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Non-founder human capital and the long-run growth and survival of high-tech ventures
journal contribution
posted on 2023-06-09, 04:04 authored by Josh SiepelJosh Siepel, Marc Cowling, Alex CoadThis paper considers the impact of non-founder human capital on high-tech firms' long-run growth and survival. Drawing upon threshold theory, we explore how lack of access to complementary skills at different points in the life course impacts founders' thresholds for exit. We examine these factors using a unique longitudinal dataset tracking the performance and survival of a sample of UK high-tech firms over thirteen years as the firms move from youth into maturity. We find that firms that survive but do not grow are characterized by difficulty in accessing complementary managerial skills in youth, while firms that grow but subsequently exit are characterized by shortfalls of specialized complementary skills during adolescence. Firms that grow and survive do not report skills shortfalls. We discuss the implications of these resource constraints for entrepreneurs’ decisions to persist or exit through the life course.
Funding
Skills, Knowledge, Innovation, Policy and Practice; ESRC-ECONOMIC & SOCIAL RESEARCH COUNCIL; ES/J008427/1
History
Publication status
- Published
File Version
- Published version
Journal
TechnovationISSN
0166-4972Publisher
ElsevierVolume
59Page range
34-43Department affiliated with
- SPRU - Science Policy Research Unit Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2016-11-17First Open Access (FOA) Date
2016-11-17First Compliant Deposit (FCD) Date
2016-11-17Usage metrics
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