Drawing from the awareness–motivation–capability (AMC) perspective, this article develops a theoretical model, linking the relationship between the entrepreneur and investors to the entrepreneur’s exit path from her venture. It is argued that the relationship between the entrepreneur and the investors can be construed as being co-opetitive in nature, that is, simultaneously involving collaboration to grow the venture and competition to obtain a larger equity stake in the venture and broader decision-making rights. The article contributes to the entrepreneurship literature by developing a co-opetition view of the entrepreneur–investor relationship, theoretically modelling different exit pathways, and linking them to success versus failure perceptions of the entrepreneur’s exit from her venture.

本文从意识，动机，能力的角度出发，开发了一种理论模型，将企业家和投资者之间的关系与企业家退出企业的道路联系起来。有人认为企业家和投资者之间的关系可以解释为具有竞争关系从本质上讲，就是同时进行合作以发展合资企业，并进行竞争以获得合资企业更大的股权和更广泛的决策权。本文通过发展对企业家与投资者关系的竞合观点，从理论上对不同的退出路径进行建模，并将它们与企业家退出企业的成功与失败观念联系起来，为企业家文学做出了贡献。