https://www.aeaweb.org/articles?id=10.1257/aeri.20180582

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 1. Home
 2. Journals
 3. American Economic Review: Insights
 4. March 2020
 5. Age and High-Growth Entrepreneurship

Age and High-Growth Entrepreneurship

  * Pierre Azoulay
  * Benjamin F. Jones
  * J. Daniel Kim
  * Javier Miranda
     
  * American Economic Review: Insights  
  * vol. 2, no. 1, March 2020
  * (pp. 65-82)

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Abstract

Many observers, and many investors, believe that young people are
especially likely to produce the most successful new firms.
Integrating administrative data on firms, workers, and owners, we
study start-ups systematically in the United States and find that
successful entrepreneurs are middle-aged, not young. The mean age at
founding for the 1-in-1,000 fastest growing new ventures is 45.0. The
findings are similar when considering high-technology sectors,
entrepreneurial hubs, and successful firm exits. Prior experience in
the specific industry predicts much greater rates of entrepreneurial
success. These findings strongly reject common hypotheses that
emphasize youth as a key trait of successful entrepreneurs.

Citation

Azoulay, Pierre, Benjamin F. Jones, J. Daniel Kim, and Javier
Miranda. 2020. "Age and High-Growth Entrepreneurship." American
Economic Review: Insights, 2 (1): 65-82. DOI: 10.1257/aeri.20180582
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Additional Materials

  * Data Set (49.82 KB)
  * Online Appendix (636.13 KB)
  * Author Disclosure Statement(s) (161.64 KB)

JEL Classification

  * G24 Investment Banking; Venture Capital; Brokerage; Ratings and
    Ratings Agencies
  * J14 Economics of the Elderly; Economics of the Handicapped;
    Non-labor Market Discrimination
  * L26 Entrepreneurship
  * M13 New Firms; Startups
  * O31 Innovation and Invention: Processes and Incentives

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