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Startups, Unicorns, and the Local Supply of Inventors

24 Nov 2021 - 3:00 pm - 4:30 pm

Abstract: We estimate the impact of the inflow of inventors on the formation and success of local venture-backed startups, strengthening causality with a shift-share instrument based on the historic spatial distribution of millions of inventor surnames in the 1940 U.S. Census. Arrival of inventors increases the number of venture-backed startups, but only in same technology fields of the newly-arrived inventors—and at the expense of other fields. Inventor arrivals boost the number of successful startups—including $1B+ “unicorn” exits—while reducing bankruptcies and “fire-sale” acquisitions. The improvement is also driven by a reallocation of venture capital away from investment in low-tech startups, especially unsuccessful ones.

Details

Date:
24 Nov 2021
Time:
3:00 pm - 4:30 pm
Event Category:
Event Tags:

Venue

TUM School of Management
Arcisstraße 21
München, 80333 Germany
Website:
http://www.wi.tum.de/

Other

Name (Seminar)
Matt Marx
Link Name (Seminar)
https://dyson.cornell.edu/faculty-research/faculty/mtm83/
Institution
Cornell University
Room
Zoom Meeting*
Host
Joachim Henkel
Host Link
https://www.professors.wi.tum.de/tim/about-us/prof-dr-joachim-henkel/

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Technical University of Munich
TUM School of Management
Arcisstraße 21
80333 Munich

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