David Lingelbach | University of Baltimore (original) (raw)

Papers by David Lingelbach

Journal of Consumer Marketing, Mar 16, 2012

Purpose-The purpose of this paper is to develop a conceptual framework, based in entrepreneurship... more Purpose-The purpose of this paper is to develop a conceptual framework, based in entrepreneurship theory, which explains how marketing emerges in startups founded by members of the Millennial generation. Design/methodology/approach-Following a literature review, from which propositions are derived, an earlier process model of organizational speciation is adapted to marketing by Millennial entrepreneurs. Findings-A four-stage cycle model of entrepreneurial marketing by Millennials is developed, consisting of enabling through resource scarcity, bonding through social media, new product introduction through incremental stealth, and replicating through variation, selection, and retention. Research limitations/implications-Model development would be enhanced through empirical data. Practical implications-Marketers in entrepreneurial firms founded by Millennials can follow a few simple rules to enhance market penetration. Resource scarcity is something to be sought, not avoided. A thoughtful social media strategy can accelerate new product introduction: stealthiness and its close relation small size should be embraced; avoid getting too big too quickly; use furtiveness to drive social media-based bonding. Originality/value-Previous theoretical models at the marketing/entrepreneurship interface have not focused on the unique characteristics of Millennial-led new ventures. This study develops the most comprehensive model of entrepreneurial marketing by Millennials to date.

Journal of Management Inquiry

Actors at the wealth–power nexus—oligarchs, cronies, plutocrats, and the like—have become increas... more Actors at the wealth–power nexus—oligarchs, cronies, plutocrats, and the like—have become increasingly consequential in the global economic, political, and organizational landscapes. Yet, we know little about them, especially the processes by which they gain wealth or power, and then transform one into the other. I suggest that one reason for our limited understanding is that we are prisoners of Aristotle’s conceptualization of them as groups. To break out of that prison, a turn to the individual level seems warranted. This turn opens up new theoretical perspectives that focus on individuals and their processes, including effectuation, process research, biology and neuroscience, and arts and literature. These perspectives put individual-level processes front and center in the uncertain contexts in which these actors create and transform wealth and power.

Handbook of Research on Business Angels, 2000

We consider how new organizational forms originate, focusing on the role of powerless actors in i... more We consider how new organizational forms originate, focusing on the role of powerless actors in industry emergence. This process “is pre-eminently a political phenomenon” (Stinchcombe, 1965). New organizational forms—a primary source of organizational speciation—may be a product of the construction of markets using soft power (Santos and Eisenhardt, 2009). Organizational speciation transforms entrepreneurs into institutional entrepreneurs whose distributed agency leads

Frontiers of Entrepreneurship Research, 2010

... In an LAO setting larger players are more likely to be successful institutional entrepreneurs... more ... In an LAO setting larger players are more likely to be successful institutional entrepreneurs (Greenwood, Suddaby, and Hinings, 2002 ... Lingelbach, David C.; Gilbert, Evan; and Murray, Gordon (2010) "TOWARD A PROCESS MODEL OF VENTURE CAPITAL EMERGENCE: THE ...

Academy of Management Proceedings, 2013

Handbook of Research on Venture Capital: Volume 2, 2012

Oxford Handbooks Online, 2012

Private Equity in Emerging Markets, 2012

Page 1. Neither Pirates nor Politicos: The Emergence of Venture Capital in Weak Institutional Env... more Page 1. Neither Pirates nor Politicos: The Emergence of Venture Capital in Weak Institutional Environments Submitted by David Charles Lingelbach, to the University of Exeter as a thesis for the degree of Doctor of Philosophy in Management, April 2009 ...

