连续创业者创业经验与再次创业成功关系研究——基于中国互联网行业面板数据的分析

通过研究中国互联网行业252位连续创业者创办的608家公司，对连续创业者先前创业经历与再次创业成功可能性间关系进行研究。从创业次数、退出状态、行业经验以及第一笔投资获取时间等维度进行分析，提出相应假设并运用最小二乘法进行验证。结果显示，创业次数及细分行业经验而不考虑先前创业业绩不能作为后续再次创业成功的可能性预估指标；创业次数越多与先前创业成功的创业者再次创业时倾向于等待更长时间才获取第一笔投资，而创业失败的创业者再次创业时第一笔投资获取时间更早；先前创业成功的创业者再次创业成功的可能性极高，而先前创业失败的创业者则容易再次失败；另外，无论创业者在相同还是不同细分行业进行再次创业，该关系都保持不变。最终，根据研究结果对投资者、政策制定者及创业者提出管理与政策建议。

Research on the Relationship between Serial Entrepreneurs' Founding Experience and Success on the Next Venture

Serial entrepreneurs' previous founding experience is highly valued by investors and is considered to be directly related to the speed and success of start-ups.The relationship between the previous founding experience of serial entrepreneurs and the possibility of subsequent success is studied using a sample of 608 companies founded by 252 serial entrepreneurs in the Chinese Internet industry.Through analysing the number of founded ventures，exit status，industry experience，and time to obtain the first investment，corresponding hypotheses are proposed and verified using Ordinary Least Squares regression.The results show that entrepreneurs who have succeeded in previous ventures are highly likely to succeed again，while entrepreneurs who have failed in the previous ventures tend to fail again.At the same time，this relationship remains the same no matter whether the entrepreneur is re-starting in the same or in a different segment of the industry.Number of founded ventures and industry experience without consideration of previous ventures’ performance cannot be used as an indicator for the possibility of subsequent success.In addition，the more ventures were founded and the more of them were successful，the longer entrepreneurs tend to wait to obtain the first investment when they start a new venture，while novice and previously failed entrepreneurs tend to acquire the first investment earlier.Finally，based on the research results，policy and management suggestions for investors，policy makers，and entrepreneurs are discussed.