Failing Just Fine: Assessing Careers of Venture Capital-backed Entrepreneurs Via a Non-Wage Measure

Natee Amornsiripanitch, Paul Gompers, George Hu, Will Levinson and Vladimir Mukharlyamov

No 30179, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper proposes a non-pecuniary measure of career achievement, Seniority. Based on a database of over 5 million resumes, this metric exploits the variation in job titles and how long they take to attain. When non-monetary factors influence career choice, inference benefits from the use of non-wage measures, such as seniority. We apply it to study labor market outcomes of VC-backed entrepreneurs. Would-be founders experience accelerated career trajectories prior to founding, significantly outperforming graduates of same-tier colleges with similar first jobs. After exiting their start-ups, they obtain jobs about three years more senior than their right-before-founding peers. Even failed founders land jobs with higher seniority than those attained by their peers in the meantime.

JEL-codes: J0 J3 J30 J31 J44 J6 J63 (search for similar items in EconPapers)
Date: 2022-06
New Economics Papers: this item is included in nep-ent and nep-lma
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Working Paper: Failing Just Fine: Assessing Careers of Venture Capital-backed Entrepreneurs via a Non-Wage Measure (2023)
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