Start-up funding negotiations with venture capitalists: understanding the behaviors and strategies of experienced entrepreneurs
本研究通过对32位成功获得风险投资的企业家进行访谈，揭示了他们在谈判中使用的三种关键行为维度：谈判能力、权力策略和谈判风格，为创业者提升融资谈判技能提供了实用指导。
Purpose This study explores the negotiation behaviors and strategies employed by experienced entrepreneurs to secure venture capital (VC) funding. Design/methodology/approach Using a qualitative approach, we conducted interviews with 32 accomplished founders with track records in securing VC funding. Our conceptual underpinning rests upon an existing negotiation competency model. This study employed a systematic and iterative data analysis method, following an inductive approach grounded in Gioia et al .’s (2013) methodology to conceptualize the unprocessed interview data. Findings We identified three dimensions characterizing entrepreneurial negotiation behavior in VC negotiations: negotiation competencies, power tactics, and negotiation style. Furthermore, we identified specific behaviors in these dimensions and explored how entrepreneurs apply these skills in the VC context. Research limitations/implications This study contributes a nuanced understanding of entrepreneurs’ negotiation behaviors, opening avenues for further research on effective strategies in entrepreneurial finance. Practical implications Entrepreneurs can leverage the identified negotiation strategies to enhance their skills and navigate VC negotiations more effectively, potentially leading to better funding outcomes. Furthermore, training programs can be crafted to encourage the cultivation of these behaviors. Originality/value This study is the first to systematically examine the negotiation behaviors and strategies employed by experienced entrepreneurs in VC negotiations, revealing entrepreneurs’ specific behaviors and elucidating how these behaviors are employed within negotiations to provide practical insights.