{"title":"Learning to innovate: How and when firms transform intellectual capital into exploratory and exploitative innovation","authors":"Gholamhossein (Amir) Mehralian, Arash Sadeghi, Ralf Wilden","doi":"10.1002/sej.70028","DOIUrl":"https://doi.org/10.1002/sej.70028","url":null,"abstract":"Research Summary Corporate entrepreneurship (CE) requires firms to pursue both exploratory and exploitative innovation, yet limited research explains how intellectual capital (IC) is translated into these distinct outcomes. We develop a contingency model that specifies how and when IC drives exploration and exploitation. We theorize that a firm's capacity for learning and transformation (CLT) functions as a firm‐level learning and transformation capability through which IC can be translated into either exploratory or exploitative innovation. Knowledge breadth strengthens the indirect effect of IC on exploratory innovation via CLT, whereas knowledge depth amplifies the indirect effect on exploitative innovation. We test the model in two complementary field studies. Study 1 employs a time‐lagged design with objective archival data, and Study 2 replicates the findings using survey data. Results consistently support the proposed theoretical model. Managerial Summary Firms operating in fast‐changing and uncertain environments often struggle to balance developing new products with improving existing ones. Our study shows that simply having strong knowledge resources is not enough. What matters is how effectively firms learn from and use that knowledge. We find that firms perform better when they build strong learning capabilities that help them adapt, recombine, and apply knowledge over time. Importantly, the type of knowledge a firm holds shapes this process: broad knowledge supports new product development, while deep, specialized knowledge strengthens improvements to existing products. For managers, this means focusing not only on acquiring knowledge but also on building systems and practices that continuously translate knowledge into action and innovation.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"19 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147743930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"It's a match! Similarity in personality traits in the business angel–founder dyad and follow‐on funding","authors":"Angela Altmeier, Christian Fisch","doi":"10.1002/sej.70025","DOIUrl":"https://doi.org/10.1002/sej.70025","url":null,"abstract":"Research summary We assess how personality alignment in investor–founder dyads is associated with the likelihood of follow‐on funding, a vital outcome for early‐stage ventures. Using machine learning to infer the Big Five personality traits from Twitter data for 9497 business angel–founder dyads, we find that similarity in conscientiousness and agreeableness is associated with a higher likelihood of follow‐on funding, while similarity in neuroticism is associated with a lower likelihood. We attribute these patterns to the trait‐specific benefits of supplementary (conscientiousness and agreeableness) and complementary (neuroticism) fit. Robustness checks and additional analyses support and nuance the conclusion that personality fit matters for venture outcomes, highlighting the strategic role of personality fit in the investor–founder relationship. Managerial summary We show that personality similarity between business angels and founders is associated with whether a venture secures follow‐on funding. Similarity in conscientiousness (being organized and reliable) and agreeableness (being cooperative and trusting) is linked to a higher likelihood of securing follow‐on funding, while similarity in neuroticism (emotional instability) is linked to a lower likelihood. We interpret these patterns as collaboration dynamics: similarity can help through supplementary fit (e.g., shared work style and cooperation), but differences can help through complementary fit (e.g., one partner's emotional stability offsets the other's emotional instability). Practically, founders and business angels should develop self‐awareness and consider personality fit alongside other characteristics when forming partnerships. Policymakers and incubators can support better matches and strengthen collaboration by promoting awareness of interpersonal dynamics.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"38 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147655696","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Two hearts that beat as one: Signals, narratives, and financing (less) novel ventures via equity crowdfunding","authors":"Jiahe Wang, Lien Denoo, Joris Knoben","doi":"10.1002/sej.70026","DOIUrl":"https://doi.org/10.1002/sej.70026","url":null,"abstract":"Research Summary Financial resource acquisition is crucial for ventures but hindered by uncertainty. While signaling mitigates this uncertainty, its effectiveness hinges on venture novelty and the narratives used to clarify embedded information. Adopting a configurational lens, we examine the interplay among novelty, signals, and narratives in equity crowdfunding (ECF). Applying qualitative comparative analysis (QCA) to 98 ventures on a UK ECF platform, we reveal multiple equifinal pathways to fundraising success and demonstrate that novelty acts as a critical contingency factor: novel and less‐novel ventures require distinct configurations of signals and narratives, and narratives that clarify signals play a crucial role for novel ventures. Our findings extend research on signaling theory, entrepreneurial narratives, and entrepreneurial finance with a