Valuing failure: An experiment of VC reactions to an entrepreneur’s record of business creation
通过一项对52位风险投资家的联合实验，研究发现企业家过去的失败经历反而被积极看待，失败过的企业家比新手或仅有成功记录者获得更高评价，且名校教育背景会强化这一正面效应。
Venture capitalists (VCs) closely evaluate the track record of entrepreneurs when screening new venture proposals for possible investment. There remains, however, ambiguity about how VCs perceive failure in the entrepreneurial journey. This study unveils how VCs evaluate past entrepreneurial failures. Through a conjoint experiment with 52 VCs, we find that past failures are viewed favorably. Entrepreneurs who failed are evaluated more positively than novices and entrepreneurs who only have a record of success. Education at a top-tier university moderates this relationship and leverages the positive perception of failure. Further, perceptions of entrepreneurs with a top-tiered education who failed are even better when VCs share a similar top-tier education.