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Presentation for the Stanford Engineering Venture Fund meeting 3-9-10

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  • 1. 1
    Technology Entrepreneurship Research at Stanford
    Chuck Eesley
    Management Science & Engineering
    Stanford Technology Ventures Program
    March 9th, 2010
    cee@stanford.edu

2. Chuck Eesley
Lobby 10 Consulting
Sun Dance Genetics
3. Institutional Environments and Entrepreneurship
Drivers of entrepreneurial entry and performance (different contexts)
Developed economy
Entrepreneurs from Technology-Based Universities - with David Hsu (Wharton), Ed Roberts (MIT)
Bringing Entrepreneurial Ideas to Life
Boom and Bust Founders
Cutting Your Teeth - Prior entrepreneurial experience
Developing economy
The Right Stuff
Role of institutional environment in selection of high human capital entrepreneurs
Entrepreneurial Performance in a Developing Country: Evidence from China
What Drives an Innovation Strategy?
Role of Institutional Env./funding of S&T in search for ideas
3
4. Entrepreneurship Research
B-schools, economics and sociology faculty have produced a large literature on industry dynamics, strategy and firm performance for large firms.
Management of Innovation largely shows difficulty large firms have with surviving waves of innovation (creative destruction)
(Much less on how and when entrepreneurial firms take advantage of this)
Studies of Tech. Entrepreneurship began in 1960s (Roberts, Cooper)
Data, Quality Research scarce (self-employment) E-ship taught via war stories
Systematic study of Tech. Commercialization and Entrepreneurship Lacking
Almost nothing is known outside of the US and EU
4
5. Factors that Drive Founding Do Not Drive Performance
5
6. 6
Data
Unique data on firm origins, early composition and multiple stages of performance measures
Alumni: 105,000 surveyed; 42,930 records in 2001
Date of birth, country of citizenship, gender, major at MIT, highest attained degree
7,798 indicated founding at least one company
Survey of self-identified MIT alumni entrepreneurs in 2003
2,067 respondents (r.r. 27%)
Hsu, Roberts, Eesley 2007
Alliances & Acq. - SDC Platinum
Patents USPTO
VC - VentureXpert
7. Table 1. Estimated Employment and Sales Data for All Active MIT Alumni Companies
Underlying data from 2003 MIT survey of all living alumni, updated to 2006; ~25,800 active companies.
ALL DATA FROM: Entrepreneurial Impact: The Role of MIT,
Edward Roberts & Charles Eesley, MIT Sloan, February 2009
8. Estimated Number of First-Time Firms Founded Each Decade By MIT Alumni
9. More entrepreneurs emerge from each successive MIT class, and they start their companies sooner and at younger ages.
10. Table 4. One-Time and Repeat MIT Founders by Decade of Graduation (percent)
Over time, the number of multiple companies founded per MIT alumnus has been increasing, with dramatically increased economic impact per entrepreneur.
11. The MIT magnet: 0
34. 34
Results: firm performance
N=230; (R2 0.627) ***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively. Everjob_govt, Comm. Party, Govt. customer, Privatized, Entrep. parents, Entrep. index, rural, EECS, Overseas, SEZ, software, electronics, wealthy family, Masters, PhD, number of cofounders, industry and year fixed effects were included as controls but coefficients are not shown to save space.
35. Stanford Alumni Entrepreneurship Survey
Endorsed by Pres. Hennessy
Planned for this year
Enable a comparison with MIT, Tsinghua
Aggregate Economic Impact on Region and World
New questions about entrepreneurial process, success factors, impact of university programs
IIT India data
More broadly always looking for help:
Mentoring, guest teaching
Access to Data (Portfolio companies)
Funding
Ideas / Advice
35
36. Thank you!
Chuck Eesley
Stanford University
Management Science & Engineering (MS&E)
cee@stanford.edu