nuanced understanding of the interdependence among novelty, signals, and narratives. Managerial Summary Novel and less‐novel ventures face distinct challenges in convincing investors, and we show that there is no “one‐size‐fits‐all” strategy in fundraising. Our study demonstrates how entrepreneurs can convince investors using signals and/or narratives that align with the novelty of their ventures. For novel ventures, specific and coherent narratives are particularly helpful in clarifying signals that contain complex information. Conversely, less‐novel ventures that refine existing offerings may improve fundraising performance by simply emphasizing signals that demonstrate clear product‐market fit. We therefore suggest that entrepreneurs should view signals and narratives as complementary tools and tailor their fundraising strategies to match their ventures' novelty and achieve fundraising success.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"110 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147655720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Elimar Pires Vasconcellos, Jonathan Wareham, Laia Pujol Priego
{"title":"Academic entrepreneurs' material engagements in the creation of science‐based ventures","authors":"Elimar Pires Vasconcellos, Jonathan Wareham, Laia Pujol Priego","doi":"10.1002/sej.70023","DOIUrl":"https://doi.org/10.1002/sej.70023","url":null,"abstract":"Research Summary This paper examines the creation of entrepreneurial opportunities under coupled technical and demand uncertainty within science‐based ventures (SBVs). Whereas opportunity creation theory emphasizes discursive processes, we build on practice theory and pragmatism to explore how SBV opportunities also emerge through entrepreneurs' evolving engagements with indeterminate material artifacts. Through a longitudinal multiple‐case study, we identify two patterns of material engagement: epistemic engagement, oriented toward knowledge creation, and pragmatic engagement, oriented toward practical use. We show how opportunity creation unfolds through interweaving cycles of epistemic and pragmatic engagement. By introducing material engagements as constitutive, we specify creation theory for SBVs and highlight the central role of materiality in shaping belief formation, opportunity objectification, stakeholder engagement, and the variation–selection–retention process. Managerial Summary This paper explores how entrepreneurs create science‐based ventures (SBVs) by engaging with evolving material artifacts, like sensors and prototypes. Based on a study of SBV initiatives supported by the European Commission's ATTRACT program, we identify a process in which entrepreneurs repeatedly alternate between epistemic engagement—focused on scientific understanding—and pragmatic engagement—focused on usability and implementation. This material engagement cycle plays a central role in venture development under coupled technical and demand uncertainty. We highlight tensions inherent in this process and the strategies through which they are accommodated, offering practical insights for entrepreneurs building ventures from frontier science and policymakers supporting science commercialization.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"17 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147611715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The impact of workers' compensation laws on entrepreneurial activity","authors":"Indu Khurana, Daniel J. Lee, Julio O. de Castro","doi":"10.1002/sej.70017","DOIUrl":"https://doi.org/10.1002/sej.70017","url":null,"abstract":"Research Summary Government policy that aims to stimulate business activity often overlooks its indirect impacts on entrepreneurial entry. In particular, the role of free time, especially in concert with liquidity constraints, remains an underexplored factor. In this paper, we exploit two exogenous shocks to workers' free time to furnish plausibly causal effects on entrepreneurial activity: (random) injury and the 2011 amendments to the Illinois workers' compensation laws. Utilizing a two‐way fixed effects estimation, we find that as workers' compensation becomes less generous, that is, by limiting both financial resources and an employee's time away from work, entrepreneurial activity within a specific geographical region is significantly reduced. Thus, we provide evidence of an unintended and negative impact on entrepreneurial activity caused by an indirect policy change. Further, this result unduly affects the recently injured or otherwise disabled. Our results are robust to alternative specifications and data sources, suggesting an important incidence of compensatory insurance regulation on entrepreneurial activity and, as a result, important considerations for future policymaking. Managerial Summary Workers' compensation is a state‐level program that provides replacement wages to workers injured on the job. In 2011, amendments to Illinois' workers' compensation laws made this program less generous in terms of both financial benefits and time out of work. We study the impact of these amendments on entrepreneurial activity. We find that less generous workers' compensation has a large adverse effect on entrepreneurial activity because it constrains two important factors required for experimentation with entrepreneurship: financial resources and time. Our results hold up to several statistical models and controls, including local innovative and high‐tech firms, as well as alternative datasets. Our findings yield important insights for policymakers in other states drafting such regulations and for researchers studying the incidence of such policies.