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Knowledge combinations and the survival of financial services ventures

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Author Info

  • Wennberg, Karl

    ()
    (Dept. of Business Administration, Stockholm School of Economics)

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://swoba.hhs.se/hastba/papers/hastba2008_001.pdf
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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Business Administration with number 2008:1.

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Length: 29 pages
Date of creation: 05 Jan 2008
Date of revision:
Publication status: Forthcoming in Journal of evolutionary economics, 2009.
Handle: RePEc:hhb:hastba:2008_001

Contact details of provider:
Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, SE 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
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Web page: http://www.hhs.se/
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Keywords: Entrepreneurship; Spin-out; spin-off; Knowledge; Financial services; Survival analysis;

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References

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  1. 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.
  2. van der Aa, Wietze & Elfring, Tom, 2002. "Realizing innovation in services," Scandinavian Journal of Management, Elsevier, vol. 18(2), pages 155-171, June.
  3. Iyigun, Murat F & Owen, Ann L, 1998. "Risk, Entrepreneurship, and Human-Capital Accumulation," American Economic Review, American Economic Association, vol. 88(2), pages 454-57, May.
  4. 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.
  5. Zoltan J. Acs & Catherine Armington, 2004. "Job Creation and Persistence in Services and Manufacturing," Papers on Entrepreneurship, Growth and Public Policy 2004-16, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  6. Klepper, Steven, 2001. "Employee Startups in High-Tech Industries," Industrial and Corporate Change, Oxford University Press, vol. 10(3), pages 639-74, September.
  7. Michael Dahl & Toke Reichstein, 2007. "Are You Experienced? Prior Experience and the Survival of New Organizations," Industry and Innovation, Taylor & Francis Journals, vol. 14(5), pages 497-511.
  8. G. M. Peter Swann & Rui Baptista, 1999. "A comparison of clustering dynamics in the US and UK computer industries," Journal of Evolutionary Economics, Springer, vol. 9(3), pages 373-399.
  9. 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.
  10. Audretsch, David B & Mahmood, Talat, 1994. "Firm Selection and Industry Evolution: The Post-entry Performance of New Firms," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 243-60, September.
  11. Cooper, Arnold C. & Folta, Timothy B. & Woo, Carolyn, 1995. "Entrepreneurial information search," Journal of Business Venturing, Elsevier, vol. 10(2), pages 107-120, March.
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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 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. 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.
  4. 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.

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