Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem
基于英国初创企业的新数据集，研究了创始人、董事等早期个人利益相关者的数量和经验如何影响企业退出类型和价值，并发现功能多样性促进成功而人口多样性则相反。
We create a novel, comprehensive dataset of UK-based startups with extensive information on ownership, control, and valuation. Our database provides unique descriptive evidence about the relevance of individual stakeholders in startups, particularly before the entry of venture capital institutional investors. We compare the influence of two comparable characteristics of various groups of pre-institutional individual stakeholders: size and experience. We show that the quantity as well as the experience, of founders, directors, and other individual investors correlate with the startup’s type of, and value at, exit. Success results are very different across types of diversity: functional diversity appears to have a positive relationship with success whereas that of demographic diversity is negative.