A definition, review, and extension of global ecosystems theory: Trends, architecture and orchestration of global VCs and mechanisms behind unicorns

Research output: Contribution to journalArticleScientificpeer-review

Abstract

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.
Original languageEnglish
Article number113605
Peer-reviewed scientific journalJournal of Business Research
Volume157
Issue numberMarch
ISSN0148-2963
DOIs
Publication statusPublished - 05.01.2023
MoE publication typeA1 Journal article - refereed

Keywords

  • 512 Business and Management
  • Ecosystem
  • Venture capital
  • Orchestration
  • Hubs
  • Startups
  • Scaleup
  • New ventures

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoHP: Strategic and entrepreneurial praxis

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