Asia Pacific Business Review

Purpose-How does venture capital (VC) emerge in emerging and developing economies? This paper aim... more Purpose-How does venture capital (VC) emerge in emerging and developing economies? This paper aims to use case data from an early Russian VC fund to extend a previous model exploring that question. Design/methodology/approach-Case studies of VC emergence from South Africa, Botswana, and Russia are compared, from which a conceptual model is developed. Findings-VC emerges in a process consisting of four stages: enabling, coproducing, diffusing, and replicating. The Russian case shows that these stages are linked in a circular process, i.e. replicating can lead to enabling. VC emergence can also begin at any stage. A higher degree of public-private coproduction may outweigh the absence of a completed enabling stage, suggesting that strength in one stage can compensate for weakness in others. Research limitations/implications-This paper invites scholars to reconsider VC emergence in a more nuanced manner that takes into account its complex, processual nature. The inclusion of Russian data also encourages researchers to examine more closely the subtle ways in which the private and public sectors may interact in emerging markets in pursuit of common goals. This study's findings have important linkages with other critical accounts of international business. The study addresses weaknesses in earlier literature by employing a multidisciplinary , cross-context approach that utilizes data from a foreign VC investing in Russian small to medium-sized enterprises. Practical implications-VCs considering investment in Russia should examine how early entrants to the industry formed cooperative relationships with local governments. Policymakers should reexamine the relative importance of national and local efforts to promote VC and other innovation-related initiatives in emerging markets. Originality/value-This study moves beyond current economics-dominated understanding of VC, which focuses on antecedents (enabling conditions). It reports the central role of public-private coproduction in VC emergence, the feedback between diffusion and coproduction in emergence, and, most importantly, the diminished importance of enabling conditions. This paper presents the first fund-level study of Russian VC.

This paper reflects on the policy formation process in the burgeoning area of venture capital fin... more This paper reflects on the policy formation process in the burgeoning area of venture capital finance. An important question is raised as to why so little extant academic research, of both rigor and relevance, is employed in policy formation. The authors argue that the long term, international and comparative perspective of the academic researcher is of increasing importance in government. The gap between policy practice and academic empiricism is illustrated by reference to contemporary policy interest in the creation of public/private (‘hybrid’) venture capital funds. The rubric of 12 Meditations is employed as a device to communicate across the academic/policy maker divide.

We consider how new organizational forms originate, focusing on the role of powerless actors in i... more We consider how new organizational forms originate, focusing on the role of powerless actors in industry emergence. This process “is pre-eminently a political phenomenon” (Stinchcombe, 1965). New organizational forms—a primary source of organizational speciation—may be a product of the construction of markets using soft power (Santos and Eisenhardt, 2009). Organizational speciation transforms entrepreneurs into institutional entrepreneurs whose distributed agency leads to political and non-deterministic emergence (Battilana, Leca, and Boxenbaum, 2009). Most approaches characterize speciation as a consequence of insignificant or random initial factors. Entrepreneurs are more likely to cause new organizational form emergence when both asset cospecialization and futurity are low (Rumelt, 1987), requiring rapid institutionalization through force or domination mechanisms (Lawrence, Winn, and Jennings, 2001). However, these mechanisms are unlikely to be available to powerless institutiona...

We consider how venture capital (VC) industries emerge in limited access orders (LAOs; North, Wal... more We consider how venture capital (VC) industries emerge in limited access orders (LAOs; North, Wallis, and Weingast, 2009), focusing on the role of diffusion. Rumelt (1987) suggested that VC emerges when entrepreneurial firms require low levels of asset cospecialization and where expected returns occurs in the near future. This imperative for near-term returns is complicated in LAOs, where the first members of a VC population must act as institutional entrepreneurs in a context inimical to innovation and its challenge to elites’ economic rents, and requires rapid institutionalization. Diffusion—“the process in which an innovation is communicated through certain channels over time among the members of a social system” (Rogers, 2003)—plays a central role in the success of this process, which is based on force or domination mechanisms (Lawrence, Winn, and Jennings, 2001). In an LAO setting larger players are more likely to be successful institutional entrepreneurs (Greenwood, Suddaby, a...

