Collective Psychological Ownership Leverages Feedback-Seeking for New Venture Performance

Abstract

Despite the undisputed importance of feedback-seeking for new venture advancement, little is known about the circumstances that make it effective. In this study, it is proposed that the collective psychological ownership of new venture teams over the new venture (i.e. this is ‘OUR’ venture) can help leverage the value and bear the costs of self-improvement feedback-seeking behaviour (SI-FSB), amplifying the expected positive relationship between new venture teams’ SI-FSB and new venture performance. Insights from a survey-based study involving 166 new ventures support the hypotheses. Contributing to the nascent feedback-seeking research in the new venture context, this study shows that SI-FSB matters and suggests that new venture teams should keep their collective psychological ownership over their new venture strong.