(1) Where Did You Come From? Where Did You Go? The Locational Dynamics of Accelerator Participants
Co-authored with Maryann Feldman. Preparing for Submission.
This paper investigates the locational dynamics of nascent startups in accelerator programs, focusing particularly on how startups move to be accelerated and how they choose locations after completing the program. Drawing from a novel hand-collected dataset, which includes information on the locational trajectories and investment connections of 291 Techstars startups between 2007 and 2013, this research explores the push and pull factors influencing startups’ locational choices before and after accelerator programs by using mixed-methods. The results show that over 40% of startups in Techstars accelerators originate from external regions, with the majority moving nationally and coming from areas without Techstars programs. Startups relocating despite having Techstars programs in their regions have issues related to program fit or application timing. Startups are more likely to stay in the region if they receive local investments. By contrast, startups that fail to secure investment during the program are more likely to relocate, often to traditional entrepreneurial hotspots. This research broadens our understanding of startup locational choices, offering critical policy implications for local economic development and emphasizing the need for policymakers to create regional conditions that encourage the influx and settlement of promising startups.
(2) [Title removed for a blind review]
Co-authored with Jiayi Bao & Bowen Lou. Under Review Again at Strategic Management Journal (after Reject and Resubmit).
Social ventures face significant challenges in acquiring financial resources for long-term growth. In this paper, we examine how makerspaces—physical spaces that provide fabrication tools and materials for prototyping—facilitate resource acquisition for socially focused ventures. We propose that makerspaces increase (1) venture-level social capital through social interactions fostered by shared prototyping needs and knowledge domains, and (2) community-level social capital through a shared “makers” identity. The interplay between social interactions and community engagement suggests that makerspace establishments benefit socially focused ventures more in fundraising activities. Leveraging a novel text-similarity approach that measures venture social focus on a continuous spectrum and the staggered establishment of 126 first makerspaces in 179 unique economic areas, we find consistent evidence supporting the hypothesis and the proposed mechanisms in the context of venture capital deals.
(3) [Title removed for a blind review]
Co-authored with Maryann Feldman. Preparing for submission.
The last decade has seen the increased use of accelerators, leading to increased academic research on this new model for promoting entrepreneurship. Research has reached a pivotal juncture with the discovery of significant variations across accelerators, suggesting the need for an improved understanding of the antecedents and consequences of different types of accelerators. This paper proposes an innovative literature review approach to categorize prior studies. The approach identifies three critical literature gaps that need to be addressed for construing the heterogeneity dynamics underlying accelerators.
(4) [Title removed for a blind review]
Co-authored with Maryann Feldman. 1st round R&R at Industrial and Corporate Change.
We explore the role of peer networks in accelerator cohorts, specifically examining how these networks shape the fundraising outcomes of startups. Startups enter accelerators with networks formed through their founders’ pre-accelerator experiences. Individual networks in an accelerator cohort combine to extend access to resources. Thus, the networks of peers in the cohort can influence accelerated startups’ resource acquisition capabilities. To explore the peer networking effect, we use a hand-collected dataset that has information on 329 startups in 30 Techstars accelerator cohorts. Results suggest that peers’ networks accumulated through their prior work experiences, as well as the geographic diversity of their networks, positively affect the likelihood and amount of funds raised during the 90-day period after graduation from the accelerator. The findings underscore the importance of cohort composition, suggesting that accelerators should carefully select participants with diverse and robust networks to optimize fundraising opportunities. The findings also highlight the value of network diversity in promoting economic development and startup growth.
Joonho Oh 