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SUMMARY:Certification or Cash Prize: The Heterogeneous Effect of Venture C
 ompetitions
DTSTART:20210211T170000
DTSTAMP:20260510T202431Z
UID:58b79d46af7df53ab55727d704b6ce4c41bdad244d7e890297666bbf
CATEGORIES:Conferences - Seminars
DESCRIPTION:Matthias van den Heuvel (EPFL)\nMatthias van den Heuvel (EPFL)
 \n"Certification or Cash Prize: The Heterogeneous Effect of Venture Compet
 itions"\nDiscussant: Michael Ewens (Caltech)\n\nAbstract\nVenture competit
 ions usually reward winners with a certification of their startup’s qual
 ity and a cash prize. We model and estimate the impact of these rewards on
  startup performances using original data on about 1000 startups that have
  participated in a highly-regarded venture competition. We find that winni
 ng in the competition improves startups' performances on average. However\
 , it does not affect all technology types equally. Startups in sectors whe
 re quality can be more objectively assessed enjoy a long-term benefit from
  the certification's effect. By contrast\, startups with low running costs
  and whose quality is harder to evaluate only benefit temporarily from hav
 ing received a cash prize\, with no long-term effect. We also show that th
 e competition's certification provides valuable information to both entrep
 reneurs and outside investors. This information accelerates the terminatio
 n of low-quality startups and improves external funding opportunities for 
 high-quality startups. Our results highlight sector-specific heterogeneity
  in startups early-stage support needs\, which bears implications for the 
 design of entrepreneurial programs.\n\nEPFL Virtual Innovation Seminar\nEV
 IS is a bi-weekly virtual seminar series focusing on Science\, Technology 
 and Innovation topics studied through the lens of Economics\, Entrepreneur
 ship\, Strategy and Finance.\n 
LOCATION:Zoom
STATUS:CONFIRMED
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