Journal of Business Venturing最新文献

{"title":"Financing decentralized digital platform growth: The role of crypto funds in blockchain-based startups","authors":"Douglas Cumming ,&nbsp;Wolfgang Drobetz ,&nbsp;Paul P. Momtaz ,&nbsp;Niclas Schermann","doi":"10.1016/j.jbusvent.2024.106450","DOIUrl":"10.1016/j.jbusvent.2024.106450","url":null,"abstract":"<div><p>Coordination frictions prevent the efficient adoption and governance of blockchain-based platforms. Crypto funds (CFs) create value by smoothing frictions on decentralized digital platforms (DDPs). CF-backed DDPs obtain higher valuations in the primary token market, outperform their peers after issuing tokens, and benefit from token price appreciation around CF investment disclosure in the secondary market. Primary transaction data from the Ethereum ledger shows that the valuations of DDPs with meager adoption and a higher centralization of token ownership benefit more from CF backing. The positive valuation and performance effects for CF-backed DDPs are more pronounced for CFs that are more central in investor networks.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106450"},"PeriodicalIF":7.7,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902624000727/pdfft?md5=ab561e9d588a054543613f704b3f2182&pid=1-s2.0-S0883902624000727-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Innovation at the interface: A configurational approach to corporate venture capital","authors":"Magnus Schückes ,&nbsp;Benedikt Unger ,&nbsp;Tobias Gutmann ,&nbsp;Gerwin Fels","doi":"10.1016/j.jbusvent.2024.106438","DOIUrl":"10.1016/j.jbusvent.2024.106438","url":null,"abstract":"<div><p>This study explores how corporate venture capital (CVC) units can be configured to effectively achieve innovation performance and succeed amidst the tensions they face at the intersection of the corporate and venture domain. Using a fuzzy-set qualitative comparative analysis (fsQCA) of 30 dedicated CVC investment arms, we analyze how successful units configure their internal arrangements in response to these tensions and generate various innovation outcomes for their parent organizations. We identify four different solutions for effective CVC unit configurations, highlighting that explorative and exploitative innovation success require different setups. Moreover, we find that more mature and explorative CVC units distance themselves via buffering from their corporate sponsor, while at the same time increasing their efforts to maintain deliberate connections via bridging to representatives of the very same corporate environment they stem from. For ambidextrous CVC units, a more dynamic setup that allows corporate leadership to selectively initiate collaboration with the corporate core when beneficial while facilitating distancing at other times proved successful. Our study contributes new evidence and theory on how CVC units can navigate tensions and balance competing demands at the interface of the corporate and venturing domains.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106438"},"PeriodicalIF":7.7,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902624000600/pdfft?md5=1bef59e12260479a685a4dea214927d9&pid=1-s2.0-S0883902624000600-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A listening model of venture growth: entrepreneurs' listening abilities and ventures' listening capabilities","authors":"Dean A. Shepherd ,&nbsp;Jeffrey M. Pollack","doi":"10.1016/j.jbusvent.2024.106451","DOIUrl":"10.1016/j.jbusvent.2024.106451","url":null,"abstract":"&lt;div&gt;&lt;p&gt;While we understand the importance of entrepreneurs listening to stakeholders, we lack a sufficient theory-driven understanding of why some entrepreneurs and their ventures can listen to their stakeholders more effectively than others. We offer a listening model of venture growth based on listening theories and the literatures on new ventures and capability development. Listening is initially facilitated by entrepreneurs' cognitive and behavioral processes, but continued venture growth creates a paradox for entrepreneurs. Listening to stakeholders may also deplete entrepreneurs' personal resources, diminishing their listening capacity. This paradox can be overcome by generating their ventures' listening capability—behavioral routines and attention structures for listening—enabling them to acquire and interpret quality information from stakeholders more effectively to build or adapt the capabilities necessary for venture growth. The ventures' listening capability acts as a dynamic capability, which itself can be dynamic. This listening model of venture growth contributes to the entrepreneurship literature on stakeholders, entrepreneurs' abilities, and ventures' capabilities and dynamic capabilities.