Relational Ambidexterity and High-tech Startups'Initial Public Offering
Compared to traditional firms,high-tech startups not only need to bear the high risks of R&D,but also face tremendous uncertainties in business operation.For high-tech startups,absorbing diverse knowledge through inter-organizational relationships is of paramount importance.Among various inter-organizational relationships,those with competitors and collaborators are the two most important types.These two types of relationships provide distinct and irreplaceable support for the growth of high-tech startups.This study investigates how the configuration of rivals and collaborators within a high-tech startup's portfolio of indirect ties formed via common venture capital firms affects its likelihood of going IPO.While direct and formal inter-organizational relationships such as alliances between high-tech startups and other organizations have received extensive scholarly attention,research on indirect and informal inter-organizational ties remains insufficient.Indirect and informal relationships can influence inter-organizational learning and shape firms'developmental trajectories.Building on interorganizational learning theory,we propose that a simultaneous and balanced presence of both rivals and collaborators within a high-tech startup's indirect ties portfolio will facilitate the startup'learning of commercial and technological knowledge,thereby enhancing its IPO likelihood.Based on data of unlisted high-tech startups in China from 2000 to 2021,this study empirically investigates how the relational ambidexterity in the portfolios of indirect ties formed through common venture capital firms with other startups affects the IPO likelihood of high-tech startups.We further explore the moderating factors from the perspectives of learning willingness and learning capability.We find that relational ambidexterity significantly enhances high-tech startups'IPO likelihood by promoting the startup'learning of commercial and technological knowledge.Moreover,entrepreneurs'open mindsets and investor diversity strengthen the positive effect of relational ambidexterity.The contributions of this paper are as follows.First,the findings suggest that the influence of venture capital firms on startups stems not only from their direct interactions with the focal startups,but also from changes in the portfolios of indirectly affiliated startups shaped by venture capital firms.This paper provides new insights into deconstructing the relationship between venture capital firms and the performance of their portfolio startups.Second,this research offers a novel perspective on indirect competitor ties.Compared to direct relationships with competitors,indirect ties with competitors have received insufficient attention from scholars.Additionally,the limited research focusing on indirect competitor ties has primarily concentrated on their negative effects.Our study demonstrates the positive role of indirect competitive relationships.Finally,this study highlights that indirect and informal inter-organizational relationships can promote inter-organizational learning,exerting profound impacts on organizations.Discussions on knowledge or entrepreneurial networks could benefit from increased attention to indirect and informal relationships.Based on the findings of this study,we propose the following practical suggestions.First,the findings suggest that founders and executives of high-tech startups should objectively recognize relational ambidexterity,especially its competitive aspect.Furthermore,high-tech startups should emphasize learning business knowledge and proactively communicating with venture capital experts,evaluating inter-organizational relationships from a business perspective.For venture capital firms,introducing resources from their portfolio companies is crucial.Given that different types of startups utilize competitive relations differently,venture capital firms should provide more targeted services.In terms of policy,government departments can enhance the diversity of the surrounding network of high-tech startups when arranging startups in technology parks or incubators.Meanwhile,government venture capital or guidance funds should guide invested startups with a dual perspective when startups are faced with combinations of collaboration and competition,particularly for startups with a relatively homogeneous investor portfolio.
relational ambidexterityinter-organizational learninghigh-tech startupsinitial public offering
NETL
NSTL
万方数据
