Economic growth and technological changes are often triggered by innovative entrepreneurs who discover, exploit, and explore undetected opportunities. However, before entrepreneurs can move forward they need capital in order to realize their business idea. In general, investors can be characterized as the gatekeepers who provide this financial bottleneck resource to entrepreneurs. Venture capital firms, in particular,
are a highly specialized group of investors which may also act as facilitators for innovations. Given that entrepreneurs and venture capitalists have been mostly studied in isolated cases, no integrative framework has yet been developed. Thus, this study aims to unfold the interconnectedness and dependencies of both parties and derives inter alia two important variables, namely strategic orientation and trust, which have been poorly
studied in this field, but are crucial for the long‐term success of the relationship. The structure of this study corresponds with the process which is characteristic for the relationship between the venture capitalist and the entrepreneur:
• The innovation process
• The strategy dimension
• The trust perspective
This study uses an adapted gatekeeper‐model by Csikszentmihalyi to reveal the different stages of the innovation process and to build a theoretical framework of the relationship between both parties. Through the complexity and the interconnection of all the different aspects it is designed as a “door opener” to a rich field of further research as well as it is aimed at helping practitioners understand the innovation process within a complex and dynamic environment.
Inhaltsverzeichnis (Table of Contents)
- PART I
- CHAPTER 1: INTRODUCTION
- 1.1 Context and Relevance
- 1.2 Objective of the Study
- PART II
- CHAPTER 2: THE INNOVATION PROCESS
- 2.1 Entrepreneurship and the Diffusion of Innovation
- 2.2 Systems Model of Innovation by Csikszentmihalyi
- 2.3 Investors in Innovation and Risk-Taking
- 2.4 The Venture Capital Business
- 2.5 Critical Summary and Conclusions
- CHAPTER 3: STRATEGY DIMENSION
- 3.1 Strategic Considerations of Venture Capitalists
- 3.2 Strategic Resources Approaches
- 3.2.1 Sustainable Competitive Advantage
- 3.2.2 Resource Dependence Approach
- 3.3 Sustainable Resource Management
- 3.4 Paradox Management
- 3.5 Critical Summary and Conclusions
- CHAPTER 4: THE TRUST PERSPECTIVE
- 4.1 Trust as a Concept
- 4.2 Models of Trust-Building
- 4.3 Trust-Control Duality
- 4.4 Levels of Trust
- 4.5 Critical Summary and Conclusions
- PART III
- CHAPTER 5: DEVELOPMENT OF A FRAMEWORK
- 5.1 Venture Capitalists as Gatekeepers
- 5.1.1 The Innovative Entrepreneur
- 5.1.2 The Leapfrog Concept of Innovations
- 5.1.3 Gatekeeper Mechanism
- 5.1.4 Value Creation of Innovation
- 5.1.5 Critical Summary and Conclusions
- 5.2 The Sustainability Dimension
- 5.2.1 Relationship between Shareholders and Entrepreneurs
- 5.2.2 Direct Survival Resources
- 5.2.3 Stakeholder Management
- 5.2.4 Indirect Survival Resources
- 5.2.5 Sustainability Circuit
- 5.2.6 Critical Summary and Conclusions
- 5.3 Trust-Control Balance
- 5.3.1 The Trust-Building Process
- 5.3.2 Active Trust
- 5.3.3 Shared Visions
- 5.3.4 Critical Summary and Conclusions
- CHAPTER 6: THE GATEKEEPER-MODEL AS AN INTEGRATIVE FRAMEWORK FOR ENTREPRENEURS AND VENTURE CAPITALISTS
- 6.1 An Integrative Framework
- 6.2 Summary of the Implications of the Integrative Framework for Entrepreneurs and Venture Capitalists
- 6.2.1 Entrepreneurs
- 6.2.2 Venture Capitalists
- 6.3 Concluding Remarks
- The Innovation Process: The study examines the stages involved in the development and diffusion of innovation, emphasizing the role of entrepreneurs and venture capitalists.
- Strategic Considerations: The study analyzes the strategic resources approaches utilized by venture capitalists, including sustainable competitive advantage, resource dependence, and sustainable resource management.
- Trust Perspective: The study explores the concept of trust as a critical element in the entrepreneur-venture capitalist relationship, analyzing models of trust-building and trust-control duality.
- Gatekeeper-Model: The study utilizes an adapted gatekeeper-model to provide a theoretical framework for understanding the relationship between both parties, analyzing the gatekeeper mechanism and its implications for value creation.
- Sustainability Dimension: The study investigates the role of sustainability in the entrepreneur-venture capitalist relationship, exploring direct and indirect survival resources, stakeholder management, and the sustainability circuit.
- Chapter 1: Introduction: This chapter introduces the context and relevance of the study, focusing on the significance of entrepreneurs and venture capitalists in driving economic growth and technological change. The objective of the study is to develop an integrative framework that captures the complexities of the relationship between these two parties.
- Chapter 2: The Innovation Process: This chapter delves into the theoretical underpinnings of entrepreneurship and the diffusion of innovation, examining various models of innovation, including the systems model of Csikszentmihalyi. It explores the role of investors in innovation and risk-taking, highlighting the specific characteristics of venture capital firms.
- Chapter 3: Strategy Dimension: This chapter examines the strategic considerations of venture capitalists, exploring different strategic resource approaches such as sustainable competitive advantage, resource dependence, and sustainable resource management. The importance of paradox management in achieving sustainable growth is also discussed.
- Chapter 4: The Trust Perspective: This chapter focuses on the concept of trust in the entrepreneur-venture capitalist relationship, examining various models of trust-building and exploring the dynamics of trust-control duality. Different levels of trust are analyzed, and the chapter concludes with a critical summary of the key insights.
- Chapter 5: Development of a Framework: This chapter introduces the adapted gatekeeper-model, highlighting its usefulness in providing a theoretical framework for the relationship between entrepreneurs and venture capitalists. The model is applied to analyze the gatekeeper mechanism, value creation, and the sustainability dimension of the relationship.
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This study aims to develop an integrative framework for understanding the relationship between entrepreneurs and venture capitalists, emphasizing their interconnectedness and dependencies. The work explores the different stages of the innovation process and focuses on the crucial roles of strategic orientation and trust in this relationship.Zusammenfassung der Kapitel (Chapter Summaries)
Schlüsselwörter (Keywords)
This study focuses on the complex relationship between entrepreneurs and venture capitalists, emphasizing the importance of innovation, strategic orientation, and trust in driving successful business outcomes. Key terms include entrepreneurship, venture capital, gatekeeper-model, business model, start-up, diffusion of innovation, technological change, leapfrog concept, value creation, Csikszentmihalyi, systems model, creativity, trust, sustainability, and strategic management.- Quote paper
- Robert Hinsch (Author), 2009, The Gatekeeper-Model of Innovation, Munich, GRIN Verlag, https://www.grin.com/document/151558
