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What Are Firms? Evolution from Birth to Public Companies

Kaplan, Steven N. - 2005

We study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies. The average time elapsed is almost 6 years. We describe the financial performance, business idea, point(s) of differentiation, non-human...

Persistent link: https://www.econbiz.de/10012467096

Conveying Quality and Value in Emerging Industries : Star Scientists and the Role of Learning in Biotechnology

Higgins, Matthew J. - 2008

Managers of private entrepreneurial firms face obstacles in raising capital both in placing a value on a firm and conveying value to investors. These problems are exacerbated when the firm is small, has limited assets (except for human capital) and has yet to have a lead product. In such cases...

Persistent link: https://www.econbiz.de/10012464045

Immigrant Entrepreneurs and Innovation in the U.S. High-Tech Sector

Brown, J. David - 2019

We estimate differences in innovation behavior between foreign versus U.S.-born entrepreneurs in high-tech industries. Our data come from the Annual Survey of Entrepreneurs, a random sample of firms with detailed information on owner characteristics and innovation activities. We find uniformly...

Persistent link: https://www.econbiz.de/10012479519

Caught In The Middle : The Bias Against Startup Innovation With Technical And Commercial Challenges

Arora, Ashish; Fosfuri, Andrea; Rønde, Thomas - National Bureau of Economic Research - 2022

Startups in IT and life sciences appear to be flourishing. However, startups in other sectors, such as new materials, automation, and eco-innovations, which are often called "deep tech", seem to struggle. We argue that innovations with both technical and commercial challenges, typical of deep...

Persistent link: https://www.econbiz.de/10012814429

Movement of Star Scientists and Engineers and High-Tech Firm Entry

Zucker, Lynne G. - 2006

This paper analyzes the effects of top nanoscale scientists on industry entry in the comparative context of 5 major areas of science and technology, extending the concept of star scientist to all areas of science and technology. The results for nanotechnology are replicated using the...

Persistent link: https://www.econbiz.de/10012466497

Show Me the Right Stuff : Signals for High Tech Startups

Conti, Annamaria - 2011

We present a theoretical model of startup signaling with multiple signals and potential differences in external investor preferences. For a novel sample of technology incubator startups, we empirically examine the use of patents and founder, friends, and family (FFF) money as such signals,...

Persistent link: https://www.econbiz.de/10012461608

Why Wait? A Century of Life Before IPO

Jovanovic, Boyan - 2001

Firms that entered the stock market in the 1990s were younger than any earlier cohort since World War I. Surprisingly, however, firms that IPO'd at the close of the 19th century were just as young as the companies that are entering today. We argue here that the electrification-era and the IT-era...

Persistent link: https://www.econbiz.de/10012470648

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 Evolution of Corporate Ownership After IPO : The Impact of Investor Protection

Foley, C. Fritz - 2008

Recent research documents that ownership concentration is higher in countries with weak investor protection. However, drawing on panel data on corporate ownership in 34 countries between 1995 and 2006, we show this pattern does not hold for newly public firms, which tend to have concentrated...

Persistent link: https://www.econbiz.de/10012464091

Patents and the Survival of Internet-related IPOs

Cockburn, Iain M. - 2007

We examine the effect of patenting on the survival prospects of 356 internet-related firms that IPO'd at the height of … that did, we hypothesize that patents conferred competitive advantages that translate into higher probability of survival … characteristics, and stock market conditions, patenting is positively associated with survival. Quite different processes appear to …

Persistent link: https://www.econbiz.de/10012465507

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