Pub Date : 2023-12-14DOI: 10.1016/j.jbvi.2023.e00445
Philip T. Roundy, W. Randy Evans
Entrepreneurial ecosystem (EE) leadership is the orchestration of multiple groups to influence the effectiveness of an EE. Although singular leaders can influence ecosystems, EE leadership rarely works alone. EE leaders often function in interconnected groups from different organizations and are in the unique position of simultaneously leading their organizations (leadership within EEs) while providing leadership to the ecosystem itself (leadership of EEs). However, it is not clear how EE leadership groups work independently on their respective goals and interdependently on the superordinate goal of coordinating effective EEs. To address the lack of theory to explain this inherent characteristic of ecosystems, we adapt insights from group dynamics to develop a multi-level model of EEs as multiteam systems. We explain how EE teams devote attention to organizational and ecosystem leadership, identify four EE archetypes produced by different attentional configurations, and discuss how our main insight—effective EEs are multiteam systems—can change how scholars and practitioners view EEs.
创业生态系统(EE)领导力是指协调多个团体来影响 EE 的有效性。虽然单个领导者可以影响生态系统,但 EE 领导者很少单独发挥作用。EE 领导者通常在来自不同组织的相互关联的团体中发挥作用,他们处于一个独特的位置,既要领导其组织(EE 内部的领导),又要领导生态系统本身(EE 的领导)。然而,EE 领导小组如何在实现各自目标的过程中独立工作,又在协调有效 EE 的上级目标中相互依存,目前尚不清楚。为了解决缺乏理论来解释生态系统这一固有特征的问题,我们借鉴了群体动力学的观点,建立了一个作为多团队系统的多层次环境教育模型。我们解释了环境教育团队如何关注组织和生态系统领导力,识别了由不同关注配置产生的四种环境教育原型,并讨论了我们的主要见解--有效的环境教育是多团队系统--如何改变学者和实践者对环境教育的看法。
{"title":"Entrepreneurial ecosystems as multiteam systems: Navigating independence and interdependence in the leadership of startup communities","authors":"Philip T. Roundy, W. Randy Evans","doi":"10.1016/j.jbvi.2023.e00445","DOIUrl":"10.1016/j.jbvi.2023.e00445","url":null,"abstract":"<div><p>Entrepreneurial ecosystem (EE) leadership is the orchestration of multiple groups to influence the effectiveness of an EE. Although singular leaders can influence ecosystems, EE leadership rarely works alone. EE leaders often function in interconnected groups from different organizations and are in the unique position of simultaneously leading their organizations (leadership within EEs) while providing leadership to the ecosystem itself (leadership of EEs). However, it is not clear how EE leadership groups work <em>independently</em> on their respective goals and <em>interdependently</em> on the superordinate goal of coordinating effective EEs. To address the lack of theory to explain this inherent characteristic of ecosystems, we adapt insights from group dynamics to develop a multi-level model of EEs as multiteam systems. We explain how EE teams devote attention to organizational and ecosystem leadership, identify four EE archetypes produced by different attentional configurations, and discuss how our main insight—effective EEs are multiteam systems—can change how scholars and practitioners view EEs.</p></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138680568","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}
Pub Date : 2023-12-09DOI: 10.1016/j.jbvi.2023.e00439
Jarrod Humphrey
Withdrawn IPOs remain an empirically underexplored topic. Between 1997 and 2021, approximately 1 in 6 IPOs attempted on the NASDAQ and NYSE were withdrawn, collectively amounting to hundreds of billions of dollars in unrealized growth capital. For entrepreneurial ventures, the strategic consequences of the withdrawal decision are severe. My findings indicate that withdrawn IPOs face a considerable delay in subsequent attempts to enter public markets, alongside a substantial reduction in total offer proceeds. Crucially, the JOBS Act in 2012 marks a pivotal inflection in the public markets, significantly reducing the incidence of IPO withdrawals and altering the course of financing strategies for emerging growth companies. I argue that an integrated recognition of both withdrawal activity and the regulatory dynamics of the JOBS Act is crucial for a complete understanding of the evolving IPO landscape. Moreover, I examine firm and CEO attributes that correlate with the withdrawal decision and discuss how withdrawal activity presents a fertile ground for future research.
