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Knowledge combinations and the survival of financial services ventures

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  • Karl Wennberg

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Abstract

This paper investigates the role of knowledge in the evolution of new financial services ventures in Sweden between 1990 and 2002. Drawing upon economic theories of human capital and spin-out entrepreneurship, we investigate if knowledge from prior employment in the financial and technological industries facilitates the survival of new entrepreneurial firms. Based on a database tracking the evolution of 1,077 financial services ventures, we find that firms with more extensive knowledge from the financial services and high-tech sectors have higher chances of survival than firms with more narrow knowledge bases. Our findings offer contributions to the emerging literature on spin-out entrepreneurship and to research on entrepreneurship in services.

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File URL: http://hdl.handle.net/10.1007/s00191-008-0124-6
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Bibliographic Info

Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 19 (2009)
Issue (Month): 2 (April)
Pages: 259-276

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Handle: RePEc:spr:joevec:v:19:y:2009:i:2:p:259-276

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Related research

Keywords: Entrepreneurship; Spin-out; Spin-off; Knowledge; Financial services; Survival analysis; L11; L26; M13; L84;

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References

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  1. Davidsson, Per & Honig, Benson, 2003. "The role of social and human capital among nascent entrepreneurs," Journal of Business Venturing, Elsevier, vol. 18(3), pages 301-331, May.
  2. Klepper, Steven, 2001. "Employee Startups in High-Tech Industries," Industrial and Corporate Change, Oxford University Press, vol. 10(3), pages 639-74, September.
  3. Audretsch, David B & Mahmood, Talat, 1994. "Firm Selection and Industry Evolution: The Post-entry Performance of New Firms," Journal of Evolutionary Economics, Springer, Springer, vol. 4(3), pages 243-60, September.
  4. Cooper, Arnold C. & Folta, Timothy B. & Woo, Carolyn, 1995. "Entrepreneurial information search," Journal of Business Venturing, Elsevier, vol. 10(2), pages 107-120, March.
  5. Murat F. Iyigun & Ann L. Owen, 1997. "Risk, entrepreneurship and human capital accumulation," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1997-37, Board of Governors of the Federal Reserve System (U.S.).
  6. G. M. Peter Swann & Rui Baptista, 1999. "A comparison of clustering dynamics in the US and UK computer industries," Journal of Evolutionary Economics, Springer, Springer, vol. 9(3), pages 373-399.
  7. Michael S. Dahl & Christian Ø.R. Pedersen & Bent Dalum, 2003. "Entry by Spinoff in a High-tech Cluster," DRUID Working Papers 03-11, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  8. Catherine Armington & Zoltan Acs, 2004. "Job creation and persistence in services and manufacturing," Journal of Evolutionary Economics, Springer, Springer, vol. 14(3), pages 309-325, 07.
  9. van der Aa, Wietze & Elfring, Tom, 2002. "Realizing innovation in services," Scandinavian Journal of Management, Elsevier, Elsevier, vol. 18(2), pages 155-171, June.
  10. Michael S. Dahl & Toke Reichstein, 2005. "Are you experienced? Prior experience and the survival of new organizations," DRUID Working Papers 05-01, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  11. Agarwal, Rajshree & Echambadi, Raj & Franco, April M. & Sarkar, M. B., 2002. "Knowledge Transfer through Congenital Learning: Spin-Out Generation, Growth and Survival," Working Papers 02-0101, University of Illinois at Urbana-Champaign, College of Business.
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Cited by:
  1. Wennberg, K. & Tether, B. & Li, C. & Mina, A., 2010. "Turning Digital: Diversification in UK Design Consultancy Services," ESRC Centre for Business Research - Working Papers, ESRC Centre for Business Research wp413, ESRC Centre for Business Research.
  2. Wennberg, Karl & Wiklund, Johan & Wright, Mike, 2011. "The effectiveness of university knowledge spillovers: Performance differences between university spinoffs and corporate spinoffs," Research Policy, Elsevier, vol. 40(8), pages 1128-1143, October.
  3. José Belso-Martínez & Xavier Molina-Morales & Francisco Más-Verdú, 2011. "How cluster membership places the mediatior effect of the internal resources on the association between KIBS and the growth of new innovative firms," ERSA conference papers ersa11p1732, European Regional Science Association.
  4. Werner, Arndt & Moog, Petra, 2009. "Why do Employees Leave Their Jobs for Self-Employment? – The Impact of Entrepreneurial Working Conditions in Small Firms," MPRA Paper 18826, University Library of Munich, Germany.

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