Go West Young Firm: The Impact of Startup Migration on the Performance of Migrants
研究美国初创企业迁往硅谷等科技集群后的绩效变化，发现迁往高绩效生态系统的企业改善最大，且本地专利水平比风投或同行数量更能预测绩效提升。
This paper studies how regional migration to tech clusters impacts the performance of startups within the United States. Startups that move to Silicon Valley experience a significant improvement in performance. This improvement is higher than migrations to other regions in the United States, many of which report null treatment effects. The startups that benefit the most from migration are those leaving low performing entrepreneurial ecosystems and moving to high performing ecosystems, consistent with an agglomeration mechanism. Within different measures of the ecosystem, the level of local patenting predicts startup improvements more than venture capital or the quality-adjusted number of startups, suggesting the local innovation environment is more important to migrant performance than financing or the presence of other startup peers. This paper was accepted by Toby Suart, entrepreneurship and innovation. Funding: This work was supported by Ewing Marion Kauffman Foundation, the Jean Hammond (1986) and Michael Krasner (1974) Entrepreneurship Fund at Massachusetts Institute of Technology (MIT), and the Edward B. Roberts (1957) Entrepreneurship Fund at MIT. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4924 .