Entrepreneurial Spawning: Experience, Education, and Exit

Financial Review, (2016) Forthcoming

31 Pages Posted: 10 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); Leibniz Institute for Financial Research SAFE

Jochen Christian Werth

Goethe University Frankfurt

Multiple version iconThere are 2 versions of this paper

Date Written: March 8, 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 (March 8, 2016). Financial Review, (2016) Forthcoming, Available at SSRN: https://ssrn.com/abstract=2744889

Douglas J. Cumming

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

HOME PAGE: http://sites.google.com/view/douglascumming/bio?authuser=0

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

Leibniz Institute for Financial Research 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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