Path-dependent evolution versus intentional management of investment ties in science-based entrepreneurial firms
Meuleman, Miguel Vanacker, Tom Manigart, Sophie
Meuleman, Miguel
Vanacker, Tom
Manigart, Sophie
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2014
Journal
Entrepreneurship: Theory and Practice
Book
Publication Volume
38
Publication Issue
3
Publication Begin page
671
Publication End page
690
Publication NUmber of pages
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Abstract
This paper studies the role of entrepreneurs in investment tie formation in science–based entrepreneurial firms. Specifically, we address why investment tie formation is path dependent for some firms but more amenable to intentional management for others. Using longitudinal case studies, our evidence suggests that early investment tie formation is path dependent because scientific entrepreneurs typically approach only one or a few prospective investors from within their institutional context. Differences in experience between early investors affect the professionalization of entrepreneurial teams (or lack thereof), which influences the extent to which subsequent investment tie formation becomes more amenable to intentional management or remains path dependent.
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Keywords
Science–based Entrepreneurial Firms., Tie Formation