&lt;/p&gt;&lt;/div&gt;&lt;div&gt;&lt;h3&gt;Executive summary&lt;/h3&gt;&lt;p&gt;Entrepreneurs need to acquire resources from stakeholders to create and grow their ventures. Therefore, stakeholder enrollment is a critical task for entrepreneurs. The predominant research on stakeholder enrollment has been on entrepreneurs' overt behaviors to secure the support of stakeholders—a unidirectional communication pattern in which entrepreneurs communicate to audiences and stakeholders listen to and decide whether to commit their resources to ventures. However, entrepreneurs need to communicate and listen to their stakeholders. Although scholars recognize the importance of entrepreneurs listening to stakeholders, we lack sufficient understanding of why some entrepreneurs and their ventures can listen to their stakeholders more effectively than others and thus acquire and use stakeholder support critical for venture growth. Therefore, we ask, Why are some entrepreneurial actors more effective at listening to stakeholders than others?&lt;/p&gt;&lt;p&gt;To address this question, we integrate theories of listening and the literatures on new ventures and the creation of organizational capabilities to develop a listening model of venture growth. This model explains the importance and the limitations of entrepreneurs' listening ability in acquiring and interpreting stakeholder information for venture growth. Venture members can learn from and formalize entrepreneurs' listening ability to build ventures' listening capability, which overcomes the entrepreneurs' listening limitations. Ventures' listening capability includes acquiring and interpreting stakeholder information to inform and/or change additional capabilities critical for venture growth.&lt;/p&gt;&lt;p&gt;Specifically, the model begins with communication from st","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106451"},"PeriodicalIF":7.7,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142240827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Para-social mentoring: The effects of entrepreneurship influencers on entrepreneurs","authors":"Laura D'Oria ,&nbsp;David J. Scheaf ,&nbsp;Timothy L. Michaelis ,&nbsp;Michael P. Lerman","doi":"10.1016/j.jbusvent.2024.106439","DOIUrl":"10.1016/j.jbusvent.2024.106439","url":null,"abstract":"<div><p>Research on social media influencers and entrepreneurship tends to adopt an influencer-as-entrepreneur perspective by examining how influencers leverage social media as entrepreneurial opportunities. However, it remains unclear how entrepreneurs in the audience interpret and leverage influencer content in their entrepreneurial endeavors. Using a two-study approach, Study 1 inductively uncovers that entrepreneurs interpret entrepreneurship influencers' content as para-social mentoring—a one-to-many, mostly unreciprocated mentor-protégé relationship in which media users envision themselves as protégés and perceive media figures as providing individualized career-related and psychosocial support despite knowing that the media figures do not know intimate details about themselves or their circumstances. Our model posits that para-social mentoring between entrepreneurs and entrepreneurship influencers relates to critical entrepreneurship-related outcomes. Using data from 613 entrepreneurs, Study 2 deductively finds general support for the model derived from Study 1. Our study highlights how para-social mentoring operates like a double-edged sword that can benefit entrepreneurs while also exposing them to specific hazards not common in traditional mentoring.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106439"},"PeriodicalIF":7.7,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142230117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The body as a cultural resource for entrepreneurs in stigmatized settings: The case of sex toys by women for women","authors":"Neva Bojovic ,&nbsp;Raghu Garud ,&nbsp;Mohammed Cheded","doi":"10.1016/j.jbusvent.2024.106449","DOIUrl":"10.1016/j.jbusvent.2024.106449","url":null,"abstract":"<div><p>Entrepreneurs seeking legitimacy for their stigmatized products with mainstream audiences must deploy strategies to redefine their products' cultural significance. This paper investigates how the body, often a focal point of stigma, serves as the foundation for these strategies. Through an analysis of exemplary cases in the sex toy industry, we identify three strategies—visibilizing, obfuscating, and transforming—used by entrepreneurs to deal with different sources of stigma, including tribal stigma, blemishes, and abominations associated with the products. Our findings provide novel insights into the role of the body in entrepreneurial strategies to tackle stigma and gain legitimacy for their products, thereby contributing to the literatures on entrepreneurship in stigmatized settings and cultural entrepreneurship.