Peering Inside: How do Peer Effects Impact Entrepreneurial Outcomes In Accelerators?
2015
In this paper, we examine the influence of peer effects in entrepreneurial accelerators on performance outcomes of new ventures. Accelerators have been found to impact the trajectories of new ventures as well as entrepreneurial learning. However, little is known about the mechanisms through which this occurs. The unique features of accelerators may provide some clues. They include intensive mentoring and a cohort experience that mirrors that of educational institutions. We posit that the influence of networks formed within accelerator cohorts may extend beyond the intensive "boot camp" period of the program. We leverage a unique hand- collected dataset of startups and their founders that are funded by top entrepreneurial accelerators and a relevant counterfactual, angel investor groups. Our results suggest a strong cohort effect in accelerators that confers signaling, networking, and advisory benefits to portfolio firms and influences the likelihood of entrepreneurial exit by quitting and acquisition
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