A definition, review, and extension of global ecosystems theory: Trends, architecture and orchestration of global VCs and mechanisms behind unicorns

The prior Venture Capital research (VC) has examined the micro processes of syndication and alliance formation. However, a macro more systemic view is lacking, where past neglected global VC-ecosystem. Using qualitative method an abductive approach, we combine integrate two strands research, on VC ecosystems, to shed light crucial dynamics in industry. We provide VC-ecosystem definition portray ecosystem architecture segmentation matrix investor types roles, including Active Hubs Complementors. Moreover, our findings identify explain central Hub orchestration mechanisms: enablers, governance, partner management, co-specialization, nurturing. study concludes with discussion theoretical managerial implications, suggestions for future ecosystem, which operates at higher level than traditional firm-level ecosystems previous generally focuses.