Institutional Change and Early-Stage Start-Up Selection: Evidence from Applicants to Venture Accelerators

The author gratefully acknowledges funding from the Wharton Center for Global Initiatives and helpful comments from two anonymous reviewers and the following colleagues (in alphabetical order): Raffi Amit, Daniel Armanios, Gary Dushnitsky, Bob Eberhart, Chuck Eesley, Emilie Feldman, Claudine Gartenberg, Aline Gatignon, Jorge Guzman, David Hsu, David Kirsch, Jax Kirtley, Katherine Klein, Mae McDonnell, Ethan Mollick, Lori Rosenkopf, Lynn Selhat, Wes Sine, Minyuan Zhao, and seminar participants at Wharton, Cornell, and Stanford. The data were provided by the Entrepreneurship Database Program at Emory University, supported by the Global Accelerator Learning Initiative. The views and analyses expressed in this article are solely those of the author. The author declares no relevant or material financial interests that relate to the research described in this paper.