SSRN Electronic Journal

Venture capital (VC) is concerned with seed, startup, and early stage investing in firms involved... more Venture capital (VC) is concerned with seed, startup, and early stage investing in firms involved with innovative products or processes. Existing variance studies of VC provide an incomplete understanding of VC emergence, emphasizing either macro-level enabling conditions or the efficient fund-level operation of the VC cycle. Following Tsoukas and Chia (2002), our study focuses on the non-prototypical portion of the VC phenomenon, which is found in weak institutional environments characteristic of many developing countries. In these contexts, VC is more likely to be an unstable organizational form and hence subject to change. As a consequence, new VC forms and emergence processes may arise in these environments, providing data in support of a more complete, processual model of VC emergence. This paper reports findings of an exploratory case study of the VC emergence process in Botswana. Our main contribution is to develop a multi-stage process model of VC emergence. Our model consis...

SSRN Electronic Journal

An exploratory longitudinal case study of the South African venture capital (VC) industry is used... more An exploratory longitudinal case study of the South African venture capital (VC) industry is used to evaluate two perspectives on the VC emergence process. The first views VC emergence as the resolution of the simultaneity problem. We propose a second perspective, which sees emergence as the product of a teleological process involving coproduction between private sector fund managers and public sector investors. We develop process data from four sources: Semi-structured interviews with current and past VC practitioners in South Africa, archival research at fund managers and newspapers, direct observation, and a review of relevant research. Our analysis shows the centrality of coproduction to the industry’s emergence. These results suggest an alternative to the simultaneity model for explaining VC industry emergence in weak institutional environments.

Investment Strategies, Structures, and Policies, 2010

ABSTRACT This paper reflects on the policy formation process in the burgeoning area of early-stag... more ABSTRACT This paper reflects on the policy formation process in the burgeoning area of early-stage, venture capital finance. An important question is raised as to why so little extant academic research, of both rigor and relevance, is employed in policy formation. The authors argue that the long term, international and comparative perspective of the academic researcher is of increasing importance in government. The gap between policy practice and academic empiricism is illustrated by reference to contemporary policy interest in the creation of public/private (‘hybrid’) venture capital funds. The rubric of Twelve Meditations is employed as a device to communicate across the academic/policy maker divide.

Journal of Consumer Marketing, Mar 16, 2012

Purpose-The purpose of this paper is to develop a conceptual framework, based in entrepreneurship... more Purpose-The purpose of this paper is to develop a conceptual framework, based in entrepreneurship theory, which explains how marketing emerges in startups founded by members of the Millennial generation. Design/methodology/approach-Following a literature review, from which propositions are derived, an earlier process model of organizational speciation is adapted to marketing by Millennial entrepreneurs. Findings-A four-stage cycle model of entrepreneurial marketing by Millennials is developed, consisting of enabling through resource scarcity, bonding through social media, new product introduction through incremental stealth, and replicating through variation, selection, and retention. Research limitations/implications-Model development would be enhanced through empirical data. Practical implications-Marketers in entrepreneurial firms founded by Millennials can follow a few simple rules to enhance market penetration. Resource scarcity is something to be sought, not avoided. A thoughtful social media strategy can accelerate new product introduction: stealthiness and its close relation small size should be embraced; avoid getting too big too quickly; use furtiveness to drive social media-based bonding. Originality/value-Previous theoretical models at the marketing/entrepreneurship interface have not focused on the unique characteristics of Millennial-led new ventures. This study develops the most comprehensive model of entrepreneurial marketing by Millennials to date.

Journal of Management Inquiry

Actors at the wealth–power nexus—oligarchs, cronies, plutocrats, and the like—have become increas... more Actors at the wealth–power nexus—oligarchs, cronies, plutocrats, and the like—have become increasingly consequential in the global economic, political, and organizational landscapes. Yet, we know little about them, especially the processes by which they gain wealth or power, and then transform one into the other. I suggest that one reason for our limited understanding is that we are prisoners of Aristotle’s conceptualization of them as groups. To break out of that prison, a turn to the individual level seems warranted. This turn opens up new theoretical perspectives that focus on individuals and their processes, including effectuation, process research, biology and neuroscience, and arts and literature. These perspectives put individual-level processes front and center in the uncertain contexts in which these actors create and transform wealth and power.

