Pub Date : 2025-11-18DOI: 10.1016/j.jbusvent.2025.106559
Raghu Garud , Nelson Phillips , Yuliya Snihur , Llewellyn D.W. Thomas , Charlene Zietsma
Although hype is widely discussed in the popular discourse around entrepreneurship, it has received limited attention in the entrepreneurship literature. In this introduction to the special issue on hype and entrepreneurship, we propose that hype in entrepreneurial settings can be usefully explored by considering the stages of the hype cycle that can unfold in these settings. The first stage is hyping, where entrepreneurs frame ideas, products, business models, and ventures using language designed to set exciting future expectations despite (and even because of) the absence of technical validation or evidence of the economic feasibility of the venture. These efforts can trigger a state of hype, which refers to a rapidly intensifying collective vision of the future across audiences leading to an upswing. During the upswing, unrealistic expectations emerge, which, if left unmet, can lead to a downswing when there is a reversal of momentum and even the stigmatization of the hyped assets. Yet, there is always the possibility of a revival of entrepreneurial efforts around what had been hyped but became stigmatized. Noting that not all entrepreneurial phenomena necessarily traverse all stages of the cycle, we discuss some of the triggers and contingencies that can lead to shifts across the different stages of the hype cycle. We also discuss the challenges and opportunities that these stages offer entrepreneurs to the extent they unfold within and across fields. We then introduce the papers that comprise the special issue and conclude with suggestions for future research.
{"title":"Hype in entrepreneurial settings","authors":"Raghu Garud , Nelson Phillips , Yuliya Snihur , Llewellyn D.W. Thomas , Charlene Zietsma","doi":"10.1016/j.jbusvent.2025.106559","DOIUrl":"10.1016/j.jbusvent.2025.106559","url":null,"abstract":"<div><div>Although hype is widely discussed in the popular discourse around entrepreneurship, it has received limited attention in the entrepreneurship literature. In this introduction to the special issue on hype and entrepreneurship, we propose that hype in entrepreneurial settings can be usefully explored by considering the stages of the hype cycle that can unfold in these settings. The first stage is <em>hyping</em>, where entrepreneurs frame ideas, products, business models, and ventures using language designed to set exciting future expectations despite (and even because of) the absence of technical validation or evidence of the economic feasibility of the venture. These efforts can trigger a state of hype, which refers to a rapidly intensifying collective vision of the future across audiences leading to an <em>upswing</em>. During the upswing, unrealistic expectations emerge, which, if left unmet, can lead to a <em>downswing</em> when there is a reversal of momentum and even the stigmatization of the hyped assets. Yet, there is always the possibility of a <em>revival</em> of entrepreneurial efforts around what had been hyped but became stigmatized. Noting that not all entrepreneurial phenomena necessarily traverse all stages of the cycle, we discuss some of the triggers and contingencies that can lead to shifts across the different stages of the hype cycle. We also discuss the challenges and opportunities that these stages offer entrepreneurs to the extent they unfold within and across fields. We then introduce the papers that comprise the special issue and conclude with suggestions for future research.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 2","pages":"Article 106559"},"PeriodicalIF":8.9,"publicationDate":"2025-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145554110","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}
Pub Date : 2025-11-03DOI: 10.1016/j.jbusvent.2025.106558
Benjamin J. Warnick , Thomas H. Allison , Blakley C. Davis
Entrepreneurs' funding pitches are inherently multimodal, conveying affective content through both verbal (words) and vocal (prosodic intonation) channels. Integrating theory of cross-channel consistency with the two-dimensional model of affect, we theorize that funding performance improves when entrepreneurs' verbal and vocal expressions are affectively consistent in terms of valence and arousal, as such consistency enhances perceptions of their preparedness and authenticity. Using a mixed-methods design, we first analyze over 500 crowdfunding pitch videos with computer-aided text and audio analysis to quantify cross-channel affective consistency (CCAC) and assess its impact on funding performance via perceived preparedness and authenticity. Results show that CCAC—particularly in arousal and the joint alignment of valence and arousal—predicts funding performance. While CCAC increased both perceived preparedness and authenticity, only preparedness further predicted funding performance. A complementary inductive study further revealed distinct manifestations of CCAC (i.e., warmth, enthusiasm, seriousness, and sadness) and inconsistency (i.e., monotone, low-arousal delivery, high-arousal delivery, and humor/dramatization). Notably, consistent sadness decreased funding performance, and one form of inconsistency—high-arousal vocal delivery paired with relatively ordinary, low-arousal language—increased funding performance. Overall, this work advances research on entrepreneurial rhetoric by providing a generalizable framework for multimodal affective expression, highlighting the persuasive value of CCAC, and illuminating the mechanisms through which CCAC shapes funding performance.
