创业过程中，三个构面之间的互动关

EntrepreneurialResourceLiteratureReview???????TimmonsModel???????,????????,????????,???????????,????????????????,????????????????????????????,??????,????,?????????????????????,????????????????????????????,????????????????,???????????????:1.Theroleofangelinvestorsintheassemblyofnon-financialresourcesofnewventure.2.Valuecreatedthroughthesociallycomplexrelationshipbetweentheventurecapitalistandtheentrepreneurialteam.OpportunityResourceTeamCommunicationCreativityLeadership3.Qualitiesofembeddednetworktiesofemergingentrepreneurialfirms.4.Customernetworks,entrepreneurstrategy,andfirmgrowth:insightsfromthesoftwareindustry.5.ResourceAcquisitionasastartupprocess:initialstocksofsocialcapitalandorganizationalfounding.6.High-TechnologyAgglomerationandtheLaborMarket:TheCaseofSiliconValleyTHEROLEOFANGELINVESTORSINTHEASSEMBLYOFNON-FINANCIALRESOURCESOFNEWVENTURES??:???????????????,????????????????,?????,??????????????????,????????????,?????????????,??????,???????,????,???????,????????????????????????????????????????,???????(angel)????????????????:???????????????????,??????????????,?????????????????:?????????????????????,???????????????,??????????????????????,????????????????????????????????:????????????????HumanCapital:???????????????????????,??????????????,?????????????????????????????????????????????????SocialCapital:?????????????????????,?????????????????…?????????????,?????????????,???????????????????????????????????PhysicalCapital:???????????,??????????????,??????????????????????FinancialCapital:??????????????????…?????????????????????????,??????????????????,????????????????????????????????????????????????????:?????????????????????????????,?????????????????????,??????????????????,?investors,privateinvestment.Privateinvestors,capitalmarket,angels,venturecapita.Privateplacements.Investment…???JournalofBusinessVenturing,TheVentureCapitalJournal,ThejournalofPrivateEquity.?????????,?40????????,???????????????????????Harrison&Mason????,36?????,??????????????????????????????????????????????,17/36????????????????????????????????????????,?????????????????????????????,???????????????????????????????????????????,?????????,??????????????????????????????????,????????????????????,????????????????,???????????????????,???????????????????????????????????,???????????????????????????,??????????,?????????????????????????,??????????,??????????????????????????,??????????????????????????,???????????????????????????,???????,?????????????????????,?????????…,??????,?????????????????,??????????????,???????????:R1:Whattypesofresources,inadditiontomoney,doangelsprovidetonewbusinessesorhelpthosenewbusinessestoassemble?Whattypesofadditionalvaluedoangelscontributetotheresourceassemblyprocess???,????????,?????(??????????…)???????????????????????????:R2:Inadditiontoprovidingservices,howdoangelsattempttoincreasereturnsandmanageriskintheirinvestments???????????,?????????????,?????????????,??????????????????????????????????????????????????????????????????CEO??????????,???????????????,????????????????,????????:“I’vehelpedbringinadditionalpeople,connectedthemtootherinterestingresources,whetherit’scompanies,people,whatever.I’vehelpedquiteafewfirmsraisemoney,asaninvestor.Ialmostalwaysspendafairamountoftimewiththemonhowtheyarticulatetheirbusinessstrategy,andIdon’tliketogetintotheoperationsatall.”PercentageofRespondentsContributingCertainNon-FinancialResourcesHelptoshapethebusinessconceptorbusinessmodel52%Findandrecruitthemanagementteamandkeypersonnel38%Findadditionalsourcesofcapital32%Helpwithestablishingsocialnetworks20%PercentageofRespondentsAssumingSpecificRolesChairmanoftheBoard65%BoardMember45%President,CEO20%Co-founder20%ManagementTeamMember16%CriticalFactorsConsideredinDueDiligence(FourThreeFactors)ManagementTeam50%MarketSizeandMarketNeed44%CompetitiveAdvantage16%DesiredCharacteristicsofStart-upTeamMembers(TopFour)TrackRecord—PreviousSuccesses30%Drive,Enthusiasm,Commitment20%KnowledgeoftheTechnology12%Integrity12%????????????????????????,?????????,??????????????????,???????,???????????????????????,??????????????,????????????????…??,??????????????????,?????????????ResourcesforBusinessFormationIntellectualcapitalBusinessconcept/model,businessplanProprietaryknowledgeofproducts,processes,markets,etc.Patents,trademarks,copyrightsHumancapitalManagement/leadershipskillsPersonalitytraitsnecessaryforasuccessfulstart-upSocialcapital(Relationshipswith):SuppliersCustomersRegulatoryagenciesAlliancepartners(partnerships,jointventures,etc.)ConsultantsandadvisorsPotentialinvestorsPhysicalNaturalresourcesFabricated(facilities,plant&equipment,etc.)FinancialEquityDebtVALUECREATEDTHROUGHTHESOCIALLYCOMPLEXRELATIONSHIPBETWEENTHEVENTURECAPITALISTANDTHEENTREPRENEURIALTEAM???:??????????????????????,inter-organizationalrelationship(IOR)??????,??????????????????????????????,?????????????????????????????,????????????????,?????,????????,???????????????????????????,??????????????,???????????????,??????????????????????:??????(BritishVentureCapitalAssociation,BVCA)??,?????,???????????