{"title":"颠覆性创新如何影响不同风险投资者的融资决策?创业公司沟通作用的实证分析","authors":"Mariangela Piazza , Erica Mazzola , Giovanni Perrone , Wim Vanhaverbeke","doi":"10.1016/j.lrp.2022.102293","DOIUrl":null,"url":null,"abstract":"<div><p>Entrepreneurs present their ideas in a favorable light through compelling communications that may shape the investors' impressions about the value of the startup's technology and its potential to disrupt. Assessing such communications, venture capital (VC) investors get an impression of the startup's technology and shape their willingness to commit resources to it. Since diverse kinds of VC investors pursue alternative investment objectives, they may develop different impressions of the startup's technology and accordingly make different resource commitment decisions. This paper aims to investigate the resource commitment decisions of VC investors when financing startups communicating disruptiveness by distinguishing between independent venture capitalists (IVC) and corporate venture capitalists (CVC). Analyzing data about 664 medical device and biotech startups in a 10-year period, we found that communicating disruptiveness decreases the amount of funding committed by IVC, while it has a curvilinear effect on the amount of funding provided by CVC. Our findings contribute to the literature and provide important implications for managers of startups aiming to secure funding from different VC investors.</p></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":null,"pages":null},"PeriodicalIF":7.4000,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":"{\"title\":\"How does disruptive innovation influence the funding decisions of different venture capital investors? An empirical analysis on the role of startups' communication\",\"authors\":\"Mariangela Piazza , Erica Mazzola , Giovanni Perrone , Wim Vanhaverbeke\",\"doi\":\"10.1016/j.lrp.2022.102293\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Entrepreneurs present their ideas in a favorable light through compelling communications that may shape the investors' impressions about the value of the startup's technology and its potential to disrupt. Assessing such communications, venture capital (VC) investors get an impression of the startup's technology and shape their willingness to commit resources to it. Since diverse kinds of VC investors pursue alternative investment objectives, they may develop different impressions of the startup's technology and accordingly make different resource commitment decisions. This paper aims to investigate the resource commitment decisions of VC investors when financing startups communicating disruptiveness by distinguishing between independent venture capitalists (IVC) and corporate venture capitalists (CVC). Analyzing data about 664 medical device and biotech startups in a 10-year period, we found that communicating disruptiveness decreases the amount of funding committed by IVC, while it has a curvilinear effect on the amount of funding provided by CVC. Our findings contribute to the literature and provide important implications for managers of startups aiming to secure funding from different VC investors.</p></div>\",\"PeriodicalId\":18141,\"journal\":{\"name\":\"Long Range Planning\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2023-04-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Long Range Planning\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0024630122001121\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Long Range Planning","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0024630122001121","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
How does disruptive innovation influence the funding decisions of different venture capital investors? An empirical analysis on the role of startups' communication
Entrepreneurs present their ideas in a favorable light through compelling communications that may shape the investors' impressions about the value of the startup's technology and its potential to disrupt. Assessing such communications, venture capital (VC) investors get an impression of the startup's technology and shape their willingness to commit resources to it. Since diverse kinds of VC investors pursue alternative investment objectives, they may develop different impressions of the startup's technology and accordingly make different resource commitment decisions. This paper aims to investigate the resource commitment decisions of VC investors when financing startups communicating disruptiveness by distinguishing between independent venture capitalists (IVC) and corporate venture capitalists (CVC). Analyzing data about 664 medical device and biotech startups in a 10-year period, we found that communicating disruptiveness decreases the amount of funding committed by IVC, while it has a curvilinear effect on the amount of funding provided by CVC. Our findings contribute to the literature and provide important implications for managers of startups aiming to secure funding from different VC investors.
期刊介绍:
Long Range Planning (LRP) is an internationally renowned journal specializing in the field of strategic management. Since its establishment in 1968, the journal has consistently published original research, garnering a strong reputation among academics. LRP actively encourages the submission of articles that involve empirical research and theoretical perspectives, including studies that provide critical assessments and analysis of the current state of knowledge in crucial strategic areas. The primary user base of LRP primarily comprises individuals from academic backgrounds, with the journal playing a dual role within this community. Firstly, it serves as a platform for the dissemination of research findings among academic researchers. Secondly, it serves as a channel for the transmission of ideas that can be effectively utilized in educational settings. The articles published in LRP cater to a diverse audience, including practicing managers and students in professional programs. While some articles may focus on practical applications, others may primarily target academic researchers. LRP adopts an inclusive approach to empirical research, accepting studies that draw on various methodologies such as primary survey data, archival data, case studies, and recognized approaches to data collection.