Abstract
This paper identifies predictors of venture capital exit performance that are related to the founding teams of young ventures. As portfolio companies of venture capital firms are a very unique subgroup of young ventures, and as exit performance is a success variable that is only rarely examined, this study provides new insights from an investor's point of view. Based on data from 64 non-disclosed business plans of portfolio companies from German venture capital firms, we prove known team-related success factors for their potential to drive exit returns. We find that venture capital firms are not selecting on the right criteria.
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