Intellectual Capital and Startup Survival in Global Accelerator Programs
Main Article Content
Abstract
Objective: this research investigates the impact of intellectual capital (IC) on the longevity of startups in global accelerator programs, focusing on human, social, and structural capital. Methods: Utilizing data from Emory University’s GALI Entrepreneurship Database Survey Program, a logistic regression model predicts the survival likelihood of pre-seed stage startups based on their initial IC levels. Results: the findings reveal that social and structural capital positively influence startup survival, while human capital does not. Specifically, founders’ entrepreneurial experience, a proxy for specific human capital, does not enhance survival odds. Conclusions: this suggests that other factors, such as socio-demographic characteristics, financial constraints, diversity, temporal aspects, gender, and accelerator-related variables, play a significant role in startup success. By controlling for these predictors, the study isolates the effect of IC, thereby strengthening its contribution to the literature on IC and entrepreneurship. It provides cross-sectional and global evidence of IC’s influence on new ventures, offering practical implications for designing more effective accelerator programs and policies to foster new venture creation in various contexts.
Downloads
Download data is not yet available.
Article Details
How to Cite
Canfield, C., Mondrafon-Sotelo†, L. S., & Wiencke, E. (2025). Intellectual Capital and Startup Survival in Global Accelerator Programs. Brazilian Administration Review, 22(1), e230071. https://doi.org/10.1590/1807-7692bar2025230071
Section
Research Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Abdulaali, A. (2018). The impact of intellectual capital on business organizations. Academy of Accounting and Financial Studies Journal, 22(6), 1-16. https://www.abacademies.org/articles/the-impact-of-intellectual-capital-on-businessorganisation- 7630.html
Abeysekera, I. (2021). Intellectual capital and knowledge management research towards value creation. From the past to the future. Journal of Risk and Financial Management, 14(6), 238. https://doi.org/10.3390/jrfm14060238
Adams, P., Fontana, R., & Malerba, F. (2019). Linking vertically related industries: Entry by employee spinouts across industry boundaries. Industrial and Corporate Change, 28(3), 529-550. https://doi.org/10.1093/icc/dtz014
Aguilera, A., Escabias, M., & Valderrama, M. (2006). Using principal components for estimating logistic regression with high-dimensional multicollinear data. Computational Statistics & Data Analysis, 50(8), 1905-1924. https://doi.org/10.1016/j.csda.2005.03.011
Alvarez-Salazar, J., & Seclen-Luna, J. (2023). To survive or not to survive: Findings from PLS-SEM on the relationship between organizational resources and startups’ survival. In Partial Least Squares Path Modeling: Basic Concepts, Methodological Issue and Applications (pp. 329-374).
Andreeva, T., & Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from Russian context. Journal of Intellectual Capital, 7(2), 397-412. https://doi.org/10.1108/JIC-07-2015-0062
Åstebro, T., & Bernhardt, I. (2003). Start-up financing, owner characteristics, and survival. Journal of Economics and Business, 55(4), 303-319. https://doi.org/10.1016/S0148-6195(03)00029-8
Audretsch, D., Keilbach, M., & Lehmann, E. (2006). Entrepreneurship and economic growth. Oxford University Press.
Azeem, M., & Khanna, A. (2023). A systematic literature review of startup survival and future research agenda. Journal of Research in Marketing and Entrepreneurship, 26(1), 111-139. https://doi.org/10.1108/JRME-03-2022-0040
Bandera, C., & Thomas, E. (2018). The role of innovation ecosystems and social capital in startup survival. IEEE Transactions on Engineering Management, 66(4), 542-551. https://doi.org/10.1109/TEM.2018.2859162
Baptista, R., Karaöz, M., & Mendonça, J. (2014). The impact of human capital on the early success of necessity versus opportunity-based entrepreneurs. Small Business Economics, 42, 831-847. https://doi.org/10.1007/s11187-013-9502-z
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 33-120. https://doi.org/10.1177/014920639101700108
Barney, J., Wright, M., & Ketchen, Jr., D. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27(6), 625-641. https://doi.org/10.1016/S0149-2063(01)00114-3
Barnir, A. (2014). Gender differentials in antecedents of habitual entrepreneurship: Impetus factors and human capital. Journal of Developmental Entrepreneurship, 19(1), 1-22. https://doi.org/10.1142/S1084946714500010
Baum, J., & Silverman, B. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing, 19(3), 411-436. https://doi.org/10.1016/S0883-9026(03)00038-7
Becker, G. (1964). Human capital: A theoretical and empirical analysis with special reference to education. National Bureau of Economic Research.
Becker, G. (1994). Human capital revisited. In Human capital: A theoretical and empirical analysis with special reference to education. The University of Chicago Press.
