下面是小编为大家整理的初创科技公司繁荣度和行业法规关系报告,供大家参考。
C ont ents
Ex ecutiv e
S ummary
/
i In tr oduc tion
/
1 Liter a tur e
R e vie w and
T heory
/
4 Da ta
/
8 V ariables
and
Empirical
S tr a t egy
/
15 R esults
/
16 Discus sion
and
Implica tions
/
22 C onclusion
/
26 Appendix A
/
27 R ef er enc es
/
28 About the
author s
/
32 A cknowledgmen ts
/
32 Publishing
in f orma tion
/
33 Supporting
the
F r aser
Ins titut e
/
34 Purpose ,
funding,
and
independenc e
/
34 About the
F r aser
Ins titut e
/
35 E dit orial
A dvisory
Boar d
/
36
fr aser ins titute . org
Ex ecutiv e
Summary
En tr e pr ene urs hip
ha s
long
b e en
st udie d
a s
an
im p or t an t
de t erminan t
f or t he
long- t erm
he alt h
and
g r ow t h
of
an
ec onom y.
Man y
st udie s
highlig h t how
hig her
le ve l s
of
gover nmen t
r e g ul a tion
c an
im p e de
bu sine ss
ac tivity , fir m
en tr y,
and
en tr e pr ene urs hip.
O t hers
ha ve
s how n
t ha t
r e g ul a tion
c an a ff ec t
small bu sine ss e s
t o
a
g r ea t er
e x t en t
t han
me dium
and
l ar ge
bu sine ss e s .
The e x t ensive r e s e ar c h
on
t he
r e l a tionship
b e twe en
r e g ul a tion
and en tr e pr ene urs hip
ha s
ye t
t o
e xamine
t he
r e l a tionship
b e twe en
r e g ul a tion and
young ,
hig h-g r ow t h
t ec hnolo g y
star t up s .
T ec hnolo g y
star t up s
and
t ec hnolo g y
en tr e pr ene urs
ar e
a t
t he
he ar t of
innov a tion.
The s e
c om p anie s
ar e
unique
in
t ha t
t he y
do
not
fit
ne a t ly in t o
t he
traditional
ca t e gor ie s
of
small bu sine ss e s
( or
small-
and
me dium- si ze d
en t er pr i s e s)
or
l ar ge
and
e st a blis he d
c om p anie s .
Man y
t ec hnolo g y star t up s
ar e
young
and
f a st -g r ow ing
and
t h u s
of
in t er e st
f or
t heir
p ot enti al im p ac t
on
j ob
c r ea tion.
S t udie s
ha ve
f ound
t ha t
hig h-g r ow t h
bu sine ss e s (whic h
ar e
di spr op or tionally
young
fir ms)
acc oun t
f or
almo st
50 per c en t
of j ob
c r ea tion
in
t he
U nit e d
S t a t e s .
The r e l a tionship
b e twe en
r e g ul a tion
and
t ec hnolo g y
star t up s
ma y als o
b e
diff eren t
t han
t ha t
b e twe en
r e g ul a tion
and
a
ty pic al
small or
l ar ge
bu sine ss .
This
i s
b eca u s e
t ec hnolo g y
star t up s
t ha t
g r ow quic k ly
and
b ec ome
―l ar ge‖
ar e
of t en
mar k e t
di sr upt ors
or
emer ge
f r om
undefine d,
un- c le ar ,
or
r e g ul a t or y
g ra y
ar ea s .
S ome
t ec hnolo g y
star t up s
ha ve
even
b e en de s c r ibe d
a s
eng ag ing
in
― r e g ul a t or y
en tr e pr ene urs hip ‖
b eca u s e
t he y
ar e in volve d
in
c hang ing
r e g ul a tions
by
mobili z ing
t heir
c onsumer
b a s e,
and t he y
op era t e
despit e
indu str y - sp ec ific
r e g ul a tions .
This
st udy
pr ov ide s
a
first
lo ok
a t
t he
r e l a tionship
b e twe en
r e g u - l a tion
and
t ec hnolo g y
star t up s
in
t he
U nit e d
S t a t e s
and
in
C anad a .
I t e xamine s
whe t her
mor e
r e g ul a t e d
indu str ie s
t end
t o
b e
a ss o c i a t e d
w it h f e wer
star t up
en tr ie s
and
mor e
star t up
de a t hs .
