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on Entrepreneurship |
| By: | Stefano Breschi; Julie Lassébie; Carlo Menon (OECD) |
| Abstract: | The report presents new cross-country descriptive evidence on innovative start-ups and related venture capital investments drawing upon Crunchbase, a new dataset that is unprecedented in terms of scope and comprehensiveness. The analysis employs a mix of different statistical techniques (descriptive graphics, econometric analysis, and machine learning) to highlight a number of findings. First, there are significant cross-country differences in the professional and educational background of start-ups’ founders, notably the share of founders with previous academic experience and in the share of “serial entrepreneurs”. Conversely, the founders’ average age is rather constant across countries, but shows a fair degree of variability across sectors. Second, IP assets, and in particular the presence of an inventor in the team of founders, are strongly associated with start-ups’ success. Finally, female founders are less likely to receive funding, receive lower amounts when they do receive financing, and have a lower probability of successful exit, when other factors are controlled for. |
| Date: | 2018–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stiaaa:2018/2-en&r=ent |
| By: | Batabyal, Amitrajeet; Yoo, Seung Jick |
| Abstract: | We focus on a region that is creative in the sense of Richard Florida. The creative class is broadly composed of existing and candidate entrepreneurs. The general question we analyze concerns the effects of Schumpeterian competition between existing and candidate entrepreneurs on economic growth and innovation policy in this region. We perform four specific tasks. First, when the flow rate of innovation function for the existing entrepreneurs is strictly concave, we delineate the circumstances in which competition between existing and candidate entrepreneurs leads to a unique balanced growth path (BGP) equilibrium. Second, we examine whether it is possible for the BGP equilibrium to involve different levels of R&D expenditures by the existing entrepreneurs. Third, we show how the BGP equilibrium is altered when the flow rate of innovation function for the existing entrepreneurs is constant. Finally, we study the impact that taxes and subsidies on R&D by existing and candidate entrepreneurs have on R&D expenditures and regional economic growth. |
| Keywords: | Creative Class, Creative Destruction, Economic Growth, Innovation Policy, R&D |
| JEL: | O31 O38 R11 |
| Date: | 2017–12–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:83891&r=ent |
| By: | KANG, Byeongwoo; RANNIKKO, Heikki; TORNIKOSKI, Erno T. |
| Abstract: | This paper investigates how to support employees to become entrepreneurs. Using original survey data by Nokia, we show two main findings. First, some contents of entrepreneurship were effective commonly to employees with an R&D background and to those with a non-R&D background while other contents were effective to either employees with an R&D background or those with a non-R&D background. The former contents are general knowledge on management, and the later contents are further development of their own specialties. Second, providing a such program to employees had merits to the program provider. Our findings have implications for how a firm to design entrepreneurial programs for employees and to form a business ecosystem around it. |
| Keywords: | Entrepreneurship, Entrepreneur education, Layoffs, Nokia, Spinoff |
| JEL: | J63 L26 M13 |
| Date: | 2017–12 |
| URL: | http://d.repec.org/n?u=RePEc:hit:iirwps:17-15&r=ent |
| By: | Howard, Michael D.; Kolb, Johannes |
| Abstract: | Among their early key decisions, new ventures must choose whether to retain founder CEOs and how to craft a media strategy to best represent themselves to the outside world. These decisions have critical implications for firm survival and success, shaping perceptions of important external stakeholders. Our study explores the interplay between founder CEOs and media coverage and their effect on firm performance. We employ competing risk models to analyze data on 2,327 US VC-backed technology firms during the period 1985 to 2009, finding that founder CEOs enhance volume and positive tonality of media coverage, which increase the likelihood of firm IPO. Our findings provide important contributions for research into entrepreneurship and organizational reputation. |
| Keywords: | entrepreneurship,founder characteristics,media analysis,new venture success,competing risk models |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hohdps:012018&r=ent |
| By: | Smriti Sharma; Finn Tarp |
