Venture governance as a syndicate

Acquisition as a means to achieving growth is a common practice among established firms. Increasingly, we are witnessing start-ups following in the footsteps of these firms, acquiring other start-ups for inorganic growth. This paper analyses this phenomenon from the point of view of the acquiree, seeing venture governance as a syndicate drawing on relational pluralism. In the current study, we conceive of relational pluralism not as a safeguarding mechanism, but as a facilitating one. As such, we regard multiple interlocking board ties as a form of a syndicate and address the mediating role of a portfolio of such ties. That is, we not only show how a portfolio of board interlocking ties contributes to mediate the process of achieving growth by being acquired by another firm, but we also point to a leadership structure facilitating such an inorganic growth mode.