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Schumpeterian entrepreneurial digital identity and funding from venture capital firms

Author

Listed:
  • Jörn H. Block

    (Trier University
    Erasmus University Rotterdam)

  • Christian Fisch

    (University of Luxembourg)

  • Walter Diegel

    (Trier University)

Abstract

Schumpeterian entrepreneurs are considered agents of innovation and technology transfer. However, to fulfill this role, they need entrepreneurial finance. From the perspective of digital identity, we examine the relationship between a Schumpeterian digital identity and venture capital (VC) funding. Because the VC industry celebrates innovative and visionary entrepreneurship, we posit that a founder’s digital identity as a Schumpeterian-type entrepreneur influences the venture’s chances of receiving VC funding. A quantitative analysis of the language used by 3313 founders in a large sample of Twitter messages, however, provides a mixed picture. While some dimensions of Schumpeterian entrepreneurship have a positive relationship with the acquisition of resources from VC firms (entrepreneurial vision and optimism), other dimensions seem to have no (uncertainty tolerance and rationality) or even a decreasing (achievement motivation) effect. The negative relationships observed can be explained by the particularities of the VC business model, which does not align with Schumpeterian entrepreneurship in all respects. Our study contributes to research on Schumpeterian entrepreneurship, the financing of technology transfer, and the link between entrepreneurial digital identity and entrepreneurial finance. From a practical perspective, the results of our study demonstrate the limits of VC with regard to the financing of technology transfer and highlight the need for public funding through governmental VC or agencies for (disruptive) innovation.

Suggested Citation

  • Jörn H. Block & Christian Fisch & Walter Diegel, 2024. "Schumpeterian entrepreneurial digital identity and funding from venture capital firms," The Journal of Technology Transfer, Springer, vol. 49(1), pages 119-157, February.
    • Handle: RePEc:kap:jtecht:v:49:y:2024:i:1:d:10.1007_s10961-022-09973-7
    DOI: 10.1007/s10961-022-09973-7
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    More about this item

    Keywords

    Entrepreneurial identity; Digital identity; Venture capital; Schumpeterian entrepreneurship; Twitter; Text analysis;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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