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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 ISSN 1369-1066.
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Official URL: http://dx.doi.org/10.1080/13691066.2011.600285
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 | ||||||
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Divisions: | Faculty of Social Sciences > Warwick Business School > Entrepreneurship, Innovation & Management Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Venture Capital | ||||||
Publisher: | Routledge | ||||||
ISSN: | 1369-1066 | ||||||
Official Date: | 17 October 2011 | ||||||
Dates: |
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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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