The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform
Kathryn L Shaw - One of the best experts on this subject based on the ideXlab platform.
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the productivity advantage of serial Entrepreneurs
National Bureau of Economic Research, 2017Co-Authors: Kathryn L Shaw, Anders SorensenAbstract:Serial Entrepreneurs, who open more than one business, are found to have higher sales and higher productivity than novice Entrepreneurs, who open one business. Using panel data on Entrepreneurs and their firms from Denmark for 2001-2013, the serial entrepreneur has 67% higher sales than the novice, but also opens firms that are larger in terms of the initial capital and labor, and thus is 39% more productive. There are subsets of firms that perform especially well – serial Entrepreneurs that hold a portfolio of overlapping ongoing firms perform the best, as do those that open as limited liability firm rather than proprietorships. Female serial Entrepreneurs do as well as male serial Entrepreneurs relative to the performance of novices of their own genders. The second firms of the serial Entrepreneurs also stay in business longer than the first (and only) firms of the novices.
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serial Entrepreneurship learning by doing
Journal of Labor Economics, 2016Co-Authors: Francine Lafontaine, Kathryn L ShawAbstract:Among typical Entrepreneurs, is serial Entrepreneurship common? Is the serial entrepreneur more likely to succeed? If so, why? These questions are addressed using data on all establishments started between 1990 and 2011 to sell retail goods and services in Texas. An entrepreneur is the owner of a new business. A serial entrepreneur is one who opens repeat businesses. We find that 25.6% of businesses are operated by serial Entrepreneurs. These are the more successful businesses: prior business experience increases the longevity of the next business opened. Results with owner fixed effects suggest that past experience imparts valuable business skills.
Rachel R Chen - One of the best experts on this subject based on the ideXlab platform.
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reward based crowdfunding campaigns informational value and access to venture capital
Information Systems Research, 2018Co-Authors: Paolo Roma, Esther Galor, Rachel R ChenAbstract:We consider an entrepreneur who designs a reward-based crowdfunding campaign when the campaign provides a signal about the future demand for the product and subsequent venture capital is needed. We find that both the informativeness of the campaign and considerations related to gaining access to venture capital funding affect the entrepreneur’s choice of campaign instruments, as well as her decision of whether to run a campaign. In particular, Entrepreneurs should launch the campaign either when it is highly informative or when it is not informative at all. For relatively low levels of informativeness, but not so low that the venture capitalist (VC) completely ignores the campaign outcome in his funding decision, our study suggests that the entrepreneur might forgo the opportunity of acquiring information via crowdfunding because the benefits of crowdfunding are insufficient to offset the risk of campaign failure. We also find that the preference of Entrepreneurs in favor of crowdfunding is stronger than ...
Paolo Roma - One of the best experts on this subject based on the ideXlab platform.
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reward based crowdfunding campaigns informational value and access to venture capital
Information Systems Research, 2018Co-Authors: Paolo Roma, Esther Galor, Rachel R ChenAbstract:We consider an entrepreneur who designs a reward-based crowdfunding campaign when the campaign provides a signal about the future demand for the product and subsequent venture capital is needed. We find that both the informativeness of the campaign and considerations related to gaining access to venture capital funding affect the entrepreneur’s choice of campaign instruments, as well as her decision of whether to run a campaign. In particular, Entrepreneurs should launch the campaign either when it is highly informative or when it is not informative at all. For relatively low levels of informativeness, but not so low that the venture capitalist (VC) completely ignores the campaign outcome in his funding decision, our study suggests that the entrepreneur might forgo the opportunity of acquiring information via crowdfunding because the benefits of crowdfunding are insufficient to offset the risk of campaign failure. We also find that the preference of Entrepreneurs in favor of crowdfunding is stronger than ...
Douglas J Cumming - One of the best experts on this subject based on the ideXlab platform.
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crowdfunding models keep it all vs all or nothing
Financial Management, 2020Co-Authors: Douglas J Cumming, Gael Leboeuf, Armin SchwienbacherAbstract:Reward‐based crowdfunding campaigns are commonly offered in one of two models via fundraising goals set by an entrepreneur: “Keep‐It‐All” (KIA), where the entrepreneur keeps the entire amount raised regardless of achieving the goal, and “All‐Or‐Nothing” (AON), where the entrepreneur keeps nothing unless the goal is achieved. We hypothesize that AON forces the entrepreneur to bear greater risk and encourages crowdfunders to pledge more capital enabling Entrepreneurs to set larger goals. We further hypothesize that AON is a costly signal of commitment for Entrepreneurs yielding a separate equilibrium with higher quality and more innovative projects with greater success rates. Empirical tests support both hypotheses.
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crowdfunding models keep it all vs all or nothing
Post-Print, 2019Co-Authors: Douglas J Cumming, Gael Leboeuf, Armin SchwienbacherAbstract:Reward‐based crowdfunding campaigns are commonly offered in one of two models via fundraising goals set by an entrepreneur: “Keep‐It‐All” (KIA), where the entrepreneur keeps the entire amount raised regardless of achieving the goal, and “All‐Or‐Nothing” (AON), where the entrepreneur keeps nothing unless the goal is achieved. We hypothesize that AON forces the entrepreneur to bear greater risk and encourages crowdfunders to pledge more capital enabling Entrepreneurs to set larger goals. We further hypothesize that AON is a costly signal of commitment for Entrepreneurs yielding a separate equilibrium with higher quality and more innovative projects with greater success rates. Empirical tests support both hypotheses. (This abstract was borrowed from another version of this item.)
Francine Lafontaine - One of the best experts on this subject based on the ideXlab platform.
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serial Entrepreneurship learning by doing
Journal of Labor Economics, 2016Co-Authors: Francine Lafontaine, Kathryn L ShawAbstract:Among typical Entrepreneurs, is serial Entrepreneurship common? Is the serial entrepreneur more likely to succeed? If so, why? These questions are addressed using data on all establishments started between 1990 and 2011 to sell retail goods and services in Texas. An entrepreneur is the owner of a new business. A serial entrepreneur is one who opens repeat businesses. We find that 25.6% of businesses are operated by serial Entrepreneurs. These are the more successful businesses: prior business experience increases the longevity of the next business opened. Results with owner fixed effects suggest that past experience imparts valuable business skills.
