Resolving the Tensions between Monitoring, Resourcing and Strategizing: Structures and Processes in High Technology Venture Boards

摘要

There are key tensions between the two sides of a board's institutional role and function - of controlling and monitoring vs. that of resource gathering and strategizing. Drawing on a 38 month field study of eight new ventures in the UK high technology sector, we take a close look at the structural composition, knowledge base and behaviours of board directors in early stage high technology ventures. Our findings suggest that the early venture board, which typically consists of part-time members with diverse knowledge background, can be seen as an extension of the full time internal top management team. Together - as 'collective entrepreneurs' - they play a vital role in the venturing process, pointing to a collaborative model between inside senior executives and outside board directors that goes beyond the principal-agency model. We discuss the wider implications of our work for the field generally.