Gunno Park, Seungryul Ryan Shin, Minkyung Choy,

Early mover (dis)advantages and knowledge spillover effects on blockchain startups’

funding and innovation performance,
Journal of Business Research,
Volume 109,
2020,
Pages 64-75,
ISSN 0148-2963,
https://doi.org/10.1016/j.jbusres.2019.11.068.
(http://www.sciencedirect.com/science/article/pii/S014829631930743X)
Abstract: This study investigates whether early mover (dis)advantages are valid in
the blockchain industry. Specifically, it examines how the entry timing of a
startup in the blockchain industry affects its funding attraction from venture
capitals and innovation performance. Moreover, this study examines whether the
startup’s knowledge spillover activities moderate the relationship between its
entry timing and subsequent performance. An empirical analysis is conducted on 255
startups in the blockchain industry founded between 2007 and 2016. The results show
that while early mover advantages exist in terms of funding attraction from venture
capitals, the entry timing and innovation performance have an inverted U-shaped
relationship, as expected. Knowledge spillover activities of blockchain startups
positively moderate the relationship between the entry timing and the venture
capital attraction. Managerial and theoretical implications for the blockchain
industry are discussed.
Keywords: Blockchain startups; Early mover advantages; Knowledge spillover; Venture
capital investment; Innovation performance

Richard Gort, Roel Cornelisse, Peter Westerink,

Flawless Startup and Flawless Manufacturing: A Leadership Journey to achieve
Production Integrity,
Editor(s): Abdelwahab Aroussi, Farid Benyahia,
In Advances in Gas Processing,
Proceedings of the 3rd Gas Processing Symposium,
Elsevier,
Volume 3,
2012,
Pages 149-156,
ISSN 18760147,
ISBN 9780444594969,
https://doi.org/10.1016/B978-0-444-59496-9.50023-0.
(http://www.sciencedirect.com/science/article/pii/B9780444594969500230)

Tobias Kollmann, Christoph Stöckmann, Thomas Niemand, Simon Hensellek, Katharina de

Cruppe,
A configurational approach to entrepreneurial orientation and cooperation
explaining product/service innovation in digital vs. non-digital startups,
Journal of Business Research,
2019,
,
ISSN 0148-2963,
https://doi.org/10.1016/j.jbusres.2019.09.041.
(http://www.sciencedirect.com/science/article/pii/S0148296319305624)
Abstract: This study analyzes the interplay of conditions in the form of
entrepreneurial orientation (EO) in startups and cooperation partnerships with
other startups and established firms leading to product/service innovation. We
apply a fuzzy-set qualitative comparative analysis (fsQCA) to identify previously
unknown combinations that lead to product/service innovation in 690 digital and
non-digital startups. Our study reveals that different combinations of EO
dimensions and types of cooperation partners can explain product/service innovation
in digital and non-digital contexts.
Keywords: Entrepreneurial orientation; Types of cooperation partners;
Product/service innovation; Digital startups; Non-digital startups; FsQCA

