Data and Code for: State of American Entrepreneurship

Assessing the state of American entrepreneurship requires not simply counting the quantity but also the initial quality of new ventures. Combining comprehensive business registries and predictive analytics, we present estimates of entrepreneurial quantity and quality from 1988-2014. Rather than a secular pattern of declining business dynamism, our quality-adjusted measures follow a cyclical pattern sensitive to economic and capital market conditions. Consistent with the role of investment cycles as a driver of high-growth entrepreneurship, our results highlight the role of economic and institutional conditions as a driver of both initial entrepreneurial quality and the scaling of new ventures over time.

评估美国创业状态的进展，不仅需考量新创企业数量的增减，更需关注其初始品质的优劣。通过整合全面的商业登记册与预测性分析，我们提供了1988年至2014年间关于创业数量与品质的估算。与长期商业活力下降的世俗模式不同，我们经过品质调整的指标呈现出一种对经济及资本市场条件敏感的周期性模式。与投资周期作为驱动高增长创业的关键因素的作用相一致，我们的研究结果突出了经济与制度条件对初始创业品质及新创企业随时间扩展的驱动作用。