G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w12592
来源IDWorking Paper 12592
Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs
Paul Gompers; Anna Kovner; Josh Lerner; David Scharfstein
发表日期2006-10-18
出版年2006
语种英语
摘要This paper argues that a large component of success in entrepreneurship and venture capital can be attributed to skill. We show that entrepreneurs with a track record of success are more likely to succeed than first time entrepreneurs and those who have previously failed. Funding by more experienced venture capital firms enhances the chance of success, but only for entrepreneurs without a successful track record. Similarly, more experienced venture capitalists are able to identify and invest in first time entrepreneurs who are more likely to become serial entrepreneurs. Investments by venture capitalists in successful serial entrepreneurs generate higher returns for their venture capital investors. This finding provides further support for the role of skill in both entrepreneurship and venture capital.
主题Financial Economics ; Financial Institutions ; Industrial Organization ; Firm Behavior
URLhttps://www.nber.org/papers/w12592
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/570254
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Paul Gompers,Anna Kovner,Josh Lerner,et al. Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs. 2006.
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