Yangyang Cheng

My research focuses on the intersection of corporate strategy, venture capital, innovation, and entrepreneurship. In my dissertation, I examine the challenges startups face, including the pressures from large incumbents, the complexities of securing financing while pursuing dual objectives, and the intellectual property issues arising from operating within open-source communities. Beyond my dissertation, I explore topics related to digital platforms and venture capital investments, leveraging diverse datasets to gain deeper insights into these areas.

Besides, I bring strong teaching experience that reflects my deep passion for student engagement and turning ideas into action in the classroom. Specifically, I have taught a graduate-level Industry Analysis (Industrial Economics and Innovation) course, which explores the theoretical foundations of industrial organization and innovation, and a Research-oriented Method Seminar at ICRIOS. At the undergraduate level, I have taught International Business Strategy (market assessment and internationalization planning), Management (managerial decision-making and its economic underpinnings). 
 

I am currently on the job market in 2025-2026.

JOB MARKET PAPER

Securing Venture Capital for Sustainability-Driven Ventures:

An Analysis of Funding Delay

This study explores the funding delays faced by Sustainability-Driven (SD) ventures when seeking investment from Venture Capitalists (VCs). SD ventures have a dual mission, targeting both economic returns and non-economic sustainability-oriented goals. We argue that this dual mission complicates VCs’ evaluation of these ventures’ and sets the stage for possible agency conflicts. Therefore, VCs might postpone investment in SD ventures to reduce uncertainty and mitigate these conflicts. Utilizing the global PitchBook dataset for empirical analysis, we find evidence that SD ventures experience a longer time in obtaining Venture Capital (VC) funding. Nevertheless, our research identifies specific factors that can lessen these delays. Our results provide insights for SD ventures aiming to expedite VC funding during crucial early stages of their development.
 

WORKING PAPERS

• Yangyang Cheng, Andrea Fosfuri, and Nicola Misani, “Securing Venture Capital for Sustainability-Driven Ventures: An Analysis of Funding Delay”
• Yangyang Cheng, Carmelo Cennamo, and Claudio Panico, “Big Tech, Small Tech, and the Dynamics of Technology Life Cycle: The Case Of Artificial Intelligence’s Evolution”
• Qiang Xiong, Andrea Fosfuri, Nicola Misani, and Yangyang Cheng, “The Power of Quit: Limited Partners’ Influence on Sustainability Across Venture Capital Funds”
• Yangyang Cheng, and Xi Wu, “First-Mover vs. Second-Mover Advantage: How Developers Respond to Sequential Policy Changes Across Competing Platforms”
• Yangyang Cheng, Xi Wu, Claudio Panico, and Andrea Fosfuri, “Balancing Control and Engagement through IP Strategies: The Case of Open-Source Software-Based Startups”
• Yangyang Cheng, D. Daniel Sokol, and Carmelo Cennamo, “Beyond Competition: A Complementarity Perspective on Platform Acquisitions"
• Patrick Smith, Yangyang Cheng, and Mario Amore, “Starstruck! The Role of Celebrity Investors in Startup Fundraising”