In recent years, entrepreneurs have increasingly turned to crowdfunding, a new form of entrepreneurial finance, to fund projects. Whilst research has shown that signals originating from the entrepreneur and project can affect the outcome of crowdfunding, how different signals work together under different signalling environments remains underexplored. Drawing on signalling theory, we examine how signals of entrepreneurs’ credibility (success, failure, backer and industry experience) and project quality (preparedness and third-party endorsements) produce crowdfunding success in different signalling environments. We collected a unique dataset with matched projects listed on both Kickstarter and Indiegogo, but with different funding models, to represent two distinct signalling environments. Results based on qualitative comparative analysis (QCA) identify two distinct signalling patterns that show entrepreneur’s credibility and project quality signals can complement each other to produce crowdfunding success. In an environment with less uncertainty, entrepreneur’s credibility in terms of crowdfunding experience can also compensate absent project quality to produce crowdfunding success. In an environment with higher uncertainty, entrepreneur’s credibility and project quality need to be both present to establish the necessary legitimacy for crowdfunding to be successful. Furthermore, by integrating positive (i.e. success) and negative (i.e. failure) signals, we demonstrate how signal incongruence can enhance crowdfunding success.Plain English Summary Failure experience is an important signal in achieving crowdfunding success, but its effectiveness depends on other signals as well as the signalling environment. Our study shows how crowdfunding success can be achieved in multiple ways and that the path to success depends on the funding model of the platform used. For entrepreneurs to demonstrate credibility, backer experience and project preparedness are important. Both are under the control of the entrepreneur and well worth considering investing effort into. Importantly, the study also shows that demonstrating failure experience is important in achieving crowdfunding success. Failure experience can either replace the lack of prior success experience by demonstrating a track record of learning or it can enhance prior success experience by producing a more realistic picture of the entrepreneurs. Thus, the study offers practical implications for entrepreneurs on how to use different signals to increase the likelihood of success in reward-based crowdfunding.
PurposeEntrepreneurial orientation (EO) is an exploratory orientation because its dimensions such as innovativeness, proactiveness and risk-taking are the essence of exploration that entails uncertain returns. While literature suggests firms might need to counterbalance and complement EO with another orientation for organisational success, research on this area remains limited. Drawing on organisational learning theory, the purpose of this article is to explore whether and how the EO dimensions and organisational ambidexterity complement each other to enhance new product performance. More specifically, the authors explore the configurations of innovativeness, proactiveness, risk-taking and ambidexterity for superior new product performance under different levels of market turbulence.Design/methodology/approachBased on a configurational perspective, the authors applied fuzzy set qualitative comparative analysis (fsQCA) on a sample of 88 small and medium-sized firms from the UK. Using fsQCA allows the authors to uncover the potential complementary role between the EO dimensions and ambidexterity for superior new product performance.FindingsThe results of this paper reveal three configurations that are sufficient to produce superior new product performance. The results suggest that the EO dimensions and ambidexterity can complement each other to enhance new product performance. Further, under the turbulent market environment, the EO dimensions are also sufficient to produce superior new product performance.Originality/valueBy adopting a configurational perspective using fsQCA, the study provides a more holistic understanding of how the EO dimensions work together to influence new product performance. It also contributes to the literature by uncovering the complementary role of the EO dimensions and ambidexterity in shaping new product performance.
Purpose Prior research shows that universities differ in the knowledge exchange (KE) activities they pursue, but little is known about universities’ strategies regarding their portfolio of KE activities. The purpose of this paper is to explore the KE strategy of UK universities in specific relation to their portfolio of KE activities with small- and medium-sized enterprises. Design/methodology/approach Based on the 2015–2016 Higher Education Business and Community Interaction Survey data set, this study employs the Preference Ranking Organisation METHod for the Enrichment of Evaluations to assess the KE activities from 162 UK higher education institutions. Findings The study reveals that entrepreneurial universities valorise university knowledge assets through five SME-focussed KE activities most beneficial to measuring the entrepreneurial university. It also uncovers four different archetypal categories (groupings) of universities based on their strategic focus of KE activities. Originality/value This study contributes to the entrepreneurial university literature by considering universities’ overall KE portfolio rather than examining individual KE activity in isolation. It provides a clearer understanding of universities’ KE strategies that help define and delineate entrepreneurial universities regarding their range, focus and the combination of KE activities.
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