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Schumpeterian Entrepreneurship

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Author Info

  • Steven Klepper

    (Carnegie Mellon University)

  • Atsushi Ohyama

    (University of Illinois, Urbana-Champaign)

  • Serguey Braguinsky

    (Carnegie Mellon University)

Abstract

Based on recent findings concerning the best performing startups, we develop a model of Schumpeterian entrepreneurship in which founders exploit ideas they learned through their employment. The model yields distinctive implications about how labor market experience and earnings at work influence the probability of a worker becoming an entrepreneur, earnings as an entrepreneur relative to paid work, and persistence in entrepreneurship. These implications are tested using data on the earnings of scientists and engineers, which are common founders of high growth startups. The sample is pared down to those that worked in and founded businesses related to their education in order to isolate the best candidates for Schumpeterian entrepreneurship.

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File URL: http://www.economicdynamics.org/meetpapers/2009/paper_772.pdf
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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2009 Meeting Papers with number 772.

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Date of creation: 2009
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Handle: RePEc:red:sed009:772

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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  1. Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-35, June.
  2. Cassiman, Bruno & Ueda, Masako, 2002. "Optimal Project Rejection and New Firm Start-Ups," CEPR Discussion Papers 3429, C.E.P.R. Discussion Papers.
  3. Gary S. Becker & Kevin M. Murphy, 1994. "The Division of Labor, Coordination Costs, and Knowledge," NBER Chapters, in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 299-322 National Bureau of Economic Research, Inc.
  4. De Meza, D. & Southey, C., 1995. "The Borrower's Curse: Optimism, Finance and Enterpreneurship," Discussion Papers 9502, Exeter University, Department of Economics.
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Cited by:
  1. William R. Kerr & Ramana Nanda, 2009. "Financing Constraints and Entrepreneurship," Harvard Business School Working Papers 10-013, Harvard Business School.

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