How Do Accelerators Impact the Performance of High-Technology Ventures?
| العنوان: | How Do Accelerators Impact the Performance of High-Technology Ventures? |
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| المؤلفون: | Sandy Yu |
| المصدر: | Management Science. 66:530-552 |
| بيانات النشر: | Institute for Operations Research and the Management Sciences (INFORMS), 2020. |
| سنة النشر: | 2020 |
| مصطلحات موضوعية: | Finance, Stylized fact, business.industry, media_common.quotation_subject, Strategy and Management, Closing (real estate), New Ventures, Management Science and Operations Research, Start up, Value of information, Entrepreneurial finance, Capital (economics), Quality (business), Business, Marketing, Industrial organization, Information provision, media_common |
| الوصف: | Accelerators aim to help nascent companies reach successful outcomes by providing capital, enabling industry connections, and increasing exposure to investors. Critically, however, accelerators also provide informative signals to founders about the probability of success. Founders use this information to decide whether to continue or shut down. To better understand these issues, I provide a model of accelerator participation and performance and then test empirical predictions from the model using a novel data set of approximately 900 accelerator companies across 13 accelerators and 900 matched nonaccelerator companies. I find that, through accelerator feedback effects, accelerator companies close down earlier and more often, raise less money conditional on closing, and appear to be more efficient investments compared with non-accelerator companies. Additional analysis using a separate sample of rejected accelerator applicants further supports these findings. These results suggest that accelerators help resolve uncertainty around company quality sooner, allowing founders to make funding and exit decisions accordingly. This paper was accepted by Ashish Arora, entrepreneurship and innovation. |
| تدمد: | 1526-5501 0025-1909 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::77ce285b4216d6ebc9203eb93b427aa6 https://doi.org/10.1287/mnsc.2018.3256 |
| رقم الأكسشن: | edsair.doi.dedup.....77ce285b4216d6ebc9203eb93b427aa6 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 15265501 00251909 |
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