Beckman, C., & Burton, M. (2008). Founding the future: Path dependence in the evolution of top management teams from founding to IPO. Organization Science, 19(1), 3-24. https://doi.org/10.1287/orsc.1070.0311
Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management decision, 36(2), 63-76. https://doi.org/10.1108/00251749810204142
Bosma, N., Van Praag, M., Thurik, R., & De Wit, G. (2004). The value of human and social capital investments for the business performance of startups. Small Business Economics, 23, 227-236. https://doi.org/10.1023/B:SBEJ.0000032032.21192.72 Box, M. (2008). The death of firms: Exploring the effects of environment and birth cohort on firm survival in Sweden. Small Business Economics, 31(4), 379- 393. https://doi.org/10.1007/s11187-007-9061-2
Brennan, N., & Connell, B. (2000). Intellectual capital: Current issues and policy implications. Journal of Intellectual Capital, 1(3), 206-240. https://doi.org/10.1108/14691930010350792
Brüderl, J., & Preisendörfer, P. (1998). Network support and the success of newly founded businesses. Small business economics, 10, 213-225. https://doi.org/10.1023/A:1007997102930
Brüderl, J., & Schussler, R. (1990). Organizational mortality: The liabilities of newness and adolescence. Administrative Science Quarterly, 53(3), 530-547. https://doi.org/10.2307/2393316
Brüderl, J., Preisendörfer, P., & Ziegler, R. (1992). Survival chances of newly founded business organizations. American Sociological Review, 57(2), 227-242. https://doi.org/10.2307/2096207
Burt, R. (2017). Structural holes versus network closure as social capital. In R. Dubos (Ed.), Social capital (pp. 31-56). Routledge.
Cabral, L., & Mata, J. (2003). On the evolution of the firm size distribution: Facts and theory. American Economic Review, 93(4), 1075-1090. https://doi.org/10.1257/000282803769206205
Cardella, G., Hernández-Sánchez, B., & Sánchez-García, J. (2020). Women entrepreneurship: A systematic review to outline the boundaries of scientific literature. Frontiers in Psychology, 11, 1557. https://doi.org/10.3389/fpsyg.2020.01557
Coff, R. (1997). Human assets and management dilemmas: Coping with hazards on the road to resource-based theory. Academy of Management Review, 22(2), 374-402. https://doi.org/10.2307/259327
Cole, R. S. (2018). Debt financing, survival, and growth of start-up firms. Journal of Corporate Finance, 50, 609-625. https://doi.org/10.1016/j.jcorpfin.2017.10.013
Cooper, A., Gimeno-Gascon, F., & Woo, C. (1994). Initial human and financial capital as predictors of new venture performance. Journal of Business Venturing, 9(5), 371-395. https://doi.org/10.1016/0883-9026(94)90013-2
Cressy, R. (1996). Pre-entrepreneurial income, cash-flow growth and survival of startup businesses: Model and tests on UK data. Small Business Economics, 8, 49-58. https://doi.org/10.1007/BF00391975
Dahlqvist, J., Davidsson, P., & Wiklund, J. (2000). Initial conditions as predictors of new venture performance: A replication and extension of the Cooper et al. study. Enterprise and innovation management studies, 1(1), 1-17.
Davidsson, P., & Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301-331. https://doi.org/10.1016/S0883-9026(02)00097-6
Del Sarto, N., Isabelle, D., & Di Minin, A. (2020). The role of accelerators in firm survival: An fsQCA analysis of Italian startups. Technovation, 90-91, 102102. https://doi.org/10.1016/j.technovation.2019.102102
Delmar, F., & Shane, S. (2006). Does experience matter? The effect of founding team experience on the survival and sales of newly founded ventures. Strategic Organization, 4(3), 215-247. https://doi.org/10.1177/1476127006066596
Dencker, J., Gruber, M., & Shah, S. (2009). Pre-entry knowledge, learning, and the survival of new firms. Organization Science, 20(3), 516-537. https://doi.org/10.1287/orsc.1080.0387
Edvinsson, L., & Malone, M. (1997). Intellectual capital: Realizing your company’s true value by finding its hidden roots. HarperCollins Publishers Inc.
Eisenhardt, K., & Schoonhoven, C. (1990). Organizational growth: Linking founding team, strategy, environment, and growth among US semiconductor ventures, 1978-1988. Administrative Science Quarterly, 35(3), 504-529. https://doi.org/10.2307/2393315
Felício, J., Couto, E., & Caiado, J. (2014). Human capital, social capital and organizational performance. Management Decision, 52(12), 350-364. https://doi.org/10.1108/MD-04-2013-0260
Figueroa-Armijos, M. (2019). Does public entrepreneurial financing contribute to territorial servitization in manufacturing and KIBS in the United States? Regional Studies, 53(3), 341-355. https://doi.org/10.1080/00343404.2018.1554900
Fuertes-Callén, Y., Cuellar-Fernández, B., & Serrano-Cinca, C. (2022). Predicting startup survival using first-year financial statements. Journal of Small Business Management, 60(6), 1314-1350. https://doi.org/10.1080/00472778.2020.1750302
Furlan, A. (2019). Startup size and pre‐entry experience: New evidence from Italian new manufacturing ventures. Journal of Small Business Management, 57(2), 679-692. https://doi.org/10.1111/jsbm.12427
