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    The business model in entrepreneurial marketing: a communication perspective on business angels' opportunity interpretation

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    Publication type
    Vlerick strategic journal article
    Author
    Wallnöfer, Maria
    Hacklin, Fredrik
    Publication Year
    2013
    Journal
    Industrial Marketing Management
    Publication Volume
    42
    Publication Issue
    5
    Publication Begin page
    755
    Publication End page
    764
    
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    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.
    Keyword
    Business Angel, Entrepreneurial Marketing, Business Model, Narrative, Communicative Interaction
    Knowledge Domain/Industry
    Entrepreneurship
    DOI
    10.1016/j.indmarman.2013.05.012
    URI
    http://hdl.handle.net/20.500.12127/5793
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.indmarman.2013.05.012
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