Abstract: Research on entrepreneurial networks has long wrestled with the question of agency. To bring in the role of culture and institutions in the construction of entrepreneurial agency in networking, we examine the consensus among entrepreneurs on networking strategies in three institutional environments. Combining interviews of 72 entrepreneurs and a survey of 297 entrepreneurs in China, Taiwan, and the US, we examined whether there was consensus on network-level and dyad-level entrepreneurial networking strategies. Using cultural consensus analysis, we found consensus on network-level strategies in stable formal institutional environments (US & Taiwan) while consensus on dyad-level strategies in tight informal institutional environments (China & Taiwan). Implications of our findings for research on entrepreneurial networks and the role of culture and institutions in entrepreneurship are discussed.

Abstract: This study examines how the entrepreneurial network of French immigrants evolves from its origin in Mexico. Using a longitudinal single-embedded case study I identify two different scenarios that emerging firms might face when they become part of a network: either the firm is created along the network, or while the network is under development. Additionally, the interplay between the institutions created by this network and its members shows the emergence and development of its own “ecosystem” to fit different types of institutional instability and to influence the institutional system. Thus, this paper extends current literature on network development by exploring for the first time network evolution beyond early stages.

Abstract: The idea that organizations can improve their performance by learning from own past experiences and the experience of others is widely accepted. Some studies have explored the differences between learning from success versus learning from failure, while others have stressed the importance of similarity or diversity of experience. This paper combines the debate on both issues by investigating how learning from success versus failure interacts with learning from similar versus diverse experiences. The results indicate that success experiences of the venture capitalist have a positive effect on the likelihood of successful exit of subsequent portfolio companies. We further find that diversity of IPO experience has a positive effect on IPO hazard, while diversity of trade sale experience has a negative effect.

Abstract: Venture capital (VC) syndicates involve repeated transactions among partners and, therefore, they possess network-like characteristics. Although networks provide access to important resources, extant literature did not study the impact of the focal firm’s resource endowment on the performance benefits arising from different network structures. We investigate the moderating impact of firm’s maturity and status as proxies for internal and external resources on the relationship between network cohesion and VC performance. Analyzing a dataset of UK VC investments (1998-2012) we find that mature and high status VCs benefit less from network cohesion. We also show that these moderating effects are reinforcing each other.

Abstract: Entrepreneurs are embedded in networks with different structures, in which interactions with various actors influence entrepreneurial performance. The utilization of network potentials for opportunity seeking, resource acquisition and obtaining legitimacy is crucial to cope with liabilities of newness and smallness. We argue that advisory boards are a voluntary instrument with legal flexibility to institutionalize and professionalize networking. In a qualitative assessment with 17 expert interviews in high-tech ventures, we found advisory boards are often influenced by investors, who try to set up a ‘control’ role. But most respondents also mentioned networking, as part of a ‘service role’, as important function. We confirm that advisory boards are used for networking to establish ties, which provide additional information and knowledge, support resource acquisition and increase legitimacy.