Entrepreneurs present their ideas in a favorable light through compelling communications that may shape the investors' impressions about the value of the startup's technology and its potential to disrupt. Assessing such communications, venture capital (VC) investors get an impression of the startup's technology and shape their willingness to commit resources to it. Since diverse kinds of VC investors pursue alternative investment objectives, they may develop different impressions of the startup's technology and accordingly make different resource commitment decisions. This paper aims to investigate the resource commitment decisions of VC investors when financing startups communicating disruptiveness by distinguishing between independent venture capitalists (IVC) and corporate venture capitalists (CVC). Analyzing data about 664 medical device and biotech startups in a 10-year period, we found that communicating disruptiveness decreases the amount of funding committed by IVC, while it has a curvilinear effect on the amount of funding provided by CVC. Our findings contribute to the literature and provide important implications for managers of startups aiming to secure funding from different VC investors.

企业家通过引人注目的沟通以有利的方式展示他们的想法，这可能会影响投资者对初创公司技术价值及其颠覆潜力的印象。通过评估此类沟通，风险投资 (VC) 投资者对初创公司的技术有了印象，并决定了他们向其投入资源的意愿。由于不同类型的 VC 投资者追求不同的投资目标，他们可能会对初创公司的技术产生不同的印象，并相应地做出不同的资源承诺决策。本文旨在通过区分独立风险资本家 (IVC) 和企业风险资本家 (CVC) 来调查 VC 投资者在为传达破坏性的初创企业融资时的资源承诺决策。通过分析 664 家医疗器械和生物技术初创公司 10 年的数据，我们发现沟通破坏性降低了 IVC 承诺的资金数额，同时对 CVC 提供的资金数额产生了曲线效应。我们的研究结果对文献做出了贡献，并为旨在从不同 VC 投资者那里获得资金的初创公司经理提供了重要启示。