Is it Just the Idea that Matters? A Randomized Field Experiment on Early Stage Investments

Abstract

Which start-up characteristics are most important to investors in early-stage firms? This paper uses a randomized field experiment involving 4,500 active, high-profile, early stage investors, implemented through AngelList, an online platform that matches investors with start-ups that are seeking capital. The experiment randomizes investors’ information sets… (More)

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