Global Entrepreneurial Talent Flows: Widely Funded, Selectively Successful?
全球创业人才流动：融资广泛，成功有选择性？
Abstract
Immigrant founders of US venture-backed startups exit successfully more often than native founders. Does this hold worldwide? Using career histories for 913,226 founder-firm pairs in 213 countries (1990–2026), we compare founders who build abroad (expats) or return home after foreign experience (returnees) with comparable local founders in the same country. Both expats and returnees raise early funding more often globally. Expats' success premium, however, concentrates in the US (18 percent) and UK (26 percent), especially among those entering the US through graduate school, work, or direct founding. Returnees rarely show such a premium. Capital follows mobile founders across borders, but success follows them selectively.
中文摘要
美国风险投资支持的初创企业中，移民创始人的成功退出频率高于本土创始人。这是否在全球范围内成立？使用 213 个国家（1990–2026）913,226 个创始人—企业配对的职业经历，我们将海外创业（外派者）或在海外经历后回国（归国者）的创始人与同一国家中可比的本土创始人进行比较。在全球范围内，外派者和归国者都更常获得早期融资。然而，外派者的成功溢价集中在美国（18%）和英国（26%），尤其是在通过研究生院、工作或直接创业进入美国的人群中。归国者很少表现出这种溢价。资本会跨境追随流动创始人，但成功只会选择性地追随他们。