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Resource interdependence and successful exit: A configurational perspective on young technology firms

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New firms’ early resource portfolios are powerful determinants of their future success. No theory exists, however, to predict if or how the combinations of these resources affect young technology ventures’ abilities to achieve a successful exit—an outcome important to founders and early investors.

Image courtesy of interviewee. December 19, 2023

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This video video discusses the complexities and challenges faced by entrepreneurs today, emphasizing how research is evolving to understand these dynamics better. The authors aim to explore the multifaceted interactions between entrepreneurial contexts, resources, and exit strategies (successful outcomes), leading to a more nuanced understanding of these factors rather than a simplistic approach.

The research highlights two key methodologies: examining "exit" as a significant outcome and analyzing "configurations" of resources. It suggests that positive outcomes can emerge from various configurations of resources and contexts, offering a message of hope to entrepreneurs. The paper illustrates how differing levels of various resources (e.g., financial vs. social capital) can lead to successful exits, indicating that there are multiple paths to success.

The findings also reveal "equifinality," suggesting that multiple configurations can lead to similar outcomes, thus broadening the potential avenues for entrepreneurial success. Additionally, the authors introduce the concept of "asymmetric causality," positing that factors leading to success differ qualitatively from those leading to failure, which opens up new theoretical avenues for research.

In conclusion, the text encourages further exploration into how entrepreneurs can configure their unique resources for success and stresses that while the road to entrepreneurship is challenging, there are diverse strategies available to navigate this landscape.

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X-TIMESTAMP-MAP:LOCAL=00:00:00.000,MPEGTS=900000

00:00.025 --> 00:01.525
The complexity of the, the world

00:01.555 --> 00:03.005
that the entrepreneur is facing

00:03.985 --> 00:07.885
and, research, academic research, trying to catch up

00:07.885 --> 00:09.165
with that, that reality.

00:09.665 --> 00:13.045
We often decompose the reality that the entrepreneur faces

00:14.435 --> 00:17.245
into bite sizes, that advance knowledge

00:17.245 --> 00:19.525
and incremental ways, and there's value there.

00:20.545 --> 00:22.325
But as we sat, the author team sat,

00:22.325 --> 00:24.445
we were talking about the realities that they face and,

00:24.465 --> 00:28.005
and these complex interactions of context and resources

00:28.385 --> 00:31.685
and exit being a successful, outcome

00:31.865 --> 00:35.965
for many entrepreneurs, to which we knew less about these

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complex interactions.

00:37.105 --> 00:39.365
So that's the, that's the directionality that,

00:39.365 --> 00:40.405
that pushed our research.

00:40.785 --> 00:42.125
So 2, 2, 2 ways.

00:42.665 --> 00:46.445
Uh, first exit, so, so exit can be thought of

00:46.465 --> 00:47.645
as a positive outcome

00:47.645 --> 00:50.485
because there are successful exits like merger acquisitions

00:50.625 --> 00:53.365
or IPO from exiting the, the stance

00:53.365 --> 00:54.725
of a public or a private firm.

00:55.055 --> 00:57.965
There are loss too. There's bankruptcy, et cetera.

00:58.705 --> 01:03.125
And, and so exit is, is often,

01:03.385 --> 01:04.765
talked about in one side

01:04.765 --> 01:06.725
or the other instead of more of a holistic approach.

01:07.625 --> 01:09.645
We try to advance our work there,

01:09.645 --> 01:11.685
and the methodology that we'll get talking about here in a

01:11.685 --> 01:15.845
few moments is really impactful to addressing

01:16.395 --> 01:19.085
different outcomes because of its treatment

01:19.085 --> 01:20.525
of asymmetric causality.

01:21.075 --> 01:25.285
Then when we're talking about configurations, so,

01:25.425 --> 01:28.005
so a configuration is constellation

01:28.305 --> 01:29.685
of different factors coming together.

01:30.745 --> 01:35.325
And, and most of our methodologies don't want to

01:35.845 --> 01:38.045
consider these complex interactions.

01:38.675 --> 01:42.925
They're computationally expensive, theoretically challenging

01:42.945 --> 01:44.645
to understand a priority.

01:44.985 --> 01:48.365
So, we, we advanced that approach

01:48.825 --> 01:50.285
as well in the literature.

01:51.535 --> 01:54.315
Now, it really was born in, some,

01:54.385 --> 01:58.235
some literature called the resource-based view, which argues

01:58.265 --> 02:00.035
that special resources

02:00.035 --> 02:02.515
that a Affirm controls will differentiate

02:02.605 --> 02:03.875
their performance outcomes.

