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How does late-career entrepreneurship relate to innovation?

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  • Murmann, Martin
  • Salmivaara, Virva
  • Kibler, Ewald

Abstract

In this paper, we present an explorative study that develops our understanding of the relationship between late-career entrepreneurship and innovation-driven business activity. Based on observations of 2903 solo founders of new ventures in Germany in 2008–2017, we offer first and robust evidence that late-career entrepreneurs (~50 years and above) are more likely than younger founders to introduce product/service innovations that are ‘new to the market’. Our explorations specifically reveal that older founders who draw on personal financial resources and combine their innovation orientation with prior managerial experience are most likely to generate the types of innovations that bring new products or services to the market. We conclude by discussing how our study's insights contribute to the research agenda on innovations in late-career entrepreneurship.

Suggested Citation

  • Murmann, Martin & Salmivaara, Virva & Kibler, Ewald, 2023. "How does late-career entrepreneurship relate to innovation?," Research Policy, Elsevier, vol. 52(6).
    • Handle: RePEc:eee:respol:v:52:y:2023:i:6:s0048733323000471
    DOI: 10.1016/j.respol.2023.104763
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    1. Camarero Garcia, Sebastian & Murmann, Martin, 2020. "Unemployment benefit duration and startup success," ZEW Discussion Papers 20-033, ZEW - Leibniz Centre for European Economic Research.
    2. Zhang, Dan & Pan, Xiaofei & Ma, Shiguang, 2023. "The effects of institutional investors and their contestability on firm innovation: Evidence from Chinese listed firms," Research Policy, Elsevier, vol. 52(10).

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