Abstract

We studied the use of other-focused impression management strategies in the entrepreneurs’ business plans submitted to potential investors. Based on the impression management theory and theories of communication, we investigated whether and under which conditions blasting and promotion of competition increase the entrepreneurs’ chances of raising business angel funding. The analysis of 231 funding applications from New York Metropolitan area suggests that blasting has an inverted U-shaped relationship with business angel funding. In addition, self-criticism and promotion of competition mitigate the negative implications of blasting. Finally, we found that the promotion of competition enhances the likelihood for raising business angel funding for innovative ventures.

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