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Cost of Experimentation and the Evolution of Venture Capital

Citations

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Cited by:

  1. Michael Ewens & Nadya Malenko, 2020. "Board Dynamics over the Startup Life Cycle," NBER Working Papers 27769, National Bureau of Economic Research, Inc.
  2. Ben Spigel, 2022. "Examining the cohesiveness and nestedness entrepreneurial ecosystems: evidence from British FinTechs," Small Business Economics, Springer, vol. 59(4), pages 1381-1399, December.
  3. Ajay Agrawal & Joshua S. Gans & Scott Stern, 2021. "Enabling Entrepreneurial Choice," Management Science, INFORMS, vol. 67(9), pages 5510-5524, September.
  4. Huang, Ying Sophie & Wu, Jiajia & Guo, Feng, 2022. "Venture capital staging under economic policy uncertainty," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 572-596.
  5. Routledge, Bryan R., 2018. "Comments on: Big data in finance and the growth of large firms, by Juliane Begenau & Maryam Farboodi & Laura Veldkamp," Journal of Monetary Economics, Elsevier, vol. 97(C), pages 88-90.
  6. Margarida Madaleno & Max Nathan & Henry Overman & Sevrin Waights, 2022. "Incubators, accelerators and urban economic development," Urban Studies, Urban Studies Journal Limited, vol. 59(2), pages 281-300, February.
  7. Bian, Bo & Li, Yingxiang & Nigro, Casimiro A., 2022. "Conflicting fiduciary duties and fire sales of VC-backed start-ups," LawFin Working Paper Series 35, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
  8. Francesco Sannino, 2024. "The Equilibrium Size and Value‐Added of Venture Capital," Journal of Finance, American Finance Association, vol. 79(2), pages 1297-1352, April.
  9. Murillo Campello & Guilherme Junqueira, 2026. "Tax Incentives and Venture Capital Risk-Taking: Evidence from the QSBS Program," CESifo Working Paper Series 12776, CESifo.
  10. Josh Lerner & Ramana Nanda, 2020. "Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn," Journal of Economic Perspectives, American Economic Association, vol. 34(3), pages 237-261, Summer.
  11. Conghui Han & John Qi Dong, 2023. "Software investment and organizational change: Evidence from panel data," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(6), pages 3043-3055, September.
  12. Silvia Dalla Fontana & Ramana Nanda, 2023. "Innovating to Net Zero: Can Venture Capital and Start-Ups Play a Meaningful Role?," Entrepreneurship and Innovation Policy and the Economy, University of Chicago Press, vol. 2(1), pages 79-105.
  13. Michael Ewens Author-1-Name-First: Michael Author-1-Name-Last: Ewens & Ramana Nanda Author-2-Name-First: Ramana Author-2-Name-Last: Nanda & Christopher Stanton Author-3-Name-First: Christopher Author-, 2020. "Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship," Harvard Business School Working Papers 20-119, Harvard Business School, revised Sep 2023.
  14. Denes, Matthew & Lagaras, Spyridon & Tsoutsoura, Margarita, 2025. "Entrepreneurship and the gig economy: Evidence from U.S. tax returns," Journal of Financial Economics, Elsevier, vol. 173(C).
  15. Abhishek Nagaraj, 2022. "T he P rivate I mpact of P ublic D ata: L andsat S atellite M aps I ncreased G old D iscoveries and E ncouraged E ntry," Management Science, INFORMS, vol. 68(1), pages 564-582, January.
  16. Zhe Cao & Xianwei Shi, 2021. "A systematic literature review of entrepreneurial ecosystems in advanced and emerging economies," Small Business Economics, Springer, vol. 57(1), pages 75-110, June.
  17. Ramana Nanda, "undated". "Priors, Experiments, Learning and Persuasion in (Bayesian) Entrepreneurial Finance," Harvard Business School Working Papers 25-020, Harvard Business School.
  18. Wataru Nozawa, 2026. "Investment origination and screening: Separation or integration?," Economics Bulletin, AccessEcon, vol. 46(1), pages 55-60.
  19. Leonard I. Nakamura, 2020. "Evidence of Accelerating Mismeasurement of Growth and Inflation in the U.S. in the 21st Century," Working Papers 20-41, Federal Reserve Bank of Philadelphia.
  20. Cumming, Douglas J. & Nguyen, Giang & Nguyen, My, 2022. "Product market competition, venture capital, and the success of entrepreneurial firms," Journal of Banking & Finance, Elsevier, vol. 144(C).
