":"10.1016/j.jbvi.2025.e00533","DOIUrl":"10.1016/j.jbvi.2025.e00533","url":null,"abstract":"<div><div>The entrepreneurial ecosystem framework describes how entrepreneurs in a region are influenced by their environment. The quality of regional entrepreneurial ecosystems has a positive influence on the occurrence of productive entrepreneurship, often proxied through innovative start-ups. However, existing research only looks at entrepreneurial ecosystems in isolation and does not account for the influence of neighboring entrepreneurial ecosystems. We study whether neighboring entrepreneurial ecosystems influence the prevalence of productive entrepreneurship in a focal region and whether this effect is positive, a ‘borrowed size’ effect, or negative, an ‘agglomeration shadow’ effect. We use spatial regression analyses and find clear evidence that high-quality neighbors cast agglomeration shadows, or in this case, ‘ecosystem shadows'. This suggests that regions lose entrepreneurial opportunities to neighbors with higher quality EEs. Our study is the first to study spillover effects between regional entrepreneurial ecosystems. Policymakers can use our findings to choose where to strategically deploy their resources to foster a more entrepreneurial society.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00533"},"PeriodicalIF":0.0,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143816080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"From stigma to solution: Sanitation and sustainable entrepreneurship in emerging economies","authors":"Justin T. Canova ,&nbsp;Sarah Nahar ,&nbsp;Todd W. Moss","doi":"10.1016/j.jbvi.2025.e00532","DOIUrl":"10.1016/j.jbvi.2025.e00532","url":null,"abstract":"<div><div>There is a growing body of research expanding our understanding of sustainable entrepreneurship in marginalized communities beyond Western, high-income countries. However, an area that has received little attention is the highly stigmatized context of non-sewered sanitation services, and the resulting deleterious social and environmental impact on marginalized communities. Using qualitative analyses of three Kenyan sanitation-focused entrepreneurial ventures we examine the role that stigma plays in providing alternatives to traditional sewered sanitation systems. Our paper introduces three categories of sanitation-related actions—generation, collection/transport, and processing—each with their own level of stigmatization. This paper contributes to the literature by linking sustainable entrepreneurship with stigma, with propositions to lay the groundwork for further study of sustainable entrepreneurship in the sanitation sector.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00532"},"PeriodicalIF":0.0,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143816079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}