{"title":"Say it like you mean it: The effect of cross-channel affective consistency on perceived preparedness and authenticity in funding pitches","authors":"Benjamin J. Warnick , Thomas H. Allison , Blakley C. Davis","doi":"10.1016/j.jbusvent.2025.106558","DOIUrl":"10.1016/j.jbusvent.2025.106558","url":null,"abstract":"<div><div>Entrepreneurs' funding pitches are inherently multimodal, conveying affective content through both verbal (words) and vocal (prosodic intonation) channels. Integrating theory of cross-channel consistency with the two-dimensional model of affect, we theorize that funding performance improves when entrepreneurs' verbal and vocal expressions are affectively consistent in terms of valence and arousal, as such consistency enhances perceptions of their preparedness and authenticity. Using a mixed-methods design, we first analyze over 500 crowdfunding pitch videos with computer-aided text and audio analysis to quantify cross-channel affective consistency (CCAC) and assess its impact on funding performance via perceived preparedness and authenticity. Results show that CCAC—particularly in arousal and the joint alignment of valence and arousal—predicts funding performance. While CCAC increased both perceived preparedness and authenticity, only preparedness further predicted funding performance. A complementary inductive study further revealed distinct manifestations of CCAC (i.e., warmth, enthusiasm, seriousness, and sadness) and inconsistency (i.e., monotone, low-arousal delivery, high-arousal delivery, and humor/dramatization). Notably, consistent sadness decreased funding performance, and one form of inconsistency—high-arousal vocal delivery paired with relatively ordinary, low-arousal language—increased funding performance. Overall, this work advances research on entrepreneurial rhetoric by providing a generalizable framework for multimodal affective expression, highlighting the persuasive value of CCAC, and illuminating the mechanisms through which CCAC shapes funding performance.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106558"},"PeriodicalIF":8.9,"publicationDate":"2025-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145434947","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}
Pub Date : 2025-10-30DOI: 10.1016/j.jbusvent.2025.106554
Pierre-Jean Hanard , Ute Stephan , Uta K. Bindl
Despite increasing attention to entrepreneurs' wellbeing, we know little about the role of entrepreneurs' personal values representing intrinsic and extrinsic motivations for their wellbeing. In this paper, we introduce a contextualized values perspective on entrepreneurs' wellbeing that considers both their personal values and the ways these values interact with cultural values in the regions they operate in. In a multilevel study (3038 entrepreneurs across 143 European regions), we find intrinsic personal values (openness to change) foster positive wellbeing and decrease negative wellbeing, whereas extrinsic personal values (self-enhancement) undermine positive wellbeing and increase negative wellbeing. We also find initial evidence of person–culture congruence effects regarding intrinsic, but not extrinsic, values, with high congruence resulting in higher positive (less negative) wellbeing. Overall, our findings suggest entrepreneurs' wellbeing may be shaped both by “who they are” and “where they operate.”
Executive summary
Despite increasing attention to entrepreneurs' wellbeing, we know little about the role of entrepreneurs' personal values representing intrinsic and extrinsic motivations for their wellbeing. On the one hand, acting on any values (reflecting intrinsic or extrinsic motivation) can be a source of wellbeing. On the other hand, expressing values reflecting extrinsic motivation may undermine wellbeing because of the lack of self-determination associated with extrinsic motivation. Clarifying the wellbeing effects of values representing extrinsic motivation is particularly important in entrepreneurship, because these values are linked to growth, profitability, and innovation which underpin the economic contributions of entrepreneurship. Drawing on Schwartz's theories of personal and cultural values and person-culture value congruence, we introduce a contextualized values perspective on entrepreneurs' wellbeing that considers both their personal values and the ways these values interact with cultural values in the regions they operate in. In a multilevel study (3038 entrepreneurs across 143 European regions), we find the personal values central to entrepreneurial activity can be a double-edged sword for the wellbeing of practicing entrepreneurs, highlighting the role of intrinsic (vs. extrinsic) motivation for entrepreneurs' positive and negative wellbeing. We also find initial evidence of person–culture congruence effects regarding intrinsic, but not extrinsic, values, with high congruence resulting in higher positive (less negative) wellbeing. Overall, our findings suggest entrepreneurs' wellbeing may be shaped both by “who they are” and “where they operate.”
