We thank participants at the NBER Entrepreneurship Boot Camp, Duke Strategy Seminar, the University of Oregon Strategy Seminar, and Southern Economic Association meetings, as well as Vanessa Burbano, Bo Cowgill, Brandon Freiberg, Paul Ingram, David Robinson, Adina Sterling, Dan Wang, and Weilong Wang, for helpful comments. This work was generously supported by the Columbia Tamer Institute for Social Enterprise. The data from the Startup Cartography Project were partially funded by the Kauffman Foundation. Guzman has given occasional compensated talks where some of the results in this paper have been featured. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.