The Life Cycle of New Ventures

The Life Cycle of New Ventures

Emergence, Newness and Growth

Edited by Candida G. Brush, Lars Kolvereid, L. Øystein Widding and Roger Sørheim

The contributors to this book provide a cross-national comparison of venture emergence, newness and growth. Their chapters examine the influences of cultural, social and economic factors on venture development, compare the approaches of entrepreneurs who move from idea to emerging organization, and investigate acquisition and development of resources in growth and performance.

Chapter 9: Board Features Associated with New Team Member Addition in Academic Spin-offs

Ekaterina S. Bjørnåli and Truls Erikson

Subjects: business and management, entrepreneurship, international business


Ekaterina S. Bjørnåli and Truls Erikson INTRODUCTION The strategic management and organizational behaviour literature contains an extensive body of work that has examined the relationship between management change characteristics and the need for organizational change. Managerial turnover as a form of organizational adaptation has been widely studied in the context of large, established organizations (Wiersema and Bantel, 1993), in which the replacement of top executives provides an important mechanism for the organization to overcome inertia (Tushman and Romanelli, 1985) and adapt strategically to changing contexts (Pfeffer and Salancik, 1978). However, studies focusing on top management teams (TMT) in large, established firms have failed to distinguish between the factors associated with team member entry and those associated with team member exit (Ucbasaran et al., 2003). In sharp contrast to large, established firms, management turnover in the context of new ventures has almost been neglected. Few studies have attempted to address this gap (for example, Forbes et al., 2006; Erikson and Berg-Utby, 2009). However, entrepreneurship scholars and theorists have begun to acknowledge that the teams that lead entrepreneurial firms change over time, and that ‘new team members need to be brought in and founders, whose skills may become outdated, need to be replaced’ (Beckman et al., 2007, p. 149). Overall, the studies of team dynamics demonstrate that the managerial transitions in new ventures may not always go smoothly and even be detrimental to the firm (for example, Chandler et al., 2005; Beckman et al., 2007). Still, these managerial transitions have...

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