SELECTION AND SERIAL ENTREPRENEURS

Selection and Serial Entrepreneurs

Modelling the Timing of Novice and Serial Entrepreneurs

The success of new start-up firms often depends on timing. It is valuable for the potential entrepreneur to wait for the right moment before starting a new firm. In this paper we provide a theoretical model to determine the optimal time for starting a new firm. We integrate insights from the real option theory with the theory on entrepreneurial market entry. An important and novel feature of ou...

Serial Entrepreneurs, Venture Failure, and Challenges to Learning

The authors wish to thank Deepak Hegde for sharing data for this project. Abstract: As part of the recent interest in serial entrepreneurship, studies have investigated the presence (or absence) of learning benefits from a first to a second venture. We extend this literature by integrating behavioral concepts on attribution and learning from failure that highlight the differences in behavioral ...

Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs

This paper argues that a large component of success in entrepreneurship and venture capital can be attributed to skill. We show that entrepreneurs with a track record of success are more likely to succeed than first time entrepreneurs and those who have previously failed. Funding by more experienced venture capital firms enhances the chance of success, but only for entrepreneurs without a succe...

Serial Entrepreneurs and Venture Performance: Evidence from U.S. Venture-Capital-Financed Semiconductor Firms

How does prior firm-founding experience affect subsequent venture performance? In this study, I examine the effect of founders’ prior firm-founding experience on the survival rate and the annualized rate of return on investment in subsequent ventures. Estimates of this relationship take into account selection effect of serial entrepreneurs and two roles of venture capitalists (VCs): i) evaluati...