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"255 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147586129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Framing novelty in crowdfunding: Which words win support, where, and at what stakes","authors":"Agnieszka Kwapisz","doi":"10.1002/sej.70022","DOIUrl":"https://doi.org/10.1002/sej.70022","url":null,"abstract":"Research Summary We examine how promotional language (“hype”) in reward‐based crowdfunding is associated with campaign success, and whether those associations vary across sector contexts and with campaign execution burden. Using dictionary‐based text measures from 635 U.S. Kickstarter campaigns across five sectors, we distinguish three novelty‐framing moves: capability/rigor language, excellence/status language, and attitude/affect language. We find no uniform association between aggregate hype and success. Instead, the observed associations vary systematically across rhetorical moves, sectors, and goal levels. Capability/rigor language is positively associated with success in Technology, attitude/affect language is positively associated with success in Entertainment, and excellence/status language is negatively associated with success in Design. Beyond these sector differences, the paper's clearest cross‐cutting pattern is that capability/rigor language becomes more positively associated with success as funding goals increase. Managerial Summary The value of “hype” on Kickstarter depends on what is said, what is being offered, and how ambitious the ask is. In our data, Technology campaigns are more positively associated with success when descriptions emphasize testing, technical specificity, and execution readiness, whereas Entertainment campaigns are more positively associated with attitude/affect language. In contrast, excellence/status claims are associated with lower success in Design. Across contexts, the clearest pattern is that feasibility‐oriented language becomes more positively associated with success as funding goals increase, suggesting that larger asks benefit more from cues of deliverability than from undifferentiated promotional intensity.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"16 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147495264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Elisabeth Mueller, Laura Bregenzer, Patrick Figge, Carolin Haeussler
{"title":"Promoting novelty creation: The role of ownership distribution in new venture teams","authors":"Elisabeth Mueller, Laura Bregenzer, Patrick Figge, Carolin Haeussler","doi":"10.1002/sej.70014","DOIUrl":"https://doi.org/10.1002/sej.70014","url":null,"abstract":"Research Summary How is the ownership distribution in new venture teams (NVTs) related to the novelty of a firm's inventions? Using an abductive approach and analyzing 5114 projects from 2148 German firms, we find higher novelty when a majority owner is among the NVT members and when members of NVTs with unequal ownership splits participate directly in inventive projects. Our empirical facts and interview evidence suggest that unequal splits enhance decision‐making mandates, enabling NVTs to avoid consensus deadlocks and empowering owner‐inventors to foster novelty. Notably, the ownership split within the NVT appeared to matter more for novelty than the specific share held by owner‐inventors. These insights contribute to our understanding of the interplay among intra‐team ownership, organizational governance, inventor‐entrepreneurs, and innovative outcomes in entrepreneurial ventures. Managerial Summary At incorporation, new venture teams (NVTs) decide how to divide ownership among themselves. The distribution can vary from equal shares to a majority ownership structure. Ownership distribution can influence how NVTs make decisions under uncertainty and how independently individual NVT members can implement their idiosyncratic technological ideas. Our quantitative and qualitative findings indicate that concentrating ownership with majority owners promotes more radical innovations, while an equal distribution entails the risk of leading only to incremental advances. Additionally, in NVTs with unequal ownership distribution, the participation of NVT members in R&D activities promoted novelty. Therefore, NVTs should carefully consider the implications for decision‐making when determining their ownership distribution, as it can be a strategic tool for promoting innovation.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"18 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147374314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The power of expressed humility: Early stage investors' reaction to humble entrepreneurs","authors":"Laurent Vilanova, Ivana Vitanova","doi":"10.1002/sej.70016","DOIUrl":"https://doi.org/10.1002/sej.70016","url":null,"abstract":"Research Summary We examine how entrepreneur‐expressed humility affects early stage investors' willingness to fund new ventures. In pitching contexts where investors rely on relational cues and implicit prototypes of entrepreneurs, we theorize three distinct pathways through which expressed humility shapes funding decisions. First, building on research regarding interpersonal signals in early stage valuation, we propose that humility fosters perceptions of interpersonal affect and trust and team‐building qualities, increasing investors' willingness to fund. Second, drawing on implicit leadership theories, we argue that humility may trigger negative perceptions regarding the entrepreneur's ability