Technological Entrepreneurship or Business Model Entrepreneurship? Entrepreneurial Strategy and High-Status Venture Capitalists
Xie Fuquan1, Zhang Shiyun1, Hao Bin2, Wu Yunqiao3
1. Economy and Management College,East China Normal University,Shanghai 200062,China; 2. Business College, East China University of Science and Technology,Shanghai 200037,China; 3. International College of Finance and Economics,Shanghai Lixin University of Accounting and Finance,Shanghai 201620,China
Abstract：As two different entrepreneurial strategies,technological approach and business model approach have different requirements on firm capability in a particular context,and will have distinctive impacts on firm growth.Entrepreneurs' decision on choosing one over the other would not only affect firm's prospect,but also relate to technological development of a certain industry and even the whole nation.This study investigates how different entrepreneurial strategies influence venture capital investment,unveiling how they might have distinctive impacts on attracting attention from high-status venture capitalists.Drawing on data of 1624 Chinese Information and Computer Technology (ICT)firms with 2210 investments from 2000 to 2016,we find that compared to technological entrepreneurship,model entrepreneurship has higher attractiveness to high-status Venture Capitals (VCs).When stock market thrives or when there are many governmental VCs,the advantage that business model entrepreneurship holds in attracting high-status VCs will be weakened.This study contributes to the line of inquiry on entrepreneurial strategy and VC investment.It can also have implications to practitioners in terms of firm strategic choice and technological development in an industry.
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