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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

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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Bibliographic 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
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:bla:jfinan:v:60:y:2005:i:2:p:577-614

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  1. Congratulations to Drs. Chambers, Chapman, and Xue
    by Peter Klein in Organizations and Markets on 2007-05-15 05:25:47
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Cited by:
  1. Andres Almazan & Javier Suarez & Sheridan Titman, 2007. "Firms' Stakeholders and the Costs of Transparency," NBER Working Papers 13647, National Bureau of Economic Research, Inc.
  2. Berglann, Helge & Moen, Espen R. & Roed, Knut & Skogstrøm, Jens Fredrik, 2009. "Entrepreneurship: Origins and Returns," IZA Discussion Papers 4250, Institute for the Study of Labor (IZA).
  3. Matt Marx & Lee Fleming, 2011. "Non-compete Agreements: Barriers to Entry…and Exit?," NBER Chapters, in: Innovation Policy and the Economy, Volume 12, pages 39-64 National Bureau of Economic Research, Inc.
  4. Lööf, Hans & Nabavi, Pardis, 2012. "Exporters, Spin-outs and Firm Performance," Working Paper Series in Economics and Institutions of Innovation 262, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
  5. Parker, Simon C., 2009. "Intrapreneurship or Entrepreneurship?," IZA Discussion Papers 4195, Institute for the Study of Labor (IZA).
  6. Goldbach, Stefan, 2012. "Innovation and Education: Is there a ‘Nerd Effect’?," Darmstadt Discussion Papers in Economics 56008, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).

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