Early Joiners and Startup Performance

Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau, the Federal Reserve Board of Governors, their staffs, or the National Bureau of Economic Research. Disclosure review number DRB-B0043-CED-20190418, DRB-B0049-CED-20190503, CBDRB-FY19-398, CBDRB- FY21-CES007-001, and CBDRBFY22CES008002. Formerly “Founding Teams and Startup Performance”. We thank Emek Basker, Jorge Guzman, Shawn Klimek, Ron Jarmin, Martha Stinson, and participants at the 2019 Comparative Analysis of Enterprise Data, the 2019 NBER Summer Institute Entrepreneurship Meeting, the LSE 2019 Entrepreneurship Workshop, LACEA 2019, 2019 Schumpeter Lecture, HEC Paris Entrepreneurship Workshop, 2019 International Research Conference on Recent Trends in Firm Organization and Firm Dynamics, NYU Stern, George Mason University, University of Notre Dame, the 2019 RCEA Entrepreneurship Conference, the 2020 Southern Economic Association Conference, and the 2020 Oxford University Conference on Firm Heterogeneity and the Macroeconomy for helpful comments. We thank the Kauffman Foundation for financial support. John Haltiwanger was also a part-time Schedule A employee at the U.S. Census Bureau.

• January 27, 2021