Karl Wennberg: Dept. of Business Administration, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden
Abstract: This paper investigates the role of knowledge in the evolution of new financial services ventures in Sweden between 1990 and 2002. Drawing upon economic theories of human capital and spin-out entrepreneurship, we investigate if knowledge from prior employment in the financial and technological industries facilitates the survival of new entrepreneurial firms. Based on a database tracking the evolution of 1,077 financial services ventures, we find that firms with more extensive knowledge from the financial services and high-tech sectors have higher chances of survival than firms with more narrow knowledge bases. Our findings offer contributions to the emerging literature on spin-out entrepreneurship and to research on entrepreneurship in services.
29 pages, January 5, 2008
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