Building on the behavioral theory of the firm, we empirically examine how starting strategies and syndication networks can influence venture capital (VC) firms’ problemistic search. We propose that: (a) depending on a VC’s strategic starting point, that is, the VC’s extent of specialization, the directionality of problemistic search may change to either expanding or contracting search activities; and (b) depending on search direction, structural holes in syndication networks can either impede or facilitate the problemistic search process. In a sample of U.S. VC firms, we find results consistent with our predictions, which have important implications for entrepreneurship and organizational strategy research.

在公司行为理论的基础上，我们实证研究了启动策略和联合网络如何影响风险投资 (VC) 公司的问题搜索。我们建议： (a) 根据风险投资的战略起点，即风险投资的专业化程度，问题搜索的方向可能会改变为扩大或收缩搜索活动；(b) 根据搜索方向，联合网络中的结构漏洞可能会阻碍或促进有问题的搜索过程。在美国风险投资公司的样本中，我们发现结果与我们的预测一致，这对创业和组织战略研究具有重要意义。