Collective psychological ownership leverages feedback-seeking for new venture performance

Published in: The Journal of Entrepreneurship — October 2024

Written by

Nora Varesco Kager, Jennifer L. Sparr, and Gudela Grote

Summary

What we found: Feedback-seeking is important for new ventures; however, especially critical feedback can also be difficult to process for individuals and teams, in particular if much is at stake such as in new ventures. Our study shows that collective psychological ownership of new venture teams over the new venture (i.e., this is “our” venture) helps them to manage self-improvement feedback they sought such that it increases the positive relationship between feedback seeking and new venture performance.

Why it matters: Feedback-seeking is crucial but challenging for new ventures. Nurturing their collective ownership over the new venture can help to leverage the advantages of self-improvement feedback-seeking and thus contribute to new venture success.

What next: New ventures should find ways to deliberately bolster their collective ownership and include reflections over their ownership when processing self-improvement feedback they have elicited in order to improve new venture performance.

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