{"title":"Beyond the IPO horizon: Understanding the determinants and consequences of IPO withdrawal","authors":"Jarrod Humphrey","doi":"10.1016/j.jbvi.2023.e00439","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00439","url":null,"abstract":"<div><p>Withdrawn IPOs remain an empirically underexplored topic. Between 1997 and 2021, approximately 1 in 6 IPOs attempted on the NASDAQ and NYSE were withdrawn, collectively amounting to hundreds of billions of dollars in unrealized growth capital. For entrepreneurial ventures, the strategic consequences of the withdrawal decision are severe. My findings indicate that withdrawn IPOs face a considerable delay in subsequent attempts to enter public markets, alongside a substantial reduction in total offer proceeds. Crucially, the JOBS Act in 2012 marks a pivotal inflection in the public markets, significantly reducing the incidence of IPO withdrawals and altering the course of financing strategies for emerging growth companies. I argue that an integrated recognition of both withdrawal activity and the regulatory dynamics of the JOBS Act is crucial for a complete understanding of the evolving IPO landscape. Moreover, I examine firm and CEO attributes that correlate with the withdrawal decision and discuss how withdrawal activity presents a fertile ground for future research.</p></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138557540","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}
Pub Date : 2023-12-08DOI: 10.1016/j.jbvi.2023.e00444
Aaron J. Staples , Kristopher Deming , Trey Malone , Craig W. Carpenter , Stephan Weiler
Small businesses in the food and beverage service industry are particularly vulnerable to crises such as the COVID-19 pandemic. One of the most salient vulnerabilities was the drastic decline in consumer spending at eating and drinking places, generating unprecedented swings in employment in this service-intensive sector. Governments across the globe implemented rapid response fiscal policies to mitigate these economic damages and improve small business crisis management. One such policy was the Paycheck Protection Program (PPP) in the United States. This study links restricted microdata from the Colorado Quarterly Census of Employment and Wages to microdata on PPP loan recipients to assess whether the loan program effectively reduced unemployment rates in Colorado's craft beer industry. The results of a staggered difference-in-differences framework indicate immediate and longer-term positive and statistically significant effects of the loan program on employment outcomes, with employment effects ranging from 16.8 to 19.5%. These results emphasize the importance of understanding the loan program’s effectiveness among hard-hit industries comprised of small businesses.
{"title":"Pouring the Paycheck Protection Program into craft beer: PPP employment effects in service-intensive industries","authors":"Aaron J. Staples , Kristopher Deming , Trey Malone , Craig W. Carpenter , Stephan Weiler","doi":"10.1016/j.jbvi.2023.e00444","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00444","url":null,"abstract":"<div><p>Small businesses in the food and beverage service industry are particularly vulnerable to crises such as the COVID-19 pandemic. One of the most salient vulnerabilities was the drastic decline in consumer spending at eating and drinking places, generating unprecedented swings in employment in this service-intensive sector. Governments across the globe implemented rapid response fiscal policies to mitigate these economic damages and improve small business crisis management. One such policy was the Paycheck Protection Program (PPP) in the United States. This study links restricted microdata from the Colorado Quarterly Census of Employment and Wages to microdata on PPP loan recipients to assess whether the loan program effectively reduced unemployment rates in Colorado's craft beer industry. The results of a staggered difference-in-differences framework indicate immediate and longer-term positive and statistically significant effects of the loan program on employment outcomes, with employment effects ranging from 16.8 to 19.5%. These results emphasize the importance of understanding the loan program’s effectiveness among hard-hit industries comprised of small businesses.</p></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138550102","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}
Pub Date : 2023-12-03DOI: 10.1016/j.jbvi.2023.e00437