to make rapid and risky decisions. Across a videometric analysis of 140 real‐world pitches and a randomized experiment with French early stage investors, we show that expressed humility elicits both pathways, but investors prioritize positive attributions. Managerial Summary Although humility is often regarded as a positive leadership trait, it contradicts implicit prototypes of successful entrepreneurs, who are typically seen as dominant and assertive. We examine how early stage investors perceive and respond to displays of humility during pitches. We propose that entrepreneur‐expressed humility produces ambiguous effects: It enhances perceptions of interpersonal affect and trust and team‐building qualities, but raises doubts about the entrepreneur's ability to make rapid and risky decisions. Using a videometric analysis of 140 pitches from the French version of <jats:italic>Shark Tank</jats:italic> and a randomized experiment with venture capital investors, we find evidence for these competing pathways. Overall, investors prioritize the positive attributions of interpersonal skills, suggesting that entrepreneurs benefit from expressing humility when pitching.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"22 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146122056","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ecosystem conditions and the efficacy of entrepreneurial support organizations: Moderating effects on venture entry","authors":"Marco Bade","doi":"10.1002/sej.70015","DOIUrl":"https://doi.org/10.1002/sej.70015","url":null,"abstract":"Research Summary Using a panel of 2688 city‐year observations of German fintech ventures and entrepreneurial support organizations (ESOs), we examine how ESO presence relates to venture entry. We argue and demonstrate that this relationship is contingent on local founding conditions. We find that ESO presence is most strongly associated with entry in thin ecosystems, while this association weakens in more active and developed contexts. Patterns in entries of non‐supported versus ESO‐supported ventures, along with differences across ESO types, support our argument that primarily ecosystem‐level bridging mechanisms, such as legitimacy diffusion, knowledge spillovers, and access to relational networks, are sensitive to local conditions, whereas direct support provided by ESOs to program participants is not context‐dependent. Managerial Summary Entrepreneurs, entrepreneurial support organizations (ESOs), and ecosystem builders benefit from understanding the broader economic and entrepreneurial context. In well‐developed ecosystems, informal networks can provide access to knowledge, collaboration opportunities, and legitimacy signals, reducing the marginal contribution of additional ESO presence in the ecosystem. In less‐developed ecosystems, ESOs can support venture formation by bridging entrepreneurs to networks, partners, and markets, and by mitigating resource scarcity and the challenges of newness. Structured programs, targeted mentorship, and guidance can support venture entry across the ecosystem, complementing existing informal networks and addressing gaps where they exist. Our findings suggest that the role and potential impact of ESOs vary with local founding conditions, emphasizing the importance of aligning support mechanisms with ecosystem maturity and structural characteristics.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"217 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146071477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Strategic framing of novel ideas: How contestation shapes the evolution of novelty","authors":"Janina Klein, Elco van Burg, Christine Moser","doi":"10.1002/sej.70012","DOIUrl":"https://doi.org/10.1002/sej.70012","url":null,"abstract":"Research Summary Entrepreneurs use strategic framing to gain support for their novel ventures, products, and services. A key challenge entrepreneurs face is that audiences often contest frames that introduce novel ideas, especially when these ideas disrupt audiences' mental and business models. Such contestation can hinder novel ideas from being accepted, a risk that is amplified when entrepreneurs face contestation from multiple audiences. We lack understanding, however, of how contestation from multiple audiences shapes the strategic framing of novel ideas. We study this question at Tony's Chocolonely, a social enterprise that faced such contestation when introducing “slave‐free” chocolate. By showing how the social enterprise reacted to contestation from multiple audiences in different ways, we uncover novel mechanisms of frame change and stability. Managerial Summary Entrepreneurs use strategic framing to gain support for their novel ideas, products, and services. In so doing, they must navigate resistance from different audiences, especially when entrepreneurs introduce novel ideas that disrupt the status quo. Audience resistance can hinder novel ideas from gaining momentum. We do not know, however, how entrepreneurs can navigate resistance from multiple audiences. Our study examines how Tony's Chocolonely, a social enterprise fighting child labor in the chocolate industry, navigated resistance against its “slave‐free” chocolate from diverse audiences. Our study reveals novel insights into how audience resistance shapes entrepreneurs' strategic framing of novel ideas.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"272 1","pages":""},"PeriodicalIF":6.3,"publicationDate":"2026-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146070181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}