Abstract
Much has been researched on new venture growth in entrepreneurship, yet little is known about how exactly new ventures grow: organically or inorganically? This study pioneers in this field and empirically examines what drives a new venture's choice to pursue acquisitions with survey data from 153 managing-founders of technology ventures. Since any entrepreneurial action emerges at the nexus of the individual and the opportunity, we focus on the individual managing-founder and his intentions. By applying the theory of planned behaviour (TPB), we measure the impact of the founder's acquisition intentions and their cognitive antecedents on the firm's acquisition activities as measured by the establishment of specific mergers and acquisitions capabilities (M&A capabilities). Thereby, we show that a new venture's inorganic growth activities are strongly driven by the individual founders and their cognition.
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