G. Christopher Crawford , Christian Linder , Christian Lechner , Elisa Villani
Outliers in entrepreneurship are founders who are markedly different—both quantitatively and qualitatively—relative to the “normal” population. We use a power law perspective to hypothesize that, in order for new ventures to persist, founders with outlier endowments are more likely to have novel expectations about the opportunities they pursue and greater variation in the execution methods they employ, while normal founders are more likely to have much lower expectations and engage in a manner that is confined to fit within the smaller scope of explicit market demand. We leverage data from the Panel Study of Entrepreneurial Dynamics II, a longitudinal representative sample of 1214 nascent entrepreneurs organizing resources in preparation for startup, and employ fuzzy set qualitative comparative analysis to investigate our hypothesized relationships. In support, the results suggest that founders need to stay in their lane for their ventures to persist: whereas outlier founders have the option to successfully pursue more ambitious opportunities—those that are innovative, growth-oriented, and international focused—normal founders are primarily resigned to niche opportunities. Even more interesting, ventures are much less likely to persist when there is a misalignment between endowments, expectations, and engagement (i.e., when outlier founders pursue niche opportunities and normal founders pursue aspirational opportunities). This study makes meaningful contributions to the power law perspective, to the growing interest in outliers and exceptionality in entrepreneurship, and to the domain’s aggregated knowledge of new venture persistence.
创业中的异类是那些在数量和质量上都与“正常”人群明显不同的创始人。我们使用幂律的观点来假设,为了让新的企业持续下去,拥有异常禀赋的创始人更有可能对他们追求的机会有新的期望,并在他们采用的执行方法上有更大的变化,而正常的创始人更有可能有更低的期望,并以一种被限制在更小的明确市场需求范围内的方式参与。我们利用创业动态面板研究II (Panel Study of Entrepreneurial Dynamics II)的数据,这是一个纵向代表性样本,包括1214名初生企业家组织资源为创业做准备,并采用模糊集定性比较分析来调查我们假设的关系。为了支持这一观点,研究结果表明,创业者需要坚持自己的路线,这样他们的企业才能持续下去:而异常的创业者可以选择成功地追求更雄心勃勃的机会——那些创新的、以增长为导向的、关注国际的机会——而正常的创业者主要是听任于利基机会。更有趣的是,当捐赠、期望和参与之间存在不一致时(即,当异常创始人追求利基机会而正常创始人追求抱负机会时),企业坚持下去的可能性要小得多。本研究对幂律视角、对创业中的异常值和例外性日益增长的兴趣以及该领域关于新创业持久性的汇总知识做出了有意义的贡献。
{"title":"Outlier entrepreneurs: Nonlinear paths and novel ventures","authors":"G. Christopher Crawford , Christian Linder , Christian Lechner , Elisa Villani","doi":"10.1016/j.jbvi.2023.e00437","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00437","url":null,"abstract":"<div><p>Outliers in entrepreneurship are founders who are markedly different—both quantitatively and qualitatively—relative to the “normal” population. We use a power law perspective to hypothesize that, in order for new ventures to persist, founders with outlier endowments are more likely to have novel expectations about the opportunities they pursue and greater variation in the execution methods they employ, while normal founders are more likely to have much lower expectations and engage in a manner that is confined to fit within the smaller scope of explicit market demand. We leverage data from the Panel Study of Entrepreneurial Dynamics II, a longitudinal representative sample of 1214 nascent entrepreneurs organizing resources in preparation for startup, and employ fuzzy set qualitative comparative analysis to investigate our hypothesized relationships. In support, the results suggest that founders need to stay in their lane for their ventures to persist: whereas outlier founders have the option to successfully pursue more ambitious opportunities—those that are innovative, growth-oriented, and international focused—normal founders are primarily resigned to niche opportunities. Even more interesting, ventures are much less likely to persist when there is a misalignment between endowments, expectations, and engagement (i.e., when outlier founders pursue niche opportunities and normal founders pursue aspirational opportunities). This study makes meaningful contributions to the power law perspective, to the growing interest in outliers and exceptionality in entrepreneurship, and to the domain’s aggregated knowledge of new venture persistence.</p></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138484181","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}
Pub Date : 2023-11-29DOI: 10.1016/j.jbvi.2023.e00440
Jan Keim , Susan Müller , Pascal Dey
