Towards a Strategy for Resource Mobilization to Generate High Funding during New Venture Creation
ISSN
0065-0668
2151-6561
Type
journal article
Date Issued
2021
Author(s)
Ann-Carolin Ritter
;
Theresa Treffers
;
;
Jörg Weking
;
Sebastian Hermes
;
Dr. Markus Böhm
;
Helmut Krcmar
Abstract
Even though funding is important for new venture creation, new ventures often struggle to secure funding. Additional complexity arises because new ventures mobilize resources from different actors in an ecosystem during new venture creation and collaborations with different actors are shown to influence funding decisions. Our study addresses this challenge and explores how new ventures can form a strategy to mobilize resources from different actors to generate high funding during new venture creation. Building on innovation ecosystem research, our study particularly explores the type of resources (physical, human and relational resources) that other actors in an ecosystem provide and the combinations of resources provided by different actors during new venture creation that support or hinder funding. Following an explorative two-step research approach, we conducted a qualitative content analysis based on interviews with 49 entrepreneurs of new ventures and a fuzzy set qualitative comparative analysis based on a survey with 42 entrepreneurs of new ventures. Our results show that actors with an established ecosystem (e.g., established firms) are more relevant for new ventures when creating the dimensions market and offering than less established actors (e.g., other new ventures). Furthermore, new ventures generate more funding when considering the diversity of actors in market, offering, operations, and organization instead of collaborating with convenient actors. Overall, this study contributes to research on entrepreneurial resource mobilization and innovation ecosystems by presenting a framework towards a strategy of how entrepreneurs mobilize resources from multiple different actors to generate high funding and by presenting possible solution paths.
Language
English (United States)
HSG Classification
contribution to scientific community
Refereed
Yes
Event Title
Academy of Management Conference
Event Location
Virtual Conference
Subject(s)
Division(s)