Venture Capitalists' Assessment of New Venture Survival
Management Science
Localization of Knowledge and the Mobility of Engineers in Regional Networks
Management Science
A Hubris Theory of Entrepreneurship
Management Science
Overoptimism and the Performance of Entrepreneurial Firms
Management Science
Entrepreneurial Risk and Market Entry
Management Science
Is the Tendency to Engage in Entrepreneurship Genetic?
Management Science
Pre-Entry Knowledge, Learning, and the Survival of New Firms
Organization Science
Chips and Change: How Crisis Reshapes the Semiconductor Industry
Chips and Change: How Crisis Reshapes the Semiconductor Industry
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Although previous studies have examined the rewards available to individuals inside entrepreneurial firms, entrepreneurial experience may provide rewards that are independent of the entrepreneurial context. Building on human capital theory, this study provides theoretical explanations for the effects of experience at a start-up on earnings across an individual's career and then examines these implications in the context of California's semiconductor industry. Comparing the career trajectories of employees who join start-ups with a matched control group of comparable workers without start-up experience, I perform a counterfactual analysis and find that start-up experience in this context has a persistent positive effect on earnings that extend outside the entrepreneurial environment. The results from the matched sample are consistent with the development and revelation of valuable general human capital through entrepreneurial experience and suggest that the rewards to entrepreneurship are not limited to just the rewards available inside entrepreneurial firms. This paper was accepted by Lee Fleming, entrepreneurship and innovation.