{"title":"Do entrepreneurs' values make them “Happy”? The role of personal and cultural value for entrepreneurs' wellbeing","authors":"Pierre-Jean Hanard , Ute Stephan , Uta K. Bindl","doi":"10.1016/j.jbusvent.2025.106554","DOIUrl":"10.1016/j.jbusvent.2025.106554","url":null,"abstract":"<div><div>Despite increasing attention to entrepreneurs' wellbeing, we know little about the role of entrepreneurs' personal values representing intrinsic and extrinsic motivations for their wellbeing. In this paper, we introduce a contextualized values perspective on entrepreneurs' wellbeing that considers both their personal values and the ways these values interact with cultural values in the regions they operate in. In a multilevel study (3038 entrepreneurs across 143 European regions), we find intrinsic personal values (openness to change) foster positive wellbeing and decrease negative wellbeing, whereas extrinsic personal values (self-enhancement) undermine positive wellbeing and increase negative wellbeing. We also find initial evidence of person–culture congruence effects regarding intrinsic, but not extrinsic, values, with high congruence resulting in higher positive (less negative) wellbeing. Overall, our findings suggest entrepreneurs' wellbeing may be shaped both by “who they are” and “where they operate.”</div></div><div><h3>Executive summary</h3><div>Despite increasing attention to entrepreneurs' wellbeing, we know little about the role of entrepreneurs' personal values representing intrinsic and extrinsic motivations for their wellbeing. On the one hand, acting on any values (reflecting intrinsic or extrinsic motivation) can be a source of wellbeing. On the other hand, expressing values reflecting extrinsic motivation may undermine wellbeing because of the lack of self-determination associated with extrinsic motivation. Clarifying the wellbeing effects of values representing extrinsic motivation is particularly important in entrepreneurship, because these values are linked to growth, profitability, and innovation which underpin the economic contributions of entrepreneurship. Drawing on Schwartz's theories of personal and cultural values and person-culture value congruence, we introduce a contextualized values perspective on entrepreneurs' wellbeing that considers both their personal values and the ways these values interact with cultural values in the regions they operate in. In a multilevel study (3038 entrepreneurs across 143 European regions), we find the personal values central to entrepreneurial activity can be a double-edged sword for the wellbeing of practicing entrepreneurs, highlighting the role of intrinsic (vs. extrinsic) motivation for entrepreneurs' positive and negative wellbeing. We also find initial evidence of person–culture congruence effects regarding intrinsic, but not extrinsic, values, with high congruence resulting in higher positive (less negative) wellbeing. Overall, our findings suggest entrepreneurs' wellbeing may be shaped both by “who they are” and “where they operate.”</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106554"},"PeriodicalIF":8.9,"publicationDate":"2025-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145404594","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}
Pub Date : 2025-10-28DOI: 10.1016/j.jbusvent.2025.106556
Vangelis Souitaris , Nicos Nicolaou , James Waters , Dean Shepherd , Nina Hashem
Entrepreneurs enjoy autonomy and work on projects they are passionate about, which may improve their mental well-being and reduce stress. At the same time, they face several potential stressors, including long working hours. Empirical evidence on whether those who engage in self-employment experience greater stress than those who do not is mixed, which could reflect the failure to consider self-selection into entrepreneurial careers. In this paper, we re-examine the relationship between self-employment and stress, over and above the self-selection bias of individuals' predispositions, using two separate studies of monozygotic twins. In the first study (monozygotic twins from Finland), stress is reported as a perceptual measure. In the second study (monozygotic twins from the United States), we measure cortisol as a physiological indicator of stress. In both studies, we show a positive association between self-employment and stress (both perceived and physiological) above and beyond the impact of genetic and rearing factors. We also show that long working hours mediate the relationship between self-employment and stress.
{"title":"Does self-employment increase stress? A co-twin control analysis of Finnish and US twins","authors":"Vangelis Souitaris , Nicos Nicolaou , James Waters , Dean Shepherd , Nina Hashem","doi":"10.1016/j.jbusvent.2025.106556","DOIUrl":"10.1016/j.jbusvent.2025.106556","url":null,"abstract":"<div><div>Entrepreneurs enjoy autonomy and work on projects they are passionate about, which may improve their mental well-being and reduce stress. At the same time, they face several potential stressors, including long working hours. Empirical evidence on whether those who engage in self-employment experience greater stress than those who do not is mixed, which could reflect the failure to consider self-selection into entrepreneurial careers. In this paper, we re-examine the relationship between self-employment and stress, over and above the self-selection bias of individuals' predispositions, using two separate studies of monozygotic twins. In the first study (monozygotic twins from Finland), stress is reported as a perceptual measure. In the second study (monozygotic twins from the United States), we measure cortisol as a physiological indicator of stress. In both studies, we show a positive association between self-employment and stress (both perceived and physiological) above and beyond the impact of genetic and rearing factors. We also show that long working hours mediate the relationship between self-employment and stress.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106556"},"PeriodicalIF":8.9,"publicationDate":"2025-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145397421","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}
Pub Date : 2025-10-27DOI: 10.1016/j.jbusvent.2025.106555
Alexander S. Kier , Neil A. Thompson , Todd H. Chiles , Joep P. Cornelissen
Entrepreneurial imagination (EI) lies at the core of entrepreneurship research. Both early and contemporary scholars have emphasized its central role in visualizing and actualizing entrepreneurial opportunities, shaping decision-making, and enabling venture creation. Perhaps because of its salience and significance, EI has been approached from a wide range of definitional, philosophical, theoretical, and methodological perspectives, fostering a conceptually rich yet sprawling and fragmented body of work. Drawing on a scoping literature review of articles published in leading management and entrepreneurship journals, we synthesize the diverse constructs, processes, and conceptualizations associated with EI. We adopt a pluralistic approach, identifying eight distinct theoretical perspectives that have shaped scholars' understanding of EI over time. Rather than seeking to unify these perspectives into a single framework, we provide a multidimensional account of EI that captures its complexity and explore possibilities for cross-pollination as an agenda for future research. By putting complementary and sometimes contrasting perspectives into conversation, especially where they address similar concerns or compensate for each other's limitations, we aim to inspire novel combinations and spark new questions that can meaningfully advance scholarship on EI.
