Age and High Growth Entrepreneurship
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Age and High Growth Entrepreneurship
Age and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurship. U.S. Census Bureau43556AbstractMany observers, and many investors, believe that young people are especially likely to produce the most successful new firms. Integrating administrative data on firms, workers, and owners, we study startups systematically in the U.S. and find that successful entrepre Age and High Growth Entrepreneurshipneurs are middle-aged, not young. The mean age at founding for the 1-in-1.000 fastest glowing new ventures is 45.0. The findings are similar when consAge and High Growth Entrepreneurship
idering high-technology sectors, entrepreneurial hubs, and successful firm exits. Prior experience in the specific industry predicts much greater rateAge and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipank Shawn Klimek. Mark Leach, David Robinson, Scott Stem. Peter Klenow and two anonymous referees for helpful comments. We thank PCRI and Josh Lerner for access to the matched Business Register-PCRI crosswalk. Any opinions and conclusions expressed herein are those of the author(s) and do not necess Age and High Growth Entrepreneurshiparily represent the views of the U.S. Census Bureau or its staff. All results have been reviewed to ensure that no confidential information is disclosAge and High Growth Entrepreneurship
ed.Contact: pazoulayfu mit.edu; bjonesfftkellogg.northwestem.edu: jdkimift mit.edu: javier.mirandafft-census.gov.1“Young people are just smarter.” MarAge and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipst and founder of Y Combinator1 2I. IntroductionEntrepreneurship has long been heralded as a key driver of rising living standards (Smith 1776, Schumpeter 1942, Lucas 1978), but successful entrepreneurship is rare, with the vast majority of entrepreneurs failing to provide the major innovations or c Age and High Growth Entrepreneurshipreative destruction that can drive economic growth (Glaeser 2009; Haltiwanger et al. 2013; Guzman and Stern 2017; Levine and Rubenstein 2017). In undeAge and High Growth Entrepreneurship
rstanding entrepreneurship, and the rarity of substantial success, a key set of questions surrounds the traits of the entrepreneurs themselves. In thiAge and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipially capable of producing big ideas - whether in scientific research, invention, or entrepreneurship - is common and longstanding (see. e.g.. Jones et al. 2014). Among the advantages of youth in technology and innovation, young people are sometimes argued to be cognitively sharper, less distracted Age and High Growth Entrepreneurshipby family or other responsibilities, and more capable of transformative ideas - this last in line with "Planck's Principle”, whereby younger people maAge and High Growth Entrepreneurship
y be less beholden to existing paradigms of thought and practice (Planck 1949; Dietrich and Srinivasan 2007. Weinberg 2006. Jones 2010. Azoulay et al.Age and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipading companies. Meanwhile, venture capital firms appear to emphasize youth as a key criteria in targeting their investments, which has led to charges of "ageism" in Silicon Valley.- At one extreme. Peter Thiel, the co-founder of PayPal, has created a prominent fellowship1Source: Nathaniel Rich. “Si Age and High Growth Entrepreneurshiplicon Valley's Start-up Machine." Afar York Tinies. May 2.2013.2Vinod Klrosla. the co-founder of Sun Microsystems and a prominent venture capitalist,Age and High Growth Entrepreneurship
has argued that "people under 35 are the people who make change happen." and "people over forty-five basically die in terms of new ideas." (source: ViAge and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipgeism" see. for example "The Brutal Ageism of Tech" (Scheiber 2014).program that provides s 100.000 grants to would-be entrepreneurs so long as they are below age 23 and drop out of school.Despite these potential advantages, young entrepreneurs may also face substantial disadvantages. Older entrepre Age and High Growth Entrepreneurshipneurs might access greater human capital, social capital, or financial capital. Theories of entrepreneurship often lake human-capital orientations (c.Age and High Growth Entrepreneurship
