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Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs / Paul Gompers, Anna Kovner, Josh Lerner, David Scharfstein.
- Format:
- Book
- Author/Creator:
- Gompers, Paul.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w12592.
- NBER working paper series no. w12592
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Skill vs. Luck in Entrepreneurship and Venture Capital
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2006.
- Summary:
- 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 successful track record. Similarly, more experienced venture capitalists are able to identify and invest in first time entrepreneurs who are more likely to become serial entrepreneurs. Investments by venture capitalists in successful serial entrepreneurs generate higher returns for their venture capital investors. This finding provides further support for the role of skill in both entrepreneurship and venture capital.
- Notes:
- Print version record
- October 2006.
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