Past research has produced contradictory insights into how prior collaboration between organizations—their relational embeddedness—impacts collective collaborative performance. We theorize that the effect of relational embeddedness on collaborative success is contingent on the type of success under consideration, and we develop a typology of two kinds of success. We test our hypotheses using data from Crunchbase on a sample of almost 11,000 U.S. start-ups backed by venture-capital (VC) firms, using the VCs’ previous collaborative experience to predict the type of success that the start-ups will experience. Our findings indicate that, as prior collaborative experience within a group of VCs increases, a jointly funded start-up is more likely to exit by acquisition (which we call a focused success); with less prior experience among the group of VCs, a jointly funded start-up is more likely to exit by IPO (a broadcast success). Our results deepen understanding of the connections between organizational performance and collaboration networks, contributing to entrepreneurship research on the role of investors in technology ventures.

中文翻译：

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过去是序幕？风险投资集团的合作经验和初创企业退出

过去的研究对组织之间先前的协作——它们的关系嵌入——如何影响集体协作绩效产生了矛盾的见解。我们的理论是，关系嵌入对协作成功的影响取决于所考虑的成功类型，我们开发了两种成功的类型学。我们使用来自 Crunchbase 的数据对由风险投资 (VC) 公司支持的近 11,000 家美国初创企业的样本进行测试，并使用风险投资 (VC) 之前的合作经验来预测初创企业将获得的成功类型。我们的研究结果表明，随着一组风投之前合作经验的增加，联合投资的初创公司更有可能通过收购退出（我们称之为专注成功）；VC 群体之前的经验较少，联合投资的初创公司更有可能通过 IPO 退出（广播成功）。我们的研究结果加深了对组织绩效与协作网络之间联系的理解，有助于对投资者在技术企业中的作用的创业研究。