Sigh. This study is useless. They have two sources of data, publicly available data (which they say has major censoring problems) and kickstarter projects. P

Sigh. This study is useless. They have two sources of data, publicly available data (which they say has major censoring problems) and kickstarter projects. People will incorporate at the point that they believe it is worthwhile to incorporate. This is basically a tautology, but just think about it. When would a solo founder incorporate? When the benefit of incorporation makes it worth the time to do it. This might be when they are taking investment, when they have customers and need to limit their liability, or when they are making profits and want tax benefits. What about pair founders? In many cases on the first day, but often very early on because it is necessary to legally establish their ownership stake in the company. So you are selecting solo founders who have a functioning business and pair founders at every stage. I think most ventures probably fail with zero revenue and virtually zero customers and/or users. Kickstarter won't be representative of anything, even in their wildest dreams.