{"title":"Entrepreneurial imagination: A pluralistic scoping review of a sprawling literature","authors":"Alexander S. Kier , Neil A. Thompson , Todd H. Chiles , Joep P. Cornelissen","doi":"10.1016/j.jbusvent.2025.106555","DOIUrl":"10.1016/j.jbusvent.2025.106555","url":null,"abstract":"<div><div>Entrepreneurial imagination (EI) lies at the core of entrepreneurship research. Both early and contemporary scholars have emphasized its central role in visualizing and actualizing entrepreneurial opportunities, shaping decision-making, and enabling venture creation. Perhaps because of its salience and significance, EI has been approached from a wide range of definitional, philosophical, theoretical, and methodological perspectives, fostering a conceptually rich yet sprawling and fragmented body of work. Drawing on a scoping literature review of articles published in leading management and entrepreneurship journals, we synthesize the diverse constructs, processes, and conceptualizations associated with EI. We adopt a pluralistic approach, identifying eight distinct theoretical perspectives that have shaped scholars' understanding of EI over time. Rather than seeking to unify these perspectives into a single framework, we provide a multidimensional account of EI that captures its complexity and explore possibilities for cross-pollination as an agenda for future research. By putting complementary and sometimes contrasting perspectives into conversation, especially where they address similar concerns or compensate for each other's limitations, we aim to inspire novel combinations and spark new questions that can meaningfully advance scholarship on EI.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106555"},"PeriodicalIF":8.9,"publicationDate":"2025-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145397366","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}
Pub Date : 2025-10-22DOI: 10.1016/j.jbusvent.2025.106557
Shuai Qin
<div><div>This study investigates how support organisations for marginalised entrepreneurs (SOMEs), typically peripheral members within entrepreneurial ecosystems (EEs), facilitate the inclusive evolution of EEs. Employing boundary theory and ethnographic research conducted over three years within a refugee entrepreneurship support organisation in Birmingham, UK, this study identifies a four-stage boundary work process: Knowledge brokering, Boundary buffer spacing, Boundary object developing, and Boundary practice institutionalising. These interconnected strategic stages enable SOMEs to reconfigure the knowledge-cognitive, resource-opportunity, and social network exclusionary boundaries of EEs progressively, facilitating EEs' adaptation to marginalised entrepreneurs' diverse needs and pursuits within the overarching growth-orientation of EEs. Theoretically, this study introduces a “periphery-to-centre” model of inclusive evolution, expanding the prevalent centre-driven perspective of EE inclusive evolution, and demonstrates how inclusion could coexist with EE's growth-orientation because of SOMEs' boundary work. The study also unfolds enablers for such effective boundary work, emphasising the effects of SOMEs' dual knowledge capabilities, dual network embeddedness, institutional rhetoric, and the path dependency of evolution.</div></div><div><h3>Executive summary</h3><div>In entrepreneurial ecosystem (EE) research, an important but overlooked issue is how ecosystems can become more inclusive, allowing entrepreneurs from different backgrounds pursuing varied objectives to obtain the necessary support and resources. However, given that EEs often prioritise innovation and high-growth ventures, their ideologies and structures are hardly responsive to diverse entrepreneurs' distinctive pursuits and needs for support, causing their marginalisation. Despite community-based and non-profit support organisations for marginalised entrepreneurs (SOMEs) emerging to address this situation, their strategies and role in EEs' inclusion evolution remain understudied. Addressing this gap is critical as enhanced inclusion not only advances social equity but also strengthens EEs' resilience and innovation through the integration of diverse entrepreneurs and entrepreneurial activities. Leveraging boundary theory to conceptualise SOME's boundary work and how it affects the exclusionary boundaries (knowledge-cognitive, resource-opportunity, and social network boundaries) of EE, this paper develops a four-stage process model based on a three-year ethnographic study of a refugee entrepreneurship support organisation in Birmingham, UK.</div><div>The study conceptualises a “periphery-to-centre” inclusive evolution pathway driven by SOMEs, expanding beyond the dominant “centre-to-periphery” evolutionary perspective prevalent in existing EE literature. SOMEs leverage their distinctive position on the EE's internal periphery to simultaneously understand both marginalised entre
