Preparedness and Cognitive Legitimacy as Antecedents of New Venture Funding in Televised Business Pitches
研究了企业家在电视商业路演中的准备行为如何通过影响认知合法性来增加获得的融资金额，基于《创智赢家》和《龙穴》节目的113个成功融资案例。
This research addresses the question of what specific entrepreneurs’ behavior increases the propensity for resource acquisition. Within the context of business “pitches,” we explore subtleties in the process via a theoretically derived model linking entrepreneurs’ preparedness behavior, perceived cognitive legitimacy, and amount of funding received. We test this model using data coded from two sources: 14 episodes of the television show “Shark Tank” that aired in 2009, as well as 84 episodes of “Dragons Den” that aired from 2005 to 2010. Within these episodes, we specifically examine the 113 individual business pitches that received funding. Overall, results suggest the relationship between entrepreneurs’ preparedness behavior and the amount of funding received is mediated by cognitive legitimacy. Specifically, entrepreneurs’ increased preparedness behavior was positively related to increased cognitive legitimacy. Cognitive legitimacy, in turn, was positively related to amount of funding received. We offer thoughts regarding implications from both theoretical and practical perspectives.