Drawn to the fire: The role of passion, tenacity and inspirational leadership in angel investing

Murnieks, Charles Y.; Cardon, Melissa S.; Sudek, Richard; White, T. Daniel; Brooks, Wade T.

doi:10.1016/j.jbusvent.2016.05.002

Cited by 166 publications

(147 citation statements)

References 74 publications

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“…Our work is consistent with previous findings indicating that the effects of team characteristics are contingent on investors' experience (Murnieks et al, ). However, previous research suggests that experienced investors tend to put more weight on certain team characteristics over others in their evaluation (Franke et al, ) and that experience strengthens the influence of positive characteristics of entrepreneurs on investors' evaluation (Murnieks et al, ). However, our work also provides novel insights, as we show that experienced investors put less emphasis on only the most important capabilities relevant to the venture's strategic task at hand.…”

Section: Discussionsupporting

confidence: 93%

“…Third, we contribute by expanding the venture investment literature surrounding the influence of individual investor characteristics on evaluations of venture team characteristics (Chan & Park, ; Franke et al, ; Mitteness et al, ; Murnieks et al, , ). Our work shows that individual experience reduces the likelihood that investors will prefer fast follower BMCs (novel ventures) when the team major capabilities are in exploitation (exploration).…”

Section: Discussionmentioning

confidence: 99%

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When do investors prefer copycats? Conditions influencing the evaluation of innovative and imitative ventures

Fu¹,

Tietz

2019

Strategic Entrepreneurship

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Research Summary This article investigates the conditions under which investors preferentially evaluate fast follower business model copycats (BMCs)—less novel, imitative ventures—over novel ventures. Employing a conjoint experiment, we find that venture investors prefer fast follower BMCs when the venture team has major capability advantages in exploitation (compared to exploration). Further, we find that investors' experience reduces their preference for fast follower BMCs when the team's capability advantage is in exploitation, and reduces their preference for novel ventures when the team is strong in exploration. These findings provide important theoretical and managerial implications. Managerial Summary Business model copycats represent a popular phenomenon in the global market. Fast follower BMCs are especially influential as many of them received millions of dollars of investment, and achieved billions of dollars in evaluations, both resulting in worldwide recognition. But although fast follower BMCs have the potential to conquer any market, they are not always highly valued by investors when initiating their businesses. We investigate when this is the case and find that team exploration–exploitation capabilities influence investors' evaluation preference toward novel ventures and fast follower BMCs. If entrepreneurs are skilled in exploitation, creating a fast follower BMC venture might be a great pitch to secure investment. Yet, if entrepreneurs are mostly competitive in exploration, creating fast follower BMCs does not attract investment easily.

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Section: Discussionsupporting

confidence: 93%

Section: Discussionmentioning

confidence: 99%

When do investors prefer copycats? Conditions influencing the evaluation of innovative and imitative ventures

Fu¹,

Tietz

2019

Strategic Entrepreneurship

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“…For example, prior research has noted the importance of entrepreneurial passion and determination as well as trustworthiness in successful venture fundraising [35]. Entrepreneurs that do not show passion and determination undermine investor confidence that the entrepreneur can overcome the many challenges faced in shepherding a venture to success and then an exit.…”

Section: Research Framework and Hypothesesmentioning

confidence: 99%

Success Factors in Title III Equity Crowdfunding in the United States

Mamonov¹,

Malaga²

2018

Proceedings of the 51st Hawaii International Conference on System Sciences

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“…Passion is needed as a means to achieve high levels of performance and to overcome barriers to change (Esmail et al, 2016). Interest in entrepreneurial passion is growing because passion has been demonstrated to drive tenacious pursuit of goals and to inspire stakeholders to support ventures (Murnieks et al 2016). …”

Section: Introductionmentioning

confidence: 99%

“…Passion research is burgeoning as more and more studies emerge that investigate the role of this construct in entrepreneurship (Murnieks et al, 2016). Vallerand et al (2003), introduced the concept of The Dualistic Model of Passion which suggested that individual may experience passion in two (2) ways: The obsessive or the harmonious passion.…”

Section: Introductionmentioning

confidence: 99%

Uncovering the backings to passion: why do small firm owners/managers engage in entrepreneurship?

Kosa

Mohammed

2017

J Innov Entrep

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This study aimed to uncover the backings to passion that plays a great role on firm's entrepreneurial engagement. It explores a framework on what other factors determine the individual's engagement on entrepreneurship. To meet this, data's were collected from a sample of 112 firms and analyzed using descriptive and hierarchical linear regression analysis. The finding reveals that, Even if passion has a great impact on entrepreneurial engagement; it may not be successful without consideration of both their internal resource and external environments. The presence of human and financial capital as well as government supports intensifies the engagement of firms in entrepreneurship, while the unpredictability of environment hinders the successful practice of entrepreneurship. These are not the only factors that intensify the relationship; therefore, the future research should add other determinants such as technology diffusion and marketing environment and test on longitudinal study to capture the trends of individual firm's engagement.

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Drawn to the fire: The role of passion, tenacity and inspirational leadership in angel investing

Cited by 166 publications

References 74 publications

When do investors prefer copycats? Conditions influencing the evaluation of innovative and imitative ventures

When do investors prefer copycats? Conditions influencing the evaluation of innovative and imitative ventures

Success Factors in Title III Equity Crowdfunding in the United States

Uncovering the backings to passion: why do small firm owners/managers engage in entrepreneurship?

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