Abstract
Early-stage science-based ventures (SBVs) require a wide range of intellectual resources and know-how to successfully commercialize their technologies. Often entrepreneurs gain this knowledge through advisory relationships providing commercial and technical guidance. We explore the effects of those dual advice domains – business and technology – on the early-stage progress of SBVs. Using longitudinal data from 112 emerging SBVs, we find that business advice has a positive impact on SBV progress, while technology advice does not, and in fact, delays the process of finding a market application for the SBV’s technology. We further find that advice complementary to the entrepreneur’s experience, thus creating greater knowledge variety in the SBV, will lead to a more positive outcome. These insights help unpack the underexplored mechanisms of advice absorption in SBVs.
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