  21. Ari Hyytinen & Petri Rouvinen & Mika Pajarinen & Joosua Virtanen, 2023. "Ex Ante Predictability of Rapid Growth: A Design Science Approach," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2465-2493, November.
  22. de Bettignies, Jean-Etienne & Ries, John, 2023. "When less is more: Information and the financing of innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 346-369.
  23. Howell, Sabrina T., 2020. "Reducing information frictions in venture capital: The role of new venture competitions," Journal of Financial Economics, Elsevier, vol. 136(3), pages 676-694.
  24. Fini, Riccardo & Perkmann, Markus & Kenney, Martin & Maki, Kanetaka M., 2023. "Are public subsidies effective for university spinoffs? Evidence from SBIR awards in the University of California system," Research Policy, Elsevier, vol. 52(1).
  25. Shumiao Ouyang & Jiaheng Yu & Ravi Jagannathan, 2020. "Return to Venture Capital in the Aggregate," NBER Working Papers 27690, National Bureau of Economic Research, Inc.
  26. Milan Miric & Pai-Ling Yin & Daniel C. Fehder, 2023. "Population-Level Evidence of the Gender Gap in Technology Entrepreneurship," Strategy Science, INFORMS, vol. 8(1), pages 62-84, March.
  27. Ewens, Michael & Nanda, Ramana & Stanton, Christopher, 2020. "The Evolution of CEO Compensation in Venture Capital Backed Startups," SocArXiv rku3m, Center for Open Science.
  28. Litov, Lubomir P. & Liu, Xia & Megginson, William L. & Sitorus, Romora E., 2024. "Venture capitalist directors and managerial incentives," Journal of Corporate Finance, Elsevier, vol. 89(C).
  29. Shan, Hongyu, 2025. "Corporate venture capital and the boundaries of the firm11For comments and suggestions, I thank Jan Bena (discussant), Thomas Chemmanur, Thomas Hellmann (discussant), Joel Houston, Jongsub Lee, Josh Lerner, Jiasun Li, Tse-Chun Lin, Liangfei Qiu, Song," Journal of Business Venturing, Elsevier, vol. 40(4).
  30. Joshua L. Krieger & Monika Schnitzer & Martin Watzinger, 2024. "Standing on the shoulders of science," Strategic Management Journal, Wiley Blackwell, vol. 45(9), pages 1670-1695, September.
  31. Hellmann, Thomas & Montag, Alexander & Tåg, Joacim, 2024. "Financing J-Curves in Venture Capital," Working Paper Series 1500, Research Institute of Industrial Economics, revised 31 Mar 2026.
  32. Jiyong Park & Kunsoo Han & Byungtae Lee, 2023. "Green Cloud? An Empirical Analysis of Cloud Computing and Energy Efficiency," Management Science, INFORMS, vol. 69(3), pages 1639-1664, March.
  33. Sumit Agarwal & Tien Foo Sing & Changcheng Song & Jian Zhang, 2024. "Liberalizing Home-Based Business," Management Science, INFORMS, vol. 70(12), pages 8301-8321, December.
  34. Victor M. Bennett & Aaron K. Chatterji, 2023. "The entrepreneurial process: Evidence from a nationally representative survey," Strategic Management Journal, Wiley Blackwell, vol. 44(1), pages 86-116, January.
  35. Matthias van den Heuvel & David Popp, 2022. "The Role of Venture Capital and Governments in Clean Energy: Lessons from the First Cleantech Bubble," CESifo Working Paper Series 9684, CESifo.
  36. Ewens, Michael & Gorbenko, Alexander & Korteweg, Arthur, 2022. "Venture capital contracts," Journal of Financial Economics, Elsevier, vol. 143(1), pages 131-158.
  37. van den Heuvel, Matthias & Popp, David, 2023. "The role of venture capital and governments in clean energy: lessons from the first cleantech bubble," Energy Economics, Elsevier, vol. 124(C).
  38. Aggarwal, Dhruv & Eldar, Ofer & Hochberg, Yael V. & Litov, Lubomir P., 2022. "The rise of dual-class stock IPOs," Journal of Financial Economics, Elsevier, vol. 144(1), pages 122-153.
  39. Fei, Yue & Hege, Ulrich & Jia, Xiao, 2026. "IPO Reform and Venture Capital: Evidence from China”," TSE Working Papers 26-1732, Toulouse School of Economics (TSE).
  40. Ankur Chavda, 2023. "Which Types of Investments Benefit from Retaining the Flexibility to Terminate?," Strategy Science, INFORMS, vol. 8(4), pages 426-443, December.