Henry Edison, Nina M. Smørsgård, Xiaofeng Wang, Pekka Abrahamsson,

Lean Internal Startups for Software Product Innovation in Large Companies: Enablers
and Inhibitors,
Journal of Systems and Software,
Volume 135,
2018,
Pages 69-87,
ISSN 0164-1212,
https://doi.org/10.1016/j.jss.2017.09.034.
(http://www.sciencedirect.com/science/article/pii/S0164121217302157)
Abstract: Context: Startups are disrupting traditional markets and replacing well-
established actors with their innovative products.To compete in this age of
disruption, large and established companies cannot rely on traditional ways of
advancement, which focus on cost efficiency, lead time reduction and quality
improvement. Corporate management is now looking for possibilities to innovate like
startups. Along with it, the awareness and the use of the Lean startup approach
have grown rapidly amongst the software startup community and large companies in
recent years. Objective: The aim of this study is to investigate how Lean internal
startup facilitates software product innovation in large companies. This study also
identifies the enablers and inhibitors for Lean internal startups. Method: A
multiple case study approach is followed in the investigation. Two software product
innovation projects from two different large companies are examined, using a
conceptual framework that is based on the method-in-action framework and extended
with the previously developed Lean-Internal Corporate Venture model. Seven face-to-
face in-depth interviews of the employees with different roles and responsibilities
are conducted. The collected data is analysed through a careful coding process.
Within-case analysis and cross-case comparison are applied to draw the findings
from the two cases. Results: A generic process flow summarises the common key
processes of Lean internal startups in the context of large companies. The findings
suggest that an internal startup can be initiated top-down by management, or
bottom-up by employees, which faces different challenges. A list of enablers and
inhibitors of applying Lean startup in large companies are identified, including
top management support and cross-functional team as key enablers. Both cases face
different inhibitors due to the different process of inception, objective of the
team and type of the product. Conclusions: The contribution of this study for
research is threefold. First, this study is one of the first attempt to investigate
the use of Lean startup approach in the context of large companies empirically.
Second, the study shows the potential of the method-in-action framework to
investigate the Lean startup approach in non-startup context. The third
contribution is a general process of Lean internal startup and the evidence of the
enablers and inhibitors of implementing it, which are both theory-informed and
empirically grounded. Future studies could extend our study by addressing the
limitations of the research approach undertaken in this study.
Keywords: Lean startup; Internal startup; Software product innovation; Large
companies; Method-in-action; Lean internal startup

Vebjørn Berg, Jørgen Birkeland, Anh Nguyen-Duc, Ilias O. Pappas, Letizia Jaccheri,
Achieving agility and quality in product development - an empirical study of
hardware startups,
Journal of Systems and Software,
Volume 167,
2020,
110599,
ISSN 0164-1212,
https://doi.org/10.1016/j.jss.2020.110599.
(http://www.sciencedirect.com/science/article/pii/S0164121220300777)
Abstract: Context: Startups aim at scaling their business, often by developing
innovative products with limited human and financial resources. The development of
software products in the startup context is known as opportunistic, agility-driven,
and with high tolerance for technical debt. The special context of hardware
startups calls for a better understanding of state-of-the-practice of hardware
startups’ activities. Objective: This study aimed to identify whether and how
startups can achieve product quality while maintaining focus on agility. Method: We
conducted an exploratory study with 13 hardware startups, collecting data through
semi-structured interviews and analysis of documentation. We proposed an
integrative model of agility and quality in hardware startups. Results: Agility in
hardware startups is complex and not achieved through adoption of fast-paced
development practices alone. Hardware startups follow a quality-driven approach for
development of core components, where frequent user testing is a measure for early
debt management. Hardware startups often lack mindset and strategies for achieving
long-term quality in early stages. Conclusions: Hardware startups need attention to
hardware quality to allow for evolutionary prototyping and speed. Future research
should focus on defining quality-driven practices that contribute to agility, and
strategies and mindsets to support long-term quality in the hardware startup
context.
Keywords: Startup; Hardware startup; Software engineering; Product development;
Empirical research

Shameen Prashantham, K. Kumar,

Engaging with startups: MNC perspectives,
IIMB Management Review,
Volume 31, Issue 4,
2019,
Pages 407-417,
ISSN 0970-3896,
https://doi.org/10.1016/j.iimb.2019.01.003.
(http://www.sciencedirect.com/science/article/pii/S0970389618303823)
Abstract: Through a conceptual note and round table discussion, this article builds
upon Buckley and Prashantham's (2016) “division of entrepreneurial labour” notion
to consider more closely the perspective of multinational corporations (MNCs) in
relation to partnering with startups. First, the capability dimension suggests that
there is potential for value creation resulting from complementarity between the
strengths of corporations and startups. Second, the connectivity dimension is
concerned with how this potential is realised; the rise of corporations’
programmatic initiatives and third-party specialists are highlighted. Third, the
contextuality dimension highlights spatial differences, noting MNCs’ unique
opportunities and challenges vis-à-vis startup partnering in emerging markets.
Keywords: Corporation-startup partnering; Multinational corporation; Startup;
Alliance; Ecosystem; Innovation; Emerging market; Dancing with gorillas

