A Theory of Experimentation in New Ventures

Working Papers

Experimentation has been the center of a fascinating debate among entrepreneurship practitioners throughout the past decade. While intellectually stimulating and practically relevant, this discussion has received little attention from management research, and therefore has no scientific support. Read More

Experimentation and Appropriability in Early-Stage Ventures: Evidence from the U.S. Software Industry

Working Papers

This study examines the tension between learning and appropriability in the experimentation process of early-stage ventures. I build a stylized model to argue that, when formal intellectual property is weak, the learning benefit of experimentation may be offset by its imitation risk. Read More

Sizing Up Entrepreneurial Potential: Gender Differences in Communication and Investor Perceptions of Long-Term Growth and Scalability

Published Research

Across three studies, we examine how disparities in funding outcomes may be due to differences in how entrepreneurs communicate their ventures, whereby female entrepreneurs have a tendency to use more concrete language when describing their ventures than do their male counterparts.Read More

Employment before Entrepreneurship and Gender Inequality: Evidence from Venture Capital Financing

Funded Research Proposal

Venture capital is the key to fostering and supporting innovation. However, there is huge gender bias in venture financing market. In 2017, only 2.2% of total venture funding went to female-founded firms in US, despite the fact that female entrepreneurs own 38% of total business in the country.Read More

Does Crowdfunding Benefit Entrepreneurs and Venture Capital Investors?

Published Research

We study how a new development in entrepreneurship—crowdfunding—interacts with more traditional financing sources, such as venture capital (VC) and bank financing. Read More

Does Private Equity Ownership Make Firms Cleaner? The Role Of Environmental Liability Risks

Working Papers

As VC firms have an acute interest in high-tech companies, they potentially bear substantial risk of patent litigation. In this project, we aim at looking into the following questions: how do ex-ante and ex-post patent litigation risks affect VC firms’ investment strategies and how those risks is propagated among all portfolio companies they have invested?Read More

Personal Wealth and Self-Employment

Working Papers

We examine how wealth windfalls affect self-employment decisions using data on cash payments from claims on Texas shale drilling to people throughout the United States. Individuals who receive large wealth shocks (greater than $50,000) have 51% higher self-employment rates.Read More

Corporate Venturing by Employees: The Roles of Individual Specialization and Work Group Functional Diversity

Working Papers

Many large firms try to encourage entrepreneurial initiatives by their employees, but the question of which employees undertake such initiatives has not been explored. In this study, we argue that the formal division of labor within a firm affects employees’ likelihood of engaging in internal corporate venturing. Read More

For Startups, Adaptability and Mentor Network Diversity can be Pivotal: Evidence from a Randomized Experiment on a MOOC Platform

Published Research

Entrepreneurs leading digital ventures are often advised to be adaptable. However, research on how to pursue adaptable strategies and whether such strategies improve short- or long-term digital venture outcomes is sparse.Read More

Situating the Construct of Lean Start-Up: Adjacent Conversations and Possible Future Directions

Published Research

The lean start-up approach has garnered tremendous amount of interest in recent years and has become mainstream among entrepreneurs. However, this practitioners’ conversation has been largely decoupled from the broader academic literature in management and technology strategy. Read More