02:04.015 --> 02:07.875
And it then lists different qualities of these resources,

02:08.845 --> 02:12.755
which are then empirically reflected and then modeled.

02:14.205 --> 02:18.835
Again, this is idiosyncratic resource variance

02:18.905 --> 02:20.635
that is independent of all others,

02:20.775 --> 02:25.035
but as we know, affirm an organization is this not a list

02:25.035 --> 02:26.715
of ingredients, but it's the batter

02:26.715 --> 02:28.355
that's been mixed together and then put into an oven

02:28.375 --> 02:31.515
and baked, and that's where some of the magic happens.

02:32.215 --> 02:35.795
So we got into, medical devices as our,

02:35.855 --> 02:37.195
as our empirical sample.

02:37.695 --> 02:39.875
Why medical devices? Well,

02:39.875 --> 02:42.395
we have really clear exits for many of these firms.

02:42.425 --> 02:46.635
There's a lot of flow in this sector of, of smaller startups

02:46.985 --> 02:51.435
that are then either purchase, go public or fail.

02:53.385 --> 02:57.395
It's a high risk game. So there's a big flow in, there is,

02:58.015 --> 03:00.405
a flow out and,

03:00.585 --> 03:04.005
and it's, it's a lot, there's a lot of data around and,

03:04.065 --> 03:05.845
and around this sector, that's one.

03:05.845 --> 03:08.925
Number two, we have a fairly good literature

03:08.945 --> 03:10.765
around medical device

03:10.765 --> 03:14.005
and innovation that talks about what resources

03:14.505 --> 03:17.845
and what environmental contexts matter.

03:18.385 --> 03:19.605
So we weren't flying blind,

03:20.145 --> 03:21.565
and in fact, the methods

03:21.565 --> 03:23.565
that we'll talk about here in a moment further, further,

03:25.075 --> 03:27.365
it's a mid-range qualitative approach

03:27.795 --> 03:30.525
that marries in quantitative analyses,

03:30.985 --> 03:32.165
but it's not flying blind.

03:32.345 --> 03:34.405
It is informed by theory.

03:35.425 --> 03:38.445
So we are not exploring like random

03:38.865 --> 03:40.245
and trying to find patterns.

03:40.415 --> 03:44.005
We're using theoretical knowledge to direct our attention,

03:45.535 --> 03:48.735
identify factors of importance, measure those factors,

03:49.285 --> 03:52.495
then allowing the computer to do some work in terms of

03:53.665 --> 03:56.735
evaluating different configurations of those factors

03:57.795 --> 04:01.695
to which we then reevaluate the computer output, again,

04:01.695 --> 04:02.775
through the lens of theory.

04:02.875 --> 04:05.055
So it's a nice, approach.

04:05.255 --> 04:09.215
A lot of, big n methodologies in today's world are

04:09.215 --> 04:10.255
kind of a theoretical.

04:10.355 --> 04:11.535
That's what we hear. You know,

04:11.535 --> 04:13.655
when you're talking about Pilates algorithms,

04:13.655 --> 04:14.855
we don't really know what's going on,

04:15.635 --> 04:17.415
but some of the good's coming out predictably,

04:18.035 --> 04:21.135
that's not the, the QCA approach that we use in this paper.

04:21.475 --> 04:22.815
It is very much theory driven,

04:23.955 --> 04:27.635
coupling together computational power to look at, a,

04:27.915 --> 04:29.275
a myriad of configurations

04:29.975 --> 04:32.595
and then back to theory to understand and interpret.

04:32.735 --> 04:36.035
So it's a, it's a mid ground range of methodology.

04:36.155 --> 04:37.675
I think it has great application

04:37.725 --> 04:39.195
where you understand what's going on.

04:40.315 --> 04:41.605
It's theory derived.

04:42.025 --> 04:45.205
So it's not just random great outcomes that you might get

04:45.205 --> 04:47.245
with algorithmic searches,

04:47.245 --> 04:50.205
but it's not as limited as to basic

04:51.435 --> 04:53.225
ordinarily squared regression,

04:53.225 --> 04:55.265
which is looking at individual variants

04:55.405 --> 04:57.065
of the factors included in the models.

04:57.965 --> 04:59.345
We can talk about the findings in,

04:59.365 --> 05:00.545
in a couple different ways.

05:01.415 --> 05:04.545
What I'd like to do is not go down one path.