Michael D. Ensley, Keith M. Hmieleski, Craig L. Pearce,

The importance of vertical and shared leadership within new venture top management
teams: Implications for the performance of startups,
The Leadership Quarterly,
Volume 17, Issue 3,
2006,
Pages 217-231,
ISSN 1048-9843,
https://doi.org/10.1016/j.leaqua.2006.02.002.
(http://www.sciencedirect.com/science/article/pii/S1048984306000051)
Abstract: The current study investigated the relative influence of vertical versus
shared leadership within new venture top management teams on the performance of
startups using two different samples. Vertical leadership stems from an appointed
or formal leader of a team (e.g., the CEO), whereas shared leadership is a form of
distributed leadership stemming from within a team. Transformational,
transactional, empowering, and directive dimensions of both vertical and shared
leadership were examined. New venture performance was considered in terms of
revenue growth and employee growth. The first sample was comprised of 66 top
management teams of firms drawn from Inc. Magazine's annual list of America's 500
fastest growing startups. The seconded sample consisted of 154 top management teams
of startups randomly drawn from Dun and Bradstreet, which compiles the most
extensive database available for identifying relatively young American-based
ventures. Both vertical and shared leadership were found to be highly significant
predictors of new venture performance. Further, hierarchical regression analysis
found the shared leadership variables to account for a significant amount of
variance in new venture performance beyond the vertical leadership variables. These
results were consistent across both samples, thus providing robust evidence for the
value of shared leadership, in addition to the more traditional concept of vertical
leadership.
Keywords: Vertical leadership; Shared leadership; Startups; Management; New venture

Christian M. Beilstein, Lutz E. Lehmann, Matthias Braun, Richard D. Urman, Markus

M. Luedi, Frank Stüber,
Leadership in a time of crisis: Lessons learned from a pandemic,
Best Practice & Research Clinical Anaesthesiology,
2020,
,
ISSN 1521-6896,
https://doi.org/10.1016/j.bpa.2020.11.011.
(http://www.sciencedirect.com/science/article/pii/S1521689620301166)
Abstract: The current COVID-19 pandemic is testing political leaders and healthcare
systems worldwide, exposing deficits in crisis communication, leadership,
preparedness and flexibility. Extraordinary situations abound, with global supply
chains suddenly failing, media communicating contradictory information, and
politics playing an increasingly bigger role in shaping each country's response to
the crisis. The pandemic threatens not just our health but also our economy,
liberty, and privacy. It challenges the speed at which we work, the quality of our
research, and the effectiveness of communication within the scientific community.
It can impose ethical dilemmas and emotional stress on healthcare workers.
Nevertheless, the pandemic also provides an opportunity for healthcare
organizations, leaders, and researchers to learn from their mistakes and to place
their countries and institutions in a better position to face future challenges.
Keywords: pandemic; crisis; leadership; communications; research; preparedness;
ethics; dilemma

Hyoung Jun Kim, Tae San Kim, So Young Sohn,

Recommendation of startups as technology cooperation candidates from the
perspectives of similarity and potential: A deep learning approach,
Decision Support Systems,
Volume 130,
2020,
113229,
ISSN 0167-9236,
https://doi.org/10.1016/j.dss.2019.113229.
(http://www.sciencedirect.com/science/article/pii/S0167923619302581)
Abstract: Companies consistently strive to prepare for new technologies for
survival. In a rapidly changing market, absorbing innovation through cooperation
strategies can complement internal research and development for new technology
development. Startups with state-of-the-art technologies are good candidates for
successful cooperation; however, it is difficult to identify their technological
positions. Our study suggests a framework to identify appropriate startup
candidates using startup profile texts provided by the Crunchbase database. We
utilize a doc2vec approach to extract feature vectors representing technological
meanings from the startup profile texts and patent abstracts of acquiring
companies. Based on these vectors, we apply item-based collaborative filtering to
estimate scores for technological similarity between a company and a startup to be
acquired. Furthermore, we screen for promising startups using factor analysis, with
variables representing the startup's potential. We believe that our framework can
save time and effort in the early stage of cooperation planning by supporting
effective decision-making.
Keywords: Doc2vec; Item-based collaborative filtering; Factor analysis; Startup;
M&A

