Path‐Dependent Evolution Versus Intentional Management of Investment Ties in Science‐Based Entrepreneurial Firms

20 Pages Posted: 9 Apr 2014

See all articles by Tom R. Vanacker

Tom R. Vanacker

Ghent University; University of Exeter Business School

Sophie Manigart

Vlerick Business School; Ghent University

Miguel Meuleman

Vlerick Business School; University of Nottingham

Date Written: May 2014

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.

Suggested Citation

Vanacker, Tom R. and Manigart, Sophie and Meuleman, Miguel, Path‐Dependent Evolution Versus Intentional Management of Investment Ties in Science‐Based Entrepreneurial Firms (May 2014). Entrepreneurship Theory and Practice, Vol. 38, Issue 3, pp. 671-690, 2014. Available at SSRN: https://ssrn.com/abstract=2423144 or http://dx.doi.org/10.1111/etap.12007

Tom R. Vanacker (Contact Author)

Ghent University ( email )

Sint-Pietersplein 7
Gent, 9000
Belgium

University of Exeter Business School ( email )

Streatham Court
Exeter, EX4 4JH
United Kingdom

Sophie Manigart

Vlerick Business School ( email )

Reep 1
Ghent, BE-9000
Belgium

Ghent University ( email )

Sint-Pietersplein 7
Gent, 9000
Belgium

Miguel Meuleman

Vlerick Business School ( email )

Reep 1
Gent, 9000
Belgium
0032(0)92109770 (Phone)
0032(0)92109790 (Fax)

University of Nottingham

University Park
Nottingham, NG8 1BB
United Kingdom

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