Gardner, W. L., & Avolio, B. J. (1998). The charismatic relationship: A dramaturgical perspective. Academy of Management Review, 23(1), 32-58. https://doi.org/10.2307/259098
Geroski, P., Mata, J., & Portugal, P. (2010). Founding conditions and the survival of new firms. Strategic Management Journal, 31(5), 510-529. https://doi.org/10.1002/smj.823
Gimmon, E., & Levie, J. (2010). Founder’s human capital, external investment, and the survival of new high-technology ventures. Research Policy, 39(9), 1214- 1226. https://doi.org/10.1016/j.respol.2010.05.017
Global Accelerator Learning Initiative. (2020). The entrepreneurship database program at Emory University. https://www.galidata.org/assets/report/pdf/2019%20Year-End%20Summary.pdf
Global Accelerator Learning Initiative. (2021, May). Does accelerators work? https://www.galidata.org/assets/report/pdf/Does%20Acceleration%20Work_ EN.pdf
Gruber, M., MacMillan, I., & Thompson, J. (2008). Look before you leap: Market opportunity identification in emerging technology firms. Management Science, 54(9), 1652-1665. https://doi.org/10.1016/j.respol.2010.05.017
Haeussler, C., Hennicke, M., & Mueller, E. (2019). Founder–inventors and their investors: Spurring firm survival and growth. Strategic Entrepreneurship Journal, 13(3), 288-325. https://doi.org/10.1016/j.respol.2010.05.017
Hallen, B., Cohen, S., & Bingham, C. (2020). Do accelerators work? If so, how? Organization Science, 31(2), 378-414. https://doi.org/10.1287/orsc.2019.1304
Hannan, M., & Freeman, J. (1977). The population ecology of organizations. American Journal of Sociology, 82(5), 929-964. https://doi.org/10.1086/226424
Hyytinen, A., Pajarinen, M., & Rouvinen, P. (2015). Does innovativeness reduce startup survival rates? Journal of Business Venturing, 30(4), 564-581. https://doi.org/10.1016/j.jbusvent.2014.10.001
Jong, J., & Marsili, O. (2015). Founding a business inspired by close entrepreneurial ties: Does it matter for survival? Entrepreneurship Theory and Practice, 39(5), 1005-1025. https://doi.org/10.1111/etap.12086
Juma, N., & McGee, J. (2006). The relationship between intellectual capital and new venture performance: An empirical investigation of the moderating role of the environment. International Journal of Innovation and Technology Management, 3(4), 379-405. https://doi.org/10.1142/S0219877006000892
Kellermanns, F., Walter, J., Crook, T., Kemmerer, B., & Narayanan, V. (2016). The resource‐based view in entrepreneurship: A content‐analytical comparison of researchers’ and entrepreneurs’ views. Journal of Small Business Management, 54(1), 26-48. https://doi.org/10.1111/jsbm.12126
Keogh, D., & Johnson, D. K. (2021). Survival of the funded: Econometric analysis of startup longevity and success. Journal of Entrepreneurship, Management, and Innovation, 17(4), 29-49. https://doi.org/10.7341/20211742
Kerrin, M., Mamabolo, M., & Kele, T. (2017). Entrepreneurship management skills requirements in an emerging economy: A South African outlook. The Southern African Journal of Entrepreneurship and Small Business Management, 9(1), 1-10. https://hdl.handle.net/10520/EJC-9bea7314e
Kimberly, J. (1979). Issues in the creation of organizations: Initiation, innovation, and institutionalization. Academy of Management Journal, 22(3), 437-457. https://doi.org/10.2307/255737
Kramer, A., Veit, P., Kanbach, D., Stubner, S., & Maran, T. (2023). A framework of accelerator design: Harmonizing fragmented knowledge. European Journal of Innovation Management, 27(8), 2780-2817. https://doi.org/10.1108/EJIM-11-2022-0668
Lall, S., Chen, L., & Roberts, P. (2020). Are we accelerating equity investment into impact-oriented ventures? World Development, 131, 104952. https://doi.org/10.1016/j.worlddev.2020.104952
Lee, J., & Zhang, W. (2011, Aug 12-16). Financial capital and startup survival. Academy of Management Proceedings, pp. 1-6. San Antonio, TX. https://ink.library.smu.edu.sg/lkcsb_research/7627
Marr, B., & Moustaghfir, K. (2005). Defining intellectual capital: A three‐dimensional approach. Management Decision, 43(9), 114-1128. https://doi.org/10.1108/00251740510626227
Mas-Verdú, F., Ribeiro-Soriano, D., & Roig-Tierno, N. (2015). Firm survival: The role of incubators and business characteristics. Journal of Business Research, 68(4), 793-796. https://doi.org/10.1016/j.jbusres.2014.11.030
Mayer-Haug, K., Read, S., Brinckmann, J., Dew, N., & Grichnik, D. (2013). Entrepreneurial talent and venture performance: A metaanalytic investigation of SMEs. Research Policy, 42(6-7), 1251-1273. https://doi.org/10.1016/j.respol.2013.03.001
McGee, J., & Dowling, M. (1994). Using R&D cooperative arrangements to leverage managerial experience: A study of technology-intensive new ventures. Journal of Business Venturing, 9(1), 33-48. https://doi.org/10.1016/0883-9026(94)90025-6
Mincer, J. (1974). The human capital earnings function. In J. A. Mincer (Ed.), Schooling, Experience, and Earnings (pp. 83-96). NBER.
