Person: Wesemann, Henrik
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Henrik
Last Name
Wesemann
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IE University
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IE Business School
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Entrepreneurship
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Publication Why Don’t You Like Me? Exploring the Social Venture Funding Gap in Angel Investing(Elsevier, 2023-10-17) Wesemann, Henrik; Antretter, Torben; https://ror.org/02jjdwm75While many studies on the social venture funding gap have focused on venture-level factors to explain why social ventures receive less funding, the role of investors and their characteristics has received less attention. In this study, we propose that the reason for much of the funding gap is that many angel investors lack the analytical capabilities required to assess double bottom lines. Drawing on the literature on human capital in angel investing, we use data on 19,757 investment decisions by 1,428 angel investors from a large angel investment network to investigate the relationship between venture type, angel investor analytical capability, and investment likelihood. We find that the reluctance to invest into social ventures disappears for analytically capable angel investors (those who are relatively educated, experienced, and connected). These findings demonstrate the importance of investor human capital in social venture funding and closing the funding gap.Publication The two faces of hierarchy: CEO power and TMT learning diversity in technology venture innovation(Springer, 2024-02-29) Sirén, Charlotta; He, Vivianna Fang; Grichnik, Dietmar; Wincent, Joakim; Wesemann, Henrik; Swiss National Science Foundation; https://ror.org/02jjdwm75The relationship between top management team (TMT) members’ learning behavior and the innovation strategy of technology ventures remains unclear,especially when complicated by social hierarchies within the team. We draw on organizational learning theory to theorize that diversity in TMT members’ learning behavior has both positive and negative latent effects that produce an inverted U-shaped relationship between TMT learning diversity and a firm’s radical innovation strategy. Building on the social hierarchy literature,we also suggest that CEO power moderates this relationship by altering the latent forces: structurally powerful CEOs neutralize the benefits of TMT learning diversity,turning the link between learning diversity and radical innovation strategy predominantly negative,whereas prestigiously powerful CEOs neutralize the costs of TMT learning diversity,turning its relationship with the firm’s radical innovation strategy predominantly positive. Longitudinal,multi-source data from 77 TMTs support our model. The findings contribute to the research on learning and social hierarchies by illustrating how hierarchies rooted in different sources of power have different effects on the relationship between TMT learning diversity and innovation strategy.