{"title":"Revitalising the periphery: How support organisations drive the inclusive evolution of entrepreneurial ecosystems","authors":"Shuai Qin","doi":"10.1016/j.jbusvent.2025.106557","DOIUrl":"10.1016/j.jbusvent.2025.106557","url":null,"abstract":"<div><div>This study investigates how support organisations for marginalised entrepreneurs (SOMEs), typically peripheral members within entrepreneurial ecosystems (EEs), facilitate the inclusive evolution of EEs. Employing boundary theory and ethnographic research conducted over three years within a refugee entrepreneurship support organisation in Birmingham, UK, this study identifies a four-stage boundary work process: Knowledge brokering, Boundary buffer spacing, Boundary object developing, and Boundary practice institutionalising. These interconnected strategic stages enable SOMEs to reconfigure the knowledge-cognitive, resource-opportunity, and social network exclusionary boundaries of EEs progressively, facilitating EEs' adaptation to marginalised entrepreneurs' diverse needs and pursuits within the overarching growth-orientation of EEs. Theoretically, this study introduces a “periphery-to-centre” model of inclusive evolution, expanding the prevalent centre-driven perspective of EE inclusive evolution, and demonstrates how inclusion could coexist with EE's growth-orientation because of SOMEs' boundary work. The study also unfolds enablers for such effective boundary work, emphasising the effects of SOMEs' dual knowledge capabilities, dual network embeddedness, institutional rhetoric, and the path dependency of evolution.</div></div><div><h3>Executive summary</h3><div>In entrepreneurial ecosystem (EE) research, an important but overlooked issue is how ecosystems can become more inclusive, allowing entrepreneurs from different backgrounds pursuing varied objectives to obtain the necessary support and resources. However, given that EEs often prioritise innovation and high-growth ventures, their ideologies and structures are hardly responsive to diverse entrepreneurs' distinctive pursuits and needs for support, causing their marginalisation. Despite community-based and non-profit support organisations for marginalised entrepreneurs (SOMEs) emerging to address this situation, their strategies and role in EEs' inclusion evolution remain understudied. Addressing this gap is critical as enhanced inclusion not only advances social equity but also strengthens EEs' resilience and innovation through the integration of diverse entrepreneurs and entrepreneurial activities. Leveraging boundary theory to conceptualise SOME's boundary work and how it affects the exclusionary boundaries (knowledge-cognitive, resource-opportunity, and social network boundaries) of EE, this paper develops a four-stage process model based on a three-year ethnographic study of a refugee entrepreneurship support organisation in Birmingham, UK.</div><div>The study conceptualises a “periphery-to-centre” inclusive evolution pathway driven by SOMEs, expanding beyond the dominant “centre-to-periphery” evolutionary perspective prevalent in existing EE literature. SOMEs leverage their distinctive position on the EE's internal periphery to simultaneously understand both marginalised entre","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106557"},"PeriodicalIF":8.9,"publicationDate":"2025-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145363057","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}
Pub Date : 2025-10-01DOI: 10.1016/j.jbusvent.2025.106550
Judy Rady , David Townsend , Rick Hunt
<div><div>In recent years, the rapid adoption of Generative AI tools by entrepreneurs is transforming entrepreneurial ideation processes. Powered by increasingly sophisticated algorithms and massive computing facilities, Gen AI systems are capable of generating extraordinarily creative ideas that often surpass the abilities of human entrepreneurs. Yet, despite these benefits, Gen AI systems also create a series of important epistemic risks for entrepreneurs, most notably: algorithmic hallucinations and ‘alien minds.’ In the near term, the tendency of Gen AI systems to ‘hallucinate’ new ideas that appear plausible but lack a logical or factual basis amplifies the risks that entrepreneurs will invest valuable time, effort, and resources in pursuit of flawed ideas. As the capabilities and intelligence of these systems continue to grow, however, entrepreneurs also face an emerging risk of falsely rejecting breakthrough ideas recommended by ‘alien minds’ they do not understand. For entrepreneurs, the opaque processes through which Gen AI systems generate new ideas create an <em>ideator's dilemma</em> where entrepreneurs do not know if a Gen AI idea is a true, breakthrough innovation or simply a hallucinated mirage. In this study, we extend emerging theory on entrepreneurial work to examine the complementary roles of two distinct types of judgments – <em>possibility and plausibility judgments</em> – in enabling entrepreneurs to evaluate Gen AI ideas. Towards this end, we integrate these judgments into a comprehensive Popperian approach to entrepreneurial work, enabling entrepreneurs to more effectively address the inherent epistemic risks associated with using Gen AI in entrepreneurial ideation. In doing so, our study contributes important new insights regarding the fundamental role of entrepreneurial work in addressing the ideator's dilemma in entrepreneurial ideation processes.</div></div><div><h3>Executive summary</h3><div>Generative AI is fundamentally transforming how entrepreneurs identify and develop new venture opportunities. With 89 % of founders now using at least one AI model and 50 % employing four or more in daily ideation work, these tools have become integral to entrepreneurial innovation. However, this rapid adoption creates unprecedented challenges that demand new frameworks for evaluating AI-generated business concepts.</div><div>The democratization of AI tools creates fundamental challenge for entrepreneurs: if every entrepreneur can generate breakthrough ideas at scale, where lies competitive advantage? Our research reveals that judgment – not idea generation – becomes the scarce resource. As ventures pursue increasingly speculative concepts to maintain competitive edge (evidenced by Y Combinator's shift towards deep tech ventures), the ability to efficiently evaluate and actualize AI concepts becomes paramount.</div><div>At the same time, these fundamental challenges are amplified by the growing sophistication of the reasoning capa