g.. Lucas 1978; Kihlslrom and Lafibnl 1979; lyigun and Owen 1998; Lazear 2004. 2005; Amaral cl al. 2011). and empirical studies have found that human Age and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipairlie and Robb 2007, Gruber et al. 2008, Chatter ji 2009. T.afontaine and Shaw 2014). Tn deeper technological areas, young people may not have sufficient scientific knowledge to produce or manage effective R&D (e g., Jones 2010). Age and experience may also be relevant when accessing financial capi Age and High Growth Entrepreneurshiptal, where younger individuals will have less time to build up capital needed to start a business and may face difficulties borrowing it (e.g.. EvansAge and High Growth Entrepreneurship
and Jovanovic 1989; Stiglitz and Weiss 1981 )? Whether such issues impose important constraints in the entrepreneurial context is less clear, especialAge and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipg social networks.The empirical literature on the characteristics of highly successfill entrepreneurs is limited and mixed. Various studies suggest that mean age for starling companies of all kinds (i.e.. including restaurants, dry cleaners, retail shops, etc.) is in the late 30s or 40s (c.g.. Dahl Age and High Growth Entrepreneurshipand Sorensen 2012. Kauloncn cl al. 2014). but (he data in these studies arc dominated by small businesses without growth ambitions and do not focus onAge and High Growth Entrepreneurship
the relatively rare start-ups with the potential lo driv c innovation and economic growth. Other research suggests that growth-oriented firms and theAge and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurships in the U.S. find contrasting results. Roberts (1991), looking across small samples of tech entrepreneurs, finds a median founder age of 37 among 270 new ventures, while Wadhwa et al. (2008) use a telephone survey of 502 technology and engineering firms with at least SI million in sales and find th Age and High Growth Entrepreneurshipat the mean founder5 tn Evans and Jovanovic (1989) the entrepreneur's wealth limits the amounts of funds she can access. Empirical evidence for this mAge and High Growth Entrepreneurship
echanism continues (0 be debated (e.g.. Holtz-Eakin er al. 1994a. 1994b; Hurst and Lusardi 2004; Andersen and Nielsen 2012; Fort er al. 2013; Adelino Age and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurship the founding of tech ventures comes most commonly only 5 years after college graduation. Frick (2014) studies a sample of 35 VC-backed firms from the Wall Street Journal’s Billion Dollar Startup Club list and finds a mean founder age of 31. echoing the popular view that the most successful and tran Age and High Growth Entrepreneurshipsformative new ventures come from young people (Table Al in the online appendix further characterizes popular perceptions).In this paper, we deploy U.Age and High Growth Entrepreneurship
S. administrative datasets to investigate the link between age and high-growth entrepreneurship in a systematic manner. By linking (a) newly availableAge and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipdividuals throughout the economy as well as (c) USPTO patent databases and third-party venture-capital databases, we provide systematic new facts about founder age and entrepreneurship.While we will include results for all new firms, our emphasis is on founders of "growth-oriented"’ firms that can h Age and High Growth Entrepreneurshipave large economic impacts and are often associated with driving an increasing standard of living (Schumpeter 1942, Glaeser 2009). To delineate growthAge and High Growth Entrepreneurship
-oriented startups. we use both er ante and ex post measures. The ex-ante measures include being a participant in a high tech sector, owning a patent,Age and High-Growth Entrepreneurship'Pierre Azoulay. MIT and XBER Benjamin F. Jones. Northwestern University and NBERJ. Daniel Kim. MITJavier Miranda. Age and High Growth Entrepreneurshipof firm growth and success at the firm level, including exceptionally high employment and sales growth, as well as exit by acquisition or initial public offering.Our primary finding is that successful entrepreneurs are middle-aged, not young. We find no evidence to suggest that founders in their 20s Age and High Growth Entrepreneurship are especially likely to succeed. Rather, all evidence points to founders being especially successful when starting businesses in middle age or beyonAge and High Growth Entrepreneurship
d, while young founders appear disadvantaged. Across the 2.7 million founders in the U.S. between 2007-2014 who started companies that go on to hire aGọi ngay
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