Waddah S. Ghanem Al Hashmi,

Chapter 3 - Leadership and process safety management,
Editor(s): Waddah S. Ghanem Al Hashmi,
Process Safety Management and Human Factors,
Butterworth-Heinemann,
2021,
Pages 25-34,
ISBN 9780128181096,
https://doi.org/10.1016/B978-0-12-818109-6.00003-4.
(http://www.sciencedirect.com/science/article/pii/B9780128181096000034)
Abstract: It is significant for organizations and their practitioners to understand
the fundamental role of leadership in general in organizations and how it links
with process safety management leadership and corporate governance. In this
chapter, some aspects of leadership with respect to driving behaviors will be
discussed, but more importantly this chapter will discuss how leadership and
leadership failures can lead to very significant incidents and loss.
Keywords: PSM; leadership; organizations; practitioners; challenges

Ian Appel, Joan Farre-Mensa, Elena Simintzi,

Patent trolls and startup employment,
Journal of Financial Economics,
Volume 133, Issue 3,
2019,
Pages 708-725,
ISSN 0304-405X,
https://doi.org/10.1016/j.jfineco.2019.01.003.
(http://www.sciencedirect.com/science/article/pii/S0304405X19300030)
Abstract: We analyze how frivolous patent infringement claims made by nonpracticing
entities (NPEs, or “patent trolls”) affect startups’ ability to grow and create
jobs, innovate, and raise capital. Our identification strategy exploits the
staggered adoption of anti-troll laws in 32 US states. The laws lead to a 4.4%
increase in employment at high-tech startups—an increase driven by IT firms, a
frequent target of NPEs. Increased access to financing, both venture capital and
patent-backed lending, is a key channel driving our findings. Measures aimed at
curbing the threat posed by NPEs can thus help reduce the real and financing
frictions faced by startups.
Keywords: Employment; Startups; Patent trolls; NPEs; Venture capital

Nanping Feng, Chao Fu, Fenfen Wei, Zhanglin Peng, Qiang Zhang, Kevin H. Zhang,
The key role of dynamic capabilities in the evolutionary process for a startup to
develop into an innovation ecosystem leader: An indepth case study,
Journal of Engineering and Technology Management,
Volume 54,
2019,
Pages 81-96,
ISSN 0923-4748,
https://doi.org/10.1016/j.jengtecman.2019.11.002.
(http://www.sciencedirect.com/science/article/pii/S0923474818301371)
Abstract: This paper explores the evolutionary mechanism of an innovation ecosystem
by investigating how the case startup develops to initiate and lead one. The
results reveal that the dynamic capabilities of the case company play a key role.
They help the company acquire, renew and reconfigure resources to conquer its own
development puzzles. This process naturally solves the stage challenges of the
innovation ecosystem and advances its evolution. During the evolution, the social
capital is an important antecedent of the dynamic capabilities. The paper enriches
understandings of innovation ecosystems and dynamic capabilities. Such
understandings can help enhance innovation efficiency in practice.
Keywords: Innovation ecosystem; Evolutionary mechanism; Dynamic capabilities;
Startup

Supardianto, Ridi Ferdiana, Selo Sulistyo,

The Role of Information Technology Usage on Startup Financial Management and
Taxation,
Procedia Computer Science,
Volume 161,
2019,
Pages 1308-1315,
ISSN 1877-0509,
https://doi.org/10.1016/j.procs.2019.11.246.
(http://www.sciencedirect.com/science/article/pii/S1877050919319581)
Abstract: The level of participation of taxpayers, particularly Startups in
Indonesia, is still low. According to Directorate General of Taxes, two things at
least cause the low rate: first is the high turnover rate of Startup; second is the
low rate of financial literacy, which correlates with tax administration.
Consequently, having good financial governance is a must. Furthermore, technology
may significantly help startups in systematizing their financial governance
activity; while at the same time may help the startup to progress. The purpose of
this study was to investigate the role of the use of information technology on
Startup financial governance and taxation. Data were collected through a survey
conducted in Yogyakarta using 37 respondent who are small business or startups. A
researcher–administered questionnaire survey method was used for data collection.
The results reveal that many startups have used technology for financial governance
— the use of technology as part of digital transformation such as paperless
accounting or digitalizing documents previously were done manually, such as making
invoices and other matters related to recording. Startup widely uses cloud-based
applications. More than half of startups that conduct financial governance utilize
internet-based applications or cloud computing. The applications used by startups
are limited to recording transactions, but none of the startups have utilized the
taxation application, especially for Final Income Tax for Startups. These finding
can enable policymakers to develop information system which can use as financial
governance and managing taxation simultaneously.
Keywords: Information Technology; Finacial Governance; Digital Transformation;
Purposive Sampling; Cloud Computing

