The Start-Up and Scale-Up of High-Productivity Firms

Gustavo Crespi, Eduardo Fernández-Arias and Ernesto Stein
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Eduardo Fernández-Arias: University of California
Ernesto Stein: University of California

Chapter 4 in Rethinking Productive Development, 2014, pp 107-143 from Palgrave Macmillan

Abstract: Abstract Economies grow when workers and other factors of production move into projects that have higher productivity. Many higher-productivity projects arise in existing firms. These firms can leverage internal capabilities, including internal sources of capital, to help jump-start these new undertakings. But sometimes, these new, higher-productivity projects originate in new firms. Such firms could offer advantages, such as greater flexibility or closer supervision, compared to existing firms that may be especially useful when generating products or services or using processes that are more innovative. Yet these new endeavors by new firms could have a harder time getting started because entrepreneurs cannot rely on existing firm capabilities, including the ability to borrow cash and collateral from other projects, to attract the right talent, or to secure the required complementary assets for the project to take off.1

Keywords: Venture Capital; Pension Fund; Initial Public Offering; Private Equity; Young Firm (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-39399-9_4

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DOI: 10.1057/9781137393999_4

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