{"title":"From algorithmic hallucinations to alien minds: Addressing the ideator's dilemma through entrepreneurial work","authors":"Judy Rady , David Townsend , Rick Hunt","doi":"10.1016/j.jbusvent.2025.106550","DOIUrl":"10.1016/j.jbusvent.2025.106550","url":null,"abstract":"<div><div>In recent years, the rapid adoption of Generative AI tools by entrepreneurs is transforming entrepreneurial ideation processes. Powered by increasingly sophisticated algorithms and massive computing facilities, Gen AI systems are capable of generating extraordinarily creative ideas that often surpass the abilities of human entrepreneurs. Yet, despite these benefits, Gen AI systems also create a series of important epistemic risks for entrepreneurs, most notably: algorithmic hallucinations and ‘alien minds.’ In the near term, the tendency of Gen AI systems to ‘hallucinate’ new ideas that appear plausible but lack a logical or factual basis amplifies the risks that entrepreneurs will invest valuable time, effort, and resources in pursuit of flawed ideas. As the capabilities and intelligence of these systems continue to grow, however, entrepreneurs also face an emerging risk of falsely rejecting breakthrough ideas recommended by ‘alien minds’ they do not understand. For entrepreneurs, the opaque processes through which Gen AI systems generate new ideas create an <em>ideator's dilemma</em> where entrepreneurs do not know if a Gen AI idea is a true, breakthrough innovation or simply a hallucinated mirage. In this study, we extend emerging theory on entrepreneurial work to examine the complementary roles of two distinct types of judgments – <em>possibility and plausibility judgments</em> – in enabling entrepreneurs to evaluate Gen AI ideas. Towards this end, we integrate these judgments into a comprehensive Popperian approach to entrepreneurial work, enabling entrepreneurs to more effectively address the inherent epistemic risks associated with using Gen AI in entrepreneurial ideation. In doing so, our study contributes important new insights regarding the fundamental role of entrepreneurial work in addressing the ideator's dilemma in entrepreneurial ideation processes.</div></div><div><h3>Executive summary</h3><div>Generative AI is fundamentally transforming how entrepreneurs identify and develop new venture opportunities. With 89 % of founders now using at least one AI model and 50 % employing four or more in daily ideation work, these tools have become integral to entrepreneurial innovation. However, this rapid adoption creates unprecedented challenges that demand new frameworks for evaluating AI-generated business concepts.</div><div>The democratization of AI tools creates fundamental challenge for entrepreneurs: if every entrepreneur can generate breakthrough ideas at scale, where lies competitive advantage? Our research reveals that judgment – not idea generation – becomes the scarce resource. As ventures pursue increasingly speculative concepts to maintain competitive edge (evidenced by Y Combinator's shift towards deep tech ventures), the ability to efficiently evaluate and actualize AI concepts becomes paramount.</div><div>At the same time, these fundamental challenges are amplified by the growing sophistication of the reasoning capa","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106550"},"PeriodicalIF":8.9,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145221999","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}
Pub Date : 2025-09-30DOI: 10.1016/j.jbusvent.2025.106537
Jason Greenberg , Ethan Mollick
One key to new venture creation and success is getting the “people part” right. Professional investors have a strong preference for funding founding teams of people rather than individuals. This preference is based on the belief that starting a new venture requires a portfolio of experiences, skills, and networks that few individuals possess. Implicit in this thesis is the belief that the benefits of a team outweigh its costs that can accrue with co-founders arising from information asymmetries. Such information asymmetries are greater when founding with strangers given an absence of prior relational experience. Yet, strangers are more likely capable of providing the theorized (unique) value-add of co-founders such as non-redundant networks. Unfortunately, due to data limitations, the literature has not assessed assumptions concerning the pros/cons of co-founding with strangers thereby limiting our ability to get the people part of new ventures “right.” We use unique survey data on more than three thousand new ventures that successfully launched a crowdfunding campaign to assess these assumptions. These survey data include enough teams with strangers and granular measures of team functioning, product/service delivery, and operational status for comprehensive assessments. Results reveal that new ventures including strangers on the team are less likely to deliver the product/service they pitched and are more likely to be non-operational. Direct, descriptive evidence suggests that team-related issues underlie these outcomes.
