 Early mover (dis)advantages and knowledge spillover effects on blockchain startups’ funding and innovation performanceGunno Park, Seungryul Ryan Shin and Minkyung Choy Journal of Business Research, 2020, vol. 109, issue C, 64-75 Abstract: This study investigates whether early mover (dis)advantages are valid in the blockchain industry. Specifically, it examines how the entry timing of a startup in the blockchain industry affects its funding attraction from venture capitals and innovation performance. Moreover, this study examines whether the startup’s knowledge spillover activities moderate the relationship between its entry timing and subsequent performance. An empirical analysis is conducted on 255 startups in the blockchain industry founded between 2007 and 2016. The results show that while early mover advantages exist in terms of funding attraction from venture capitals, the entry timing and innovation performance have an inverted U-shaped relationship, as expected. Knowledge spillover activities of blockchain startups positively moderate the relationship between the entry timing and the venture capital attraction. Managerial and theoretical implications for the blockchain industry are discussed. Keywords: Blockchain startups; Early mover advantages; Knowledge spillover; Venture capital investment; Innovation performance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:109:y:2020:i:c:p:64-75 DOI: 10.1016/j.jbusres.2019.11.068 Access Statistics for this article Journal of Business Research is currently edited by A. G. Woodside More articles in Journal of Business Research from Elsevier |
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