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Innovativeness and legitimacy in equity crowdfunding

  • We examine how radical innovativeness affects how new ventures can establish legitimacy. While legitimacy research often assumes that new ventures similarly suffer from the liability of newness, radically innovative new ventures face stronger liabilities and are less successful when raising early-stage equity financing. Consequently, they may benefit more from identity-related, associative, and organizational legitimacy-building mechanisms, which mitigate the adverse effect and may turn radical innovativeness into an asset. Campaign-level observations for technology ventures and complementary individual-level experimental analyses of financial resource providers’ legitimacy assessments suggest that legitimation mechanisms are less effective for less radically innovative ventures and might even be counter-productive.

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Metadaten
Author: Kazem Mochkabadi, Simon KleinertORCiD, Diemo UrbigORCiD, Christine Volkmann
URL:https://www.fgf-ev.de/wp-content/uploads/2020/10/G-Forum-2020-Virtual-Edition-Programm.pdf
Title of the source (English):G-Forum conference 2020 - Virtual Edition, 24th Annual Interdisciplinary Conference on Entrepreneurship, Innovation and SMEs
Document Type:Conference publication peer-reviewed
Language:English
Year of publication:2020
Contributing Corporation:Förderkreis Gründungs-Forschung e.V.
Tag:crowdfunding; innovation; legitimacy; new venture
Volume/Year:24
First Page:2
Faculty/Chair:Fakultät 5 Wirtschaft, Recht und Gesellschaft / FG ABWL, insbesondere empirische Unternehmensforschung und Transformation
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