Cumming, Douglas Walz, Uwe Werth, Jochen Christian
Year of Publication:
SAFE Working Paper Series 122 [rev.]
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.
venture governance entrepreneurship entrepreneurial spawning angel finance venture capital exit