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Variety in founder experience and the performance of knowledge-intensive innovative firms
Journal of Evolutionary Economics ( IF 1.3 ) Pub Date : 2020-07-13 , DOI: 10.1007/s00191-020-00692-6
Ethan Gifford , Guido Buenstorf , Daniel Ljungberg , Maureen McKelvey , Olof Zaring

This article contributes with an analysis of the specific linkages between knowledge, innovation and entrepreneurship for industrial dynamics, within the emerging literature upon knowledge-intensive innovative entrepreneurial (KIE) firms. We find a distinct variety in the usefulness of different types of founder experience (single or teams) in the performance of entrepreneurial firms. This variety affects selection in the economy, as measured by the performance of firms in a two-stage process – namely first by analyzing survival over time and then of high growth rates. We do so in order to consider averages/probabilities in the population using Cox regression as well as of the outliers, using quantile regression. We find that on one hand, founders having previously started firms or worked in the same industry are more likely to survive. On the other hand, very high-growth firms have founders who previously started firms or worked in universities. Combining different types of founder experience in KIE firms has a consistently positive relationship with performance both in terms of survival and of growth. Our interpretation is that the variety of founder experience affect selection processes and opportunity recognition in KIE firms and thereby fundamentally affect whether, and to what extent, entrepreneurial actions lead to industrial transformation.



中文翻译:

创始人经验的多样性和知识密集型创新公司的表现

本文在关于知识密集型创新创业 (KIE) 公司的新兴文献中分析了知识、创新和创业之间的具体联系,以促进产业动态。我们发现不同类型的创始人经验(单个或团队)对创业公司绩效的有用性存在明显差异。这种多样性影响经济中的选择,这通过企业在两阶段过程中的表现来衡量——首先通过分析随时间推移的生存情况,然后分析高增长率。我们这样做是为了考虑使用 Cox 回归以及使用分位数回归的异常值的总体中的平均值/概率。我们发现一方面,以前创办公司或在同一行业工作过的创始人更有可能生存。另一方面,非常高增长的公司的创始人以前创办过公司或在大学工作过。在 KIE 公司中结合不同类型的创始人经验与生存和增长方面的绩效始终呈正相关。我们的解释是,创始人经历的多样性影响 KIE 公司的选择过程和机会识别,从而从根本上影响创业行为是否以及在多大程度上导致产业转型。

更新日期:2020-07-13
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