Abstract
We use social capital theory to explain the impact of network structures based on direct and indirect ties on the success of early- stage ventures across the phases of a venture’s life cycle. Using a sample of 7,135 ventures and 26,693 extended top management team members–including founders, management team, and advisors–, we show that bonding and bridging structures exclusively based on weak ties both contribute positively to the success of early-stage ventures. We also find support for firm age as a critical moderator of the effects of bonding and bridging structures, which is due to the unique resource demands and managerial challenges during the early phases of venture growth.
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