Murray, Reginald J

Publications & Presentations

Reginald J. Murray. "The Founder's Vision & Its Influence on the Outcomes of High Tech Start-up Companies" Proquest. Doctoral Dissertation. Chicago: Proquest, (June 2009).

Abstract: The Founder’s Vision & Its Influence on the Outcomes of Venture Funded High Tech Start-up Companies Reginald J. Murray Pepperdine University This study has examined the impact of sustaining, changing or disregarding the founder’s vision on the outcomes of Venture Funded High Tech Start-up Companies (VFSCs). The motivation for the study was to provide knowledge that would enable Venture Capital (VC) investors to enhance their investment portfolio success rates. A model (VFSC Success – Failure continuum) was developed and introduced to provide a framework for the study. This model broke the VFSC universe of pre-IPO (Initial Public Offering) VFSC companies into two groups; those that have had their fates decided, namely Super-successes, Successes and Failures and those whose fate remained to be decided, namely Projected Successes and Living Dead. A theory has been proposed that suggested sustaining the founder’s vision throughout the pre-IPO period enhanced the probability of VFSC success, and that changing or disregarding the founder’s vision led to Living Dead and / or Failure firm outcomes. The study was segmented into three phases; a Pilot Study established survey instrument content validity and test-retest reliability; an electronic survey instrument captured the data required to examine the study’s theory and research questions; a Non-response Bias Test established that no statistically significant difference existed between the survey and the non-respondent sample data sets. The study investigated five primary research questions related to sustaining the founder’s vision, vision change and disregarding the (founder’s) vision and their influence on firm outcomes. Twenty-one secondary research questions examined contextual variables and current industry success / failure rates. Vision change classifications of vision change, vision disregard and sustaining the (founder’s) vision, were studied and determined to have limited, but not insignificant impact on firm outcomes. Contextual variables, vision valuation, vision clarity and vision conformity (with the study’s definition), were identified as variables that influenced firm outcomes. Articulation of founder’s written visions was linked to very clear visions, vision conformity, and vision valuation by VFSC directors. Succession events and their influence on firm outcomes and vision change classifications were examined and found to be statistically insignificant. The study concluded by identifying its limitations and suggesting a number of areas for future research and investigation.