Using data from a prominent online platform for launching new digital products, we document that the composition of the platform's 'beta testers' on the day a new product is launched has a systematic and persistent impact on the venture's success. Specifically, we use word embedding methods to...

We study a large-scale French reform that provided generous downside insurance for unemployed individuals starting a business. We study whether this reform affects the composition of people who are drawn into entrepreneurship. New firms started in response to the reform are, on average, smaller,...

Early crowdfunding platforms were based on a premise of complete disintermediation from traditional experts. This approach becomes problematic when equity is involved because of asymmetric information between entrepreneurs and investors. Moreover, it favors regions that already attract a...