Shu Yang, Romi Kher, Scott L. Newbert,

What signals matter for social startups? It depends: The influence of gender role
congruity on social impact accelerator selection decisions,
Journal of Business Venturing,
Volume 35, Issue 2,
2020,
105932,
ISSN 0883-9026,
https://doi.org/10.1016/j.jbusvent.2019.03.001.
(http://www.sciencedirect.com/science/article/pii/S088390261830452X)
Abstract: Social impact accelerators (SIAs) seek to select startups with the
potential to generate financial returns and social impact. Through the lenses of
signaling theory and gender role congruity theory, we examine 2324 social startups
that applied to 123 SIAs globally in 2016 and 2017 and find that SIAs are more
likely to accept startups that signal their economic and social credibility.
Moreover, while we find that the influence of these signals is strongest when they
are congruent with the stereotypes associated with the lead founder's gender, men
seem to experience better outcomes from gender incongruity than women.
Keywords: Gender role congruity theory; Signaling theory; Social entrepreneurship;
Social impact accelerators; Social startups

Angelo Cavallo, Antonio Ghezzi, Claudio Dell'Era, Elena Pellizzoni,

Fostering digital entrepreneurship from startup to scaleup: The role of venture
capital funds and angel groups,
Technological Forecasting and Social Change,
Volume 145,
2019,
Pages 24-35,
ISSN 0040-1625,
https://doi.org/10.1016/j.techfore.2019.04.022.
(http://www.sciencedirect.com/science/article/pii/S0040162518311661)
Abstract: Digital entrepreneurship highly relies on external sources of financing
to foster growth. This study aims at investigating how angel groups and venture
capital (VC) funds affect growth of digital new ventures in their startup and
scaleup phase. To address this aim, we analyzed 372 investment rounds regarding 256
Italian–based new ventures. The key findings are fourfold. First, VC funds
positively affect the growth of digital new ventures. Second, digital scaleups, in
line with the overall sample of digital new ventures, show a linear path of growth
positively correlated with VC funding. Third, the relationship between funding
received and growth in digital startups follows an inverted U–shape – with the
optimal level within our sample set at 300,000$. Finally, no evidence emerges on
the angel groups contribution to the growth of digital new ventures in both startup
and scaleup phase. These findings are hence discussed in the light of extant
literature on venture financing as well as entrepreneurial bias literature, to
provide insight for both researchers and practitioners in digital entrepreneurship.
Keywords: Digital Entrepreneurship; Startup; Scaleup; New ventures; Angels; Venture
Capitalist

R. Michael Holmes Jr., Michael A. Hitt, Pamela L. Perrewé, Joshua C. Palmer,

Gonzalo Molina-Sieiro,
Building cross-disciplinary bridges in leadership: Integrating top executive
personality and leadership theory and research,
The Leadership Quarterly,
2021,
101490,
ISSN 1048-9843,
https://doi.org/10.1016/j.leaqua.2020.101490.
(http://www.sciencedirect.com/science/article/pii/S104898432030117X)
Abstract: The top executive personality literature has grown significantly in
recent years. We review this literature, consider its contributions to leadership
research and practice, and discuss how future research on top executive personality
should draw more heavily on the broader leadership literature. The paper first
describes the top executive context and highlights the advantages and challenges of
studying top executives. We then review the top executive personality literature in
four areas that capture the bulk of the research: leadership of human resources,
ethical leadership, strategic leadership and corporate governance, and firm
performance. We examine how the top executive personality research in each area
compares with other research on leaders' and their personalities that has been
conducted on similar topics. The paper concludes with a future research agenda,
which identifies other leader, team, and contextual considerations to advance our
understanding of top executive personality and its influence. We also address
methodological challenges related to measurement and endogeneity, because they are
important for theory development and have received much attention in top executive
personality research. In short, our paper examines how the literatures on top
executives and leadership inform one another, and it helps lay a foundation for
integrating these literatures more thoroughly.