  41. Michael Ewens & Joan Farre-Mensa, 2022. "Private or Public Equity? The Evolving Entrepreneurial Finance Landscape," Annual Review of Financial Economics, Annual Reviews, vol. 14(1), pages 271-293, November.
  42. Timothy Wojan, 2024. "Exploratory Report: Annual Business Survey Ownership Diversity and Its Association with Patenting and Venture Capital Success," Working Papers 24-62, Center for Economic Studies, U.S. Census Bureau.
  43. Berger, Marius & Gottschalk, Sandra, 2021. "Financing and advising early stage startups: The effect of angel investor subsidies," ZEW Discussion Papers 21-069, ZEW - Leibniz Centre for European Economic Research.
  44. Joshua Krieger & Ramana Nanda & Ian Hunt & Aimee Reynolds & Peter Tarsa, 2022. "Scoring and Funding Breakthrough Ideas: Evidence from a Global Pharmaceutical Company," Harvard Business School Working Papers 23-014, Harvard Business School, revised Nov 2023.
  45. Ruiqing Cao & Abhishek Bhatia, 2025. "AI Coding Tools and Digital Entrepreneurship: The Role of Software Expertise," Papers 2511.06545, arXiv.org, revised Sep 2026.
  46. Thomas Ulmer & Ulrich Pape, 2022. "Streamliners, Switchmen and Bridge Builders: About the Mechanisms and Uniqueness of Accelerator Programs," Sustainability, MDPI, vol. 14(23), pages 1-25, November.
  47. Shane Greenstein, 2020. "Digital Infrastructure," NBER Chapters, in: Economic Analysis and Infrastructure Investment, pages 409-447, National Bureau of Economic Research, Inc.
  48. Rizzitello, Eleonora & Piazza, Mariangela & Perrone, Giovanni, 2025. "Unlocking green startup investments: How environmental policy pressures drive Venture Capital funding decisions," Technological Forecasting and Social Change, Elsevier, vol. 217(C).
  49. Mihet, Roxana & Rishabh, Kumar & Gomes, Orlando, 2026. "Is it AI or data that drives firm market power?," Journal of Monetary Economics, Elsevier, vol. 157(C).
  50. Chiara Franzoni & Reinhilde Veugelers, 2026. "Funding Breakthrough Research: An Update and Research Agenda," NBER Chapters, in: The Economics of Science: Taking Stock and Looking Ahead, National Bureau of Economic Research, Inc.
  51. Erin L. Scott & Pian Shu & Roman M. Lubynsky, 2020. "Entrepreneurial Uncertainty and Expert Evaluation: An Empirical Analysis," Management Science, INFORMS, vol. 66(3), pages 1278-1299, March.
  52. Arora, Ashish & Fosfuri, Andrea & Rønde, Thomas, 2024. "The missing middle: Value capture in the market for startups," Research Policy, Elsevier, vol. 53(3).
  53. Joshua D Gottlieb & Richard R Townsend & Ting Xu, 2022. "Does Career Risk Deter Potential Entrepreneurs?," The Review of Financial Studies, Society for Financial Studies, vol. 35(9), pages 3973-4015.
  54. Kang, Jun-Koo & Li, Yingxiang & Oh, Seungjoon, 2022. "Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance," Journal of Financial Intermediation, Elsevier, vol. 50(C).
  55. Wang Jin & Kristina McElheran, 2025. "Economies Before Scale: I.T. Strategy and Performance Dynamics of Young U.S. Businesses," Management Science, INFORMS, vol. 71(9), pages 7449-7473, September.
  56. Ge, Guoqing & Xue, Jian & Zhang, Qian, 2024. "Industrial policy and governmental venture capital: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 84(C).
  57. Chen, Jun & Ewens, Michael, 2021. "Venture Capitalists' Access to Finance and Its Impact on Startups," SocArXiv 8tpux, Center for Open Science.
  58. Patrick Figge & Lorenz Graf-Vlachy & Andreas König & Florian Demann & Martin Diessner, 2025. "Shades of Grey or Black and White? How Entrepreneurs’ Use of Cognitively Complex Language Affects Investor Funding," Entrepreneurship Theory and Practice, , vol. 49(6), pages 1535-1564, November.
  59. Fernandez-Vidal, Jorge & Alarcon, Silverio, 2025. "Financing agricultural innovation: Challenges and alternatives to venture capital in the AgTech sector," Food Policy, Elsevier, vol. 136(C).