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106449"},"PeriodicalIF":7.7,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142172365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Navigating the temporal commitments of entrepreneurial hype: Insights from entrepreneur and backer interactions in crowdfunded ventures","authors":"Matthew S. Wood ,&nbsp;Sean M. Dwyer ,&nbsp;David J. Scheaf","doi":"10.1016/j.jbusvent.2024.106437","DOIUrl":"10.1016/j.jbusvent.2024.106437","url":null,"abstract":"<div><p>This paper examines how entrepreneurs manage temporal commitments associated with hyped audience expectations. We examine hype in the crowdfunding context, conducting an inductive study of 155 entrepreneur project updates from five new ventures that mobilized significant funding on Kickstarter. Entrepreneur updates were matched with 17,807 backer comments, creating call and response pairs. Using LIWC sentiment analysis, we tracked changes in backer negative tone over time and observed spikes and dips corresponding with temporal events. The pattern suggested that entrepreneurs have techniques to tamp down negative sentiment from backers as they delay product shipments. Through inductive examination of entrepreneur and backer interactions, we uncover entrepreneurs' use of four narrative practices to manage the temporal constraints of hyped audience expectations: frequent communication, evidence of progress, proximal temporal reach, and time-quality trade-off. While initially effective, these practices have diminishing returns over time, eventually triggering backer outrage as continual delays frustrate backers. We additionally find that the effectiveness of the narrative practices is influenced by external temporal pacers, with entrepreneurs using pacers to amplify narrative practice effectiveness, while backers use them as reasons to reject delays.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"39 6","pages":"Article 106437"},"PeriodicalIF":7.7,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902624000594/pdfft?md5=5e65bd538f6d434e89a76d20d07eaba9&pid=1-s2.0-S0883902624000594-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142129014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Quasipractice: How the entrepreneurship educator develops entrepreneurial practice expertise","authors":"Raj K. Shankar ,&nbsp;Andrew C. Corbett","doi":"10.1016/j.jbusvent.2024.106435","DOIUrl":"10.1016/j.jbusvent.2024.106435","url":null,"abstract":"<div><p>There is a growing interest in exploring the practice-based foundations of entrepreneurship education. Despite significant advancement in scholarship regarding entrepreneurship education, our understanding of the ‘educator’, especially how they develop and sustain their abilities to enable learning in practice-based entrepreneurship education, remains sorely understudied. In contrast to existing cognitive learning approaches, we suggest practice-based knowing as an alternative pathway to develop entrepreneurial practice expertise. We build on Heidegger's existential ontology and use the ideas of entwinement and breakdown to build—<em>quasipractice</em>—<em>a process of developing entrepreneurial practice expertise through proximal engagement in the actions, emotions, and cognitive experiences of an entrepreneur, including the experience of temporary breakdowns, and reflection on the breakdowns experienced.</em> Quasipractice helps advance the literature on both the professional development of the entrepreneurship educator and the larger area of practice-based entrepreneurship education.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"39 6","pages":"Article 106435"},"PeriodicalIF":7.7,"publicationDate":"2024-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142095614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact creation approaches of community-based enterprises: A configurational analysis of enabling conditions","authors":"Björn C. Mitzinneck ,&nbsp;Jana Coenen ,&nbsp;Florian Noseleit ,&nbsp;Christian Rupietta","doi":"10.1016/j.jbusvent.2024.106420","DOIUrl":"10.1016/j.jbusvent.2024.106420","url":null,"abstract":"<div><p>This study investigates which local conditions enable community-based enterprises (CBEs) to create impact. Advancing our limited understanding of the various contexts that enable CBEs to tackle societal issues locally, we investigate supportive conditions across 77 CBEs driving the energy transition in their geographic community. Through qualitative comparative analysis, we identify four condition configurations for CBE impact creation. Across these configurations, we reveal transferable mechanisms helping CBEs to engage community members (<em>Opportunity-</em> and <em>Community-anchoring</em>) and handle the absence of a supportive condition <em>(Circumventing</em> and <em>Compensating).</em> Our study suggests how CBEs can combine these mechanisms to create impact in varied local contexts.