{"title":"The “devil” you don't know: A test of the detriments and benefits of co-founding with strangers","authors":"Jason Greenberg , Ethan Mollick","doi":"10.1016/j.jbusvent.2025.106537","DOIUrl":"10.1016/j.jbusvent.2025.106537","url":null,"abstract":"<div><div>One key to new venture creation and success is getting the “people part” right. Professional investors have a strong preference for funding founding <em>teams</em> of people rather than individuals. This preference is based on the belief that starting a new venture requires a portfolio of experiences, skills, and networks that few individuals possess. Implicit in this thesis is the belief that the benefits of a team outweigh its costs that can accrue with co-founders arising from information asymmetries. Such information asymmetries are greater when founding with strangers given an absence of prior relational experience. Yet, strangers are more likely capable of providing the theorized (unique) value-add of co-founders such as non-redundant networks. Unfortunately, due to data limitations, the literature has not assessed assumptions concerning the pros/cons of co-founding with strangers thereby limiting our ability to get the people part of new ventures “right.” We use unique survey data on more than three thousand new ventures that successfully launched a crowdfunding campaign to assess these assumptions. These survey data include enough teams with strangers and granular measures of team functioning, product/service delivery, and operational status for comprehensive assessments. Results reveal that new ventures including strangers on the team are less likely to deliver the product/service they pitched and are more likely to be non-operational. Direct, descriptive evidence suggests that team-related issues underlie these outcomes.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106537"},"PeriodicalIF":8.9,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145222000","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}
Pub Date : 2025-09-30DOI: 10.1016/j.jbusvent.2025.106553
Melissa S. Cardon , Mirjam Knockaert , Frederik Anseel , M. Diane Burton
<div><div>Despite ongoing interest in human resource management (HRM) in entrepreneurial organizations, we believe the moment is ripe to rethink notions of human resource management in ways that take advantage of the distinctive nature of entrepreneurial settings. A critical first step is recognizing that the people creating and building an entrepreneurial organization extend beyond the founders and include people who may or may not be employees. As such, rather than following traditional human resources (HR) research's focus on employees, HR research in entrepreneurial organizations must take a broader perspective. We propose a focus on “joiners”, people who, according to <span><span>Roach and Sauermann (2015)</span></span>, are a “distinct type of nonfounding entrepreneurial actors who are attracted to the startup work setting but have little desire to be founders themselves.” Joiners represent the human resources critical to venture progress. We argue that a research agenda focused on joiners that is pursued through explicitly understanding and engaging with the fundamental assumptions, debates, and conversations from an entrepreneurship perspective will yield novel questions and generate new insights. Through this editorial we hope to catalyze this important work by unpacking who joiners are and how they fit in the entrepreneurial context, highlighting the need for new research at the intersection of HRM and entrepreneurship, and suggesting novel questions, research opportunities, and methodologies related to HRM in entrepreneurial settings.</div></div><div><h3>Executive summary</h3><div>Scholars have advanced our Understanding of human resource management (HRM) in entrepreneurial organizations from multiple perspectives. We believe the moment is ripe to rethink notions of human resource management in ways that take advantage of the distinctive nature of entrepreneurial settings, which will allow us to understand human resources of entrepreneurial firms in new ways. A critical first step is recognizing that the people creating and building an entrepreneurial organization extend beyond the founders and include people who may or may not be employees. We propose a definition of joiners that captures the original spirit of the term and emphasizes the people who are actively choosing an entrepreneurial work setting, remains agnostic to formal employment status, and focuses on the work that is being done: “<em>Joiners are non-founders who contribute physical and/or mental labor to a new venture and are subordinate to the founders</em>”. Our definition is well-suited to the dynamic nature of entrepreneurial firms that are navigating uncertain environments, in which more flexible and less formal labor contributions are needed than merely those provided by employees. By consequence, our definition of joiners includes employees, contractors, interns, freelancers and volunteers and excludes other stakeholders such as tech transfer and other entrepreneur
