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Global Entrepreneurial Talent Flows: Widely Funded, Selectively Successful?

Author

Listed:
  • Paul A. Gompers
  • Henry Woo

Abstract

Immigrant founders of US venture-backed startups exit successfully more often than native founders. Does this hold worldwide? Using career histories for 913,226 founder-firm pairs in 213 countries (1990–2026), we compare founders who build abroad (expats) or return home after foreign experience (returnees) with comparable local founders in the same country. Both expats and returnees raise early funding more often globally. Expats' success premium, however, concentrates in the US (18 percent) and UK (26 percent), especially among those entering the US through graduate school, work, or direct founding. Returnees rarely show such a premium. Capital follows mobile founders across borders, but success follows them selectively.

Suggested Citation

  • Paul A. Gompers & Henry Woo, 2026. "Global Entrepreneurial Talent Flows: Widely Funded, Selectively Successful?," NBER Working Papers 35943, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:35943
    Note: CF PR
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    More about this item

    JEL classification:

    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • J69 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Other
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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