Passive Versus Active Growth: Evidence from Founder Choices and Venture Capital Investment
---- Acknowledgments ----
We thank Theresa Amabile, Tania Babina, Iain Cockburn, Shane Greenstein, Hugo Hopenhayn, Bruce Kogut, Josh Lerner, Ramana Nanda, Damon Phillips, Manju Puri, Tim Simcoe, and Jane Wu for helpful comments, as well as participants at the Dartmouth Venture Capital and Private Equity Conference, the NBER Productivity Lunch, the Kauffman Scholars Conference, the IFN Stockholm Conference, and seminar participants at Brandeis University, Wharton School of Management, Michigan University, Kellogg School of Management, and Columbia Business School. Yupeng Liu provided excellent research assistantship. We also acknowledge and thank the Kauffman Foundation for their support of our research agenda, including the Uncommon Methods and Metrics Grant and the Kauffman Dissertation Fellowship, as well as the Jean Hammond (1986) and Michael Krasner (1974) Entrepreneurship Fund and the Edward B. Roberts (1957) Entrepreneurship Fund at MIT. All errors and omissions are of course our own. 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 Christian Catalini ----
Christian Catalini is Head Economist for Calibra (a Facebook subsidiary), and has a significant financial interest (SFI) in Facebook. He is also an economic advisor to Algorand.
---- Disclosure of Financial Relationships for Scott Stern ----
Scott Stern periodically receives compensation for speaking about or consulting about innovation policy and the Startup Cartography Project, typically at events organized by government agencies or other institutions involved in the policy process. He also receives compensation from the MIT Regional Entrepreneurship Acceleration Program, which features the results of this work.