Impact of Strategic Alliances on Financial Performance of Technology-based Ventures

这项研究继续在SBR-9223818下所做的工作，检查新公司由于其新的和较小的规模而面临的业绩障碍。这些障碍包括行业和市场缺乏合法性，筹集足够资本的挑战，以及新技术开发的风险和不确定性。然而，一些企业家通过利用他们的新技术、小规模和尖端技术将这些障碍转化为机会，以吸引其他合作关系中的公司，即所谓的战略联盟。与其他组织结盟的战略已经变得越来越普遍，但人们对这种关系对新企业的客观价值知之甚少。这项研究使用了美国半导体行业102家新成立的企业的纵向数据库，这些企业与其他公司建立了635个战略联盟，对财务业绩和战略联盟的模型进行了测试。作为影响财务业绩的因素，研究中要调查的变量包括：(1)联盟伙伴属性，如相对实力、文化距离和显赫地位；(2)形成的战略联盟的数量和类型；(3)技术创新；(4)创始最高管理团队的实力；(5)筹集的投资资本等组织资源；以及(6)更广泛的市场状况。

This research continues work done under SBR-9223818 examining the performance obstacles new firms face as a consequence of their newness and small size. These obstacles include lack of legitimacy in the industry and marketplace, the challenge of raising sufficient capital, and the risks and uncertainties ofnew technology development. Yet, some entrepreneurs transform these obstacles into opportunities by using their newness, small size, and cutting edge technologies to attract other firms in cooperative relationships, called strategic alliances. The strategy of allying with other organizations has become increasingly prevalent, and yet little is known about the objective value of such relationships to new ventures. Using a longitudinal data base on a population of 102 new ventures in the U.S. semiconductor industry which have created 635 strategic alliances with other firms, this research tests a model of financial performance and strategic alliances. Among the variables to be investigated in the research as factors affecting financial performance are: (1) alliance partner attributes such as relative power, cultural distance, and prominence; (2) the number and type of strategic alliances formed; (3) technological innovativeness; (4) strength of the founding top management team; (5) organizational resources like investment capital raised; and (6) broader market conditions.