Young Firms' Growth in High-Tech Sectors: The Role of Founders' Human Capital
25 Pages Posted: 16 Aug 2005
Date Written: July 2005
Abstract
The aim of this paper is to analyze empirically the relation between the human capital of the founding team and the growth of new technology-based firms through the estimates of econometric models. For this purpose, we take advantage of a new data set relating to a sample composed of 391 Italian young firms that operate in high-tech industries in both manufacturing and services. In particular, due to a detailed description of the personal characteristics of firms' founders, we are able to disentangle the "wealth" and "entrepreneurial ability" effects of human capital. We also investigate the nature of the synergies that eventually arise from the presence within the founding team of complementary industry-specific professional skills.
Keywords: Entrepreneurship, new technology-based firms, firms' growth, founders' human capital
JEL Classification: M13, L25, O33
Suggested Citation: Suggested Citation
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