“我们聊聊天吧!”:对新型创业加速器关系演变中的关系治理的实地研究

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE Venture Capital Pub Date : 2022-04-03 DOI:10.1080/13691066.2022.2091493
Simon Nieschke, René Mauer
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引用次数: 1

摘要

合作行为可以促进新企业与投资者在投资后以及在合作伙伴选择过程中建立成功的关系。这种观点可能特别适用于加速器,它与其他投资者的不同之处在于,在早期的风险开发阶段进行投资,新企业与投资者之间的重要合作,以及快速决策。然而,以往的研究不足以描述新创企业与加速器之间关系治理的作用。我们进行了人种学研究和20次访谈,以确定关系治理是如何构建的,并影响了新的风险投资加速器关系的出现。我们的研究结果表明,在这种关系中,基于过程的信任和关系规范的发展比其他投资背景的研究表明的要早。我们派生出一个框架,该框架表明参与者在他们的伙伴选择过程中包含允许他们构建这些关系治理机制的元素,例如交互(例如,进行聊天)并在早期调整未来的行为。我们的理论是,他们这样做是因为他们不能依赖于企业的历史记录,并寻找可以在短期内确定交易的合作伙伴,以及可能与之进行重大合作的合作伙伴。我们的工作有助于建立新的风险投资者关系中的关系治理理论,以及最近对加速器的理解。
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“Let’s have a chat!”: a field study on relational governance in the evolution of new venture-accelerator relationships
ABSTRACT Cooperative behavior can facilitate successful relationships between new ventures and investors after investment but also during partner selection. This view may apply especially to accelerators, which differ from other investors by investments at the earliest venture-development stages, significant collaboration between new ventures and investors, and fast decision-making. However, prior research is insufficient to describe the role of relational governance between new ventures and accelerators. We conduct ethnographic research and twenty interviews to determine how relational governance is built into and influences how the new venture-accelerator relationship emerges. Our findings reveal that process-based trust and relational norms are developed earlier in this relationship than research from other investment contexts suggests. We derive a framework that indicates that actors include in their partner-selection processes elements that allow them to build these relational governance mechanisms, such as interacting (e.g., having a chat) and aligning future behavior, early on. We theorize that they do so because they cannot rely on ventures’ track records and seek partners with whom transactions can be defined in the short term and with whom significant collaboration is possible. Our work contributes to relational governance theory in new venture-investor relationships and recent efforts to understand accelerators.
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来源期刊
Venture Capital
Venture Capital BUSINESS, FINANCE-
CiteScore
4.10
自引率
16.70%
发文量
21
期刊介绍: Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy
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