A topic of growing interest in entrepreneurship research is how entrepreneurial ventures address grand challenges. This literature, we argue, tends to produce a panacea myth by suggesting that entrepreneurship is the universal remedy for existing social and environmental ills. Starting from the claim that the persuasive power or ‘stickiness’ of the panacea myth depends not only on what it explicitly says (in terms of ideas and beliefs) but also on what it leaves out, we suggest that the exclusion of explicitly political and holistic explanations of grand challenges such as Iris Marion Young's theory of structural injustice, which we use as an illustrative example, precipitates a ‘constitutive absence’ whose mythic function is to sanitize the image of entrepreneurship as the preferred solution to grand challenges. In an effort to denaturalize the panacea myth, we first identify three ‘figures of thought’ – coined ‘extrapolation fallacy,’ ‘political agnosticism,’ and ‘positive acculturation’ – that define the content of the panacea myth while simultaneously excluding theoretical concepts and frameworks, such as structural injustice, that conceptualize grand challenges as structural, multidetermined, and inherently political problems that are not necessarily amenable to stand-alone entrepreneurial approaches and solutions. Second, to loosen the grip of the panacea myth, we suggest rethinking entrepreneurship research in terms of who is involved, what methods are used, and how we talk about it. Taken together, these tactics create an opening in entrepreneurship research for a more complexity-sensitive and political understanding of grand challenges that cultivates a more humble and realistic depiction of entrepreneurship's problem-solving capacity.
创业研究中一个日益引起人们兴趣的话题是创业企业如何应对重大挑战。我们认为,这些文献倾向于制造一种灵丹妙药的神话,认为创业是解决现有社会和环境问题的万能良药。从“灵丹妙药神话的说服力或“粘性”不仅取决于它明确说了什么(在思想和信仰方面),而且取决于它遗漏了什么”这一说法开始,我们建议排除对重大挑战的明确政治和整体解释,例如Iris Marion Young的结构性不公正理论,我们将其作为一个说明性例子。沉淀了一种“结构性缺失”,其神话般的功能是净化企业家精神作为应对重大挑战的首选解决方案的形象。为了使灵丹妙药神话变性,我们首先确定了三种“思想形象”——创造了“外推谬误”、“政治不可知论”和“积极文化适应”——它们定义了灵丹妙药神话的内容,同时排除了理论概念和框架,如结构性不公正,它们将重大挑战概念化为结构性的、多决定的、以及固有的政治问题,这些问题不一定适用于独立的企业方法和解决方案。其次,为了摆脱“灵丹妙药神话”的束缚,我们建议重新思考创业研究,包括研究对象、研究方法和讨论方式。综上所述,这些策略为创业研究打开了一个大门,让人们对重大挑战的复杂性和政治理解更加敏感,从而培养出对创业解决问题能力更谦逊、更现实的描述。
{"title":"Whatever the problem, entrepreneurship is the solution! Confronting the panacea myth of entrepreneurship with structural injustice","authors":"Jan Keim , Susan Müller , Pascal Dey","doi":"10.1016/j.jbvi.2023.e00440","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00440","url":null,"abstract":"<div><p>A topic of growing interest in entrepreneurship research is how entrepreneurial ventures address grand challenges. This literature, we argue, tends to produce a panacea myth by suggesting that entrepreneurship is the universal remedy for existing social and environmental ills. Starting from the claim that the persuasive power or ‘stickiness’ of the panacea myth depends not only on what it explicitly says (in terms of ideas and beliefs) but also on what it leaves out, we suggest that the exclusion of explicitly political and holistic explanations of grand challenges such as Iris Marion Young's theory of structural injustice, which we use as an illustrative example, precipitates a ‘constitutive absence’ whose mythic function is to sanitize the image of entrepreneurship as the preferred solution to grand challenges. In an effort to denaturalize the panacea myth, we first identify three ‘figures of thought’ – coined ‘extrapolation fallacy,’ ‘political agnosticism,’ and ‘positive acculturation’ – that define the content of the panacea myth while simultaneously excluding theoretical concepts and frameworks, such as structural injustice, that conceptualize grand challenges as structural, multidetermined, and inherently political problems that are not necessarily amenable to stand-alone entrepreneurial approaches and solutions. Second, to loosen the grip of the panacea myth, we suggest rethinking entrepreneurship research in terms of who is involved, what methods are used, and how we talk about it. Taken together, these tactics create an opening in entrepreneurship research for a more complexity-sensitive and political understanding of grand challenges that cultivates a more humble and realistic depiction of entrepreneurship's problem-solving capacity.</p></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2352673423000690/pdfft?md5=82ce4ee8bd099b292fcb047777be30fc&pid=1-s2.0-S2352673423000690-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138466524","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-25DOI: 10.1016/j.jbvi.2023.e00438
