This paper examines whether aggregate social networks influence start-up firms’ access to external funding. We find that start-ups in U.S. counties with higher social proximity to start-up funding (SPF) attract a larger investor base and secure more capital. The results are robust to several alternate specifications. We also show that start-ups in counties with higher SPF have high survival rates and successful exits. Our findings highlight the importance of aggregate social connections in facilitating access to early-stage funding.

中文翻译：

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社交网络和启动资金

本文研究了总体社交网络是否影响初创公司获得外部资金的机会。我们发现，美国县的初创企业在启动资金 (SPF) 方面的社会距离较高，能够吸引更多的投资者基础并获得更多的资本。结果对于几个替代规范来说是稳健的。我们还表明，SPF 较高的县中的初创企业具有较高的存活率和成功退出。我们的研究结果强调了总体社会关系在促进获得早期资金方面的重要性。