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The State of American Entrepreneurship: New Estimates of the Quality and Quantity of Entrepreneurship for 32 US States, 1988-2014

Jorge Guzman, Scott Stern

NBER Working Paper No. 22095
Issued in March 2016, Revised in July 2019
NBER Program(s):Economic Fluctuations and Growth Program, Productivity, Innovation, and Entrepreneurship Program

Assessing the state of American entrepreneurship requires not simply counting the quantity but also the initial quality of new ventures. Combining comprehensive business registries and predictive analytics, we present estimates of entrepreneurial quantity and quality from 1988-2014. Rather than a secular pattern of declining business dynamism, our quality-adjusted measures follow a cyclical pattern sensitive to economic and capital market conditions. Consistent with the role of investment cycles as a driver of high-growth entrepreneurship, our results highlight the role of economic and institutional conditions as a driver of both initial entrepreneurial quality and the scaling of new ventures over time.

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Document Object Identifier (DOI): 10.3386/w22095

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