Miner, J., & Raju, N. (2004). Risk propensity differences between managers and entrepreneurs and between low-and high-growth entrepreneurs: A reply in a more conservative vein. Journal of Applied Psychology, 89(1), 3-13. https://doi.org/10.1037/0021-9010.89.1.3
Nyberg, A., & Wright, P. (2015). 50 years of human capital research: Assessing what we know, exploring where we go. Academy of Management Perspectives, 29(3), 287-295. https://www.jstor.org/stable/43822116
Patel, P. C., & Pearce II, J. A. (2018). The survival consequences of intellectual property for retail ventures. Journal of Retailing and Consumer Services, 43, 77- 84. https://doi.org/10.1016/j.jretconser.2018.03.005
Picken, J. (2017). From startup to scalable enterprise: Laying the foundation. Business Horizons, 60(5), 587-595. https://doi.org/10.1016/j.bushor.2017.05.002
Piva, E., & Rossi-Lamastra, C. (2018). Human capital signals and entrepreneurs’ success in equity crowdfunding. Small Business Economics, 51, 667-686. https://doi.org/10.1007/s11187-017-9950-y
Pourhoseingholi, M., Baghestani, A., & Vahedi, M. (2012). How to control confounding effects by statistical analysis. Gastroenterol Hepatololy from Bed to Bench, 5(2), 79-83. https://pmc.ncbi.nlm.nih.gov/articles/PMC4017459/
Power, B., & Reid, G. C. (2021). The impact of intellectual property types on the performance of business start-ups in the United States. International Small Business Journal, 39(4), 372-400. https://doi.org/10.1177/0266242620967009
Pradhan, R., Arvin, M., Nair, M., & Bennett, S. (2020). The dynamics among entrepreneurship, innovation, and economic growth in the Eurozone countries. Journal of Policy Modeling, 42(5), 1106-1122. https://doi.org/10.1016/j.jpolmod.2020.01.004
Radojevich-Kelley, N., & Hoffman, D. L. (2012). Analysis of accelerator companies: An exploratory case study of their programs, processes, and early results. Small Business Institute Journal, 8(2), 54-70. https://sbij.scholasticahq.com/article/26258
Romanelli, E. (1989). Environments and strategies of organization start-up: Effects on early survival. Administrative Science Quarterly, 34(3), 369-387. https://doi.org/10.2307/2393149
Rossi, C., Cricelli, Grimaldi, M., & Greco, M. (2016). The strategic assessment of intellectual capital assets: An application within Terradue Srl. Journal of Business Research, 69(5), 1598-1603. https://doi.org/10.1016/j.jbusres.2015.10.024
Salamzadeh, A., & Kesim, H. K. (2015). Startup companies: Life cycle and challenges. 4th International conference on employment, education, and entrepreneurship. Belgrade, Serbia: EEE.
Salamzadeh, A., & Markovic, M. (2018). Shortening the learning curve of media start-ups in accelerators: Case of a developing country. In A. Gyamfi, & I. Williams, Evaluating media richness in organizational learning (pp. 36-48). IGI Global. Salamzadeh, A., Tajpour, M., Hosseini, E., & Brahmi, M. (2023). Human capital and the performance of Iranian Digital Startups: The moderating role of knowledge sharing behavior. International Journal of Public Sector Performance Management, 12(1-2), 171-186. https://doi.org/10.1504/IJPSPM.2023.132248
Santisteban, J., & Mauricio, D. (2017). Systematic literature review of critical success factors of information technology startups. Academy of Entrepreneurship Journal, 23(2), 1-23. https://www.abacademies.org/articles/systematic-literature-review-of-critical-success-factors-of-informationtechnology-startups-6638.html
Sardo, F., & Serrasqueiro, Z. (2019). On the relationship between intellectual capital and service SME survival and growth: A dynamic panel data analysis. International Journal of Learning and Intellectual Capital, 16(3), 213-238. https://doi.org/10.1504/IJLIC.2019.100537
Smilor, R. (1997). Entrepreneurship: Reflections on a subversive activity. Journal of Business Venturing, 12(5), 341-346. https://doi.org/10.1016/S0883-9026(97)00008-6
Song, Y., & Vinig, T. (2012). Entrepreneur online social networks–structure, diversity, and impact on start-up survival. International Journal of Organisational Design and Engineering, 2(2), 189-203. https://doi.org/10.1504/IJODE.2012.047574
Spender, J. (1996). Making knowledge the basis of a dynamic theory of the firm. Strategic Management Journal, 17(S2), 45-62. https://doi.org/10.1002/smj.4250171106
Stewart, T. (1997). Intellectual Capital. Bantam Doubleday Dell Publishing Group. Strotmann, H. (2007). Entrepreneurial survival. Small Business Economics, 28, 87-104. https://doi.org/10.1007/s11187-005-8859-z
Unger, J., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: A meta-analytical review. Journal of Business Venturing, 26(3), 341-358. https://doi.org/10.1016/j.jbusvent.2009.09.004
Van Praag, C. (2003). Business survival and success of young small business owners. Small business Economics, 21, 1-17. https://doi.org/10.1023/A:1024453200297
Vanderstraeten, J., van Witteloostuijn, A., Matthyssens, P., & Andreassi, T. (2016). (2016). Being flexible through customization − The impact of incubator focus and customization strategies on incubated survival and growth. Journal of Engineering and Technology Management, 41, 45-64. https://doi.org/10.1016/j.jengtecman.2016.06.003
Venâncio, A., & Jorge, J. (2022). The role of accelerator programs on the capital structure of start-ups. Small Business Economics, 59, 1143-1167. https://doi.org/10.1007/s11187-021-00572-8
Wamba, L., Hikkerova, L., Sahut, J., & Braune, E. (2017). Indebtedness for young companies: Effects on survival. Entrepreneurship & Regional Development, 29(1-2), 174-196. https://doi.org/10.1080/08985626.2016.1255435
Wang, W., & Chang, C. (2005). Intellectual capital and performance in causal models: Evidence from the information technology industry in Taiwan. Journal of Intellectual Capital, 6(2), 222-236. https://doi.org/10.1108/14691930510592816 Welbourne, T., & Pardo-del-Val, M. (2009). Relational capital: Strategic advantage for small and medium-size enterprises (SMEs) through negotiation and collaboration. Group Decision and Negotiation, 18, 483-497. https://doi.org/10.1007/s10726-008-9138-6
