---- Acknowledgements ----
We thank Kevin Bryan, Kenny Ching, Alfonso Gambardella, Francine LaFontaine, Fiona Murray, Ramana Nanda, Heidi Williams, and audiences at the Copenhagen Business School, Duke, Northwestern, NYU, Oxford, Simon Fraser and Melbourne for helpful comments. All errors remain ours. Gans: Rotman School of Management, University of Toronto and NBER (email: firstname.lastname@example.org). Stern: Sloan School of Management, MIT and NBER (email: email@example.com). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Joshua S. Gans ----
Joshua Gans advises numerous start-ups on entrepreneurial strategy. He receives no research funding from such start-ups and the views here to do not represent any of those companies. He also teaches MBA and undergraduate students entrepreneurial strategy.
---- Disclosure of Financial Relationships for Scott Stern ----
The author is the the Director of the NBER Innovation Policy Working Group. This author has drawn on the findings of this research in the context of unpaid advisory roles in start-up companies, compensated speaking engagements, and to offer policy advice in a number of settings, including through work as the Faculty Director of the MIT Regional Entrepreneurship Acceleration Program.