Handbook of Research on Business Angels, 2000

We consider how new organizational forms originate, focusing on the role of powerless actors in i... more We consider how new organizational forms originate, focusing on the role of powerless actors in industry emergence. This process “is pre-eminently a political phenomenon” (Stinchcombe, 1965). New organizational forms—a primary source of organizational speciation—may be a product of the construction of markets using soft power (Santos and Eisenhardt, 2009). Organizational speciation transforms entrepreneurs into institutional entrepreneurs whose distributed agency leads

Frontiers of Entrepreneurship Research, 2010

... In an LAO setting larger players are more likely to be successful institutional entrepreneurs... more ... In an LAO setting larger players are more likely to be successful institutional entrepreneurs (Greenwood, Suddaby, and Hinings, 2002 ... Lingelbach, David C.; Gilbert, Evan; and Murray, Gordon (2010) "TOWARD A PROCESS MODEL OF VENTURE CAPITAL EMERGENCE: THE ...

Academy of Management Proceedings, 2013

Handbook of Research on Venture Capital: Volume 2, 2012

Oxford Handbooks Online, 2012

Private Equity in Emerging Markets, 2012

Page 1. Neither Pirates nor Politicos: The Emergence of Venture Capital in Weak Institutional Env... more Page 1. Neither Pirates nor Politicos: The Emergence of Venture Capital in Weak Institutional Environments Submitted by David Charles Lingelbach, to the University of Exeter as a thesis for the degree of Doctor of Philosophy in Management, April 2009 ...

Asia Pacific Business Review

Purpose-How does venture capital (VC) emerge in emerging and developing economies? This paper aim... more Purpose-How does venture capital (VC) emerge in emerging and developing economies? This paper aims to use case data from an early Russian VC fund to extend a previous model exploring that question. Design/methodology/approach-Case studies of VC emergence from South Africa, Botswana, and Russia are compared, from which a conceptual model is developed. Findings-VC emerges in a process consisting of four stages: enabling, coproducing, diffusing, and replicating. The Russian case shows that these stages are linked in a circular process, i.e. replicating can lead to enabling. VC emergence can also begin at any stage. A higher degree of public-private coproduction may outweigh the absence of a completed enabling stage, suggesting that strength in one stage can compensate for weakness in others. Research limitations/implications-This paper invites scholars to reconsider VC emergence in a more nuanced manner that takes into account its complex, processual nature. The inclusion of Russian data also encourages researchers to examine more closely the subtle ways in which the private and public sectors may interact in emerging markets in pursuit of common goals. This study's findings have important linkages with other critical accounts of international business. The study addresses weaknesses in earlier literature by employing a multidisciplinary , cross-context approach that utilizes data from a foreign VC investing in Russian small to medium-sized enterprises. Practical implications-VCs considering investment in Russia should examine how early entrants to the industry formed cooperative relationships with local governments. Policymakers should reexamine the relative importance of national and local efforts to promote VC and other innovation-related initiatives in emerging markets. Originality/value-This study moves beyond current economics-dominated understanding of VC, which focuses on antecedents (enabling conditions). It reports the central role of public-private coproduction in VC emergence, the feedback between diffusion and coproduction in emergence, and, most importantly, the diminished importance of enabling conditions. This paper presents the first fund-level study of Russian VC.

This paper reflects on the policy formation process in the burgeoning area of venture capital fin... more This paper reflects on the policy formation process in the burgeoning area of venture capital finance. An important question is raised as to why so little extant academic research, of both rigor and relevance, is employed in policy formation. The authors argue that the long term, international and comparative perspective of the academic researcher is of increasing importance in government. The gap between policy practice and academic empiricism is illustrated by reference to contemporary policy interest in the creation of public/private (‘hybrid’) venture capital funds. The rubric of 12 Meditations is employed as a device to communicate across the academic/policy maker divide.

