Entrepreneurial Spawning: Experience, Education, and Exit

Financial Review, Vol. 51, Issue 4

Douglas Cumming,
Uwe Walz,
Jochen Christian Werth
Research Area:
Law and Finance
Nov 2016
Venture governance, entrepreneurship, entrepreneurial spawning, angel finance, venture capital, exit

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.

Link to Publication

Back to list