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Venture Capitalists' Access to Finance and Its Impact on Startups

Chen, Jun; Ewens, Michael - National Bureau of Economic Research - 2021

Although an extensive literature shows that startups are financially constrained and that constraints vary by geography, the source of these constraints is still relatively unknown. We explore intermediary financing constraints, a channel studied in the banking literature, but only indirectly...

Persistent link: https://www.econbiz.de/10012629431

The Unicorn Puzzle

Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - National Bureau of Economic Research - 2022

From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...

Persistent link: https://www.econbiz.de/10013435166

Funding Black High-Growth Startups

Cook, Lisa D.; Marx, Matt; Yimfor, Emmanuel - National Bureau of Economic Research - 2022

We analyze determinants of access to venture capital for Black founders of high-growth startups. We combine image- and name-processing algorithms with clerical review to identify race for over 100,000 startup founders "at risk" for venture funding. Black founders raise roughly one-third as much...

Persistent link: https://www.econbiz.de/10013462730

Some Simple Economics of Crowdfunding

Agrawal, Ajay K. - 2013

, the recent rise of crowdfunding - raising capital from many people through an online platform - which offers little … initially startling. On the eve of launching equity-based crowdfunding, a new market for early-stage finance in the U.S., we … transaction costs, reputation, and market design, can explain the rise of non-equity crowdfunding and offer a framework for …

Persistent link: https://www.econbiz.de/10012459529

Give Me Your Tired, Your Poor, Your High-Skilled Labor : H-1B Lottery Outcomes and Entrepreneurial Success

Dimmock, Stephen G. - 2019

We study how access to high-skill labor affects the outcomes of start-up firms. We obtain exogenous variation in firms' ability to access skilled labor by using win rates in H-1B visa lotteries. Relative to other firms that also applied for H-1B visas, firms with higher lottery win rates are...

Persistent link: https://www.econbiz.de/10012480336

Older and Slower : The Startup Deficit’s Lasting Effects on Aggregate Productivity Growth

Alon, Titan - 2017

We investigate the link between declining firm entry, aging incumbent firms and sluggish U.S. productivity growth. We provide a dynamic decomposition framework to characterize the contributions to industry productivity growth across the firm age distribution and apply this framework to the newly...

Persistent link: https://www.econbiz.de/10012453838

Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

Ewens, Michael; Farre-Mensa, Joan - National Bureau of Economic Research - 2021

The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...

Persistent link: https://www.econbiz.de/10012794560

The Transformation of Self Employment

Colaiacovo, Innessa; Dalton, Margaret G.; Pekkala Kerr, Sari - National Bureau of Economic Research - 2022

Over the past half-century, while self-employment has consistently accounted for around one in ten of the United States workforce, its composition has changed. Since 1970, industries with high startup capital requirements have declined from 53% of self-employment to 23%. This same time period...

Persistent link: https://www.econbiz.de/10012938694

Public Entrepreneurial Finance around the Globe

Bai, Jessica; Bernstein, Shai; Dev, Abhishek; Lerner, Joshua - National Bureau of Economic Research - 2021

This paper examines how government funding programs geared towards early-stage companies interact with private capital markets. Using hand-collected data on 755 government programs worldwide, we find that governments' allocations to such funding programs have been comparable to global venture...

Persistent link: https://www.econbiz.de/10012510623

The Globalization of Angel Investments : Evidence across Countries

Lerner, Josh - 2015

This paper examines investments made by 13 angel groups across 21 countries. We compare applicants just above and below the funding cutoff and find that these angel investors have a positive impact on the growth, performance, and survival of firms as well as their follow-on fundraising. The...

Persistent link: https://www.econbiz.de/10012456863

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