{"title":"Seeing human resources of entrepreneurial firms in new ways","authors":"Melissa S. Cardon , Mirjam Knockaert , Frederik Anseel , M. Diane Burton","doi":"10.1016/j.jbusvent.2025.106553","DOIUrl":"10.1016/j.jbusvent.2025.106553","url":null,"abstract":"<div><div>Despite ongoing interest in human resource management (HRM) in entrepreneurial organizations, we believe the moment is ripe to rethink notions of human resource management in ways that take advantage of the distinctive nature of entrepreneurial settings. A critical first step is recognizing that the people creating and building an entrepreneurial organization extend beyond the founders and include people who may or may not be employees. As such, rather than following traditional human resources (HR) research's focus on employees, HR research in entrepreneurial organizations must take a broader perspective. We propose a focus on “joiners”, people who, according to <span><span>Roach and Sauermann (2015)</span></span>, are a “distinct type of nonfounding entrepreneurial actors who are attracted to the startup work setting but have little desire to be founders themselves.” Joiners represent the human resources critical to venture progress. We argue that a research agenda focused on joiners that is pursued through explicitly understanding and engaging with the fundamental assumptions, debates, and conversations from an entrepreneurship perspective will yield novel questions and generate new insights. Through this editorial we hope to catalyze this important work by unpacking who joiners are and how they fit in the entrepreneurial context, highlighting the need for new research at the intersection of HRM and entrepreneurship, and suggesting novel questions, research opportunities, and methodologies related to HRM in entrepreneurial settings.</div></div><div><h3>Executive summary</h3><div>Scholars have advanced our Understanding of human resource management (HRM) in entrepreneurial organizations from multiple perspectives. We believe the moment is ripe to rethink notions of human resource management in ways that take advantage of the distinctive nature of entrepreneurial settings, which will allow us to understand human resources of entrepreneurial firms in new ways. A critical first step is recognizing that the people creating and building an entrepreneurial organization extend beyond the founders and include people who may or may not be employees. We propose a definition of joiners that captures the original spirit of the term and emphasizes the people who are actively choosing an entrepreneurial work setting, remains agnostic to formal employment status, and focuses on the work that is being done: “<em>Joiners are non-founders who contribute physical and/or mental labor to a new venture and are subordinate to the founders</em>”. Our definition is well-suited to the dynamic nature of entrepreneurial firms that are navigating uncertain environments, in which more flexible and less formal labor contributions are needed than merely those provided by employees. By consequence, our definition of joiners includes employees, contractors, interns, freelancers and volunteers and excludes other stakeholders such as tech transfer and other entrepreneur","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106553"},"PeriodicalIF":8.9,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145221998","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}
This study explores the relationship between investor heterogeneity and firms’ post-seed funding performance. We find a statistically and economically significant negative association of investor heterogeneity on both a firm’ s likelihood of obtaining new funding and the amount raised in subsequent funding rounds. These findings suggest that greater heterogeneity among investors may impair board efficacy and weaken the quality of venture governance. Moreover, the marginal effect of investor heterogeneity is non-linear and diminishes over the course of a venture’ s funding lifecycle. Our results remain robust after accounting for endogeneity concerns and alternative measures of investor culture.
{"title":"Investor heterogeneity and venture performance","authors":"Marwin Mönkemeyer , Kathrin Rennertseder , Henning Schröder","doi":"10.1016/j.jbusvent.2025.106524","DOIUrl":"10.1016/j.jbusvent.2025.106524","url":null,"abstract":"<div><div>This study explores the relationship between investor heterogeneity and firms’ post-seed funding performance. We find a statistically and economically significant negative association of investor heterogeneity on both a firm’ s likelihood of obtaining new funding and the amount raised in subsequent funding rounds. These findings suggest that greater heterogeneity among investors may impair board efficacy and weaken the quality of venture governance. Moreover, the marginal effect of investor heterogeneity is non-linear and diminishes over the course of a venture’ s funding lifecycle. Our results remain robust after accounting for endogeneity concerns and alternative measures of investor culture.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"41 1","pages":"Article 106524"},"PeriodicalIF":8.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145222001","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}
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