Abstract

Although there is substantial agreement on the importance of firm networks and social capital for new startup firms, there has been little work examining how they develop in an emerging industry and how they change over time. To answer these questions, we examine changes in the firm networks of a sample of leading US Internet firms over the period 1990-2000. Our results suggest that new firms exploit structural holes during early phase of industry but that social capital becomes increasingly important as the industry matures.

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