M. Fernández-Torrijos, C. Sobrino, C. Marugán-Cruz, D. Santana,

Experimental and numerical study of the heat transfer process during the startup of
molten salt tower receivers,
Applied Thermal Engineering,
Volume 178,
2020,
115528,
ISSN 1359-4311,
https://doi.org/10.1016/j.applthermaleng.2020.115528.
(http://www.sciencedirect.com/science/article/pii/S1359431120330106)
Abstract: During the startup operation of molten salt solar tower plants, the tubes
of the receiver are subjected to a high nonhomogeneous heat flux along with a low
heat transfer coefficient to the air inside the tube, which results in a highly
uneven angular temperature distribution. This uneven temperature distribution
causes thermal stresses and tube deflection in the receiver. The most important
constraint for the design and operation of central receivers is to keep the
intercepting solar flux within the tube mechanical safety limits. In this work, an
experimental facility consisting of a molten salt loop that simulates a solar tower
receiver tube is used to measure the outer surface temperature and the deflection
of the tube under the startup operating conditions of a solar tower power plant. An
inverse heat transfer problem is applied to obtain the heat flux onto the receiver
tube from the outer surface temperature measurements. To solve the inverse problem,
a transient three-dimensional numerical model of an empty circular pipe subjected
to a nonhomogeneous heat flux is developed. A good agreement between the
experimental and calculated tube temperatures and deflection is observed, with
differences of 7% and 10%, respectively. Moreover, the thermal stresses are
calculated. It has been found that higher thermal stresses are obtained when the
tube is preheated compared to the stress when the molten salt is flowing under
similar heat flux conditions.
Keywords: Inverse heat conduction problem; Induction coil; Central receiver; Tube
bending

Raffi Gabriel Chammassian, Valerie Sabatier,

The role of costs in business model design for early-stage technology startups,
Technological Forecasting and Social Change,
Volume 157,
2020,
120090,
ISSN 0040-1625,
https://doi.org/10.1016/j.techfore.2020.120090.
(http://www.sciencedirect.com/science/article/pii/S0040162520309161)
Abstract: Beginning in their early stages, technology start-ups (TSUs) develop
several business models. Costs are often perceived as a constraint to business
model innovation. Challenging this assumption, we question the role that costs play
in business model design. We analyzed twelve TSU case studies from Switzerland,
France, and the USA. The results indicate that TSUs develop three types of business
models that are technology-driven, market-driven, and exit-driven. Costs act as
enablers, moderators, and mediators. With a portfolio of business models, costs
play a mediating role. Finally, the role costs play in the business model design
phase changes firm value capture mechanisms, potentially enhancing the firm's
value. This research makes the following contributions: (1) Technology-, market-,
and exit-driven business model portfolios appear to be heterogeneous among TSUs.
(2) Costs play enabler and mediator roles in addition to the traditional moderator
role. We add to the literature by focusing on the new economy (rather than Porter's
cost leadership strategies) through an optimistic and investment-driven approach.
Keywords: Business model; Costs; Technology startups; Strategic management
controls; Business model portfolio; Business model design

Nancy Bocken, Yuliya Snihur,

Lean Startup and the business model: Experimenting for novelty and impact,
Long Range Planning,
Volume 53, Issue 4,
2020,
101953,
ISSN 0024-6301,
https://doi.org/10.1016/j.lrp.2019.101953.
(http://www.sciencedirect.com/science/article/pii/S0024630119303887)
Abstract: Lean Startup has been impacting how startups and incumbents innovate
their business models. However, academic understanding of Lean Startup and the
associated experimentation process is only emerging. Recent academic critique of
Lean Startup by Felin and colleagues (in press) highlights the inadequate guidance
provided for hypotheses generation; limits of experiential learning from customer
feedback; and the incremental nature of experimentation outcomes. Yet, Lean Startup
has not been conceived for ideation, but rather for fostering iterative
experimentation to reduce uncertainty, engage stakeholders, and promote collective
learning. Taking a process perspective on experimentation, we suggest that novel
business models can emerge during experimentation. We contribute a more positive
perspective on the opportunities of Lean Startup and highlight how it can enable
continuous innovation and stakeholder engagement for novelty and impact.
Keywords: Lean startup; Experimentation; Business model innovation; Novelty; Impact

