A Glimpse at Persistence without Liquidity Events: Asymmetric Effects on Success and Failure

Most studies in entrepreneurship deal with either survival or success assuming symmetrical causal effects of the mechanisms that affect performance. We model success and failure simultaneously to uncover causal asymmetry that points towards systematic forces that lead to persistence in new venture. We analyzes a signal of quality—technology breadth, the applicability of inventions across domains. Analyzing a sample of VC-funded start-ups in the...