Numerous technology start-ups end up shutting down their operations. The present study aims to answer the following research questions: can entrepreneurs who closed their previous ventures bring their new venture to a successful exit through M&A and to what extent does this positive outcome correspond to whether investors funded their start-up? We examine 9723 technology start-ups established by 19,458 entrepreneurs. About half of the start-ups were funded, and 3463 of them had entrepreneurs with closure or with M&A experience. We find that entrepreneurs with closure experience are negatively associated with the probability of M&A as a main effect, in line with the theory that indicates imprinting. Nevertheless, entrepreneurs with closure experience are positively associated with the probability of M&A when their co-founders have M&A experience. We suggest that entrepreneurs with closure experience can compensate for their lack of M&A experience by learning from their peers who possess this experience. We discuss implications for theory, investors, and entrepreneurs.

In existing literature on the effect of entrepreneurial experience on firm performance, the nature of the relationship between the founding experience of entrepreneurs and the technological output of start-ups remains unclear: Is technological performance directly influenced by entrepreneurs’ founding experiences, or does this experience facilitate something else that drives technological performance? A comprehensive database of the Israeli high-tech industry, frequently used by official institutions, along with USPTO patent data, is used. The analysis covers 5,238 young start-ups across seven technology industries, led by 9,881 entrepreneurs, 2,237 of whom have prior founding experience. These start-ups were associated with 1,898 patents and 21,357 citations to these patents, and 3,553 angels invested in some of these start-ups. The results indicate a sequence where angels mediate the relationship between experienced entrepreneurs and technological output. The research highlights the role of founding experience in signalling angels and the direct link between angels and patenting activity.

This study examines how wartime military service influences entrepreneurial identity development and intentions. Drawing on a sample of 320 Israelis, including 77 reservists activated during a conflict, the research highlights how high-risk combat environments may foster an entrepreneurial identity. This identity is linked to a stronger appetite for risk-taking and entrepreneurial intentions. The study extends entrepreneurial identity theory by applying it to the extreme context of wartime military service. It demonstrates that intense, high-stress environments could meaningfully contribute to shaping entrepreneurial traits. These findings provide new insights into the dynamic formation of entrepreneurial identity under extreme conditions.