05:04.605 --> 05:07.265
One path is looking at each configuration

05:07.285 --> 05:08.825
and talking about it individually.

05:08.845 --> 05:10.865
The paper does a great job on that.

05:11.685 --> 05:16.405
And what I wanna do instead is talk about

05:17.075 --> 05:19.965
what this paper does and the methodology and our results

05:20.145 --> 05:22.205
and our findings tell us in a more general sense.

05:22.265 --> 05:27.225
So number one, we find that,

05:27.435 --> 05:31.505
there is equ finality, meaning there are many ways

05:31.725 --> 05:34.745
to a good outcome or an outcome that that's important.

05:35.125 --> 05:38.665
Number two, we do see a limited set

05:39.405 --> 05:42.425
of configurations that do lead to these positive outcomes,

05:42.965 --> 05:43.985
and that's really important.

05:44.845 --> 05:47.505
And why it's important is not that there is a configuration,

05:47.505 --> 05:49.945
but there are multiple configurations that are

05:51.475 --> 05:56.095
not equivalent, but reach a threshold of, of non-trivial,

05:56.095 --> 05:58.965
important paths that, that an entrepreneur can follow

06:00.465 --> 06:02.365
In our configurations, we have resources

06:02.365 --> 06:04.245
that the firm controls and we have context

06:04.305 --> 06:07.165
of the firm finds itself within, so

06:07.595 --> 06:10.965
that we find multiple configurations to positive outcomes.

06:11.425 --> 06:14.405
Is, is by itself an important result.

06:15.505 --> 06:18.485
The entrepreneur has a lot more avenues

06:18.485 --> 06:21.645
to success than prior theory might've suggested.

06:23.435 --> 06:27.055
Number two, when you look at timeframes,

06:28.155 --> 06:30.415
we can in sense substitute a,

06:30.415 --> 06:31.935
the entrepreneur can substitute our results,

06:31.935 --> 06:34.335
will suggest the entrepreneur can substitute a longer

06:34.885 --> 06:39.495
timeframe for some of these challenging resources

06:39.495 --> 06:41.895
that would be required in some of our configurations.

06:42.315 --> 06:45.815
So it, it's provides a message of hope to the entrepreneur.

06:46.035 --> 06:47.975
The job's not easy and never will be easy,

06:48.755 --> 06:51.335
but to think you have to have a specific set of resources

06:51.335 --> 06:54.295
or a individual resource is incorrect.

06:54.715 --> 06:57.495
To think that we can't have a substitute effect,

06:57.495 --> 06:59.215
like I have more social capital

06:59.275 --> 07:03.615
and you have more financial capital, both can be effective.

07:04.235 --> 07:05.855
Uh, and then another broad

07:06.465 --> 07:09.335
swath here is I can take more time to my exit

07:09.995 --> 07:12.695
and still reach a positive exit rather than having

07:12.995 --> 07:17.655
to set up a very, very challenging, configuration.

07:17.655 --> 07:20.895
Meaning let's say in essence a lot of money, a lot

07:20.895 --> 07:23.735
of great knowledge, a lot of incredibly important

07:24.245 --> 07:26.935
high status relationships in a very magnificent

07:26.935 --> 07:29.295
or resource rich and, deal environment.

07:29.725 --> 07:34.205
Well, well, no kidding in some sense that, that

07:34.205 --> 07:36.885
that extreme positive exists in the configurations

07:36.985 --> 07:38.325
as theory would suggest

07:38.385 --> 07:40.765
and probably wouldn't be much of a published paper if

07:40.765 --> 07:45.335
that's all we found, but that these other less,

07:45.665 --> 07:48.055
advantaged resource sets can create.

07:48.485 --> 07:50.235
Exit is important.

07:50.575 --> 07:53.915
So now why I don't really wanna go down the path

07:53.915 --> 07:56.195
of each particular configuration.

07:56.905 --> 08:00.875
When we look at configurations, there is a constraint,

08:00.975 --> 08:03.635
and that constraint can be the timeframe

08:03.635 --> 08:05.115
that we're finding ourselves studying.

08:05.855 --> 08:08.315
So it may not be the case that each configuration

08:08.315 --> 08:10.515
that we identify and theoretically discuss

08:12.665 --> 08:14.725
is relevant in every context

08:14.905 --> 08:16.645
of entrepreneur can find themselves.

08:17.105 --> 08:18.765
So I want to take these, these,

08:18.765 --> 08:20.725
these specific configurations.

