Opening the black box of venture capitalists’ evaluation of entrepreneurial teams
通过对15位风险投资家的多案例研究，识别出五种评估创业团队的方法，从直觉型到科学理性型，揭示了主观与客观评估的不同组合。
Entrepreneurial teams represent a critical evaluation criterion for venture capitalists (VCs) in the context of making investment decisions. Despite the importance of teams in VCs’ new venture evaluation, we lack an understanding of the ways in which VCs evaluate entrepreneurial teams. Using multiple case studies of 15 VCs, we identify five distinct approaches to evaluation: intuitive approach, extended intuitive approach, systematic intuitive approach, psychological rational approach, and scientific rational approach. These approaches vary in terms of the extent to which the VCs performing the evaluation develop structured procedures, incorporate objective data analysis, and spend time on data collection and analysis. Our findings reveal VCs’ heterogeneous approaches to evaluation, which feature different combinations of subjective and objective evaluations.