Objectives of the paper: the aim of this research is to highlight the relevance of the founders group composition, in terms of depth and breadth of competences, on the start-ups’ expected performance, measured as amount of external funds collected. Methodology: through empirical analysis on a sample of 1690 start-ups born until 2013, we tested two hypotheses on the relationship between the amount of financial resources raised on the first round of funding and the group of founders’ characteristics. We conducted the analysis using an OLS regression with mediation effect. Findings: the level of the depth of competences has a positive impact on the start-up’s expected performance. This effect is mediated by the breadth of competences, which should be limited in order to avoid conflicts in the first stage of life of a start-up. Practical implications: this work evidences which aspects of the founders group composition affect the start-up’s expected performance. Considering the recent debate on the benefits of the university education, we show that a higher level of education is associated with a higher amount of funds raised. Limitations of the research: as our data are updated at 2013, more recent observations would be useful to confirm our findings. Originality of the paper: while many studies analyzed factors which positively affect entrepreneurship and the start-ups’ success, this work focuses on the founders’ group aspects that increase the start-ups’ expected performance.
L'impatto della profondità ed eterogeneità delle competenze sulla performance attesa delle start-up
Michele Pinelli;
2017-01-01
Abstract
Objectives of the paper: the aim of this research is to highlight the relevance of the founders group composition, in terms of depth and breadth of competences, on the start-ups’ expected performance, measured as amount of external funds collected. Methodology: through empirical analysis on a sample of 1690 start-ups born until 2013, we tested two hypotheses on the relationship between the amount of financial resources raised on the first round of funding and the group of founders’ characteristics. We conducted the analysis using an OLS regression with mediation effect. Findings: the level of the depth of competences has a positive impact on the start-up’s expected performance. This effect is mediated by the breadth of competences, which should be limited in order to avoid conflicts in the first stage of life of a start-up. Practical implications: this work evidences which aspects of the founders group composition affect the start-up’s expected performance. Considering the recent debate on the benefits of the university education, we show that a higher level of education is associated with a higher amount of funds raised. Limitations of the research: as our data are updated at 2013, more recent observations would be useful to confirm our findings. Originality of the paper: while many studies analyzed factors which positively affect entrepreneurship and the start-ups’ success, this work focuses on the founders’ group aspects that increase the start-ups’ expected performance.File | Dimensione | Formato | |
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