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"39 6","pages":"Article 106420"},"PeriodicalIF":7.7,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902624000429/pdfft?md5=2073d5bc15de894b2221eb06c4f664e9&pid=1-s2.0-S0883902624000429-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142040222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Feeding the hype cycle: Entrepreneurial swagger, passion, and inflated expectations","authors":"Kevin Heupel ,&nbsp;Jorge Arteaga Fonseca ,&nbsp;Matthew Rutherford ,&nbsp;Bryan Edwards","doi":"10.1016/j.jbusvent.2024.106432","DOIUrl":"10.1016/j.jbusvent.2024.106432","url":null,"abstract":"&lt;div&gt;&lt;p&gt;Hype occurs when expectations exceed reality. For founders promoting innovative technologies, hype often attracts the resources necessary to grow a new venture. Hype is gaining prominence in entrepreneurship literature, and it is understood that many entrepreneurs jumpstart their ventures by promoting optimistic, future projections to entice stakeholders. Unfortunately, little is known about how skilled cultural founders generate hype to attract stakeholders. In our study, we examine how founders function as “skilled cultural operatives” to positively manipulate the emergence of hype. We conduct an experiment on 148 members of the media, and we find support for our theorizing in that founders who display their entrepreneurial abilities (swagger) combined with an authentic emotional commitment to the venture (passion), it increases media expectations (hype).&lt;/p&gt;&lt;/div&gt;&lt;div&gt;&lt;h3&gt;Executive summary&lt;/h3&gt;&lt;p&gt;For the founders of innovative technologies, hype is not just beneficial, it is a strategic necessity. Hype is characterized by an overinflated interest in emerging technologies where future expectations outweigh current capabilities. It serves as a magnet for essential resources such as funding and customer interest. This dynamic, albeit critical, is often misunderstood and underestimated, in particular as regards the founder's role in its development. It is therefore of paramount importance to unravel the nuances of how founders contribute to the creation of hype.&lt;/p&gt;&lt;p&gt;This study explores founders as “skilled cultural operatives,” adept at using their cultural toolkit through sensegiving to inflate media expectations, thereby creating hype. Sensegiving in entrepreneurship involves a mix of verbal and non-verbal cues to communicate, clarify, and justify new technology. It is particularly important if there are no historical references or industry standards. The study posits that effective sensegiving through metaphorical reasoning, in which founders display their confidence and passion in a highly visible and expressive way, is key to generating media attention to generate hype.&lt;/p&gt;&lt;p&gt;In the present study, the concept of “swagger” emerged as a critical sensegiving mechanism. Defined as a conspicuous display of confidence through various expressions, swagger is a tool for founders to project their abilities and attract media coverage. However, this swagger, even if it attracts attention, may initially be perceived negatively, as a mere showmanship without substance. This research provides a nuanced understanding of this perception and shows that if swagger is infused with genuine passion, it transforms into a powerful catalyst for generating hype.&lt;/p&gt;&lt;p&gt;Conclusively, this study enriches the literature on hype cycles, moving beyond mere descriptions to a deeper understanding of how founders generate hype. By introducing and operationalizing the concept of entrepreneurial swagger, this study expands the range of sensegiving strategies available","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"39 6","pages":"Article 106432"},"PeriodicalIF":7.7,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141984852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Trouble brewing: Craft ventures during market disruption","authors":"Daniel S. Andrews ,&nbsp;Blake Mathias ,&nbsp;Arun Kumaraswamy ,&nbsp;Andreas P.J. Schotter","doi":"10.1016/j.jbusvent.2024.106433","DOIUrl":"10.1016/j.jbusvent.2024.106433","url":null,"abstract":"<div><p>Prior studies of craft-based categories have emphasized member ventures' prototypical features of smallness and innovativeness, collaboration and cohesiveness norms, and a perception of shared fate forging their strong oppositional identity vis-a-vis industrialized producers. However, our study of craft breweries reveals the potential pitfalls of rigidly adhering to these features and norms during market disruptions. As consumer behaviors changed during the COVID-19 crisis, smallness and innovativeness became liabilities while scale and familiarity became indispensable, favoring larger breweries over prototypical members. This shift exposed hidden divisions within the category, challenging long-held beliefs in shared fate and entrenching heterogeneity among members. The consequent realignment within the category demonstrates how market disruptions can reshape craft-based ventures and categories. Our study advances a theoretical understanding of the dynamic nature of prototypical features and norms: An adherence to category prototypes can become a source of vulnerability during times of significant upheaval.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"39 6","pages":"Article 106433"},"PeriodicalIF":7.7,"publicationDate":"2024-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141909653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}