Integrative conceptual model of venture teams and strategic decision-making in new technology-based firm trajectories

Abstract

This study develops an integrative conceptual model explaining how venture teams shape the evolution of new technology-based firms. Based on a qualitative systematic review of 99 studies, it employs a structured search strategy, multi-stage selection process, and qualitative content analysis. The findings show that venture teams influence organizational outcomes indirectly through strategic decisions related to financing, business model design, and growth. These decisions operate as mechanisms through which team capabilities are translated into performance, growth, and survival, while incorporating a feedback process through which outcomes reconfigure the team over time. The main contribution is a processual and evolutionary perspective demonstrating that this influence is not direct or linear but unfolds through sequences of strategic decisions across the venture’s development.