This study tackles the puzzle of why increasing entrepreneurial experience does not always lead to improved financial performance of new ventures. We propose an alternate framework demonstrating how experience translates into expertise by arguing that the positive experience–performance relationship only appears to expert entrepreneurs, while novice entrepreneurs may actually perform increasingly worse because of their inability to generalize their experiential knowledge accurately into new ventures. These negative performance implications can be alleviated if the level of contextual similarity between prior and current ventures is high. Using matched employee–employer data of an entire population of Swedish founder-managers between 1990 and 2007, we find a non-linear relationship between entrepreneurial experience and financial performance consistent with our framework. Moreover, the level of industry, geographic, and temporal similarities between prior and current ventures positively moderates this relationship. Our work provides both theoretical and practical implications for entrepreneurial experience—people can learn entrepreneurship and pursue it with greater success as long as they have multiple opportunities to gain experience, overcome barriers to learning, and build an entrepreneurial-experience curve.
Related content: Practice makes perfect
Kim, P H., Wennberg, K. & Toft-Kehler, R.. (2013). ”Practice Makes Perfect: Entrepreneurial-Experience Curves and Venture Performance”. Ratio Working Paper No. 210.
Kim, P H., Wennberg, K. & Toft-Kehler, R.
2013
2023
Working Paper No. 368.
This paper reviews theoretical rationales for mission-oriented innovation policy and provides an empirical overview of extant 28 papers and 49 cases on the topic. We synthetize varieties of mission formulations, actors involved, and characteristics of missions described as more or less failed or successful. 59 percent of the studied missions are still ongoing, 33 percent are considered successful and 8 percent as failures. 67 percent of the studied missions have taken place in Europe, 24 percent in North America and 8 percent in Asia. The majority of innovation projects referred to as missions do not fulfill the criteria defined by the OECD. Results suggest that missions related to technological or agricultural innovations are more often successful than broader types of missions aimed at social or ecological challenges. Challenges regarding the governance and evaluation of missions remain unresolved in the literature. We find no case that contains a cost-benefit analysis or takes opportunity cost into account.
2023
Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-19153-4_1
This chapter serves as an introduction to the volume Migration and Integration in a Post-Pandemic World: Socioeconomic Opportunities and Challenges and is a broad and selected overview of the socioeconomic field of international migration and integration as we knew it before the Covid-19 pandemic. It sets the stage for exploring how the critical event of the virus impacted and may continue to impact our understanding of diverse macro-, meso-, and micro-level challenges and opportunities in migration and integration. The chapter motivates the purpose of the volume, as well as the structure of the 15 chapters and their individual contributions ranging from migration over time, transnationalism, migration policies and implementation, the role of trade unions and civil society actors, country-of-origin sector sorting and required skills, along with immigrant discrimination and vaccine hesitancy among migrant groups.
2023
Provides a multidisciplinary perspective on migration. Contains empirical discussions that can inform policy discussions. Explores the changes to migration brought about from the COVID-19 pandemic. This book is open access, which means that you have free and unlimited access.