The indu str ie s
st udie d
ar e: phar mac e utic al
and
me dicine
man uf ac t ur ing;
ambul a t or y
he alt h
c ar e
s er - v ic e s ;
sof tw ar e
publi s hing
indu str ie s ;
d a t a
pr o ce ssing ,
ho sting ,
and
r e l a t e d s er v ic e s ;
inf or ma tion
s er v ic e s ;
c r e dit
in t er me di a tion
and
r e l a t e d
ac tiv itie s ; s ec ur itie s ,
c ommo dity
c ontrac t s ,
and
ot her
in ve stmen t s ;
and
insuranc e c ar r iers
and
r e l a t e d
ac tiv itie s .
This
st udy
include s
16,672
ac tive and
2,913
c lo s e d
t ec hnolo g y
star - t up s
in
t he
U nit e d
S t a t e s
and
C anad a
t ha t
wer e
f ounded
b e twe en
J anuar y
2012 and
J une
2019.
Of
t he
t ot al
19,585
star t up s ,
14,834
ar e
headqu ar t er e d in
t he
U nit e d
S t a t e s
and
4,751
in
C anad a .
The r e sult s
sugge st
t ha t
mor e
r e g ul a t e d
indu str ie s
ma y
e xhibit
lower ra t e s
of
en tr y
and
t ha t
mor e
r e g ul a t e d
indu str ie s
ar e
a ss o c i a t e d
w it h
a g r ea t er
lik e liho o d
of
a
star t up
c losing .
The s e
r e sult s
ar e
str onger
f or
t he U nit e d
S t a t e s
t han
f or
C anad a .
This
ma y
b e
b eca u s e
t he
st udy
include s mor e
US -b a s e d
t han
C anadi an-b a s e d
star t up s .
I t
ma y
als o
b e
t ha t
t he r e g ul a t or y
and/or
mar k e t
en v ir onmen t s
diff er
in
t he
US
and
C anad a
suc h t ha t
t he
im p ac t
of
r e g ul a tion
diff ers .
F or
inst anc e,
t he
C anadi an
r e g ul a - tions
ma y
b e
less
r e le v an t
f or
C anadi an-b a s e d
star t up s
if
t he
go al
i s
t o e x pand
t o
t he
r e l a tive ly
l ar ger
US
mar k e t .
Wh y
would
mor e
r e g ul a tion
le ad
t o
mor e
star t up s
c lo sing?
S e veral st udie s
ha ve
f ound
t ha t
f ac t ors
suc h
a s
hig her
c o st s
of
r e g ul a t or y
c om pli - anc e
burden
small c om p anie s
mor e
t han
l ar ger
and
inc umben t
c om p anie s . While
c om pli anc e
c o st
i s
one
im p or t an t
aven ue
aff ec ting
star t up
c losing s , another
p ot enti al
aven ue
i s
t he
a v ail a bility of
in ve st or
f unding .
Ange l
in ve st ors
(ty pic ally
e ar ly
in ve st ors
of
a
star t up)
and
institu - tional
in ve st ors
suc h
a s
ven t ur e
ca pit ali st s
pr ov ide
f unding
f or
t ec hnolo g y star t up s
in
e x c hange
f or
e quity
in
t he
star t up.
V en t ur e
ca pit ali st s
ar e
e s - p ec i ally
im p or t an t
onc e
a
star t up
ha s
e st a blis he d
it s
c onc e pt
and
i s
r e ady f or
t he
g r ow t h
st age.
V en t ur e
ca pit ali st s
in ve st
in
star t up s
w it h
t he
in t en t of
ge t ting
sig nific an t
r e t ur ns
in
a
s hor t
time.
M or e
sp ec ifically ,
t he
go al
of ven t ur e
f und s
i s
t o
ac hie ve
r e t ur ns
in
t he
or der
of
20 per c en t
or
mor e
per ye ar
w ithin
a
10- ye ar
per io d.
B eca u s e
of
t hi s ,
t he y
ar e
s ee k ing
t o
finance c om p anie s
t ha t
ha ve
s hor t er
time
hor i zons
and
g r ea t er
ca pit al
effic ienc y. Sinc e
he a v ier
r e g ul a tions
add
a
l a yer of
bur ea ucrac y,
inc r ea s e
ca pit al
r e - quir emen t s ,
and
leng t hen
t he
time
hor i zon
of
in ve stmen t
r e t ur ns ,
star t up s in
mor e
r e g ul a t e d
indu str ie s
c ould
a t trac t
less
ven t ur e
ca pit al
f unding .
This
st udy
di s c u ss e s
t hi s
aven ue
and
p oin t s
t o
s ome
pr e liminar y
e v idenc e sugge sting
t ha t
s ome
ven t ur e
ca pit al
in ve st ors
ar e
de t er r e d
f r om
in ve sting in
star t up s
in
mor e
r e g ul a t e d
indu str ie s .
Intr oduction
En tr e pr ene urs hip
ha s
long
b e en
st udie d
a s
an
im p or t an t
de t erminan t
f or long-r un
ec onomic
g r ow t h.
A s
such,
s c hol ars
f ollow v ar iou s
me a sur e s
of en tr e pr ene ur i al
ac tivity and
analyze c r o ss -c oun tr y
diff er enc e s
and
tr end s in
en tr e pr ene ur i al
ac tivity over
time.
M uc h
of
t hi s
r e s e ar c h
i s
als o
dir ec t e d t ow ard
underst anding
how
t o
enc ourage
and
spur
en tr e pr ene urs hip
and de t er mining
wha t
c onditions
c an
burden
en tr e pr ene urs .
The instit utional en v ir onmen t
ha s
b e en
iden tifie d
a s
ha v ing
an
im p ac t
on
t he
e x t en t
of
pr o - duc tive en tr e pr ene ur i al
ac tivity (B a umol,
1990;
B o e tt k e
and
Coy ne,
2009; L ande s ,
M ok y r ,
and
B a umol,
2012).
M or e
sp ec ifically ,
t he
r e g ul a tion
of
bu sine ss
ac tivity and
en tr y
ha s b e en
on
t he
f or ef r on t
of
t hi s
r e s e ar c h,
and
em pir ical
st udie s
indic a t e t ha t
hig her
le ve l s
of
r e g ul a tions
im p e de
bu sine ss
ac tivity ,
fir m
en tr y,
and
en tr e pr ene urs hip
(Kl a pper ,
L ae ven, and
R a jan, 2006;
Ny str öm,
2008;
Br ipi, 2013;
L ima
e t
al.,
2014;
Branse tt er
e t
al.,
2014).
The s e
r e s e ar c h
p a p ers
ha ve f o c u s e d
on
agg r e g a t e
―bu sine ss
en tr y ‖
or
en tr e pr ene urs hip—of t en
e qu a t - ing
all
small-
and
me dium- si ze d
bu sine ss e s ,
l ar ge
e st a blis he d
bu sine ss e s , and
―hig h-g r ow t h ‖
t ec hnolo g y
star t up s
in
t he
same
ca t e gor y.
While
sub s e - quen t
r e s e ar c h
ha s
demonstra t e d
t he
diff erenti al
im p ac t
of
r e g ul a tion
on small bu sine ss e s
(s ee
C alc ag no
and
S ob e l,
2013;
B aile y
and
Thoma s ,
2017; C hamb ers ,
2018),
t her e
ha s
b e en
lit t le
r e s e ar c h
e xamining
t he
r e l a tionship b e twe en
r e g ul a tion
and
young ,
hig h-g r ow t h
t ec hnolo g y
star t up s .
W e
fill t hi s
g a p
by
st udying
t ha t
r e l a tions hip.
T ec hnolo g y
star t up s
ar e
unique
in
t ha t
t he y
neither
fit
ne a t ly
in t o
t he
traditional
ca t e gor i z a tions
of
small bu sine ss e s
( or
small-
and
me dium- si ze d
en t er pr i s e s)
or
in t o
l ar ge
and
e st a blis he d
c om p anie s .
The y
ar e
simi - l ar
t o
traditional
small bu sine ss e s
b eca u s e
t he y
t end
t o
b e
― small ‖
in
si ze, but
t he y
diff er
in
man y
ot her
w a y s —mo st
im p or t an t ly ,
t ec hnolo g y
star t up s t end
t o
b e
hig h
g r ow t h
and
innov a tion
f o c u s ed,
and
r emain
small f or
less
t han
10 ye ars .
On
t he
ot her
hand,
― small bu sine ss e s‖
t end
t o
r emain small f or
mo st
of
t heir
e xi st enc e
and
ar e
not
innov a tion
or
g r ow t h
f o c u s e d (H urst
and
Pug sle y,
2011).
The s e
small bu sine ss e s
ar e
of t en
r ef er r e d
t o
a s ― mom-and-p op...
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