Serhan Kotiloglu, M. Paola Ometto
Initial coin offering (ICO) is a Web-3 based financing method for ventures, which allows them to use digital assets (e.g., tokens) to raise capital. During an ICO, the entrepreneur has control on ownership; they can choose to issue a very small number of tokens which would allow them to keep “their skin in the game” and retain ownership, or issue all the tokens they hold, which would distribute ownership to investors and have a community-decentralized orientation. While previous literature has identified several factors of ICO success, they have not delved into the role of ownership in ICO success. In this study, we explore whether retaining or distributing ownership during an ICO is more beneficial for raising capital. We find a two-pronged explanation. When looking at ICOs maintaining a higher level of ownership, entrepreneurs are catering to corporate-market logic investors, and we see a U relationship where the optimal percentage in which the entrepreneurs show they have skin in the game at the same time as giving enough to investors. But then, there are ICOs distributing most of its ownership in which entrepreneurs are attracting community-oriented investors, and as such, the higher the distribution the higher the investment. We propose that this is related to how there are different investors audiences’ that will value different practices and ideals and choose differently on what types of projects to invest in. Our research elucidates this new funding source. Nonetheless, future research should investigate these exploratory findings.
{"title":"An exploratory look at the role of ownership in initial coin offerings (ICO): Different audiences and ICO success","authors":"Serhan Kotiloglu, M. Paola Ometto","doi":"10.1016/j.jbvi.2023.e00438","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00438","url":null,"abstract":"<div><p>Initial coin offering (ICO) is a Web-3 based financing method for ventures, which allows them to use digital assets (e.g., tokens) to raise capital. During an ICO, the entrepreneur has control on ownership; they can choose to issue a very small number of tokens which would allow them to keep “their skin in the game” and retain ownership, or issue all the tokens they hold, which would distribute ownership to investors and have a community-decentralized orientation. While previous literature has identified several factors of ICO success, they have not delved into the role of ownership in ICO success. In this study, we explore whether retaining or distributing ownership during an ICO is more beneficial for raising capital. We find a two-pronged explanation. When looking at ICOs maintaining a higher level of ownership, entrepreneurs are catering to corporate-market logic investors, and we see a U relationship where the optimal percentage in which the entrepreneurs show they have skin in the game at the same time as giving enough to investors. But then, there are ICOs distributing most of its ownership in which entrepreneurs are attracting community-oriented investors, and as such, the higher the distribution the higher the investment. We propose that this is related to how there are different investors audiences’ that will value different practices and ideals and choose differently on what types of projects to invest in. Our research elucidates this new funding source. Nonetheless, future research should investigate these exploratory findings.</p></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2352673423000677/pdfft?md5=7a0b6c4f4a9e554365bf53cbcf85d825&pid=1-s2.0-S2352673423000677-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138436858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-21DOI: 10.1016/j.jbvi.2023.e00436
Ramy Elitzur , Peri Muttath , David Soberman
In this study, we investigate the effects of reward options and their prices on crowdfunding success. Rational economics predicts that the more choice potential contributors have, the more likely it is that they find a reward option that stimulates participation. However, experiments in behavioral economics and marketing show that providing someone with excessive choice (overchoice) might adversely affect participation. Using data collected from Kickstarter, a well-known crowdfunding website, we demonstrate the existence of the overchoice phenomenon in the context of crowdfunding, i.e., an inverted U-shaped relationship between reward options and crowdfunding performance.
