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The dynamics of entrepreneurial careers in high-tech ventures : experience, education, and exit

Cumming, Douglas J.; Walz, Uwe; Werth, Jochen - 2015

We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to found … online database indicate that founders stick with entrepreneurship as a serial entrepreneur or as an angel investor only in …

Persistent link: https://www.econbiz.de/10011436054

Why Do Entrepreneurs Switch Venture Capitalists?

Cumming, Douglas J. - 2010

We examine the dynamics of the positive sorting in the venture capital industry. We empirically show that there is considerable re-balancing of the VC-company matches. We further find that higher-quality companies associated with less reputable VCs are more likely to switch to more reputable...

Persistent link: https://www.econbiz.de/10013152417

Product Market Competition, Venture Capital, and the Success of Entrepreneurial Firms

Cumming, Douglas J.; Nguyen, Giang; Nguyen, My - 2022

We document a positive effect of product market competition (PMC) on venture capital (VC) staging. Employing large tariff rate reductions as an exogenous shock to PMC, we find that large tariff reductions lead to a greater likelihood of staged financing and a larger number of financing rounds....

Persistent link: https://www.econbiz.de/10013406087

Product Market Competition, Venture Capital, and the Success of Entrepreneurial Firms

Cumming, Douglas J.; Nguyen, Giang; Nguyen, My - 2021

Persistent link: https://www.econbiz.de/10013312441

Entrepreneurial spawning : experience, education, and exit

Cumming, Douglas J.; Walz, Uwe; Werth, Jochen - 2016

We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as … that founders are more likely to stick with entrepreneurship as a serial entrepreneur or as an angel investor in cases …

Persistent link: https://www.econbiz.de/10011539856

Entrepreneurial Litigation and Venture Capital Finance

Cumming, Douglas J. - 2012

This paper empirically examines the impact of entrepreneurial firm plaintiff litigation on the ability of entrepreneurial firms to obtain venture capital (VC), and the subsequent effect on VC exit outcomes. This empirical context is important, as both the costs of litigation and potential...

Persistent link: https://www.econbiz.de/10013115080

Entrepreneurial Litigation and Venture Capital Finance

Cumming, Douglas J. - 2016

This paper empirically examines the interaction between entrepreneurial plaintiff firm litigation and venture capital (VC). The data indicate that, relative to non-plaintiffs, firms that litigate prior to [after] obtaining VC (1) receive financing from less [more] reputable venture capitalists...

Persistent link: https://www.econbiz.de/10012998535

Governance in entrepreneurial ecosystems : venture capitalists vs. technology parks

Cumming, Douglas J.; Werth, Jochen; Zhang, Yelin - 2016

We argue two alternative routes that lead entrepreneurial start-ups to acquisition outcomes instead of liquidation. On one hand, acquisitions can come about through the control route with external financers such as venture capitalists (VCs). VCs take control through their board seats along with...

Persistent link: https://www.econbiz.de/10011473538

Entrepreneurial Spawning : Experience, Education, and the Role of Venture Capital

Cumming, Douglas J. - 2015

(VC), and after VC exit. Prior to obtaining VC, entrepreneurs may have started other ventures, worked as a salaried …, start another firm (‘serial entrepreneur'), or become a business angel that invests in other entrepreneurs. Our detailed … data resting on the CrunchBase online database indicate that VC exit systematically spawns serial entrepreneurs only in …

Persistent link: https://www.econbiz.de/10013032317

Public Policy, Entrepreneurship, and Venture Capital in the United States

Cumming, Douglas J. - 2014

This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels...

Persistent link: https://www.econbiz.de/10013070904