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Investor Exits, Innovation, and Entrepreneurial Firm Growth: Questions for Research: Summary of a Workshop (2009)

Chapter: References

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Suggested Citation:"References." National Research Council. 2009. Investor Exits, Innovation, and Entrepreneurial Firm Growth: Questions for Research: Summary of a Workshop. Washington, DC: The National Academies Press. doi: 10.17226/12811.
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REFERENCES

Ahuja, G., Katila, R. Technological Acquisitions and the Innovative Performance of Acquiring Firms: A Longitudinal Study, Strategic Management Journal 22(3): 197-220.

Audretsch, David B. “Entrepreneurship: A Survey of the Literature.” Paper prepared for the Enterprise Directorate General, European Commission, 2002.

Branscomb, L., and P. Auserwald. “Between Invention and Innovation: An Analysis of Funding for Early-Stage Technology Development.” Paper prepared for Economic Assessment Office, Advanced Technology Program, National Institutes of Standards and Technology, Gaithersburg, MD., 69-70 November 2002. NIST GCR 02-841.

Brau, J., Francis, F., Kohers, N. The Choice of IPO versus Takeover: Empirical Evidence, Journal of Business 76: 583-612.

McGroddy, J.C. “Raising Mice in the Elephant’s Cage,” in Lewis M. Branscomb and Philip E. Auerswald, eds., Taking Technical Risks: How Innovators, Executives and Investors Manage High-Tech Risks. Cambridge, MA: MIT Press 2001.

Poulsen, A., and M. Stegemoller. Moving from Private to Public Ownership: Selling out to Public Firms vs. Initial Public Offerings, Financial Management 37(1): 81-101.

Prabhu, J., Chandy, R., and M. Ellis. The Impact of Acquisitions on Innovation: Poison Pill, Placebo, or Tonic? Journal of Marketing 69(1): 114-130.

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Suggested Citation:"References." National Research Council. 2009. Investor Exits, Innovation, and Entrepreneurial Firm Growth: Questions for Research: Summary of a Workshop. Washington, DC: The National Academies Press. doi: 10.17226/12811.
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Suggested Citation:"References." National Research Council. 2009. Investor Exits, Innovation, and Entrepreneurial Firm Growth: Questions for Research: Summary of a Workshop. Washington, DC: The National Academies Press. doi: 10.17226/12811.
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Suggested Citation:"References." National Research Council. 2009. Investor Exits, Innovation, and Entrepreneurial Firm Growth: Questions for Research: Summary of a Workshop. Washington, DC: The National Academies Press. doi: 10.17226/12811.
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The bursting of the dot-com bubble in 2001 coincided with an abrupt and lasting change in the development of entrepreneurial venture-backed firms in the United States. Previously, entrepreneurs and investors commonly took viable young firms public through initial public offerings. Since 2001, however, venture investors have more frequently exited by selling their companies to established corporations, usually for lower returns. There are concerns among some entrepreneurs, investors, and academics that this change has reduced the potential of young, entrepreneurial firms to contribute to innovation, job creation, international competitiveness, and economic growth. There are also claims that public policies, including securities regulation, have contributed to this result and should be modified or compensated for.

In 2007 investors, entrepreneurs, and academic experts in economics, corporate finance, and law came together to consider the merits and feasibility of additional research addressing the change in investor exit strategies, its causes and consequences. During the 2007 workshop, summarized in this volume, participants identified several factors complicating systematic inquiry and suggested a number of research avenues that could be productive.

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