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Partner selection in R&D collaborations : effects of affiliations with venture capitalists

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Reuer, J. J. and Devarakonda, R. (2017) Partner selection in R&D collaborations : effects of affiliations with venture capitalists. Organization Science, 28 (3). pp. 574-595. doi:10.1287/orsc.2017.1124

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Official URL: https://doi.org/10.1287/orsc.2017.1124

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Abstract

This paper extends information economics to the literature on alliance partner selection by demonstrating how VCs can facilitate R&D collaborations. We investigate a new role for VCs – information intermediation – that can enable R&D partnerships between entrepreneurial ventures that lack knowledge of each other’s technological resources. In contrast to the more diffuse signaling benefits entrepreneurial ventures obtain by affiliating with prominent VCs, backing by a common VC can privately and directly reduce information asymmetries between entrepreneurial ventures. We demonstrate that the effects of VC information intermediation are more pronounced when prospective collaborators are at the earliest stages of product development and when they find it difficult to judge each other’s technological resources, such as when they do not have previous partnerships together, do not draw upon each other’s knowledge bases, and have dissimilar technology portfolios. We empirically investigate the multiple different ways in which VCs potentially facilitate R&D partner selection and identify specific conditions under which VCs’ information intermediation function contributes to segmentation in markets for R&D alliances.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Warwick Business School > Strategy & International Business
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Strategic alliances (Business), Partnership, Venture capital, Knowledge management
Journal or Publication Title: Organization Science
Publisher: Institute for Operations Research and the Management Sciences (I N F O R M S)
ISSN: 1047-7039
Official Date: 31 March 2017
Dates:
DateEvent
31 March 2017Available
25 November 2016Accepted
Volume: 28
Number: 3
Page Range: pp. 574-595
DOI: 10.1287/orsc.2017.1124
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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