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Overcoming Liability of Newness through Socialization : How Legitimation Strategies of a New Venture evolve

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abstract Liability of newness, the tendency of new ventures to die early after market entry, results from lacking legitimacy in their new cultural context and according failure to acquire resources. Based on a longitudinal case study on repeated resource acquisition attempts of a new venture, we found that overcoming liability of newness depended on the socialization of the new venture to the normative environment on which it depended on for resources. Over time and across repeated resource acquisition attempts, socialization - the process of learning the use of legitimate symbols and their culturally contingent meanings - enabled the new venture to become the skillful cultural operator on which legitimation and resource acquisition was contingent. From our data, 'Accumulating a repertoire of legitimate symbols' and 'Assimilating the evaluations of resource-holders' emerged as the two primary mechanisms for new venture socialization. The study's contributions to related literature and its broader theoretical implications are discussed
   
type conference paper (English)
   
keywords Liability of Newness, New Ventures, Resource Acquisition, Legitimacy, Socialization, Institutional Theory (Normative Pillar), Cultural Toolkit
   
project Strategy as Discourse - Reconstructing a Social Practice
name of conference 27th EGOS Colloquium (Gothenburg, Sweden)
date of conference 6-7-2011
title of proceedings EGOS 2011: Reassembling Organizations
publisher EGOS European Group for Organizational Studies (BrĂ¼ssel)
review external review
   
citation Ueberbacher, F., & Jacobs, C. D. (2011). Overcoming Liability of Newness through Socialization: How Legitimation Strategies of a New Venture evolve. In EGOS 2011: Reassembling Organizations. BrĂ¼ssel: EGOS European Group for Organizational Studies.