We consider how new organizational forms originate, focusing on the role of powerless actors in i... more We consider how new organizational forms originate, focusing on the role of powerless actors in industry emergence. This process “is pre-eminently a political phenomenon” (Stinchcombe, 1965). New organizational forms—a primary source of organizational speciation—may be a product of the construction of markets using soft power (Santos and Eisenhardt, 2009). Organizational speciation transforms entrepreneurs into institutional entrepreneurs whose distributed agency leads to political and non-deterministic emergence (Battilana, Leca, and Boxenbaum, 2009). Most approaches characterize speciation as a consequence of insignificant or random initial factors. Entrepreneurs are more likely to cause new organizational form emergence when both asset cospecialization and futurity are low (Rumelt, 1987), requiring rapid institutionalization through force or domination mechanisms (Lawrence, Winn, and Jennings, 2001). However, these mechanisms are unlikely to be available to powerless institutiona...

We consider how venture capital (VC) industries emerge in limited access orders (LAOs; North, Wal... more We consider how venture capital (VC) industries emerge in limited access orders (LAOs; North, Wallis, and Weingast, 2009), focusing on the role of diffusion. Rumelt (1987) suggested that VC emerges when entrepreneurial firms require low levels of asset cospecialization and where expected returns occurs in the near future. This imperative for near-term returns is complicated in LAOs, where the first members of a VC population must act as institutional entrepreneurs in a context inimical to innovation and its challenge to elites’ economic rents, and requires rapid institutionalization. Diffusion—“the process in which an innovation is communicated through certain channels over time among the members of a social system” (Rogers, 2003)—plays a central role in the success of this process, which is based on force or domination mechanisms (Lawrence, Winn, and Jennings, 2001). In an LAO setting larger players are more likely to be successful institutional entrepreneurs (Greenwood, Suddaby, a...

SSRN Electronic Journal

Venture capital (VC) is concerned with seed, startup, and early stage investing in firms involved... more Venture capital (VC) is concerned with seed, startup, and early stage investing in firms involved with innovative products or processes. Existing variance studies of VC provide an incomplete understanding of VC emergence, emphasizing either macro-level enabling conditions or the efficient fund-level operation of the VC cycle. Following Tsoukas and Chia (2002), our study focuses on the non-prototypical portion of the VC phenomenon, which is found in weak institutional environments characteristic of many developing countries. In these contexts, VC is more likely to be an unstable organizational form and hence subject to change. As a consequence, new VC forms and emergence processes may arise in these environments, providing data in support of a more complete, processual model of VC emergence. This paper reports findings of an exploratory case study of the VC emergence process in Botswana. Our main contribution is to develop a multi-stage process model of VC emergence. Our model consis...

SSRN Electronic Journal

An exploratory longitudinal case study of the South African venture capital (VC) industry is used... more An exploratory longitudinal case study of the South African venture capital (VC) industry is used to evaluate two perspectives on the VC emergence process. The first views VC emergence as the resolution of the simultaneity problem. We propose a second perspective, which sees emergence as the product of a teleological process involving coproduction between private sector fund managers and public sector investors. We develop process data from four sources: Semi-structured interviews with current and past VC practitioners in South Africa, archival research at fund managers and newspapers, direct observation, and a review of relevant research. Our analysis shows the centrality of coproduction to the industry’s emergence. These results suggest an alternative to the simultaneity model for explaining VC industry emergence in weak institutional environments.

Investment Strategies, Structures, and Policies, 2010

ABSTRACT This paper reflects on the policy formation process in the burgeoning area of early-stag... more ABSTRACT This paper reflects on the policy formation process in the burgeoning area of early-stage, venture capital finance. An important question is raised as to why so little extant academic research, of both rigor and relevance, is employed in policy formation. The authors argue that the long term, international and comparative perspective of the academic researcher is of increasing importance in government. The gap between policy practice and academic empiricism is illustrated by reference to contemporary policy interest in the creation of public/private (‘hybrid’) venture capital funds. The rubric of Twelve Meditations is employed as a device to communicate across the academic/policy maker divide.