Abstract
Startup firms are often evaluated by a group of “experts” using criteria inspired by studies that relate venture characteristics to survival. However, experts’ characteristics are not often taken into account. We examine whether the experience of experts impacts new venture evaluation, and whether more experienced experts are better able to predict new venture performance. In the short term (1 year), we find that the quality of the team predicts survival and that expertise does lead to more accurate prediction of survival. In the long term (5 years), we find that team and business model are predictors of new venture survival and that more experienced experts accurately predict new firm survival.
Published Version
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