| Abstract: | Using novel data from micro, small, and medium firms in Viet Nam, we estimate the relationship between behavioural and personality traits of owners/managers—risk attitudes, locus of control, and innovativeness—and firm-level decisions. We extend the analysis beyond standard metrics of firm performance such as revenue and growth to study intermediate investments, including product innovation, worker training, and adoption of workplace safety measures that are potentially conducive to observed firm performance. Our results show that innovativeness and locus of control are positively correlated with revenue while risk aversion predicts lower revenue. Risk aversion is positively correlated with the adoption of safety measures. Innovativeness, as expected, is associated with an increased probability of product innovations. An internal locus of control predicts higher probability of investments, innovations, and worker training. Heterogeneity analyses indicate that innovativeness and risk aversion matter more for firm outcomes in provinces characterized by better business climate. Our results are robust to a variety of checks. We contribute to a nascent and rapidly growing literature on the importance of managerial capital by shedding light on the role of managerial personality characteristics for decision-making in firms in a dynamic transition economy. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-17&r=ent |
| By: | Max Nathan (University of Birmingham); Anna Rosso (University of Milan) |
| Abstract: | Policymakers need to understand innovation in high-profile sectors like technology. This can be surprisingly hard to observe. We combine UK administrative microdata, media and website content to develop experimental measures of firm innovation – new product/service launches – that complement existing metrics. We then explore the innovative performance of technology sector SMEs – firms also of great policy interest – using panel fixed effects settings, comparing conventional and machine-learning-based definitions of industry space. For companies with event coverage, tech SMEs are substantially more launch-active than non-tech firms, with suggestive evidence of firm-city interactions. We use instruments and reweighting to handle underlying event exposure probabilities. |
| Keywords: | innovation, ICT, data science |
| JEL: | L86 |
| Date: | 2017–10–09 |
| URL: | http://d.repec.org/n?u=RePEc:csl:devewp:429&r=ent |
| By: | Jeremy Greenwood (University of Pennsylvania); Pengfei Han (University of Pennsylvania); Juan M Sanchez (Federal Reserve Bank of St. Louis) |
| Abstract: | The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, VCs provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital; viz., statistics by funding round concerning the success rate, failure rate, investment rate, equity shares, and the value of an IPO. Raising capital gains taxation reduces growth and welfare. |
| Keywords: | capital gains taxation, dynamic contract, endogenous growth, evaluating, funding rounds, growth regressions, IPO, monitoring, startups, research and development, venture capital |
| Date: | 2018–02 |
| URL: | http://d.repec.org/n?u=RePEc:eag:rereps:29&r=ent |
| By: | Filipe Lage de Sousa (Fluminense Federal University - Brazil) |
| Abstract: | Firms face difference obstacles for their development. This paper investigates which obstacle is the largest to firms’ productivity using micro-level data for the Asia and Pacific region. Access to finance shows the most robust result in our investigation, being stronger for SMEs. Removing SMEs’ credit constraints seem to be a powerful tool to promote economic growth in the region, particularly in the manufacturing sector. |
| URL: | http://d.repec.org/n?u=RePEc:unt:wpmpdd:wp/16/05&r=ent |
| By: | Tweneboah Senzu, Emmanuel; Ndebugri, Haruna |
| Abstract: | The research study, seek to critically examine and empirically justify the exact role and benefit, financial records keeping does to the performance of start-ups and management of micro, small and medium scale enterprises in Ghana. |
| Keywords: | MSMEs efficient management, MSMEs Accounting records keeping, Microeconomics, Macroeconomics, SMEs |
| JEL: | D2 M13 M41 |
| Date: | 2018–01–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:84022&r=ent |
| By: | Laurent Fraisse (LISE - Laboratoire Interdisciplinaire pour la Sociologie Economique - CNAM - Conservatoire National des Arts et Métiers [CNAM] - CNRS - Centre National de la Recherche Scientifique); Laurent Gardin (IDP LARIME - Institut du Développement et de la Prospective - Laboratoire d'Analyses et de Recherches Interdisciplinaires en Management des Entreprises - Université de Valenciennes et du Hainaut-Cambresis - Institut d'Administration des Entreprises (IAE) - Valenciennes); Jean-Louis Laville (LISE - Laboratoire Interdisciplinaire pour la Sociologie Economique - CNAM - Conservatoire National des Arts et Métiers [CNAM] - CNRS - Centre National de la Recherche Scientifique); Francesca Petrella (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Nadine Richez-Battesti (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique) |
| Keywords: | Social entrepreneurship,Économie sociale et solidaire |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01449222&r=ent |