This document summarizes the results of four focus groups conducted with angel investors. The goal of the focus groups was to provide information for research staff of the Federal Reserve Banks to develop hypotheses for future studies of angel investing. The author of this report conducted the...

Real average U.S. per capita personal income growth over the last 65 years exceeded a remarkable 400 percent. Also notable over this period is that the stark income differences across states have narrowed considerably: In 1939 the highest income state's per capita personal income was 4.5 times...

This case describes the evolution of an entrepreneur's venture-capital fundraising, from seed-stage financing through later-round efforts. The case focuses on where the quot;actionquot; is in venture finance: the exploitation of social capital by an entrepreneur and investors. Much of the...

As part of an effort to gather more data on new businesses in the United States, the Ewing Marion Kauffman Foundation sponsored the Kauffman Firm Survey (KFS), a panel study of new businesses founded in 2004 and tracked over their early years of operation. The Kauffman Foundation contracted with...

At least since Arrow (1962), the effects of appropriability on invention have been well studied, but there has been little analysis of the effect of appropriability on the commercialization of existing inventions. Exploiting a database of 805 attempts by private firms to commercialize inventions...

While some firms build cars or smartphones, Rocket Internet builds companies. The incubator and investment firm has pioneered an extreme approach to new venture creation that is often referred to as a "startup factory:" it rapidly assembles and scales new companies, replicating business models...