Faculty of Economics and Business Administration Publications Database

Entrepreneurial Spawning: Experience, Education, and Exit

Cumming, Douglas
Werth, Christian
Volume: 51
Number: 4
Pages: 507 - 525
Month: October
ISSN-Print: 0732-8516
Link External Source: Online Version
Year: 2016
Keywords: Venture governance; Entrepreneurship; Entrepreneurial spawning; Angel finance; Venture capital; Exit

We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from CrunchBase indicate that founders are more likely to stick with entrepreneurship as a serial entrepreneur or as an angel investor in cases where the founder had prior experience either in founding other startups or working for a startup, or had a “jack-of-all-trades” education.