publication . Article . Research . Other literature type . 2009

The advantage of experienced start-up founders in venture capital acquisition: evidence from serial entrepreneurs

Junfu Zhang;
Open Access
  • Published: 18 Jun 2009 Journal: Small Business Economics, volume 36, pages 187-208 (issn: 0921-898X, eissn: 1573-0913, Copyright policy)
  • Publisher: Springer Science and Business Media LLC
Abstract
Existing literature suggests that entrepreneurs with prior firm-founding experience have more skills and social connections than novice entrepreneurs. Such skills and social connections could give experienced founders some advantage in the process of raising venture capital. This paper uses a large database of venture-backed companies and their founders to examine experienced founders' access to venture capital. Compared to novice entrepreneurs, entrepreneurs with venture-backed founding experience tend to raise more venture capital at an early round of financing and tend to complete the early round much more quickly. In contrast, experienced founders whose earl...
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Subjects
free text keywords: Unternehmensgründung, Unternehmer, Berufserfahrung, Risikokapital, Verschuldungsrestriktion, USA, Business, Venture capital financing, Social venture capital, Entrepreneurship, Start up, Venture capital, Market economy, Management, ddc:330
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