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Entrepreneurial Spawning: Experience, Education, and Exit

Author

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  • Douglas Cumming
  • Uwe Walz
  • Jochen Christian Werth

Abstract

We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from CrunchBase indicate that founders are more likely to stick with entrepreneurship as a serial entrepreneur or as an angel investor in cases where the founder had prior experience either in founding other startups or working for a startup, or had a 'jack-of-all-trades' education.
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Suggested Citation

  • Douglas Cumming & Uwe Walz & Jochen Christian Werth, 2016. "Entrepreneurial Spawning: Experience, Education, and Exit," The Financial Review, Eastern Finance Association, vol. 51(4), pages 507-525, November.
  • Handle: RePEc:bla:finrev:v:51:y:2016:i:4:p:507-525
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    File URL: http://hdl.handle.net/10.1111/fire.2016.51.issue-4
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    References listed on IDEAS

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    Cited by:

    1. repec:taf:veecee:v:19:y:2017:i:1-2:p:17-27 is not listed on IDEAS
    2. Christian Haddad & Lars Hornuf, 2016. "The Emergence of the Global Fintech Market: Economic and Technological Determinants," Research Papers in Economics 2016-10, University of Trier, Department of Economics.
    3. Lars Hornuf, 2016. "The Emergence of the Global Fintech Market: Economic and Technological Determinants," IAAEG Discussion Papers until 2011 201606, Institute of Labour Law and Industrial Relations in the European Union (IAAEU).
    4. repec:eee:corfin:v:50:y:2018:i:c:p:575-591 is not listed on IDEAS
    5. Cumming, Douglas & Werth, Jochen Christian & Zhang, Yelin, 2016. "Governance in entrepreneurial ecosystems: Venture capitalists vs. technology parks," SAFE Working Paper Series 135, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.

    More about this item

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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