caa a22 4500 445877561 CHVBK 20180317145532.0 cr unu---uuuuu 170323e20110201xx s 000 0 eng 10.1007/s11187-009-9216-4 doi (NATIONALLICENCE)springer-10.1007/s11187-009-9216-4 Zhang Junfu Department of Economics, Clark University, 950 Main Street, 01610, Worcester, MA, USA aut The advantage of experienced start-up founders in venture capital acquisition: evidence from serial entrepreneurs [Elektronische Daten] [Junfu Zhang] Entrepreneurs with prior firm-founding experience are expected to have more skills and social connections than novice entrepreneurs. Such skills and social connections could give experienced founders some advantage in the process of raising venture capital. This paper uses a large database of venture-backed companies and their founders to examine the advantage associated with prior founding experience. Compared with novice entrepreneurs, entrepreneurs with venture-backed founding experience tend to raise more venture capital at an early round of financing and tend to complete the early round much more quickly. In contrast, experienced founders whose earlier firms were not venture-backed do not show a similar advantage over novice entrepreneurs, suggesting the importance of connections with venture capitalists in the early stage of venture capital financing. However, when the analysis also takes into account later rounds of financing, all entrepreneurs with prior founding experience appear to raise more venture capital. This implies that skills acquired from any previous founding experience can make an entrepreneur perform better and in turn attract more venture capital. Springer Science+Business Media, LLC., 2009 Firm-founding experience nationallicence Serial entrepreneur nationallicence Venture capital nationallicence Small Business Economics Springer US; http://www.springer-ny.com 36/2(2011-02-01), 187-208 0921-898X 36:2<187 2011 36 11187 https://doi.org/10.1007/s11187-009-9216-4 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11187-009-9216-4 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Zhang Junfu Department of Economics, Clark University, 950 Main Street, 01610, Worcester, MA, USA aut NATIONALLICENCE 773 0- Small Business Economics Springer US; http://www.springer-ny.com 36/2(2011-02-01), 187-208 0921-898X 36:2<187 2011 36 11187 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer