Human Capital and Search-Based Discovery: A Study of High-Tech Entrepreneurship

What types of knowledge and experience enable those who have the desire to start a venture find an appropriate opportunity? To respond to this question, a human capital perspective is used with a sample of 166 founders of new technology ventures in university incubators. General human capital is assessed using experience depth and formal education. Specific human capital is measured using prior start-up experience as well as Shane's knowledge framework of markets, customer problems, and ways to serve markets. Findings reveal key aspects of human capital vital to explaining search-based discovery. Implications for research and entrepreneurship education are drawn.