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: CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes
Han Yu: CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes
Ludivine Adla: CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes, Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes, UGA - Université Grenoble Alpes
Elodie Manthé: IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc

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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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Citations: View citations in EconPapers (2)

Published in International Entrepreneurship and Management Journal, 2023, 19 (2), pp.709-732. ⟨10.1007/s11365-023-00837-6⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04016359

DOI: 10.1007/s11365-023-00837-6

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