Form or Substance : the Role of Business Plans in Venture Capital Decision Making

  title={Form or Substance : the Role of Business Plans in Venture Capital Decision Making},
  author={David Kirsch and Brent Goldfarb and AZI GERA and Robert H. Smith},
We explore a well-known instance of fast decision making under high uncertainty, venture capital (VC) opportunity screening. We analyze a sample of 722 funding requests submitted to an American VC firm and evaluate the influence of the form of the submission and content of business planning documents on VC funding decisions. We improve on prior literature by a) using a large sample of known representativeness, b) relating request characteristics to actual VC decisions, and c) developing an… CONTINUE READING
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