TY - JOUR
T1 - A definition, review, and extension of global ecosystems theory
T2 - Trends, architecture and orchestration of global VCs and mechanisms behind unicorns
AU - Burström, Tommy
AU - Lahti, Tom
AU - Parida, Vinit
AU - Wartiovaara, Markus
AU - Wincent, Joakim
N1 - Funding Information:
None.
Publisher Copyright:
© 2022 The Author(s)
PY - 2023/1/5
Y1 - 2023/1/5
N2 - The prior Venture Capital research (VC) has examined the micro processes of syndication and alliance formation. However, a macro and more systemic view is lacking, where past research has neglected the global VC-ecosystem. Using a qualitative method and an abductive approach, we combine and integrate two strands of research, on VC and ecosystems, to shed light on the crucial dynamics in the VC industry. We provide a VC-ecosystem definition and portray the ecosystem architecture in a segmentation matrix of investor types and roles, including Active Hubs and Complementors. Moreover, our findings identify and explain central Hub orchestration mechanisms: enablers, governance, partner management, co-specialization, and nurturing. The study concludes with a discussion on the theoretical and managerial implications, and suggestions for future research on a global ecosystem, which operates at a higher level than the traditional firm-level ecosystems on which the previous research generally focuses.
AB - The prior Venture Capital research (VC) has examined the micro processes of syndication and alliance formation. However, a macro and more systemic view is lacking, where past research has neglected the global VC-ecosystem. Using a qualitative method and an abductive approach, we combine and integrate two strands of research, on VC and ecosystems, to shed light on the crucial dynamics in the VC industry. We provide a VC-ecosystem definition and portray the ecosystem architecture in a segmentation matrix of investor types and roles, including Active Hubs and Complementors. Moreover, our findings identify and explain central Hub orchestration mechanisms: enablers, governance, partner management, co-specialization, and nurturing. The study concludes with a discussion on the theoretical and managerial implications, and suggestions for future research on a global ecosystem, which operates at a higher level than the traditional firm-level ecosystems on which the previous research generally focuses.
KW - 512 Business and Management
KW - Ecosystem
KW - Venture capital
KW - Orchestration
KW - Hubs
KW - Startups
KW - Scaleup
KW - New ventures
UR - http://www.scopus.com/inward/record.url?scp=85145845719&partnerID=8YFLogxK
U2 - 10.1016/j.jbusres.2022.113605
DO - 10.1016/j.jbusres.2022.113605
M3 - Article
SN - 0148-2963
VL - 157
JO - Journal of Business Research
JF - Journal of Business Research
IS - March
M1 - 113605
ER -