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The business model in entrepreneurial marketing: a communication perspective on business angels' opportunity interpretation
Wallnöfer, Maria Hacklin, Fredrik
Wallnöfer, Maria
Hacklin, Fredrik
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2013
Journal
Industrial Marketing Management
Book
Publication Volume
42
Publication Issue
5
Publication Begin page
755
Publication End page
764
Publication NUmber of pages
Collections
Abstract
Entrepreneurial marketing has emerged as a recent perspective within the marketing field, taking the challenges and characteristics of small firms and founding teams into account. Specifically, in the early stages of entrepreneurial marketing, besides potential customers a variety of other stakeholders tend to be in the center of attention. Among these stakeholders, business angels as early-stage investors represent a vital target group. In this paper, we aim to shed light on entrepreneurial marketing in the early phases of new venture creation, in which entrepreneurial firms have an inherent need to market the value of a business opportunity toward potential investors. In particular, we contribute to the literature by introducing the business model as a narrative device for the marketing of early-stage new ventures toward potential business angels. In this regard, the business model is suggested as playing a critical role through making the inherent economic value of a technology explicit. Building on narrative theory, we investigate the role that the business model plays in the decision-making process of 17 business angels. Based on our findings, we propose a model that links the business model to a business angel's interpretation of an investment opportunity and discuss implications for theory and practice.
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Keywords
Business Angel, Entrepreneurial Marketing, Business Model, Narrative, Communicative Interaction