In this article, we explore how paradoxical tensions related to exploration–exploitation dynamics may shape vicious cycles in high-growth ventures. Based on an inductive, interpretive case study at a telecommunications firm in the United Kingdom, we identify a set of drivers through which vicious cycles may emerge and persist over time. While some drivers are associated with originating the vicious cycle (cycle originators), others are associated with sustaining it (cycle perpetuators). Cycle originators identified in the study include tradeoff cognition, structural separation, and a structural leadership void. Cycle perpetuators include intergroup tensions, ineffectual integration, and a temporal leadership void. We show how the interplay between these drivers in a self-reinforcing process culminates in the escalation of tensions and a political turnover (cycle climax). In the field study, we observe the operation of this pattern over two full cycles. Based on the findings, we develop a framework relating paradoxical tensions to vicious cycles in new venture growth. We conclude by challenging traditional stage-based conceptualizations of new venture growth, and by discussing the implications of our study for research on the linkages between organizational paradox, ambidexterity, and venture growth theory.

在本文中，我们探索与勘探开发动态相关的矛盾张力如何塑造高增长企业中的恶性循环。根据英国一家电信公司的归纳，解释性案例研究，我们确定了一系列驱动因素，通过这些驱动因素，恶性循环可能会随着时间的流逝而持续下去。虽然某些驱动程序与发起恶性循环相关联（循环始发者），而其他驱动程序与维持恶性循环相关联（循环永发者）。研究中确定的周期发起者包括权衡认知，结构分离和结构领导力缺失。周期的延续者包括群体间的紧张关系，无效的整合和暂时的领导力缺失。我们展示了自我强化过程中​​这些驱动因素之间的相互作用如何最终导致紧张局势升级和政治失误（周期高潮）。在现场研究中，我们观察了这种模式在两个完整周期内的运行情况。基于这些发现，我们建立了一个框架，将矛盾的张力与新企业成长中的恶性循环联系起来。最后，我们挑战了传统的基于阶段的新风险投资概念，并讨论了我们的研究对组织悖论，矛盾性和风险投资理论之间联系的研究的意义。