A definition, review, and extension of global ecosystems theory: Trends, architecture and orchestration of global VCs and mechanisms behind unicorns

Thommie Burström, Tom Lahti, Vinit Parida, Markus Wartiovaara and Joakim Wincent

Journal of Business Research, 2023, vol. 157, issue C

Abstract: The prior Venture Capital research (VC) has examined the micro processes of syndication and alliance formation. However, a macro and more systemic view is lacking, where past research has neglected the global VC-ecosystem. Using a qualitative method and an abductive approach, we combine and integrate two strands of research, on VC and ecosystems, to shed light on the crucial dynamics in the VC industry. We provide a VC-ecosystem definition and portray the ecosystem architecture in a segmentation matrix of investor types and roles, including Active Hubs and Complementors. Moreover, our findings identify and explain central Hub orchestration mechanisms: enablers, governance, partner management, co-specialization, and nurturing. The study concludes with a discussion on the theoretical and managerial implications, and suggestions for future research on a global ecosystem, which operates at a higher level than the traditional firm-level ecosystems on which the previous research generally focuses.

Keywords: Ecosystem; Venture capital; Orchestration; Hubs; Startups; Scaleup; New ventures (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0148296322010700
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:157:y:2023:i:c:s0148296322010700

DOI: 10.1016/j.jbusres.2022.113605

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
Bibliographic data for series maintained by Catherine Liu ().