An mehreren Orten in den USA entstanden in den vergangenen Jahrzehnten Zentren privater Forschungs- und Gründungsaktivitäten, von denen das Silicon Valley südlich von San Francisco wohl das bekannteste ist. Nahe der privat finanzierten Stanford University entstand ein Forschungs- und...

The analysis compares two institutional settings in which individuals with complementary task abilities match to found new firms: corporate spin-offs of initially randomly matched production teams and the rational matching of such teams in an incubator organization. The alternative always...

Innovative projects can be carried out by small entrepreneurial partnerships or within large industrial firms. We investigate the effects of fostering the former by organizing an quot;incubatorquot; to improve the matching of individuals in teams. The respective equilibrium then entails a larger...

Using a sample of 1485 funded firms in Germany, we analyse the driving forces of Venture Capitalist (VC) syndication and try to disentangle the circumstances under which VCs engage in collaboration with partners. The results indicate that syndication is more pronounced for younger funded firms....

The importance of informal institutions and in particular culture for entrepreneurship is a subject of ongoing interest. Past research has mostly concentrated on cross-national comparisons, cultural values and the direct effects of culture on entrepreneurial behaviour, but in the main found...

In this paper we analyze the relation between an investor’s experience and the intensity of monitoring activities. Specifically, we consider venture capitalist firms and their choices of time intervals between financing rounds. We hypothesize that more industry investment experience leads to...