ABSTRACT Venture capital funding is an increasingly common yet understudied management model in the rapidly changing market of news media. Drawing on scholarship in media management and entrepreneurship, this study applies a community ecology framework to analyze the relationship between venture capital funding and digital news media firms. In doing so, this work explores the interaction between legacy news media firms and new entrants as they struggle for scarce resources and seek to grow in the face of rapid change. A dataset tracking funding activity of legacy and startup news media firms is used to analyze resource allocation within the digital news media ecosystem. Results of the analyses provide insights for news media management by furthering understanding regarding venture capital funding models and the generative mechanisms that help drive growth. Specifically, findings highlight the importance of cross-sector engagement and the tension between firm age and position for growth in the digital news media ecosystem.

中文翻译：

---

启动新闻：风险投资对数字新闻媒体生态系统的影响

摘要 在瞬息万变的新闻媒体市场中，风险投资是一种日益普遍但尚未得到充分研究的管理模式。本研究利用媒体管理和创业方面的奖学金，应用社区生态学框架来分析风险投资资金与数字新闻媒体公司之间的关系。在这样做的过程中，这项工作探索了传统新闻媒体公司与新进入者之间的互动，因为他们为稀缺资源而奋斗并在面对快速变化时寻求发展。跟踪传统和初创新闻媒体公司融资活动的数据集用于分析数字新闻媒体生态系统内的资源分配。分析结果通过进一步了解风险投资融资模式和有助于推动增长的生成机制，为新闻媒体管理提供了见解。具体而言，调查结果强调了跨部门参与的重要性以及公司年龄与数字新闻媒体生态系统增长地位之间的紧张关系。