08:20.845 --> 08:24.125
I think there's six and specify, Hey, listen, read 'em,

08:24.125 --> 08:26.525
understand them, and let's, we need more research,

08:26.775 --> 08:27.805
other researchers

08:27.805 --> 08:31.325
to extend when these might be applicable in

08:31.555 --> 08:33.645
different external environments.

08:34.425 --> 08:39.085
We address a few, one in particular, contextual, factor,

08:39.085 --> 08:41.005
which is important, but there's much more.

08:41.065 --> 08:43.365
So what I don't wanna do is oversell these

08:43.365 --> 08:44.605
results or undersell them.

08:44.755 --> 08:47.005
They are what they are. They advance our understanding.

08:47.355 --> 08:49.405
They have a really, a strong message of hope.

08:49.535 --> 08:51.285
There are multiple paths to success,

08:53.595 --> 08:57.205
but I don't wanna say that these are the rules to riches.

08:57.595 --> 08:59.165
They are not rules to riches.

08:59.165 --> 09:01.605
They are in these environments for this sector.

09:02.475 --> 09:06.675
Uh, increased probability of successful outcome QCA

09:06.675 --> 09:09.955
or this mid-range qualitative approach, to,

09:10.055 --> 09:13.635
to exploring configurations is a powerful methodology.

09:14.375 --> 09:15.675
And it, it is being

09:15.735 --> 09:19.755
and has been applied to numerous settings in,

09:19.775 --> 09:22.555
in social science and in management

09:22.555 --> 09:24.315
and economic business context.

09:24.505 --> 09:27.595
More specifically, I would encourage them my

09:27.595 --> 09:29.035
fellow economics to continue that.

09:30.145 --> 09:34.015
Uh, there are two factors that are really,

09:34.015 --> 09:35.695
really powerful in this methodology.

09:35.795 --> 09:37.255
One, I already mentioned ality.

09:37.255 --> 09:38.855
There are multiple paths to success.

09:39.555 --> 09:44.255
And then asymmetric causality, meaning what drives success,

09:44.985 --> 09:46.815
let's say a lot of this drives success

09:47.035 --> 09:50.035
and a lot of little of that is not

09:50.035 --> 09:51.155
necessarily gonna drive failure.

09:52.205 --> 09:55.115
Asymmetric causality, meaning what might drive failure,

09:55.335 --> 09:57.435
is absolutely and qualitatively different than

09:57.435 --> 09:58.515
what drives success.

09:59.385 --> 10:03.355
That is a really fascinating concept to add

10:03.355 --> 10:05.675
to your theoretical, portfolio.

10:06.265 --> 10:09.995
What causes negative outcomes is not just less of the

10:10.155 --> 10:13.155
what causes positive outcomes, which in our most

10:13.155 --> 10:16.075
of our empirical models is implied.

10:17.215 --> 10:19.675
Uh, we may not talk about low levels producing outcomes

10:19.675 --> 10:20.915
of less desirability,

10:20.935 --> 10:23.675
but that's really, that linear causality is, is present.

10:24.485 --> 10:27.515
Asymmetric causality is really kind of blows your mind.

10:28.215 --> 10:32.075
And that a whole new set of causal factors

10:32.255 --> 10:33.675
or configuration, if we want to think

10:33.675 --> 10:37.235
of it in configurational form, are qualitatively different

10:37.235 --> 10:39.155
for the failure than there is for success.

10:39.895 --> 10:42.515
So that now opens up whole new ideas

10:42.695 --> 10:47.195
and re reams, realms of, of, of theoretical questions

10:47.195 --> 10:50.195
that are relevant that can promote both a theoretical

10:50.305 --> 10:52.435
extension of knowledge as well as practical.

10:52.535 --> 10:56.455
And then to the practical, the practitioner, the practicing,

10:56.515 --> 11:01.035
entrepreneur, really, you know, there's a lot

11:01.035 --> 11:04.785
of treatment of resources and firm outcomes.

11:05.095 --> 11:08.465
There's a lot of treatment of things like how you might

11:10.105 --> 11:12.975
accumulate, resources from community

11:13.075 --> 11:15.735
and from other, resource providers.

11:16.315 --> 11:17.575
And that's great information.

11:18.285 --> 11:19.815
What, what this would tell us,

11:19.815 --> 11:22.455
what this research would tell us is the limitations

11:22.455 --> 11:26.095
to your resource acquisition, how you gain resources

11:26.135 --> 11:28.615
to the firm I is impactful,

11:29.155 --> 11:30.895
but that there are multiple paths.

