The Interdependence Between Donors and Investors: Liability of Hybridity, Entrepreneurial Ecosystem Affordances, and Venture Financing
研究创业生态系统中的空间和数字可供性如何帮助早期混合型创业企业克服混合性负债，同时从慈善和股权融资中获得资金，发现两者互补且受加速器和社交媒体影响。
This study investigates how spatial and digital affordances within entrepreneurial ecosystems (EEs) enable early-stage hybrid ventures to overcome the liability of hybridity and to secure funding from both philanthropic and equity funding sources. Using a simultaneous equation model with a U.S.-based sample of 2,723 hybrid ventures, we demonstrate that philanthropic and equity funding exhibit a statistically and economically significant complementary relationship. We further find that accelerator participation weakens this complementary relationship, while social media utilization strengthens it. These findings highlight the mechanisms through which EE-based affordances enhance hybrid ventures’ ability to navigate competing institutional logics and attract diverse funding sources.