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171-180. https://doi.org/10.1002/smj.4250050207
Wong, W., Cheung, H., & Venuvinod, P. (2005). Assessing the growth potential of high-technology start-ups: An exploratory study from Hong Kong. Journal of Small Business & Entrepreneurship, 18(4), 453-470. https://doi.org/10.1080/08276331.2005.10593353
World Bank. (2021). World Bank Entrepreneurship Database. https://www.worldbank.org/en/programs/entrepreneurshipang
World Bank. (2023). World Development Indicators. https://info.worldbank.org
Yang, C., & Lin, C. (2009). Does intellectual capital mediate the relationship between HRM and organizational performance? The perspective of the healthcare industry in Taiwan. The International Journal of Human Resource Management, 20(9), 1965-1984. https://doi.org/10.1080/09585190903142415
Yang, T., & Aldrich, H. (2017). “The liability of newness” revisited: Theoretical restatement and empirical testing in emergent organizations. Social Science Research, 63, 36-53. https://doi.org/10.1016/j.ssresearch.2016.09.006
Abeysekera, I. (2021). Intellectual capital and knowledge management research towards value creation. From the past to the future. Journal of Risk and Financial Management, 14(6), 238. https://doi.org/10.3390/jrfm14060238
Adams, P., Fontana, R., & Malerba, F. (2019). Linking vertically related industries: Entry by employee spinouts across industry boundaries. Industrial and Corporate Change, 28(3), 529-550. https://doi.org/10.1093/icc/dtz014
Aguilera, A., Escabias, M., & Valderrama, M. (2006). Using principal components for estimating logistic regression with high-dimensional multicollinear data. Computational Statistics & Data Analysis, 50(8), 1905-1924. https://doi.org/10.1016/j.csda.2005.03.011
Alvarez-Salazar, J., & Seclen-Luna, J. (2023). To survive or not to survive: Findings from PLS-SEM on the relationship between organizational resources and startups’ survival. In Partial Least Squares Path Modeling: Basic Concepts, Methodological Issue and Applications (pp. 329-374).
Andreeva, T., & Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from Russian context. Journal of Intellectual Capital, 7(2), 397-412. https://doi.org/10.1108/JIC-07-2015-0062
Åstebro, T., & Bernhardt, I. (2003). Start-up financing, owner characteristics, and survival. Journal of Economics and Business, 55(4), 303-319. https://doi.org/10.1016/S0148-6195(03)00029-8
Audretsch, D., Keilbach, M., & Lehmann, E. (2006). Entrepreneurship and economic growth. Oxford University Press.
Azeem, M., & Khanna, A. (2023). A systematic literature review of startup survival and future research agenda. Journal of Research in Marketing and Entrepreneurship, 26(1), 111-139. https://doi.org/10.1108/JRME-03-2022-0040
Bandera, C., & Thomas, E. (2018). The role of innovation ecosystems and social capital in startup survival. IEEE Transactions on Engineering Management, 66(4), 542-551. https://doi.org/10.1109/TEM.2018.2859162
Baptista, R., Karaöz, M., & Mendonça, J. (2014). The impact of human capital on the early success of necessity versus opportunity-based entrepreneurs. Small Business Economics, 42, 831-847. https://doi.org/10.1007/s11187-013-9502-z
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 33-120. https://doi.org/10.1177/014920639101700108
Barney, J., Wright, M., & Ketchen, Jr., D. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27(6), 625-641. https://doi.org/10.1016/S0149-2063(01)00114-3
Barnir, A. (2014). Gender differentials in antecedents of habitual entrepreneurship: Impetus factors and human capital. Journal of Developmental Entrepreneurship, 19(1), 1-22. https://doi.org/10.1142/S1084946714500010
Baum, J., & Silverman, B. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing, 19(3), 411-436. https://doi.org/10.1016/S0883-9026(03)00038-7
Becker, G. (1964). Human capital: A theoretical and empirical analysis with special reference to education. National Bureau of Economic Research.
Becker, G. (1994). Human capital revisited. In Human capital: A theoretical and empirical analysis with special reference to education. The University of Chicago Press.
Beckman, C., & Burton, M. (2008). Founding the future: Path dependence in the evolution of top management teams from founding to IPO. Organization Science, 19(1), 3-24. https://doi.org/10.1287/orsc.1070.0311
Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management decision, 36(2), 63-76. https://doi.org/10.1108/00251749810204142
Bosma, N., Van Praag, M., Thurik, R., & De Wit, G. (2004). The value of human and social capital investments for the business performance of startups. Small Business Economics, 23, 227-236. https://doi.org/10.1023/B:SBEJ.0000032032.21192.72 Box, M. (2008). The death of firms: Exploring the effects of environment and birth cohort on firm survival in Sweden. Small Business Economics, 31(4), 379- 393. https://doi.org/10.1007/s11187-007-9061-2
Brennan, N., & Connell, B. (2000). Intellectual capital: Current issues and policy implications. Journal of Intellectual Capital, 1(3), 206-240. https://doi.org/10.1108/14691930010350792
Brüderl, J., & Preisendörfer, P. (1998). Network support and the success of newly founded businesses. Small business economics, 10, 213-225. https://doi.org/10.1023/A:1007997102930
Brüderl, J., & Schussler, R. (1990). Organizational mortality: The liabilities of newness and adolescence. Administrative Science Quarterly, 53(3), 530-547. https://doi.org/10.2307/2393316
Brüderl, J., Preisendörfer, P., & Ziegler, R. (1992). Survival chances of newly founded business organizations. American Sociological Review, 57(2), 227-242. https://doi.org/10.2307/2096207
Burt, R. (2017). Structural holes versus network closure as social capital. In R. Dubos (Ed.), Social capital (pp. 31-56). Routledge.