11:30.895 --> 11:31.895
So if your portfolio

11:31.895 --> 11:34.695
of resources are different than my portfolio versus is

11:34.695 --> 11:36.855
different than another person's portfolio of resources,

11:36.995 --> 11:38.655
you really need to be at that portfolio level

11:38.675 --> 11:40.895
and start thinking about how do I configure these

11:41.175 --> 11:42.895
resources towards success?

11:43.315 --> 11:44.775
Uh, I and i, I, not

11:44.775 --> 11:47.615
that people wanna read an academically oriented research

11:47.615 --> 11:49.615
paper, but jumping into this paper

11:50.645 --> 11:52.595
might provide some insight of, my goodness,

11:53.385 --> 11:55.605
As we discuss different configurations,

11:55.905 --> 11:57.005
it might open up eyes

11:57.105 --> 12:00.005
and thoughts to how you might conceive of the act

12:00.005 --> 12:02.805
of practicing entrepreneur might conceive of how to,

12:02.945 --> 12:06.525
to inter act, interweave their resources together

12:06.745 --> 12:09.365
as a holistic configuration towards success.

00:00 - The complexity of the, the world that the entrepreneur is facing and, research, academic research, trying to catch up with that, that reality. We often decompose the reality that the entrepreneur faces into bite sizes, that advance knowledge

00:17 - and incremental ways, and there's value there. But as we sat, the author team sat, we were talking about the realities that they face and, and these complex interactions of context and resources and exit being a successful, outcome for many entrepreneurs, to which we knew less about these complex interactions. So that's the, that's the directionality that, that pushed our research. So 2, 2, 2 ways.

00:42 - first exit, so, so exit can be thought of as a positive outcome because there are successful exits like merger acquisitions or IPO from exiting the, the stance of a public or a private firm. There are loss too. There's bankruptcy, et cetera. And, and so exit is, is often, talked about in one side or the other instead of more of a holistic approach. We try to advance our work there,

01:09 - and the methodology that we'll get talking about here in a few moments is really impactful to addressing different outcomes because of its treatment of asymmetric causality. Then when we're talking about configurations, so, so a configuration is constellation of different factors coming together. And, and most of our methodologies don't want to consider these complex interactions. They're computationally expensive, theoretically challenging

01:42 - to understand a priority. So, we, we advanced that approach as well in the literature. Now, it really was born in, some, some literature called the resource-based view, which argues that special resources that a Affirm controls will differentiate their performance outcomes. And it then lists different qualities of these resources, which are then empirically reflected and then modeled.

02:14 - Again, this is idiosyncratic resource variance that is independent of all others, but as we know, affirm an organization is this not a list of ingredients, but it's the batter that's been mixed together and then put into an oven and baked, and that's where some of the magic happens. So we got into, medical devices as our, as our empirical sample. Why medical devices? Well, we have really clear exits for many of these firms.

02:42 - There's a lot of flow in this sector of, of smaller startups that are then either purchase, go public or fail. It's a high risk game. So there's a big flow in, there is, a flow out and, and it's, it's a lot, there's a lot of data around and, and around this sector, that's one. Number two, we have a fairly good literature around medical device and innovation that talks about what resources and what environmental contexts matter.

03:18 - So we weren't flying blind, and in fact, the methods that we'll talk about here in a moment further, further, it's a mid-range qualitative approach that marries in quantitative analyses, but it's not flying blind. It is informed by theory. So we are not exploring like random and trying to find patterns. We're using theoretical knowledge to direct our attention,

03:45 - identify factors of importance, measure those factors, then allowing the computer to do some work in terms of evaluating different configurations of those factors to which we then reevaluate the computer output, again, through the lens of theory. So it's a nice, approach. A lot of, big n methodologies in today's world are kind of a theoretical. That's what we hear. You know, when you're talking about Pilates algorithms,

04:13 - we don't really know what's going on, but some of the good's coming out predictably, that's not the, the QCA approach that we use in this paper. It is very much theory driven, coupling together computational power to look at, a, a myriad of configurations and then back to theory to understand and interpret. So it's a, it's a mid ground range of methodology. I think it has great application where you understand what's going on.

04:40 - It's theory derived. So it's not just random great outcomes that you might get with algorithmic searches, but it's not as limited as to basic ordinarily squared regression, which is looking at individual variants of the factors included in the models. We can talk about the findings in, in a couple different ways. What I'd like to do is not go down one path.

