Published in:
Entrepreneurship Theory and Practice, 46 (2022) 5, Seite 1344-1373
Language:
English
DOI:
10.1177/10422587211033574
ISSN:
1042-2587;
1540-6520
Origination:
Footnote:
Description:
Building on the behavioral theory of the firm, we empirically examine how starting strategies and syndication networks can influence venture capital (VC) firms’ problemistic search. We propose that: (a) depending on a VC’s strategic starting point, that is, the VC’s extent of specialization, the directionality of problemistic search may change to either expanding or contracting search activities; and (b) depending on search direction, structural holes in syndication networks can either impede or facilitate the problemistic search process. In a sample of U.S. VC firms, we find results consistent with our predictions, which have important implications for entrepreneurship and organizational strategy research.