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How does VC feedback affect start-ups?

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Chugh, Harveen, Nicolaou, Nicos and Barnes, Simon (2011) How does VC feedback affect start-ups? Venture Capital, Volume 13 (Number 3). pp. 243-265. doi:10.1080/13691066.2011.600285

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Official URL: http://dx.doi.org/10.1080/13691066.2011.600285

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Abstract

This study examines how venture capital (VC) feedback affects start-ups through a three-year qualitative study of university spin-offs. We present a taxonomy of VC feedback into (i) inconsistent, (ii) consistent and workable, and (iii) consistent and unworkable feedback. We find that when start-ups fail to raise VC, inconsistent VC feedback leads to a greater escalation of commitment than consistent and workable VC feedback. We show that single-loop learning mediates the relationship between VC feedback and escalation of commitment. We find that consistent and unworkable VC feedback increases the likelihood of a firm's exit, and that inhibited double-loop learning mediates the relationship between VC feedback and an exit.

Item Type: Journal Article
Divisions: Faculty of Social Sciences > Warwick Business School > Entrepreneurship, Innovation & Management
Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: Venture Capital
Publisher: Routledge
ISSN: 1369-1066
Official Date: 17 October 2011
Dates:
DateEvent
17 October 2011Published
20 June 2011Accepted
Volume: Volume 13
Number: Number 3
Number of Pages: 22
Page Range: pp. 243-265
DOI: 10.1080/13691066.2011.600285
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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