Startups, Unicorns, and the Local Influx of Inventors
研究发现技术人才涌入能提升地区创业活跃度并降低失败率，但也会挤出低技术行业和竞争行业的投资，对政策制定者和投资者有参考价值。
Abstract We provide evidence that an influx of technical human capital improves regional entrepreneurship, both by increasing firm entry and reducing entrepreneurial failure. The results also indicate negative externalities upon lowtech and competing industries: an influx of inventors in a county shifts the locus of venture capital investment away from low-tech startups to high-tech startups and moreover towards new ventures in the same sector as those inventors' skills. We strengthen causal inference with a shift-share instrument which combines the spatial distribution of surnames in the LM>= U.S. Census with thousands of surnamespecific shifts based on modern inventor mobility.