Cabral, L., & Mata, J. (2003). On the evolution of the firm size distribution: Facts and theory. American Economic Review, 93(4), 1075-1090. https://doi.org/10.1257/000282803769206205
Cardella, G., Hernández-Sánchez, B., & Sánchez-García, J. (2020). Women entrepreneurship: A systematic review to outline the boundaries of scientific literature. Frontiers in Psychology, 11, 1557. https://doi.org/10.3389/fpsyg.2020.01557
Coff, R. (1997). Human assets and management dilemmas: Coping with hazards on the road to resource-based theory. Academy of Management Review, 22(2), 374-402. https://doi.org/10.2307/259327
Cole, R. S. (2018). Debt financing, survival, and growth of start-up firms. Journal of Corporate Finance, 50, 609-625. https://doi.org/10.1016/j.jcorpfin.2017.10.013
Cooper, A., Gimeno-Gascon, F., & Woo, C. (1994). Initial human and financial capital as predictors of new venture performance. Journal of Business Venturing, 9(5), 371-395. https://doi.org/10.1016/0883-9026(94)90013-2
Cressy, R. (1996). Pre-entrepreneurial income, cash-flow growth and survival of startup businesses: Model and tests on UK data. Small Business Economics, 8, 49-58. https://doi.org/10.1007/BF00391975
Dahlqvist, J., Davidsson, P., & Wiklund, J. (2000). Initial conditions as predictors of new venture performance: A replication and extension of the Cooper et al. study. Enterprise and innovation management studies, 1(1), 1-17.
Davidsson, P., & Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301-331. https://doi.org/10.1016/S0883-9026(02)00097-6
Del Sarto, N., Isabelle, D., & Di Minin, A. (2020). The role of accelerators in firm survival: An fsQCA analysis of Italian startups. Technovation, 90-91, 102102. https://doi.org/10.1016/j.technovation.2019.102102
Delmar, F., & Shane, S. (2006). Does experience matter? The effect of founding team experience on the survival and sales of newly founded ventures. Strategic Organization, 4(3), 215-247. https://doi.org/10.1177/1476127006066596
Dencker, J., Gruber, M., & Shah, S. (2009). Pre-entry knowledge, learning, and the survival of new firms. Organization Science, 20(3), 516-537. https://doi.org/10.1287/orsc.1080.0387
Edvinsson, L., & Malone, M. (1997). Intellectual capital: Realizing your company’s true value by finding its hidden roots. HarperCollins Publishers Inc.
Eisenhardt, K., & Schoonhoven, C. (1990). Organizational growth: Linking founding team, strategy, environment, and growth among US semiconductor ventures, 1978-1988. Administrative Science Quarterly, 35(3), 504-529. https://doi.org/10.2307/2393315
Felício, J., Couto, E., & Caiado, J. (2014). Human capital, social capital and organizational performance. Management Decision, 52(12), 350-364. https://doi.org/10.1108/MD-04-2013-0260
Figueroa-Armijos, M. (2019). Does public entrepreneurial financing contribute to territorial servitization in manufacturing and KIBS in the United States? Regional Studies, 53(3), 341-355. https://doi.org/10.1080/00343404.2018.1554900
Fuertes-Callén, Y., Cuellar-Fernández, B., & Serrano-Cinca, C. (2022). Predicting startup survival using first-year financial statements. Journal of Small Business Management, 60(6), 1314-1350. https://doi.org/10.1080/00472778.2020.1750302
Furlan, A. (2019). Startup size and pre‐entry experience: New evidence from Italian new manufacturing ventures. Journal of Small Business Management, 57(2), 679-692. https://doi.org/10.1111/jsbm.12427
Gardner, W. L., & Avolio, B. J. (1998). The charismatic relationship: A dramaturgical perspective. Academy of Management Review, 23(1), 32-58. https://doi.org/10.2307/259098
Geroski, P., Mata, J., & Portugal, P. (2010). Founding conditions and the survival of new firms. Strategic Management Journal, 31(5), 510-529. https://doi.org/10.1002/smj.823
Gimmon, E., & Levie, J. (2010). Founder’s human capital, external investment, and the survival of new high-technology ventures. Research Policy, 39(9), 1214- 1226. https://doi.org/10.1016/j.respol.2010.05.017
Global Accelerator Learning Initiative. (2020). The entrepreneurship database program at Emory University. https://www.galidata.org/assets/report/pdf/2019%20Year-End%20Summary.pdf
Global Accelerator Learning Initiative. (2021, May). Does accelerators work? https://www.galidata.org/assets/report/pdf/Does%20Acceleration%20Work_ EN.pdf
Gruber, M., MacMillan, I., & Thompson, J. (2008). Look before you leap: Market opportunity identification in emerging technology firms. Management Science, 54(9), 1652-1665. https://doi.org/10.1016/j.respol.2010.05.017
Haeussler, C., Hennicke, M., & Mueller, E. (2019). Founder–inventors and their investors: Spurring firm survival and growth. Strategic Entrepreneurship Journal, 13(3), 288-325. https://doi.org/10.1016/j.respol.2010.05.017
Hallen, B., Cohen, S., & Bingham, C. (2020). Do accelerators work? If so, how? Organization Science, 31(2), 378-414. https://doi.org/10.1287/orsc.2019.1304
Hannan, M., & Freeman, J. (1977). The population ecology of organizations. American Journal of Sociology, 82(5), 929-964. https://doi.org/10.1086/226424
Hyytinen, A., Pajarinen, M., & Rouvinen, P. (2015). Does innovativeness reduce startup survival rates? Journal of Business Venturing, 30(4), 564-581. https://doi.org/10.1016/j.jbusvent.2014.10.001
Jong, J., & Marsili, O. (2015). Founding a business inspired by close entrepreneurial ties: Does it matter for survival? Entrepreneurship Theory and Practice, 39(5), 1005-1025. https://doi.org/10.1111/etap.12086
