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date: 26 February 2021

Abstract and Keywords

This article applies resource-based view (RBV) theory and asks which founding conditions are most closely related to a new firm's ability to capture its earliest resources. RBV theory suggests that a firm creates a competitive advantage if its strategy is closely married to firm-specific resources. By tightly linking firm resources and strategy, other firms are less likely to replicate firm strategy. While RBV theory has been widely used to assess firm performance, its use in understanding early firm resource acquisition has been largely unexplored. The article explores how the combination of founders' human capital and early strategy correlate with a nascent venture capital firm's ability to raise its first fund. It begins with a discussion of theory and related hypotheses, and then elaborates on findings, noting the research's limitations. It concludes with a summary of findings and suggestions for future research.

Keywords: resource-based view theory, founding, new firms, firm strategy, human capital, fundraising

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