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The Interdependence Between Donors and Investors: Liability of Hybridity, Entrepreneurial Ecosystem Affordances, and Venture Financing

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  • Brandon Ofem
  • Ikenna Uzuegbunam
  • Satish Nambisan

Abstract

This study investigates how spatial and digital affordances within entrepreneurial ecosystems (EEs) enable early-stage hybrid ventures to overcome the liability of hybridity and to secure funding from both philanthropic and equity funding sources. Using a simultaneous equation model with a U.S.-based sample of 2,723 hybrid ventures, we demonstrate that philanthropic and equity funding exhibit a statistically and economically significant complementary relationship. We further find that accelerator participation weakens this complementary relationship, while social media utilization strengthens it. These findings highlight the mechanisms through which EE-based affordances enhance hybrid ventures’ ability to navigate competing institutional logics and attract diverse funding sources.

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  • Brandon Ofem & Ikenna Uzuegbunam & Satish Nambisan, 2025. "The Interdependence Between Donors and Investors: Liability of Hybridity, Entrepreneurial Ecosystem Affordances, and Venture Financing," Entrepreneurship Theory and Practice, , vol. 49(5), pages 1357-1391, September.
    • Handle: RePEc:sae:entthe:v:49:y:2025:i:5:p:1357-1391
    DOI: 10.1177/10422587251347059
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