Peter A. Gloor, Andrea Fronzetti Colladon, Francesca Grippa, Beth Marie Hadley,
Stephanie Woerner,
The impact of social media presence and board member composition on new venture
success: Evidences from VC-backed U.S. startups,
Technological Forecasting and Social Change,
Volume 157,
2020,
120098,
ISSN 0040-1625,
https://doi.org/10.1016/j.techfore.2020.120098.
(http://www.sciencedirect.com/science/article/pii/S0040162520309240)
Abstract: The purpose of this study is to examine the impact of board member
composition and board members’ social media presence on the performance of
startups. Using multiple sources, we compile a unique dataset of about 500 US-based
technology startups. We find that startups with more venture capitalists on the
board and whose board members are active on Twitter attract additional funding over
the years, though they do not generate additional sales. By contrast, startups
which have no venture capitalists on the board and whose board members are not on
Twitter show an increased ability to translate assets into sales. Consistent with
other research, our results indicate that startups potentially benefit from working
with VCs because of the opportunity to access additional funding, although their
presence does not necessarily translate into sales growth and operational
efficiency. We use a number of control variables, including board gender
representation and board members’ position in the interlocking directorates’
network.
Keywords: Social media; Startup; Venture capitalist; Business performance;
Interlocking

Lei Shi, Angela Miles,

Non-effectual, non-customer effectual, or customer-effectual: A conceptual
exploration of the applicability of the effectuation logic in startup brand
identity construction,
Journal of Business Research,
Volume 113,
2020,
Pages 168-179,
ISSN 0148-2963,
https://doi.org/10.1016/j.jbusres.2019.03.024.
(http://www.sciencedirect.com/science/article/pii/S0148296319301961)
Abstract: Primarily evolving from the marketing and entrepreneurship literature,
entrepreneurial marketing has enjoyed many milestones in its acceptance as an area
of marketing. Entrepreneurial marketing is now advancing towards theory
construction. Since startup brand identity construction is unique, it merits
entrepreneurial marketing researchers' attention. Accordingly, this study
conceptually explores the applicability of the effectuation logic to startups'
brand identity construction. Here, we argue that whether the effectuation logic
applies to startups' brand identity construction depends on the pre-existence of a
market or a brand community.
Keywords: Entrepreneurial marketing; Start-up brand identity; Identity
construction; Effectuation

Celso Santi, Guilherme Tonial Neves,

Chapter 10 - Startups and prominent business,
Editor(s): Alexandre Gomes Rodrigues,
New and Future Developments in Microbial Biotechnology and Bioengineering,
Elsevier,
2020,
Pages 209-223,
ISBN 9780444643018,
https://doi.org/10.1016/B978-0-444-64301-8.00010-X.
(http://www.sciencedirect.com/science/article/pii/B978044464301800010X)
Abstract: Since the 1990s, with the emergence of the first startups in Silicon
Valley, this entrepreneurial trend has been increasing and gaining more segments.
With its innovation and technology bias, it was quickly absorbed by the
biotechnology sector as well. Since then, progressively, each year the number of
startups in this area increases, as well as the interest of investment funds in
this type of business. In general (excluding outliers), it is possible to make a
separation between startups and small-to-medium-sized enterprises, following Alex
Wilhelm’s rule 50–100–500: a company is no longer a startup when it exceeds the
revenue mark of US$ 50 million, 100 employees, and US$ 500 million in value. Within
the trajectory from the startup to its merger, sale, or maturation as a large
company, there are milestones and investments that must be achieved, which can be
broken down into lifecycle developmental phases. We propose to segment this
lifecycle into six phases: invention, prototype/investigation, validation, market
positioning, growth, and expansion/maturation. Considering a successful case, the
evolution of the scientific and market bases of the product/solution occurs in
parallel with the need for greater investments, decreased business risk, increased
company value, and increased revenues. In order for all these steps to be
successfully completed, five major mistakes must be avoided: fragile financial
strategy, inexperienced management, mediocre science, poor timing, and not taking
risks. Therefore no matter how many uncertainties and challenges you face in
creating and succeeding in a startup, there are common, well-known ways and
concepts that must be carefully considered and followed. Data from the four corners
of the world prove the establishment of this business model in the biotechnology
sector, so the mission is to transform researchers, not only entrepreneurs but also
managers.
Keywords: Startup; SME; biotechnology; biomolecules; innovation