05:04 - One path is looking at each configuration and talking about it individually. The paper does a great job on that. And what I wanna do instead is talk about what this paper does and the methodology and our results and our findings tell us in a more general sense. So number one, we find that, there is equ finality, meaning there are many ways to a good outcome or an outcome that that's important. Number two, we do see a limited set

05:39 - of configurations that do lead to these positive outcomes, and that's really important. And why it's important is not that there is a configuration, but there are multiple configurations that are not equivalent, but reach a threshold of, of non-trivial, important paths that, that an entrepreneur can follow In our configurations, we have resources that the firm controls and we have context of the firm finds itself within, so that we find multiple configurations to positive outcomes.

06:11 - Is, is by itself an important result. The entrepreneur has a lot more avenues to success than prior theory might've suggested. Number two, when you look at timeframes, we can in sense substitute a, the entrepreneur can substitute our results, will suggest the entrepreneur can substitute a longer timeframe for some of these challenging resources that would be required in some of our configurations. So it, it's provides a message of hope to the entrepreneur.

06:46 - The job's not easy and never will be easy, but to think you have to have a specific set of resources or a individual resource is incorrect. To think that we can't have a substitute effect, like I have more social capital and you have more financial capital, both can be effective. and then another broad swath here is I can take more time to my exit and still reach a positive exit rather than having to set up a very, very challenging, configuration.

07:17 - Meaning let's say in essence a lot of money, a lot of great knowledge, a lot of incredibly important high status relationships in a very magnificent or resource rich and, deal environment. Well, well, no kidding in some sense that, that that extreme positive exists in the configurations as theory would suggest and probably wouldn't be much of a published paper if that's all we found, but that these other less, advantaged resource sets can create.

07:48 - Exit is important. So now why I don't really wanna go down the path of each particular configuration. When we look at configurations, there is a constraint, and that constraint can be the timeframe that we're finding ourselves studying. So it may not be the case that each configuration that we identify and theoretically discuss is relevant in every context of entrepreneur can find themselves.

08:17 - So I want to take these, these, these specific configurations. I think there's six and specify, Hey, listen, read 'em, understand them, and let's, we need more research, other researchers to extend when these might be applicable in different external environments. We address a few, one in particular, contextual, factor, which is important, but there's much more. So what I don't wanna do is oversell these

08:43 - results or undersell them. They are what they are. They advance our understanding. They have a really, a strong message of hope. There are multiple paths to success, but I don't wanna say that these are the rules to riches. They are not rules to riches. They are in these environments for this sector. increased probability of successful outcome QCA or this mid-range qualitative approach, to, to exploring configurations is a powerful methodology.

09:14 - And it, it is being and has been applied to numerous settings in, in social science and in management and economic business context. More specifically, I would encourage them my fellow economics to continue that. there are two factors that are really, really powerful in this methodology. One, I already mentioned ality. There are multiple paths to success.

09:39 - And then asymmetric causality, meaning what drives success, let's say a lot of this drives success and a lot of little of that is not necessarily gonna drive failure. Asymmetric causality, meaning what might drive failure, is absolutely and qualitatively different than what drives success. That is a really fascinating concept to add to your theoretical, portfolio. What causes negative outcomes is not just less of the

10:10 - what causes positive outcomes, which in our most of our empirical models is implied. we may not talk about low levels producing outcomes of less desirability, but that's really, that linear causality is, is present. Asymmetric causality is really kind of blows your mind. And that a whole new set of causal factors or configuration, if we want to think of it in configurational form, are qualitatively different for the failure than there is for success.

10:39 - So that now opens up whole new ideas and re reams, realms of, of, of theoretical questions that are relevant that can promote both a theoretical extension of knowledge as well as practical. And then to the practical, the practitioner, the practicing, entrepreneur, really, you know, there's a lot of treatment of resources and firm outcomes. There's a lot of treatment of things like how you might accumulate, resources from community and from other, resource providers.

11:16 - And that's great information. What, what this would tell us, what this research would tell us is the limitations to your resource acquisition, how you gain resources to the firm I is impactful, but that there are multiple paths. So if your portfolio of resources are different than my portfolio versus is different than another person's portfolio of resources, you really need to be at that portfolio level

11:38 - and start thinking about how do I configure these resources towards success? I and i, I, not that people wanna read an academically oriented research paper, but jumping into this paper might provide some insight of, my goodness, As we discuss different configurations, it might open up eyes and thoughts to how you might conceive of the act of practicing entrepreneur might conceive of how to,

12:02 - to inter act, interweave their resources together as a holistic configuration towards success.

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