Entrepreneurial Experience and Growth Aspirations: The Moderating Role of National Research & Development Expenditure

ABSTRACT This study examines the impact of entrepreneurial experience on growth aspirations and explores how a country's knowledge generation influences this relationship. Drawing on human capital theory, we first argue that diverse prior entrepreneurial experiences affect growth aspirations differently. Based on the Knowledge Spillover Theory of Entrepreneurship, we then propose that national R&D expenditure moderates the link between entrepreneurial experience and growth aspirations. Utilizing a multisource dataset from 83 countries spanning 2005–2020, our findings indicate that entrepreneurial experience is positively related to growth aspirations. Specifically, both serial and portfolio entrepreneurs exhibit higher growth aspirations compared to their novice counterparts. Our study also reveals that higher levels of national R&D expenditure strengthen the relationship between both types of experience and growth aspirations. Overall, this research contributes to the literature by demonstrating a positive direct effect of serial and portfolio entrepreneurial experiences on growth aspirations and revealing the enhancing moderating role of national R&D expenditure in this relationship.