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Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986 to 1999

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Author Info
PAUL GOMPERS
JOSH LERNER
DAVID SCHARFSTEIN

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Abstract

We examine two views of the creation of venture-backed start-ups, or "entrepreneurial spawning." In one, young firms prepare employees for entrepreneurship, educating them about the process, and exposing them to relevant networks. In the other, individuals become entrepreneurs when large bureaucratic employers do not fund their ideas. Controlling for firm size, patents, and industry, the most prolific spawners are originally venture-backed companies located in Silicon Valley and Massachusetts. Undiversified firms spawn more firms. Silicon Valley, Massachusetts, and originally venture-backed firms typically spawn firms only peripherally related to their core businesses. Overall, entrepreneurial learning and networks appear important in creating venture-backed firms. Copyright 2005 by The American Finance Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6261.2005.00740.x
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Publisher Info
Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 60 (2005)
Issue (Month): 2 (04)
Pages: 577-614
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Handle: RePEc:bla:jfinan:v:60:y:2005:i:2:p:577-614

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  1. Lazonick, William, 2008. "Entrepreneurial Ventures and the Developmental State: Lessons from the Advanced Economies," Working Papers DP2008/01, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
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