13. Assessing the Influence of Intellectual Capital on the Survival Probabilities of Nascent Entrepreneurial Ventures in Global Accelerator Programs: An Empirical Study

This chapter examines the effect of Intellectual Capital on the survival of startups participating in global accelerator programs in one hundred and fifty-eight countries. Utilizing secondary data from the Entrepreneurship Database Program of Emory University, and following factor analysis on variables, a Logistic Regression Model was constructed to elucidate Intellectual Capital’s positive impact on the survival probabilities of nascent ventures. The model consistently confirms an overall positive influence of intellectual capital, encompassing human (generic and specific), structural, and social capitals on survival. This confirmation holds true even after accounting for contextual variables, gender, and characteristics of the accelerator programs. Findings suggest that as the formal education level of founders increases, the probability of survival decreases, indicating that founders face higher switching costs to sustain the venture. Opting for market orientation over innovation orientation and choosing debt over equity from external shareholders emerge as effective strategies to improve the probability of survival for new ventures. A female majority in the founding team, as well as the focus and curriculum of the accelerator program, positively impact the probability of survival. In contrast, the context of the country where the ventures operate has a negative effect. This chapter addresses a gap in the literature, as most studies validating Intellectual Capital effects on the probability of nascent ventures have been conducted in high-income countries. The present study contributes by including low and middle-income countries in its analysis.