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Survival of the funded: Econometric analysis of startup longevity and success

机译：资助的生存：初创寿命和成功的计量计量分析

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PURPOSE: The existing literature on the success of startup enterprises is thorough in investigating individual factors, but relatively weak in testing those factors in combination. This research tests for interactive effects, i.e., complementarities, between those factors. METHODOLOGY: We use a Cox proportional hazard model to estimate longevity in startups, supplementing it with maximum likelihood estimation of two metrics of success (employment and revenue). In each model, we explicitly test for interactions between terms, thus advancing the literature. FINDINGS: Panel data analysis shows that financing strategy matters to startup success, especially when combined with specific human and social capital attributes of the founders. For example, angel investors and venture capital investors benefit differently from founders with industry experience; founders with higher educational achievement generate more revenue than their peers specifically when their startups collaborate in university partnerships. IMPLICATIONS FOR THEORY AND PRACTICE: The paper suggests specific ways in which entrepreneurs should think about financing options that are complementary with their founder attributes. Further, it suggests that the literature must be very thoughtful, not only about the indicators of success but about advice to policymakers, financiers and entrepreneurs because of the nuanced nonlinearities and interactions we demonstrate. ORIGINALITY AND VALUE: We contribute to the literature on startup financing with a large dataset, careful modelling of interactive complementarities of between inputs, correction of the potential sample selection bias in previous studies, and a suite of modelled outcomes (survival, employment, and revenue) which allow for nuanced results.
机译：目的：现有文学的启动企业成功彻底调查各个因素，但在测试这些因素时相对较弱。这项研究的研究试验，即这些因素之间的互动效果。方法论：我们使用COX比例危险模型来估计初创公司的寿命，补充它，最大似然估计两个成功（就业和收入）的度量。在每个模型中，我们明确测试了术语之间的相互作用，从而推动文献。调查结果：面板数据分析表明，融资策略启动成功事件，特别是与创始人的特定人类和社会资本属性相结合。例如，天使投资者和风险投资投资者的利益与行业经验的创始人不同;教育成就更高的创始人比他们的初创公司在大学伙伴关系上合作时，比同行产生更多的收入。对理论与实践的影响：本文表明，企业家应考虑与其创始人属性互补的融资选择的具体方式。此外，它表明文学必须非常思考，不仅是关于成功指标，而且是关于对政策制定者，金融家和企业家的建议，因为我们证明了患有细微的非线性和互动。原创性和价值：我们对创业融资的文献进行了贡献，具有大型数据集，仔细建模交互式互补性，在先前研究中的潜在样本选择偏见的校正，以及一套建模结果（生存，就业和收入）允许对结果进行分娩。

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