报告题目:The Novelty of Innovation and the Successful Exit of High-tech Startups

报告人:李丛杉

报告人单位：佐治亚理工学院

主持人：许雁翔

时间：12月13日 （星期四）8：30-10：00地点：嘉庚一507教室

参加者：欢迎感兴趣的老师、学生参加讲座

报告介绍：

While the novelty of a startup’s innovations is known to have persistent effects on value creation, we know little about how novelty affects the likelihood of successful exit or the mode exit. This paper studies the impact that novel innovation has on the probability of a successful exit, the chances of forming strategic alliances and how this, in turn, influences exit activity, as well as the mode of exit and financial returns. We use an improved measure of the novelty of innovation to empirically examine these questions for a sample of startups in the healthcare and allied industries. Our main findings are as follows: 1. Startups with novel innovations are less likely to have a successful exit; 2. This negative effect of novelty is attributable in part to an increased difficulty in forming strategic alliances; 3. IPO is a better exit mode compared to acquisition for startups with novel innovations and among startups that succeed in exiting by IPO, those with novel innovations exit with higher valuations.

嘉宾介绍：

Congshan Li received her B.A. in Finance and English at Henan University (in China) in 2008, after which she studied at Kent State University in Ohio and acquired a master’s degree in Economics. Her interests in continuing researching on innovation and competitive strategy led her to the Strategy and Innovation Department at the Scheller College of Business of Georgia Institute of Technology, and she is currently a Ph.D. candidate at Georgia Tech. She has been conducting research mainly under the advisement of Professor Peter Thompson and Professor Frank Rothaermel. Currently, she has several working papers on entrepreneurship and strategy (one of which is under review at Strategic Entrepreneurship Journal now) and has presented her work at SMS, EMA, and some doctoral consortiums.