The positive effect of venture capital (VC) on firm growth has been widely documented. However, there exists a large variation in growth of VC-backed firms, with only a small number reaching a substantial size. Prior studies have linked the variation in growth of VC-backed firms to differences in resource endowments of the entrepreneurial top management team, the firm or the venture capitalist, without considering their potentially complex interactions. In addition, the literature has taken strong growth aspirations in VC-backed firms as a given, without examining potential variations thereof and their potential implications. Therefore, this study aims to examine which configurations of resource portfolios and growth aspirations lead to high VC-backed firm growth. In order to do so, we take an inductive, theory-building approach and build on fuzzy-set qualitative comparative analysis (fsQCA). Our results show that strong growth aspirations of the entrepreneurial top management team are a necessary condition for high VC-backed firm growth. Furthermore, we identify four configurations which, in combination with strong growth aspirations, may lead to high VC-backed firm growth.

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风险投资赢家：风险投资支持的公司高增长的配置方法

风险投资 (VC) 对公司成长的积极影响已被广泛记录。然而，风险投资支持的公司的增长存在很大差异，只有少数公司达到了相当大的规模。先前的研究将风险投资支持的公司的增长变化与创业高层管理团队、公司或风险投资家的资源禀赋差异联系起来，而没有考虑它们潜在的复杂相互作用。此外，文献将风险投资支持的公司的强烈增长愿望视为既定事实，而没有研究其潜在变化及其潜在影响。因此，本研究旨在检验哪些资源组合配置和增长愿望会导致风险投资支持的公司高增长。为此，我们采用归纳法，理论构建方法并建立在模糊集定性比较分析（fsQCA）的基础上。我们的研究结果表明，创业型高层管理团队的强烈成长愿望是获得风险投资支持的公司高成长的必要条件。此外，我们确定了四种配置，结合强劲的增长愿望，可能会导致风险投资支持的公司高增长。