Lisa Prommer, Victor Tiberius, Sascha Kraus,

Exploring the future of startup leadership development,
Journal of Business Venturing Insights,
Volume 14,
2020,
e00200,
ISSN 2352-6734,
https://doi.org/10.1016/j.jbvi.2020.e00200.
(http://www.sciencedirect.com/science/article/pii/S2352673420300561)
Abstract: Leadership development (LD) is a crucial success factor for startups to
increase their human capital, survival rate, and overall performance. However, only
a minority of young ventures actively engage in LD, and research rather focuses on
large corporations and SMEs, which do not share the typical startup characteristics
such as a rather young workforce, flat hierarchies, resource scarcity, and high
time pressure. To overcome this practical and theoretical lack of knowledge, we
engage in foresight and explore which leadership development techniques will be
most relevant for startups within the next five to ten years. To formulate the most
probable scenario, we conduct an international, two-stage Delphi study with 27
projections among industry experts. According to the expert panel, the majority of
startups will engage in leadership development over the next decade. Most startups
will aim to develop the leadership capabilities of their workforce as a whole and
use external support. The most prominent prospective LD measures in startups
include experiential learning methods, such as action learning, developmental job
assignments, multi-rater feedback, as well as digital experiential learning
programs, and developmental relationships such as coaching in digital one-to-one
sessions. Self-managed learning will play a more important role than formal
training.
Keywords: Startup; Leadership development; Delphi study; Forecasting; Foresight

Luca Cacciolatti, Ainurul Rosli, José L. Ruiz-Alba, Jane Chang,

Strategic alliances and firm performance in startups with a social mission,
Journal of Business Research,
Volume 106,
2020,
Pages 106-117,
ISSN 0148-2963,
https://doi.org/10.1016/j.jbusres.2019.08.047.
(http://www.sciencedirect.com/science/article/pii/S014829631930517X)
Abstract: Innovation with a social purpose is strictly linked to entrepreneurship
and economic development. However, those startups that pursue a social mission
often operate in really novel markets and raise some scepticism in the eyes of
investors. Startups can improve their business performance by leveraging on equity
and non-equity based strategic alliances, so to pursue growth. However, sustainable
growth requires to attract the right investments at the right stage of development
of the startup. This study draws on international business theory and proposes a
novel framework that explains the mechanisms regulating strategic alliances and
firm performance in a startups context. We use a sample of 3913 UK high-tech
startups engaging in social innovation to test our hypotheses and we derive an
explanation for some of the mechanisms behind strategic alliances effect on
startups performance, startups scalability and the balance needed between
performance and the pursuit of a social mission.
Keywords: Strategic alliances; Accelerators; Startups; Social innovation;
Fundraising; Joint ventures

Antonio Ghezzi, Angelo Cavallo,

Agile Business Model Innovation in Digital Entrepreneurship: Lean Startup
Approaches,
Journal of Business Research,
Volume 110,
2020,
Pages 519-537,
ISSN 0148-2963,
https://doi.org/10.1016/j.jbusres.2018.06.013.
(http://www.sciencedirect.com/science/article/pii/S014829631830300X)
Abstract: Digital startups in the early stages of their development frequently
undergo innovation to their value architecture and Business Model. A set of
pragmatic methods drawing on lean and agile principles has recently been proposed
to support digital entrepreneurs facing Business Model Innovation (BMI), known as
Lean Startup Approaches (LSAs). However, the theoretical and practical relationship
between BMI and LSAs in dynamic digital environments has seldom been investigated.
To fill this gap, our study draws on an exploratory multiple-case study based on
three digital multisided platform startups to craft a unified framework that can
disclose the relationship between BMI, LSAs and Agile Development (AD), within the
context of Strategic Agility. Our findings, which emerge from the unified
framework, show that LSAs can be employed as agile methods to enable Business Model
Innovation in Digital Entrepreneurship. These findings are then organized around a
set of propositions, with the aim of developing a research agenda directed towards
integrating BMI, LSAs and AD processes and methods.
Keywords: Business Model Innovation; Lean Startup Approaches; Agile development;
Customer development; Digital startups; Multisided platform; Strategic agility