Juma, N., & McGee, J. (2006). The relationship between intellectual capital and new venture performance: An empirical investigation of the moderating role of the environment. International Journal of Innovation and Technology Management, 3(4), 379-405. https://doi.org/10.1142/S0219877006000892
Kellermanns, F., Walter, J., Crook, T., Kemmerer, B., & Narayanan, V. (2016). The resource‐based view in entrepreneurship: A content‐analytical comparison of researchers’ and entrepreneurs’ views. Journal of Small Business Management, 54(1), 26-48. https://doi.org/10.1111/jsbm.12126
Keogh, D., & Johnson, D. K. (2021). Survival of the funded: Econometric analysis of startup longevity and success. Journal of Entrepreneurship, Management, and Innovation, 17(4), 29-49. https://doi.org/10.7341/20211742
Kerrin, M., Mamabolo, M., & Kele, T. (2017). Entrepreneurship management skills requirements in an emerging economy: A South African outlook. The Southern African Journal of Entrepreneurship and Small Business Management, 9(1), 1-10. https://hdl.handle.net/10520/EJC-9bea7314e
Kimberly, J. (1979). Issues in the creation of organizations: Initiation, innovation, and institutionalization. Academy of Management Journal, 22(3), 437-457. https://doi.org/10.2307/255737
Kramer, A., Veit, P., Kanbach, D., Stubner, S., & Maran, T. (2023). A framework of accelerator design: Harmonizing fragmented knowledge. European Journal of Innovation Management, 27(8), 2780-2817. https://doi.org/10.1108/EJIM-11-2022-0668
Lall, S., Chen, L., & Roberts, P. (2020). Are we accelerating equity investment into impact-oriented ventures? World Development, 131, 104952. https://doi.org/10.1016/j.worlddev.2020.104952
Lee, J., & Zhang, W. (2011, Aug 12-16). Financial capital and startup survival. Academy of Management Proceedings, pp. 1-6. San Antonio, TX. https://ink.library.smu.edu.sg/lkcsb_research/7627
Marr, B., & Moustaghfir, K. (2005). Defining intellectual capital: A three‐dimensional approach. Management Decision, 43(9), 114-1128. https://doi.org/10.1108/00251740510626227
Mas-Verdú, F., Ribeiro-Soriano, D., & Roig-Tierno, N. (2015). Firm survival: The role of incubators and business characteristics. Journal of Business Research, 68(4), 793-796. https://doi.org/10.1016/j.jbusres.2014.11.030
Mayer-Haug, K., Read, S., Brinckmann, J., Dew, N., & Grichnik, D. (2013). Entrepreneurial talent and venture performance: A metaanalytic investigation of SMEs. Research Policy, 42(6-7), 1251-1273. https://doi.org/10.1016/j.respol.2013.03.001
McGee, J., & Dowling, M. (1994). Using R&D cooperative arrangements to leverage managerial experience: A study of technology-intensive new ventures. Journal of Business Venturing, 9(1), 33-48. https://doi.org/10.1016/0883-9026(94)90025-6
Mincer, J. (1974). The human capital earnings function. In J. A. Mincer (Ed.), Schooling, Experience, and Earnings (pp. 83-96). NBER.
Miner, J., & Raju, N. (2004). Risk propensity differences between managers and entrepreneurs and between low-and high-growth entrepreneurs: A reply in a more conservative vein. Journal of Applied Psychology, 89(1), 3-13. https://doi.org/10.1037/0021-9010.89.1.3
Nyberg, A., & Wright, P. (2015). 50 years of human capital research: Assessing what we know, exploring where we go. Academy of Management Perspectives, 29(3), 287-295. https://www.jstor.org/stable/43822116
Patel, P. C., & Pearce II, J. A. (2018). The survival consequences of intellectual property for retail ventures. Journal of Retailing and Consumer Services, 43, 77- 84. https://doi.org/10.1016/j.jretconser.2018.03.005
Picken, J. (2017). From startup to scalable enterprise: Laying the foundation. Business Horizons, 60(5), 587-595. https://doi.org/10.1016/j.bushor.2017.05.002
Piva, E., & Rossi-Lamastra, C. (2018). Human capital signals and entrepreneurs’ success in equity crowdfunding. Small Business Economics, 51, 667-686. https://doi.org/10.1007/s11187-017-9950-y
Pourhoseingholi, M., Baghestani, A., & Vahedi, M. (2012). How to control confounding effects by statistical analysis. Gastroenterol Hepatololy from Bed to Bench, 5(2), 79-83. https://pmc.ncbi.nlm.nih.gov/articles/PMC4017459/
Power, B., & Reid, G. C. (2021). The impact of intellectual property types on the performance of business start-ups in the United States. International Small Business Journal, 39(4), 372-400. https://doi.org/10.1177/0266242620967009
Pradhan, R., Arvin, M., Nair, M., & Bennett, S. (2020). The dynamics among entrepreneurship, innovation, and economic growth in the Eurozone countries. Journal of Policy Modeling, 42(5), 1106-1122. https://doi.org/10.1016/j.jpolmod.2020.01.004
Radojevich-Kelley, N., & Hoffman, D. L. (2012). Analysis of accelerator companies: An exploratory case study of their programs, processes, and early results. Small Business Institute Journal, 8(2), 54-70. https://sbij.scholasticahq.com/article/26258
Romanelli, E. (1989). Environments and strategies of organization start-up: Effects on early survival. Administrative Science Quarterly, 34(3), 369-387. https://doi.org/10.2307/2393149
Rossi, C., Cricelli, Grimaldi, M., & Greco, M. (2016). The strategic assessment of intellectual capital assets: An application within Terradue Srl. Journal of Business Research, 69(5), 1598-1603. https://doi.org/10.1016/j.jbusres.2015.10.024
Salamzadeh, A., & Kesim, H. K. (2015). Startup companies: Life cycle and challenges. 4th International conference on employment, education, and entrepreneurship. Belgrade, Serbia: EEE.
