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The impact of digital start-up founders' higher education on reaching equity investment milestones

机译：数字初创公司创始人的高等教育对实现股权投资里程碑的影响

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This paper builds on human capital theory to assess the importance of formal education among graduate entrepreneurs. Using a sample of 4953 digital start-ups the paper evaluates the impact of start-up founding teams’ higher education on the probability of securing equity investment and subsequent exit for investors. The main findings are: (1), teams with a founder that has a technical education are less likely to remain self-financed and are more likely to secure equity investment and to exit, but the impact of technical education declines with higher level degrees, (2) teams with a founder that has doctoral level business education are less likely to remain self-financed and have a higher probability of securing equity investment, while undergraduate and postgraduate business education have no significant effect, and (3) teams with a founder that has an undergraduate general education (arts and humanities) are less likely to remain self-financed and are more likely to secure equity investment and exit while postgraduate and doctoral general education have no significant effect on securing equity investment and exit. The findings enhance our understanding of factors that influence digital start-ups achieving equity milestones by showing the heterogeneous influence of different types of higher education, and therefore human capital, on new ventures achieving equity milestones. The results suggest that researchers and policy-makers should extend their consideration of universities entrepreneurial activity to include the development of human capital.
机译：本文建立在人力资本理论的基础上，以评估正规企业家在研究生企业家中的重要性。本文使用了4953个数字初创企业的样本，评估了初创创始团队的高等教育对确保股权投资和随后向投资者退出的可能性的影响。主要发现是：（1）具有创始人的受过技术教育的团队不太可能保持自负盈亏，更有可能获得股权投资并退出，但是随着更高的学位程度，技术教育的影响会下降， （2）拥有博士水平商业教育的创始人的团队保持自负资金的可能性较小，并且获得股权投资的可能性更高，而本科和研究生商业教育的效果不明显；（3）拥有创始人的团队具有本科通识教育（艺术和人文科学）的人不太可能保持自负盈亏，更有可能获得股权投资和退出，而研究生和博士通识教育对确保股权投资和退出没有重大影响。这些发现通过显示不同类型的高等教育对人力资本的异质影响对实现股权里程碑的新企业的影响，增强了我们对影响数字初创企业实现股权里程碑的因素的理解。结果表明，研究人员和政策制定者应扩大对大学创业活动的考虑，以包括人力资本的发展。

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