A new Kauffman Foundation study punctures some myths about the founders of technology-based entrepreneurial companies. News reports often tell us that tech firms are founded by young hot-shots who have the energy and the stamina to survive the grueling early days of a technology start-up. But, as the new report shows, most technology firm founders are middle-aged with extensive experience in key business and technology disciplines. The study surveyed 652 US-born technology firm executives to assess their backgrounds and life experiences. The findings are instructive.

· The median age at which the founders started their firm was 39.

· The group is highly educated. Ninety two percent hold bachelor's degrees, while 31% hold master's degrees, and ten percent hold a Ph.D.

· The founders attended a wide variety of schools, but top-level research institutions, such as Harvard, MIT, Penn State, and Stanford, were most prevalent on the list.

· It matters where you go to school. Forty-five percent of surveyed entrepreneurs founded their companies in the state where they attended college. Top states for home grown firms included California, Michigan, and Texas. Meanwhile, Maryland, Indiana, and New York did a poor job of retaining these technology entrepreneurs.

Download the May 2008 Kauffman Foundation report, Education and Tech Entrepreneurship, by Vivek Wadha, Richard Freeman, and Ben Rissing.

Questions? Contact Kathie Brown, Extension Specialist, Community and Economic Development at brownlk@uiuc.edu

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