  60. Ma, Song & Murfin, Justin & Pratt, Ryan, 2022. "Young firms, old capital," Journal of Financial Economics, Elsevier, vol. 146(1), pages 331-356.
  61. Dushnitsky, Gary & Stroube, Bryan K., 2021. "Low-code entrepreneurship: Shopify and the alternative path to growth," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
  62. Mayer, Simon, 2022. "Financing breakthroughs under failure risk," Journal of Financial Economics, Elsevier, vol. 144(3), pages 807-848.
  63. Benoit Cornet & Marc-André Chavy-Macdonald & Dominique Foray, 2026. "Defining Innovatisation: The Case of New Space and the Changing Space Sector," NBER Chapters, in: Entrepreneurship and Innovation Policy and the Economy, volume 6, National Bureau of Economic Research, Inc.
  64. Jérôme Dugast & Thierry Foucault, 2025. "Equilibrium Data Mining and Data Abundance," Journal of Finance, American Finance Association, vol. 80(1), pages 211-258, February.
  65. Yoshiki Ando, 2026. "Dynamics of High‐Growth Young Firms and the Role of Venture Capitalists," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(3), pages 779-798, August.
  66. Xiaoning Wang & Lynn Wu, 2026. "Artificial Intelligence, Lean Startup Method, and Product Innovations," Management Science, INFORMS, vol. 72(1), pages 756-782, January.
  67. Petra Moser, 2020. "Introduction to "Economics of Research and Innovation in Agriculture"," NBER Chapters, in: Economics of Research and Innovation in Agriculture, pages 1-19, National Bureau of Economic Research, Inc.
  68. Ewens, Michael, 2022. "Race and Gender in Entrepreneurial Finance," SocArXiv djf8z, Center for Open Science.
  69. Li, Emma & Mao, Mike Qinghao & Zhang, Hong Feng & Zheng, Hao, 2023. "Banks’ investments in fintech ventures," Journal of Banking & Finance, Elsevier, vol. 149(C).
  70. Han, Luyi & Wojan, Timothy R. & Goetz, Stephan J., 2023. "Experimenting in the cloud: The digital divide's impact on innovation," Telecommunications Policy, Elsevier, vol. 47(7).
  71. Dang, Man & Nguyen, Ngoc Vu & Mazur, Mieszko & Puwanenthiren, Premkanth & Nguyen, Ngoc Thang, 2021. "Global policy uncertainty and cross-border acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 224-235.
  72. Ramana Nanda & Matthew Rhodes-Kropf, 2017. "Coordination Frictions in Venture Capital Syndicates," Harvard Business School Working Papers 17-089, Harvard Business School, revised Dec 2018.
  73. Celine (Yue) Fei & Ulrich Hege & Xiao Jia, 2026. "IPO Reform and Venture Capital: Evidence from China," CRC TR 224 Discussion Paper Series crctr224_2025_736, University of Bonn and University of Mannheim, Germany.
  74. Pehr-Johan Norbäck & Lars Persson & Joacim Tåg, 2025. "Risky business: venture capital, pivoting and scaling," Small Business Economics, Springer, vol. 64(3), pages 1285-1319, March.
  75. Onesun Steve Yoo & Tingliang Huang & Kenan Arifoğlu, 2021. "A Theoretical Analysis of the Lean Start-up Method," Marketing Science, INFORMS, vol. 40(3), pages 395-412, May.
  76. Li, Xuelin & Liu, Tong & Taylor, Lucian A., 2023. "Common ownership and innovation efficiency," Journal of Financial Economics, Elsevier, vol. 147(3), pages 475-497.
  77. Hmaddi, Ouafaa & Lanahan, Lauren & Murray, Alex, 2025. "Tracing entrepreneurial spillovers: Evidence from the U.S. State Small Business Credit initiative and Kickstarter," Research Policy, Elsevier, vol. 54(4).
  78. Ruijun Zhang & Xiaotong Yang & Nian Li & Muhammad Asif Khan, 2021. "Herd Behavior in Venture Capital Market: Evidence from China," Mathematics, MDPI, vol. 9(13), pages 1-18, June.
  79. Josh Lerner, 2020. "Government Incentives for Entrepreneurship," NBER Chapters, in: Innovation and Public Policy, pages 213-235, National Bureau of Economic Research, Inc.
  80. Gavin Wang & Lynn Wu, 2025. "Artificial Intelligence, Lean Startup Method, and Product Innovations," Papers 2506.16334, arXiv.org, revised Aug 2025.