Salamzadeh, A., & Markovic, M. (2018). Shortening the learning curve of media start-ups in accelerators: Case of a developing country. In A. Gyamfi, & I. Williams, Evaluating media richness in organizational learning (pp. 36-48). IGI Global. Salamzadeh, A., Tajpour, M., Hosseini, E., & Brahmi, M. (2023). Human capital and the performance of Iranian Digital Startups: The moderating role of knowledge sharing behavior. International Journal of Public Sector Performance Management, 12(1-2), 171-186. https://doi.org/10.1504/IJPSPM.2023.132248
Santisteban, J., & Mauricio, D. (2017). Systematic literature review of critical success factors of information technology startups. Academy of Entrepreneurship Journal, 23(2), 1-23. https://www.abacademies.org/articles/systematic-literature-review-of-critical-success-factors-of-informationtechnology-startups-6638.html
Sardo, F., & Serrasqueiro, Z. (2019). On the relationship between intellectual capital and service SME survival and growth: A dynamic panel data analysis. International Journal of Learning and Intellectual Capital, 16(3), 213-238. https://doi.org/10.1504/IJLIC.2019.100537
Smilor, R. (1997). Entrepreneurship: Reflections on a subversive activity. Journal of Business Venturing, 12(5), 341-346. https://doi.org/10.1016/S0883-9026(97)00008-6
Song, Y., & Vinig, T. (2012). Entrepreneur online social networks–structure, diversity, and impact on start-up survival. International Journal of Organisational Design and Engineering, 2(2), 189-203. https://doi.org/10.1504/IJODE.2012.047574
Spender, J. (1996). Making knowledge the basis of a dynamic theory of the firm. Strategic Management Journal, 17(S2), 45-62. https://doi.org/10.1002/smj.4250171106
Stewart, T. (1997). Intellectual Capital. Bantam Doubleday Dell Publishing Group. Strotmann, H. (2007). Entrepreneurial survival. Small Business Economics, 28, 87-104. https://doi.org/10.1007/s11187-005-8859-z
Unger, J., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: A meta-analytical review. Journal of Business Venturing, 26(3), 341-358. https://doi.org/10.1016/j.jbusvent.2009.09.004
Van Praag, C. (2003). Business survival and success of young small business owners. Small business Economics, 21, 1-17. https://doi.org/10.1023/A:1024453200297
Vanderstraeten, J., van Witteloostuijn, A., Matthyssens, P., & Andreassi, T. (2016). (2016). Being flexible through customization − The impact of incubator focus and customization strategies on incubated survival and growth. Journal of Engineering and Technology Management, 41, 45-64. https://doi.org/10.1016/j.jengtecman.2016.06.003
Venâncio, A., & Jorge, J. (2022). The role of accelerator programs on the capital structure of start-ups. Small Business Economics, 59, 1143-1167. https://doi.org/10.1007/s11187-021-00572-8
Wamba, L., Hikkerova, L., Sahut, J., & Braune, E. (2017). Indebtedness for young companies: Effects on survival. Entrepreneurship & Regional Development, 29(1-2), 174-196. https://doi.org/10.1080/08985626.2016.1255435
Wang, W., & Chang, C. (2005). Intellectual capital and performance in causal models: Evidence from the information technology industry in Taiwan. Journal of Intellectual Capital, 6(2), 222-236. https://doi.org/10.1108/14691930510592816 Welbourne, T., & Pardo-del-Val, M. (2009). Relational capital: Strategic advantage for small and medium-size enterprises (SMEs) through negotiation and collaboration. Group Decision and Negotiation, 18, 483-497. https://doi.org/10.1007/s10726-008-9138-6
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171-180. https://doi.org/10.1002/smj.4250050207
Wong, W., Cheung, H., & Venuvinod, P. (2005). Assessing the growth potential of high-technology start-ups: An exploratory study from Hong Kong. Journal of Small Business & Entrepreneurship, 18(4), 453-470. https://doi.org/10.1080/08276331.2005.10593353
World Bank. (2021). World Bank Entrepreneurship Database. https://www.worldbank.org/en/programs/entrepreneurshipang
World Bank. (2023). World Development Indicators. https://info.worldbank.org
Yang, C., & Lin, C. (2009). Does intellectual capital mediate the relationship between HRM and organizational performance? The perspective of the healthcare industry in Taiwan. The International Journal of Human Resource Management, 20(9), 1965-1984. https://doi.org/10.1080/09585190903142415
Yang, T., & Aldrich, H. (2017). “The liability of newness” revisited: Theoretical restatement and empirical testing in emergent organizations. Social Science Research, 63, 36-53. https://doi.org/10.1016/j.ssresearch.2016.09.006