We use U.S. Census data over twenty-five years to understand the lifecycle dynamics of VC- and non-VC-financed firms. We find both successful and failed VC-financed firms achieve larger scale but are not more profitable at exit than matched non-VC-financed firms. Cumulative failure rates of...

Explores the role that venture capitalists play in the development of new enterprises - specifically, whether as financial intermediaries, venture capitalists perform additional roles in the startup process. The internal organizational aspects of firms are observed using data collected from 173...