What Motivates Innovative Entrepreneurs? Evidence from Three Field Experiments

46 Pages Posted: 28 Oct 2019

See all articles by Jorge Guzman

Jorge Guzman

Columbia University - Columbia Business School

Jean Joohyun Oh

Columbia Business School

Ananya Sen

Carnegie Mellon University - H. John Heinz III School of Public Policy and Management

Date Written: October 2, 2019

Abstract

Entrepreneurial motivation is central for the process of economic growth. However, evidence on the motivations of innovative entrepreneurs, and how those motivations differ across fundamental characteristics, remains scant. We conduct three field experiments with the MIT Inclusive Innovation Challenge to study how innovative entrepreneurs respond to messages of money and social impact, and how this varies across gender and culture. We find consistent evidence that women and individuals located in more altruistic cultures are more motivated by social impact messages than money, while men and those in less altruistic cultures are more motivated by money than social impact. The estimates are not driven by differences in the type of company, its size, or other observable characteristics, but instead appear to come from differences in the underlying motivations of innovative entrepreneurs themselves.

Keywords: innovation, entrepreneurship, motivations, women, culture

Suggested Citation

Guzman, Jorge and Oh, Jean Joohyun and Sen, Ananya, What Motivates Innovative Entrepreneurs? Evidence from Three Field Experiments (October 2, 2019). Available at SSRN: https://ssrn.com/abstract=3466890 or http://dx.doi.org/10.2139/ssrn.3466890

Jorge Guzman

Columbia University - Columbia Business School ( email )

3022 Broadway
New York, NY 10027
United States

Jean Joohyun Oh

Columbia Business School ( email )

3022 Broadway
New York, NY 10027
United States

Ananya Sen (Contact Author)

Carnegie Mellon University - H. John Heinz III School of Public Policy and Management ( email )

4800 Forbes Avenue
Pittsburgh, PA Pittsburgh 15213-3890
United States

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