Abstract
Abstract Founders' human capital and venture capital (VC) are two fundamental ingredients for new venture success in high‐tech sectors. We jointly investigate their influence on the growth performance of a large sample of Italian high‐tech start‐ups and find: the importance of both components; some characteristics of founders' human capital also exert an indirect rather than a direct effect on growth by attracting VC; the ‘coach’ function performed by Italian venture capitalists on invested companies is important; a substitution rather than a complementary relationship exists between these two drivers of firm growth. Copyright © 2009 John Wiley & Sons, Ltd.
Published Version
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