A definition, review, and extension of global ecosystems theory: Trends, architecture and orchestration of global VCs and mechanisms behind unicorns
结合风险投资与生态系统理论，定义了全球风险投资生态系统，并识别出中心枢纽的编排机制，对理解独角兽企业背后的宏观动态有重要参考价值。
The prior Venture Capital research (VC) has examined the micro processes of syndication and alliance formation. However, a macro and more systemic view is lacking, where past research has neglected the global VC-ecosystem. Using a qualitative method and an abductive approach, we combine and integrate two strands of research, on VC and ecosystems, to shed light on the crucial dynamics in the VC industry. We provide a VC-ecosystem definition and portray the ecosystem architecture in a segmentation matrix of investor types and roles, including Active Hubs and Complementors. Moreover, our findings identify and explain central Hub orchestration mechanisms: enablers, governance, partner management, co-specialization, and nurturing. The study concludes with a discussion on the theoretical and managerial implications, and suggestions for future research on a global ecosystem, which operates at a higher level than the traditional firm-level ecosystems on which the previous research generally focuses.