Whereas most start-ups are in low-tech industries, we apply a novel strategy to a data set of scientists and engineers to focus predominantly on high-tech entrepreneurs. We develop a simple model in which the rewards from entrepreneurship are determined by the interaction of ability, the quality...

We study the processes of firm growth in the evolution of the Japanese cotton spinning industry during 1883-1914 by integrating strategy and historical approaches and utilizing rich quantitative firm-level data and detailed business histories. The resultant conceptual model highlights growth...

Schumpeterian entrepreneurship is particularly prominent in high-tech industries where new ideas generated from advanced knowledge are of great importance. But case studies notwithstanding, the data used to analyze entrepreneurship have been dominated by startups in low-growth, low-tech...

We study the processes of firm growth in the evolution of the Japanese cotton spinning industry in the late 19th-early 20th century, the first episode of successful industrialization outside of Western Europe and the United Sates. By integrating strategy and historical approaches and utilizing...

Student loans increase educational opportunities for students from all backgrounds. They have also been criticized as imposing financial and psychological hardships. We employ the data from restricted-use National Surveys of Recent College Graduates to conduct an in-depth investigation of the...

In this paper we develop a new insight into the process of learning in an infant industry, in a setting where entrepreneurs are differentiated by talent. The learning rate depends on the quality of ideas, not on the scale of the industry, and a competitive open economy regime may furnish a...

Empirical evidence on industry life-cycle reveals a pattern in which innovation rates remain fairly stable or are perhaps even higher at early stages, while patenting increases sharply as the industry matures. This increase in patenting in later stages is accompanied by net exit and lower rates...