Amornsiripanitch, Natee
[VerfasserIn];
Gompers, Paul A.
[VerfasserIn];
Hu, George
[VerfasserIn];
Levinson, Will
[VerfasserIn];
Mukharlyamov, Vladimir
[VerfasserIn]
;
National Bureau of Economic Research
Failing Just Fine
: Assessing Careers of Venture Capital-backed Entrepreneurs Via a Non-Wage Measure
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Beschreibung:
This paper proposes a non-pecuniary measure of career achievement, Seniority. Based on a database of over 5 million resumes, this metric exploits the variation in job titles and how long they take to attain. When non-monetary factors influence career choice, inference benefits from the use of non-wage measures, such as seniority. We apply it to study labor market outcomes of VC-backed entrepreneurs. Would-be founders experience accelerated career trajectories prior to founding, significantly outperforming graduates of same-tier colleges with similar first jobs. After exiting their start-ups, they obtain jobs about three years more senior than their right-before-founding peers. Even failed founders land jobs with higher seniority than those attained by their peers in the meantime