J. Daniel Kim
University of Pennsylvania
3620 Locust Walk
2029 Steinberg-Dietrich Hall
Philadelphia, PA 19104
Institutional Affiliation: University of Pennsylvania
Information about this author at RePEc
NBER Working Papers and Publications
|January 2020||The Servicification of the US Economy: The Role of Startups versus Incumbent Firms|
with Mercedes Delgado, Karen Mills
in The Role of Innovation and Entrepreneurship in Economic Growth, Aaron Chatterji, Josh Lerner, Scott Stern, and Michael J. Andrews, editors
|April 2018||Age and High-Growth Entrepreneurship|
with Pierre Azoulay, Benjamin Jones, Javier Miranda: w24489
Many observers, and many investors, believe that young people are especially likely to produce the most successful new firms. We use administrative data at the U.S. Census Bureau to study the ages of founders of growth-oriented start-ups in the past decade. Our primary finding is that successful entrepreneurs are middle-aged, not young. The mean founder age for the 1 in 1,000 fastest growing new ventures is 45.0. The findings are broadly similar when considering high-technology sectors, entrepreneurial hubs, and successful firm exits. Prior experience in the specific industry predicts much greater rates of entrepreneurial success. These findings strongly reject common hypotheses that emphasize youth as a key trait of successful entrepreneurs.
Published: Pierre Azoulay & Benjamin F. Jones & J. Daniel Kim & Javier Miranda, 2020. "Age and High-Growth Entrepreneurship," American Economic Review: Insights, vol 2(1), pages 65-82.