THE PAST IS PROLOGUE? VENTURE-CAPITAL SYNDICATES' COLLABORATIVE EXPERIENCE AND START-UP EXITS

• 成果类型: Article
• 署名作者: Wang, Dan; Pahnke, Emily Cox; Mcdonald, Rory M.
• 署名单位: Columbia University; University of Washington; University of Washington Seattle; Harvard University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/amj.2019.1312
• 发表日期: 2022
• 页码: 371-402
• 关键词: social-structure; ALLIANCE PORTFOLIOS; Network structure; Structural holes; decision-making; interorganizational collaboration; TASK COMPLEXITY; TIE FORMATION; weak ties; FIRMS

摘要

Past research has produced contradictory insights into how prior collaboration between organizations-their relational embeddedness-impacts collective collaborative performance. We theorize that the effect of relational embeddedness on collaborative success is contingent on the type of success under consideration, and we develop a typology of two kinds of success. We test our hypotheses using data from Crunchbase on a sample of almost 11,000 U.S. start-ups backed by venture-capital (VC) firms, using the VCs' previous collaborative experience to predict the type of success that the start-ups will experience. Our findings indicate that as prior collaborative experience within a group of VCs increases, a jointly funded start-up is more likely to exit by acquisition (which we call a focused success); with less prior experience among the group of VCs, a jointly funded start-up is more likely to exit by initial public offering (a broadcast success). Our results deepen understanding of the connections between organizational performance and collaboration networks, contributing to entrepreneurship research on the role of investors in technology ventures.