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Different founders, different venture outcomes: A comparative analysis of academic and non-academic startups

机译:不同的创始人,不同的风险投入:学术和非学术初创公司的比较分析

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摘要

What role do differences in founders' occupational backgrounds play in new venture performance? Analyzing a novel dataset of 2998 founders creating 1723 innovative startups in biomedicine, we find that the likelihood and hazard of achieving a liquidity event are lower for academic than for non-academic startups. However, academic startups produce as many patents and receive as much funding as non-academic startups, suggesting that the observed differences in achieving a liquidity event are not driven by differential invention performance. Exploiting heterogeneity among academic startups, we also find that differences between professor and student startups do not explain academic startups' comparatively low performance on the exit market vis-a-vis non-academic startups. Yet, startups founded by superstar professors perform similarly to non-academic startups on the exit market for new ventures, and better than startups founded by highly productive professors but without external certification.
机译:创始人职业背景中的差异在新的风险性能下发挥了什么职位?分析了2998年创始人的新型数据集在生物医学中创造了1723年的创新创业,我们发现学术造成的达到流动性事件的可能性和危害较低,而不是非学术初创公司。然而,学术初创企业生产尽可能多的专利并获得非学术初创公司的资金,这表明观察到实现流动性事件的差异不是通过差异发明的表现驱动。在学术初创公司中开发异质性,我们还发现教授和学生初创公司之间的差异在退出市场vis-vis的非学术初创企业中没有解释学术初创公司的比较低。然而,由超级巨星教授创立的初创公司与新企业出境市场的非学术初创公司同样地表现出,而不是由高产教授创立的初创公司,但没有外部认证。

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