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Financing Entrepreneurial Experimentation
Ramana Nanda, Harvard University and NBER
Matthew Rhodes-Kropf, Massachusetts Institute of Technology and NBER

The fundamental uncertainty of new technologies at their earliest stages implies that it is virtually impossible to know the true potential of a venture without learning about its viability through a sequence of investments over time. Nanda and Rhodes-Kropf show how this process of experimentation can be particularly valuable in the context of entrepreneurship because most new ventures fail completely, and only a few become extremely successful. The researchers also shed light on important costs to this process of experimentation, and demonstrate how these can fundamentally alter both the rate and direction of startup innovation across industries, regions and periods of time.


This paper was distributed as Working Paper 21278, where an updated version may be available.

Intellectual Property Rights and Innovation: Evidence from Health Care Markets
Heidi L. Williams, Stanford University and NBER

A long theoretical literature has analyzed optimal patent policy design, yet there is very little empirical evidence on a key empirical parameter needed to apply these models in practice: namely, the relationship between patent strength and research investments. Wiliiams argues that the dearth of empirical evidence on this question reflects two challenges — the difficulty of measuring specific research investments, and the fact that finding variation in patent protection is difficult — and summarizes the findings from two of her recent investigations which have made progress in starting to overcome these two empirical challenges (Budish, Roin and Williams (forthcoming) and Williams (2013)).


This paper was distributed as Working Paper 21246, where an updated version may be available.

Accelerating Entrepreneurs and Ecosystems: The Seed Accelerator Model
Yael Hochberg, Rice University and NBER

Recent years have seen the emergence of a new institutional form in the entrepreneurial ecosystem: the seed accelerator. These fixed-term, cohort-based, "boot camps" for startups offer educational and mentorship programs for startup founders, exposing them to wide variety of mentors, including former entrepreneurs, venture capitalists, angel investors, and corporate executives; and culminate in a public pitch event, or "demo day," during which the graduating cohort of startup companies pitch their businesses to a large group of potential investors. In practice, accelerator programs are a combination of previously distinct services or functions that were each individually costly for an entrepreneur to find and obtain. The accelerator approach has been widely adopted by private groups, public and government efforts, and by corporations. While proliferation of accelerators is clearly evident, with worldwide
estimates of 3000+ programs in existence, research on the role and efficacy of these programs has been limited. In this article, Hochberg provides an introduction to the accelerator model and summarizes recent evidence on their effects on the regional entrepreneurial environment.



Christopher Adams, Congressional Budget Office
Jeffrey Alexander, SRI International
Anwar Aridi, George Washington University
Suresh Balakrishnan, University System of Maryland
Mark Boroush, National Science Foundation
David Brazell, Department of the Treasury
Elias Carayannis, George Washington University
Julie Carlson, Federal Trade Commission
David Cheney, SRI International
Rafael Corredoira, Ohio State University
Francesco Di Lorenzo, Georgetown University
Jamillia Ferris, Wilson Sonsini Goodrich & Rosati
Kevin Finneran, "Issues in Science & Technology"
Jihane Guidy, National Endowment for the Arts
Ravi Gupta, The World Bank
James Hansley, Hansley Associates, Inc.
Robert Hershey, Robert L. Hershey, P.E.
Derek Hill, National Science Foundation
John Jankowski, Social Security Administration
Elizabeth Jex, Federal Trade Commission
Richard Johnson, Global Helix LLC
Gary Jones, Federal Laboratory Consortium for Technology Transfer
James Kadtke, National Nanotechnology Coordinating Office
Audrey Kindlon, National Science Foundation
Evgeny Klochikhin, American Institutes for Research
Anne Marie Knott, Washington University in St. Louis
Tim Kochanski, American Association for the Advancement of Science
Christine Kymn, Small Business Administration
Bhavya Lal, Science and Technology Policy Institute
Richard Lempert, University of Michigan
Thomas Lenard, Technology Policy Institute
Stephen Merrill, Duke University
Jeffrey D. Mervis, "Science Magazine"
Jacqueline Meszaros, National Science Foundation
Peter Meyer, Bureau of Labor Statistics
Julia Milton, Consortium of Social Science Associations
Nathan Musick, Congressional Budget Office
Bonnie Nichols, National Endowment for the Arts
Jason O'Connor, Federal Trade Commission
Shaaretha Pelly, American Association for the Advancement of Science
Jay Pendarvis, Sequoia Holdings
Jonathan Porat, Small Business Administration
Makul Ranjan, National Institutes of Health
Ruth Raubitschek, Department of Justice
Liz Reynolds, Massachusetts Institute of Technology
Michael Richey, Scineer Scientific Engineering LLC
Juan Riveros, Quadrant Economics LLC
Sally Rood, National Governors Association
Neil Ruiz, Pew Research Center
Akbar Sadeghi, Bureau of Labor Statistics
Joshua Sarnoff, DePaul University
David Schimmelpfennig, Department of Agriculture
Johanna Schneider, National Institutes of Health
James A. Schuttinga, National Institutes of Health
Miriam Segal, Small Business Administration
Morten Seja, The World Bank
Chad Shirley, Congressional Budget Office
Randolph Sim, Georgetown University
Donald Spicer, University System of Maryland
Claudia Stevenson, Inter-American Development Bank
Miron Straf, Virginia Tech
Ryan Taylor, Small Business Administration
Asrat Tesfayesus, U.S. Patent and Trademark Office
Joseph Teter, Naval Surface Warfare Center
Constantin van Oranje, StartupDelta
Karen Villatoro, Small Business Administration
Philip Webre, Congressional Budget Office
Nathan Wilson, Federal Trade Commission
Sheryl Winston Smith, BI Norwegian Business School
Timothy Wojan, National Science Foundation

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