developed by Afuah and Tucci (2003). In addition
to demarcating the boundaries of the emerging
industry, the revenue model describes how the
founding team proposed to exploit the purported
opportunity. The revenue model coding also tracks
how many different revenue models a given firm
chooses to exploit. We describe the revenue models
and their relative incidence in Table 4.
Firm age and timing of request
We measure the timing of the date of funding
request. If the request occurred before or during
March 2000, the variable D PRE BUST took the
value one. If the request occurred after March
2000, the variable D PRE BUST took the value
0.50 percent of the firms requested funding before
March 2000.2