Entrepreneurial Spawning: Experience, Education, and Exit
SAFE Working Paper No. 122
32 Pages Posted: 15 Jan 2016 Last revised: 15 Mar 2016
Date Written: February 29, 2016
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: Suggested Citation