When Failure Is Not Fatal: Examining Venture Resource Acquisition Following Product Development Failure
研究了创新驱动行业中新创企业在产品开发失败后如何获取后续资源，发现内部质量信号有效性下降而行业背书信号有效性上升，对创业者和投资者有参考价值。
Product development in innovation-driven industries often fails. Although such failures cause new ventures to struggle to raise follow-on investments, some overcome this challenge. Why? Synthesizing insights from the research on signaling and social evaluation theory, we identify how certain resources can mitigate the risk of funding termination for new ventures despite product development failure. Through a longitudinal study of 254 venture capital-funded biotechnology ventures, we show that internal quality signals decrease in their effectiveness while industry endorsement signals increase in their effectiveness as quality signals over time. Our findings contribute to the literatures on entrepreneurial failure, entrepreneurial resource acquisition and signaling.