连续创业者创业经验与再次创业成功关系研究——基于中国互联网行业面板数据的分析

doi:10.6049/kjjbydc.2020030048

SCIENCE & TECHNOLOGY PROGRESS AND POLICY

2020, Vol. 37

Issue (16): 38-47 DOI: 10.6049/kjjbydc.2020030048

Innovation in Science and Technology Management

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Research on the Relationship between Serial Entrepreneurs' Founding Experience and Success on the Next Venture

Vu Thi Huyen Nhung,Zhang Wensong

(School of Economics and Management， Beijing Jiaotong University，Beijing 100044，China)

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Abstract Serial entrepreneurs' previous founding experience is highly valued by investors and is considered to be directly related to the speed and success of start-ups.The relationship between the previous founding experience of serial entrepreneurs and the possibility of subsequent success is studied using a sample of 608 companies founded by 252 serial entrepreneurs in the Chinese Internet industry.Through analysing the number of founded ventures，exit status，industry experience，and time to obtain the first investment，corresponding hypotheses are proposed and verified using Ordinary Least Squares regression.The results show that entrepreneurs who have succeeded in previous ventures are highly likely to succeed again，while entrepreneurs who have failed in the previous ventures tend to fail again.At the same time，this relationship remains the same no matter whether the entrepreneur is re-starting in the same or in a different segment of the industry.Number of founded ventures and industry experience without consideration of previous ventures’ performance cannot be used as an indicator for the possibility of subsequent success.In addition，the more ventures were founded and the more of them were successful，the longer entrepreneurs tend to wait to obtain the first investment when they start a new venture，while novice and previously failed entrepreneurs tend to acquire the first investment earlier.Finally，based on the research results，policy and management suggestions for investors，policy makers，and entrepreneurs are discussed.

Key words： Serial Entrepreneur Entrepreneurial Experience Entrepreneurial Success Factors Entrepreneurial Failure Factors Exit Status Entrepreneurial Performance

Received: 03 June 2020

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Vu Thi Huyen Nhung,Zhang Wensong. Research on the Relationship between Serial Entrepreneurs' Founding Experience and Success on the Next Venture[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2020, 37(16): 38-47.

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http://www.kjjb.org/EN/10.6049/kjjbydc.2020030048 OR http://www.kjjb.org/EN/Y2020/V37/I16/38

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