- Consulting Editors
- The Capital Flow from Institutional Investors to Entrepreneurs
- Venture Capital and the Financial Crisis: An Empirical Study across Industries and Countries
- Venture Capital Reputation
- Keys to Fundraising Success in Nascent Venture Capital Firms
- Corporate Venture Capital in the Twenty-First Century: an Integral Part of Firms' Innovation Toolkit
- Corporate Venture Capital: From Venturing to Partnering
- Vipe Financing: Venture (Capital) Investments in Public Equity
- Philanthropic Venture Capital From A Global Perspective: Definition and Investment Strategy
- Venture Capital Before The First Dollar: Deal Origination, Screening, and Evaluation
- Capital Structure Determinants In Growth Firms Accessing Venture Funding
- Venture Capital Staging: Domestic Versus Foreign Vc-Led Investments
- Follow-On Financing of Venture Capital–Backed Companies
- Performance Implications of Venture Capital Syndication Networks
- Valuing Common and Preferred Shares in Venture Capital Financing
- Required Rates of Return and Financial Contracting for Entrepreneurial Ventures
- Financial Contracting in U.S. Venture Capital: Overview and Empirical Evidence
- Time-Inconsistent Preferences and Venture Capital Contracting
- Syndication of Vc Investments, Governance, and Contract Design
- Venture Capital in Germany: The Role of Venture Capital Firms' Experience, Ownership Structure, and Agency Problems
- Venture Capital Law Firms: An Analysis of Equity Investments and Networks
- From Ideas to Products: Financing Innovation and Getting Access to Innovation
- The Impact of Venture Capital on Innovation
- What Drives the Top Line?: Determinants of Sales Revenue in Private Venture–Backed Firms
- Value Added by Angel Investors through Postinvestment Involvement: Exploratory Evidence and Ownership Implications
- The Impact of Venture Capital on the Long-Term Performance of IPO Firms: Evidence from Korea
- Regional Impact of Venture Capital
- Spread, Scope, and Scale in Venture Capital Globalization: A Clustered Globalization Model
- The Development of Venture Capital: Macroeconomic, Political, and Legal Determinants
- A Comparative Analysis of Venture Capital Investment In the United States and Europe
- The Role of Geographic Proximity in Venture Capital
- Geography and Venture Capital Investment in the United States, 1995–2009
- The Role of Government, Venture Capital, and Banks in Closing Liquidity Gaps in the SME Sector of an Emerging Market
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.
Jennifer Walske is a professor and the director of social entrepreneurship at the Lester Center for Entrepreneurship, Haas School of Business, U.C. Berkeley. Dr. Walske publishes her research on emergent firms with an emphasis on how human capital, social capital, and strategy aids new firm success with particular focus on the social enterprise. Dr. Walske also founded Myriad Investments, LLC, in 2000 and serves on boards of directors for both non-profit and for-profit enterprises. Prior to her career in academia, she was a nationally ranked software analyst by Institutional All-American, and was a regular guest commentator on both CNN and CNBC. Dr. Walske also spent ten years in Silicon Valley holding various marketing positions within the software industry prior to investment banking.
Andrew Zacharakis is the John H. Muller, Jr. chair in entrepreneurship and the director of the Babson College Entrepreneurship Research Conference. He previously served as chair of the Entrepreneurship Department at Babson College and as acting director of the Arthur M. Blank Center for Entrepreneurship at Babson College. In addition, Zacharakis was the president of the Academy of Management, Entrepreneurship Division. His primary research area is the venture capital process and he is the co-author of five books. He received a BS from the University of Colorado, an MBA from Indiana University, and a PhD from the University of Colorado.
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