  81. Fosfuri, Andrea & Nagar, Jay Prakash, 2026. "Timing is key: Navigating venture capital funding for science-based startups," Research Policy, Elsevier, vol. 55(3).
  82. Alfonso Gambardella & Danilo Messinese, 2025. "Design- and Theory-Based Approaches to Strategic Decisions," Organization Science, INFORMS, vol. 36(4), pages 1271-1287, July.
  83. Amir Sariri, 2025. "The Economics of Advice: Evidence from Start-up Mentoring," Management Science, INFORMS, vol. 71(12), pages 10022-10046, December.
  84. Hernández, Juan & Wills, Daniel, 2024. "Fighting for the Best, Losing with the Rest: The Perils of Competition in Entrepreneurial Finance," IDB Publications (Working Papers) 13362, Inter-American Development Bank.
  85. Shabnam Kazembalaghi & Jerry Coakley & José M. Liñares-Zegarra & Silvio Vismara, 2025. "Digital equity and government support during COVID-19," Small Business Economics, Springer, vol. 64(4), pages 1679-1705, April.
  86. Luca Gius, 2025. "Disagreement Predicts Startup Success: Evidence from Venture Competitions," Strategy Science, INFORMS, vol. 10(2), pages 93-108, June.
  87. Murray, Gordon, 2020. "Ten Meditations on (Public) Venture Capital – Revisited," MPRA Paper 104389, University Library of Munich, Germany.
  88. Victor M. Bennett & Todd A. Hall, 2020. "Software availability and entry," Strategic Management Journal, Wiley Blackwell, vol. 41(5), pages 950-962, May.
  89. Khanna, Naveen & Mathews, Richmond D., 2022. "Skill versus reliability in venture capital," Journal of Financial Economics, Elsevier, vol. 145(2), pages 41-63.
  90. Kwon, Sungjoung & Manna, Nomalia, 2025. "Corporate investments in startups: CVC unit vs. direct investment," Journal of Banking & Finance, Elsevier, vol. 175(C).
  91. William H. Janeway & Ramana Nanda & Matthew Rhodes-Kropf, 2021. "Venture Capital Booms and Start-Up Financing," Annual Review of Financial Economics, Annual Reviews, vol. 13(1), pages 111-127, November.
  92. Petra Moser, 2021. "Economics of Research and Innovation in Agriculture," NBER Books, National Bureau of Economic Research, Inc, number mose-1, May.
  93. Gill, Andrej & Heller, David & Michel, Nina A., 2024. "Enabling or accelerating? The timing of innovation and the different roles of venture capitalists," Research Policy, Elsevier, vol. 53(8).
  94. Bi, Ruigang & Kou, Zonglai & Zhou, Min, 2024. "How to guide venture capital to startups? Evidence from China's Science and Technology Innovation Board," Journal of Asian Economics, Elsevier, vol. 95(C).
  95. Sungyong Chang, 2023. "Two faces of decomposability in organizational search: Evidence from singles versus albums in the music industry 1995–2015," Strategic Management Journal, Wiley Blackwell, vol. 44(7), pages 1616-1652, July.
  96. Michael Ewens & Joan Farre-Mensa, 2020. "The Deregulation of the Private Equity Markets and the Decline in IPOs," The Review of Financial Studies, Society for Financial Studies, vol. 33(12), pages 5463-5509.
  97. Gordon M Phillips & Alexei Zhdanov, 2024. "Venture Capital Investments, Merger Activity, and Competition Laws around the World," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(2), pages 303-334.
  98. Chen, Y. Joy & Gong, Robin Kaiji & Li, Jinlin, 2026. "Industrial policy in a new era: Government venture capital in the US–China trade war," Journal of Development Economics, Elsevier, vol. 178(C).
  99. Joan Farre‐Mensa & Deepak Hegde & Alexander Ljungqvist, 2020. "What Is a Patent Worth? Evidence from the U.S. Patent “Lottery”," Journal of Finance, American Finance Association, vol. 75(2), pages 639-682, April.
  100. Fei Qin, 2025. "Oasis in the desert or icing on the cake? The impact of entrepreneurship accelerators across ecosystems," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(5), pages 659-676, July.
  101. repec:osf:socarx:rku3m_v1 is not listed on IDEAS
  102. Gonzalez-Uribe, Juanita & Hmaddi, Ouafaa, 2022. "The multi-dimensional impacts of business accelerators: what does the research tell us?," LSE Research Online Documents on Economics 115461, London School of Economics and Political Science, LSE Library.
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