Prediction and control under uncertainty: Outcomes in angel investing |
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| Authors: | Robert Wiltbank Stuart Read Nicholas Dew Saras D Sarasvathy |
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| Institution: | 1. Willamette University, Atkinson Graduate School of Management, Salem, OR 97301, United States;2. IMD, Chemin de Bellerive 23, P.O. Box 915, CH-1001 Lausanne, Switzerland;3. Naval Postgraduate School, 1 University Circle, Monterey, CA 93943, United States;4. University of Virginia, The Darden Graduate School of Business Administration, 100 Darden Boulevard, Charlottesville, VA 22903, United States |
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| Abstract: | Venture investing plays an important role in entrepreneurship not only because financial resources are important to new ventures, but also because early investors help shape the ventures' managerial and strategic destiny. In this study of 121 angel investors who had made 1038 new venture investments, we empirically investigate angel investors' differential use of predictive versus non-predictive control strategies. We show how the use of these strategies affects the outcomes of angel investors. Results show that angels who emphasize prediction make significantly larger venture investments, while those who emphasize non-predictive control experience a reduction in investment failures without a reduction in their number of successes. |
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| Keywords: | Angel investing Decision-making Prediction Control Effectuation Uncertainty |
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