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Serial Investing and Strategic Commitment in Markets With Unknown Competitors

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  • Naveen Khanna
  • Richmond Mathews

Abstract

We study how serial investors who regularly face unknown competitors attempt to make their projects dominant. Innovating in new markets often involves uncertainty over the nature of the final product and who the key competitors will be. Such projects also have long‐term funding needs, so a commitment to provide the necessary funds imparts a strategic advantage vis‐a‐vis potential rivals. We show that cultivating a reputation as a reliable financier can create a desirable competitive advantage across an investor's portfolio of projects. The downside is excessive reputation‐seeking, which results in aggressive competition and over‐investment in many product markets. Our results rationalize real‐life aspects of innovation and provide new testable predictions.

Suggested Citation

  • Naveen Khanna & Richmond Mathews, 2026. "Serial Investing and Strategic Commitment in Markets With Unknown Competitors," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 35(2), pages 376-397, April.
    • Handle: RePEc:bla:jemstr:v:35:y:2026:i:2:p:376-397
    DOI: 10.1111/jems.70005
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