{"title":"Crowdfunding and too much choice: A recipe for disappointment","authors":"Ramy Elitzur , Peri Muttath , David Soberman","doi":"10.1016/j.jbvi.2023.e00436","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00436","url":null,"abstract":"<div><p>In this study, we investigate the effects of reward options and their prices on crowdfunding success. Rational economics predicts that the more choice potential contributors have, the more likely it is that they find a reward option that stimulates participation. However, experiments in behavioral economics and marketing show that providing someone with excessive choice (overchoice) might adversely affect participation. Using data collected from Kickstarter, a well-known crowdfunding website, we demonstrate the existence of the overchoice phenomenon in the context of crowdfunding, i.e., an inverted U-shaped relationship between reward options and crowdfunding performance.</p></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138430384","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}
Pub Date : 2023-11-18DOI: 10.1016/j.jbvi.2023.e00435
Pola Nachyła , Rachida Justo
One of the ways to understand the success of impact investing firms is to examine how they add value to the social enterprises they invest. Did their investment boost social and/or environmental change? And what type of support, beyond financial capital, can they provide to enhance impact? Drawing on a design-based methodology, we seek to address some of these questions by developing a tool called the Impact Oriented Value Framework. Putting impact at the centre of the funds' purpose, the framework provides actionable solutions to infuse impact into investors’ non-financial support strategies and activities, enhancing their additionality to portfolio companies as well as their contribution to the impact ecosystem.
{"title":"How do impact investors leverage non-financial strategies to create value? An impact-oriented value framework","authors":"Pola Nachyła , Rachida Justo","doi":"10.1016/j.jbvi.2023.e00435","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00435","url":null,"abstract":"<div><p>One of the ways to understand the success of impact investing firms is to examine how they add value to the social enterprises they invest. Did their investment boost social and/or environmental change? And what type of support, beyond financial capital, can they provide to enhance impact? Drawing on a design-based methodology, we seek to address some of these questions by developing a tool called the Impact Oriented Value Framework. Putting impact at the centre of the funds' purpose, the framework provides actionable solutions to infuse impact into investors’ non-financial support strategies and activities, enhancing their additionality to portfolio companies as well as their contribution to the impact ecosystem.</p></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2352673423000641/pdfft?md5=6fb7c7903b0787df458af1f0a209d5a0&pid=1-s2.0-S2352673423000641-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138430385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-01DOI: 10.1016/j.jbvi.2023.e00406
Brett Smith , Ali Aslan Gümüsay , David M. Townsend
{"title":"Bridging worlds: The intersection of religion and entrepreneurship as meaningful heterodoxy","authors":"Brett Smith , Ali Aslan Gümüsay , David M. Townsend","doi":"10.1016/j.jbvi.2023.e00406","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00406","url":null,"abstract":"","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49743758","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}
Pub Date : 2023-11-01DOI: 10.1016/j.jbvi.2023.e00398
Matt C. Howard
{"title":"Creation of the entrepreneurial personality scale: Removing conceptual and empirical barriers from the study of personality and entrepreneurship","authors":"Matt C. Howard","doi":"10.1016/j.jbvi.2023.e00398","DOIUrl":"https://doi.org/10.1016/j.jbvi.2023.e00398","url":null,"abstract":"","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49743914","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}