Entrepreneurial Spawning: Experience, Education, and Exit

SAFE Working Paper No. 122

32 Pages Posted: 15 Jan 2016 Last revised: 15 Mar 2016

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University

Uwe Walz

Goethe University Frankfurt - Institute of Economics; Center For Financial Studies (CFS); Goethe University Frankfurt - Research Center SAFE

Jochen Christian Werth

Goethe University Frankfurt

Date Written: February 29, 2016

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.

Keywords: Venture governance, entrepreneurship, entrepreneurial spawning, angel finance, venture capital, exit

JEL Classification: G24, G34, L26

Suggested Citation

Cumming, Douglas J. and Walz, Uwe and Werth, Jochen Christian, Entrepreneurial Spawning: Experience, Education, and Exit (February 29, 2016). SAFE Working Paper No. 122. Available at SSRN: https://ssrn.com/abstract=2715366 or http://dx.doi.org/10.2139/ssrn.2715366

Douglas J. Cumming

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

HOME PAGE: http://booksite.elsevier.com/9780124095373/

Uwe Walz (Contact Author)

Goethe University Frankfurt - Institute of Economics ( email )

Postfach 81
D-60054 Frankfurt
Germany

Center For Financial Studies (CFS) ( email )

Grüneburgplatz 1
Frankfurt am Main, 60323
Germany

Goethe University Frankfurt - Research Center SAFE ( email )

(http://www.safe-frankfurt.de)
Theodor-W.-Adorno-Platz 3
Frankfurt am Main, 60323
Germany

Jochen Christian Werth

Goethe University Frankfurt ( email )

Grüneburgplatz 1
Frankfurt am Main, 60323
Germany

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