asst professor @Wharton | researching & teaching entrepreneurship
Philadelphia, PA
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Danny Kim retweeted
Every college syllabus should include these graphs.
Use AI for homework, you will get it done faster and get a higher grade, and then get crushed on the exam.
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Danny Kim retweeted
Scale AI sold for $14.8 billion. Character.AI for $2.5 billion. Inflection for $650 million. They represent a tiny fraction of the market.
From 2020 to 2025, there were 5,700 AI & ML acquisitions. Only 21% disclosed a deal value. The remaining 4,500 share a pattern: small teams absorbed into larger companies. No fanfare. No valuation headlines. Just talent migrating from startup to incumbent.
It's cheaper to buy a team than to compete for hires or build from scratch.
The buyers are surprising. Accenture leads with 21 AI acquisitions, only three disclosed. Apple follows with 17, just two disclosed. Google & Microsoft rank far lower.
The 75th percentile deal size tripled from $82M in 2020 to $248M in 2025. The urgency behind developing a strong AI strategy is rising.
The undisclosed majority likely falls well below these figures. 398 undisclosed AI deals in 2020 grew to 1,271 by 2025. Four thousand AI teams absorbed in five years. The pace is quickening.
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Danny Kim retweeted
This is how you hire an org of superstars. People first, roles/process second.
There are many ways to put the puzzle together, but you want to prioritize top talent above all. It’s easier to deal with the chaos of non-standardized processes than it is to find & convince top talent.
- From @zebriez’s excellent Colossus piece, “Inside Cursor”
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Danny Kim retweeted
The share of US firms with growth over 130%/year declined from 18% in 1985 to 12% in 2015, driven by a decline in new firm formation and slower growth among existing firms. @ngoldschlag @JHaltiwanger_UM @jdanielkim
edwardconard.com/macro-round…
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Danny Kim retweeted
My work with @ThankYourNiceAI @sj_manning @manlikemishap was covered by Knowledge at Wharton @whartonknows. Check it out here: knowledge.wharton.upenn.edu/…
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Danny Kim retweeted
A long time coming but Entrepreneurship: Choice and Strategy with Erin Scott and Scott Stern is up for pre-order at Amazon.
amazon.com/Entrepreneurship-…
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Danny Kim retweeted
New paper: The Sociology of Entrepreneurship Revisited with @RanjayGulati and @OSorenson in the Annual Review of Sociology (@annualreviews): annualreviews.org/content/jo… (will be open access soon)
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Danny Kim retweeted
For startups, this is actually going to help founders a lot.
One of the key drivers of California innovation is that noncompetes are unenforceable — that driver is now everywhere in America, and it's a great step towards many thousands more founders striking out on their own!
“New noncompetes banned for all workers as of effective date.”
The FTC just issued a complete ban on all employee non-competes. No carveouts, no limitations, no exceptions.
Wow!
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In the past four decades, the share of “stagnant firms” in our economy (i.e., not growing or shrinking year-to-year) has increased to almost 40%(!) in recent years
This isn’t one of our main findings but I can’t stop thinking about it:
Interesting & related trend is the rise of stagnant, near-zero growth firms, up from 30% in 1978 to 40% in 2020, just before the pandemic shows up in the BDS in 2021 (we have Mar 12th ref period!), when it fell to 38%. The pandemic pushed many firms to either grow or contract.
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Danny Kim retweeted
*** EXCITED TO ANNOUNCE MY BOOK ***
The go-to book on immigration: fact-based, comprehensive, & nonpartisan. Learn more & preorder: zekehernandez.net/
See below for praise from David Card @AdamMGrant Guido Imbens @Richard_Florida @LuisvonAhn & Laurel Thatcher Ulrich
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Danny Kim retweeted
What are the chances your startup gets bought?
Looked at the 553 acquisitions of Carta companies last year compared to the overall populations.
Highest "acquire rate" in Series B - 3.1%
That's just the annual figure. Between 1.5%-2% of startups on Carta are acquired every year
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Danny Kim retweeted
Why so many employees leave after a startup acquisition — and how you can avoid an exodus. s.hbr.org/49ydjPc
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Danny Kim retweeted
It turns out that this is really not great for people who work in science. Funding delays of > 30 days lead to:
- 40% increase in exiting US labor force
- 20% decrease in wages
- Postdocs and grad students heavily affected
weiyangtham.com/files/tcps_f…
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Danny Kim retweeted
US metro areas by startup funding - left hand is overall, right hand is per capita.
Is this the best way to judge startup cities? I dunno.
Is this a way to have smaller cities claim victory? Yes.
Congrats Boulder for crushing it in 2023.
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Danny Kim retweeted
Does immigration reduce wages and jobs available to non-immigrants?
@Wharton @ProfZeke Hernandez tells @Marketplace that evidence shows the answer is no; immigrants contribute positively to many ingredients that create jobs and grow the economy: whr.tn/3Nz6BAc
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Danny Kim retweeted
Initial teams at a startup, not just founders, play a critical role in the success of young firms. Just Accepted new paper by Joonkyu Choi @choijk85, Nathan Goldschlag @ngoldschlag, John Haltiwanger @JHaltiwanger_UM and J. Daniel Kim @jdanielkim. zurl.co/ubiR
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