Bringing Personalized Ties back in: Their Added Value for Biotech Entrepreneurs and Venture Capitalists Interorganizational Networks

Álvaro Piña-Stranger · Emmanuel Lazega

45 citations0/0 files storedSociological Quarterly

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Private Equity and Venture Capital Entrepreneurship Studies and Influences Innovation and Knowledge Management

Abstract

Using a unique data set collected in France among biotech entrepreneurs and their venture capital investors (VCs), we measure the added value of personal relationships at the interorganizational level. Our analyses show that when two entrepreneurs share a personal collaboration tie or a personal friendship tie with a VC investor, the probability of having an advice tie and thus exchange tacit knowledge increases significantly. We confirm the importance of this kind of social embeddedness in the biotech industry where personalized ties—as opposed to institutional and contractual relationships—at the interorganizational level had not yet been examined systematically. Our results suggest that strategies of personalization of exchanges are vital for interorganizational learning. These strategies help entrepreneurs to access resources, participate in knowledge building, and co-orientate activities in this sector.

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References

1973The Strength of Weak Ties 1997Social Structure and Competition in Interfirm Networks: The Paradox of Embeddedness 1996Interorganizational Collaboration and the Locus of Innovation: Networks of Learning in Biotechnology 1983The Strength of Weak Ties: A Network Theory Revisited 1994Regional advantage: culture and competition in Silicon Valley and Route 128 1994Networks and Organizations: Structure, Form, and Action.1995Regional Advantage: Culture and Competition in Silicon Valley and Route 128.2000Don't go it alone: alliance network composition and startups' performance in Canadian biotechnology

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