Similarity is not everything: the influence of personal characteristics of entrepreneurs and investors on their fit

Caroline Tarillon (), Han Yu, Ludivine Adla, Elodie Manthé and Geoffroy Enjolras
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Caroline Tarillon: Univ. Grenoble Alpes, Grenoble INP, CERAG
Han Yu: Univ. Grenoble Alpes, Grenoble INP, CERAG
Ludivine Adla: Univ. Grenoble Alpes, Grenoble INP, CERAG
Elodie Manthé: Université Savoie Mont-Blanc, IUT Annecy, IREGE

International Entrepreneurship and Management Journal, 2023, vol. 19, issue 2, No 10, 709-732

Abstract: Abstract New technology-based firms (NTBFs) currently represent a strong growth lever for the economy, but they face numerous obstacles. Achieving financing goals is a key element in securing sufficient resources for growth. To do so, entrepreneurs need to build high-quality relationships with investors. Through the proposition of an integrative model thanks to the upper echelon theory (UET), our research studies how personal characteristics of entrepreneurs and investors influence their fit. In an original qualitative approach, we interviewed nine pairs of entrepreneurs and investors. To complement findings in entrepreneur/investor relationship field, we demonstrate that similarity is not everything and that complementary personality traits, aligned values and past experience which give confidence are crucial antecedents of their fit. We also complement past research by showing that those personal characteristics are more important in the first stages of pre-financing process, from the encounter stage, even if they need to be taken into account throughout the process via the construction of the interpersonal relationship between the two actors.

Keywords: New technology-based firms; Financing process; Pre-investment phase; Interpersonal relationship (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s11365-023-00837-6

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