Effects of Top Management Teams on Strategic Adaptation in New Ventures

Abstract

Strategic adaptation is important for new venture success in terms of growth and survival. Top management teams are key inputs into strategy and determine the ability of organizations to compete effectively. We need a better understanding on characteristics of top management team and how it relates to strategic adaptation in new ventures. In this article, we identified four characteristics of top management teams to generate adaptation between new venturepsilas strategy and its environment: prior experience, cognitive diversity,constructive confrontation norms and external attention.