VCs' decision processes: Evidence suggesting more experience may not always be better |
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| Institution: | 1. Oregon State University, College of Business, 478 Austin Hall, Corvallis, OR 97331, United States;2. Pace University, Lubin School of Business, 861 Bedford Road, Pleasantville, NY 10570, United States;3. University of California, Irvine, Applied Innovation, Irvine, CA 92697-7700, United States;4. University of Tennessee, Haslam College of Business, 410 Stokely Management Center, Knoxville, TN 37996, United States;5. Willamette University, Atkinson Graduate School of Management, 900 State Street, Salem, OR 97301, United States;1. University of Duisburg-Essen, Department of Economics and Business Administration, Germany;2. University of Hohenheim, Faculty of Business, Economics and Social Sciences, Wollgrassweg 49, 70599 Stuttgart, Germany;3. University of Hohenheim, Faculty of Business, Economics and Social Sciences, Germany;1. Carroll School of Management, Boston College, 336 Fulton Hall, Chestnut Hill, MA 02467, United States of America;2. Nottingham University Business School, University of Nottingham, C47 South Building, Jubilee Campus, Nottingham NG8 1BB, UK;3. Sawyer Business School, Suffolk University, 8 Ashburton Place, Boston, MA 02108, United States of America;4. Carroll School of Management, Boston College, 550B Fulton Hall, Chestnut Hill, MA 02467, United States of America |
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| Abstract: | Decision-making processes employed by venture capitalists (VCs) varying in experience were compared. Results show that for relatively inexperienced VCs, increasing experience is associated with improvements in reliability and performance relative to a benchmark (a bootstrapping model). Beyond a specific point, however, further gains in experience are associated with actual reductions in reliability and performance. Thus, greater experience at the venture capital task may not always result in better decisions. |
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