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Innovativeness and Legitimacy in Equity Crowdfunding

  • In this study, we examine the link between new venture innovativeness and legitimacy. While legitimacy research often assumes that all new ventures suffer in the same way from the liability of newness, entrepreneurial ventures may differ substantially in their degree of innovativeness, introducing either highly new or relying on established technologies. We argue that radically innovative new ventures face severe liability of newness and therefore are less successful when raising early stage equity financing. Further, we argue that this negative effect should turn positive if the new ventures are able to showcase legitimacy. An observational and a complementary experimental study support our arguments. Surprisingly, for non-innovative or incremental innovative ventures establishing legitimacy seems to provide little gains.

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Author: Kazem Mochkabadi, Simon KleinertORCiD, Diemo UrbigORCiD, Christine Volkmann
URL:https://journals.aom.org/doi/pdf/10.5465/AMBPP.2020.49
DOI:https://doi.org/10.5465/AMBPP.2020.49
Title of the source (English):Academy of Management Proceedings
Document Type:Conference publication peer-reviewed
Language:English
Year of publication:2020
Tag:New ventures; crowdfunding; innovation; legitimacy
Volume/Year:2020
Issue number:1
First Page:1
Last Page:6
Comment:
best paper proceedings, that is, a 6 pages version of the study
Article number:17184
Faculty/Chair:Fakultät 5 Wirtschaft, Recht und Gesellschaft / FG ABWL, insbesondere empirische Unternehmensforschung und Transformation
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