BDRC creates data resources and data-driven insights that stimulate research on individual business performance and its impact on overall economic growth. Inquires »


The Business Dynamics Research Consortium offers regular insights (papers, publications, press releases, and applications) through research on individual business performance and its impact on overall economic growth. BDRC serves as a catalyst for multi-discipline research initiatives and collaborative projects that benefit from access to a transparent and dynamic establishment database representing business and economic activity.

Entrepreneurial Ecosystems in Appalachia

Entrepreneurial Ecosystems in Appalachia

Entrepreneurial Ecosystems in Appalachia is a collection of entrepreneurship research, case studies, and data from EntreWorks Consulting, the Center for Regional Economic Competitiveness, and the Center for Rural Entrepreneurship on behalf of the Appalachian Regional Commission.

YTS versus CES and CPS

Business Employment Data: YTS versus CES and CPS

This paper compares a leading private sector source of business establishment data, Your-economy Time-Series (YTS), with two employment datasets released by the U.S. Bureau of Labor Statistics (BLS) - the Current Employment Statistics (CES) and the Current Population Survey (CPS).

How Technology-Based Start-Ups Support Economic Growth

How Technology-Based Start-Ups Support Economic Growth

Policymakers should focus on spurring high-growth, technology-based start-ups. These firms, by definition, seek to grow; they offer better-paying jobs; and they are almost always in export-based industries and help U.S. competitiveness.

Relocation to Get Venture Capital: A Resource Dependence Perspective

Relocation to Get Venture Capital: A Resource Dependence Perspective

Using a resource dependence perspective, we theorize and show that non-venture-capital-backed ventures founded in U.S. states with a lower availability of venture capital (VC) are more likely to relocate to California (CA) or Massachusetts (MA)—the two VC-richest states—compared to ventures founded in states with a greater availability of VC. Moreover, controlling for self-selection, ventures that relocate to CA or MA subsequently have a greater probability of attracting initial VC compared to ventures that stay in their home state. We discuss the implications for theory, future research, and practice.

State Job Creation Strategies Often Off Base

State Job Creation Strategies Often Off Base

To create jobs and build strong economies, states should focus on producing more home-grown entrepreneurs and on helping startups and young, fast-growing firms already located in the state to survive and to grow ― not on cutting taxes and trying to lure businesses from other states.

What Sets Apart the Best Entrepreneurial Companies in America

What Sets Apart the Best Entrepreneurial Companies in America

Growth can be deceiving. Too often, we gape at companies with outsized top-lines or great marketing or tons of venture-capital funding and believe these are the best in breed for companies.

21% of firms offering employee benefits achieved sustained growth

A Virtuous Growth Cycle: The Impact of Employee Benefits on Firm-Level Sustained Growth

This study investigates possible links between employee benefit plans (such as 401k plans, ESOPs, and Profit Sharing) and the sustained growth of for-profit firms.

Private firms invest more than public ones and are more responsive to changes in investment opportunities

Corporate Investment and Stock Market Listing: A Puzzle?

We investigate whether short-termism distorts the investment decisions of stock market listed firms.

Examining venture relocation as a strategy to escape out of their financial resource dependencies


Examining relocation as a strategy to escape out of its financial resource dependencies. We have demonstrated how ventures who originate from regions with a low availability of VC funds are more likely to relocate.

Establishments with more than 4 employees at start-up are insensitive to metropolitan innovation, although size of firms that started with 4–9 employees improves their survival chances

Metropolitan innovation, firm size, and business survival in a high-tech industry

We Focus on regional determinants of the hazard faced by firms. Using parametric survival analysis, we test the effects of regional innovation on exit likelihood in the US computer and electronic product manufacturing.

PE or VC financing significantly and positively affect the establishments’ net sales and employment growth rates

The effects of private equity and venture capital on sales and employment growth in small and medium-sized businesses

We study the effects private equity (PE) and venture capital (VC) financing have on small and mid-sized single entity business establishments from 1995 to 2009 by focusing on single entity establishments to cleanly examine the impact of PE and VC financing on establishments’ organic growth. PE and VC financing have positive impacts on single entity business establishments’ net sales and employment growth.

Early stage external capital acquisition is both a strategic and operational decision facing most entrepreneurs


Entrepreneurial ventures require various forms of funding to fulfill their growth aspirations such as angel funding, venture capital and private equity. In addition to the type of funding, an important feature is the timing of the first funding...

Attention, capital-hungry entrepreneurs: New UNH research can help 'show you the money'

Press Release »

To continue building their companies, growth entrepreneurs depend on short-term, liquid sources of debt financing such as bank loans, even though winning a thumbs-up from bankers is no cakewalk. Yet University of New Hampshire researchers...

Healthy companies and healthy regions

Press Release »
Firm Growth and Regional Income Convergence: Is There a Connection?

In today's virtual world, it’s easy to downplay the significance of place. Yet when it comes to regional prosperity, geography matters. Income and job growth is not random but rather spill over from one region to another, meaning that merely being next to a prosperous region will make your own economy more vibrant...

Exclusive, never-before seen data on the impact of private capital investment throughout the United States.


This report reveals that private equity and venture capital investments have been made in more than 425 Congressional Districts and in every U.S. state, the District of Columbia, Puerto Rico and the Virgin Islands. More importantly, this report reveals that overall, companies backed by private capital outperform other companies by a wide margin in revenue growth and job growth.

Building scale and sustaining growth

Press Release »
Building scale and sustaining growth: The surprising drivers of job creation

The past decade generated an abundance of headline events — the bursting dot-com bubble, 9-11, the banking crises, the home building meltdown, endless war, budget deficits — the list goes on. Yet while most of us looked the other way, a major shift occurred in the structure of the U.S. economy losing productive scale at a frightening pace...

Did They Build That?

Press Release »
Did They Build That? The Role of Private Equity and Venture Capital in Small and Medium-sized Business

Both private equity and venture capital financing dramatically accelerate sales and job growth of small and medium-sized U.S. businesses, according to a new study being released by the Institute for Exceptional Growth Companies (IEGC) and Pepperdine University.

Governments have a constructive role to play in fostering growing companies

Drivers of high-growth businesses across U.S. states: policy implications

The lack of consistent empirical evidence on drivers of high growth businesses and on the success of business growth policies leaves policy makers uncertain and apprehensive about high growth strategies...