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I argue that founders face a “control dilemma” in which a startup’s resource dependence drives a wedge between the startup’s value and the founder’s ability to retain control of decision making. I develop hypotheses about this tradeoff and test the hypotheses on a unique dataset of 6,130 American startups. I find that startups in which the founder is still in control of the board of directors and/or the CEO position are significantly less valuable than those in which the founder has given up control. 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During those early days, it is natural for the founder to have a powerful, central role. However, as the startup grows, founders who keep too much control of the startup and its most important decisions can harm the value of the startup. Both qualitative case studies and quantitative analyses of more than 6,000 private companies highlight that startups in which the founder has maintained control (by retaining a majority of the board of directors and/or by remaining as CEO) have significantly lower valuations than those where the founder has relinquished control. 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Others languish as small firms. ... Why do these differences in organizational growth arise?” I extend previous work by analyzing a factor that should have a powerful effect on whether value is created or the organization languishes: the degree to which the founder maintains control. 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Within the entrepreneurship literature, conceptual studies (e.g., Evans and Jovanovic 1989; Amit, MacCrimmon et al. 2000) have speculated that the desires for autonomy and control may affect the initial decision to launch a company, but have not broadened to include a fuller picture of company evolution. Likewise, analyses of entrepreneurial capital constraints have used bequests (e.g., Blanchflower and Oswald 1998) and lottery winnings (e.g., Lindh and Ohlsson 1998) to examine the propensity to become an entrepreneur. 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I propose a complementary resource-dependence effect that may counterbalance the increase in agency costs as founders give up control...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:57.167+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18ffbb8e-77d4-4b79-b5c1-610d73728b9e", "parentComponentId": null }, { "bbox": { "h": 0.253, "w": 0.762, "x": 0.118, "y": 0.229 }, "kind": "paragraph", "text": "Within high-potential startups, high rates of growth necessitate the attraction of a very high percentage of outside resources (Venkataraman 1997), and the most valuable of those resources are usually in limited supply (Peteraf 1993)...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:57.167+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2c1b960-b19a-49d8-bb93-49bf1a7b05e0", "parentComponentId": null }, { "bbox": null, "kind": "paragraph", "text": "At inception, a startup might be missing resources in three major areas: human capital, social capital, and financial capital (Sapienza, Korsgaard et al. 2003). To fill those holes, \"core founders\" can attract cofounders, hires, and/or investors...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:57.167+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2443e41-e05f-4abb-8a8d-e7b3524ef1b4", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.388, "x": 0.118, "y": 0.199 }, "kind": "title", "text": "When are founders more likely to surrender control?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:57.167+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaae54de-577b-4f49-a9b7-d43f23952261", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 6, "name": "Market Size", "beatId": "7f6c6f40-8ea0-409f-b760-3bfa165fe38e", "matchId": "dd552a1e-d0c8-4e48-99b8-1e927157337c", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The document discusses the methodology and data used to analyze the relationship between founder control and value creation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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Each step of the entrepreneurial resource-attraction journey poses a tradeoff between attracting the resources required to build company value and being able to retain control of decision making. High-quality co-founders and non-founding hires should demand more equity and/or decision rights than will lesser co-founders and hires. The same is true of investors who can add the most value, compared to lower-value investors (for conceptual arguments, see Amit, Glosten et al. 1990; for empirical evidence, see Hsu 2004). Such investors want both to own a stake in the venture to gain from its growth in value and to protect their investments by having decision rights and influence through a board presence (Pfeffer and Salancik 1978).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:26.856+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "150a55b0-4737-4c1f-ad86-de74d2851f95", "parentComponentId": null }, { "bbox": { "h": 0.518, "w": 0.764, "x": 0.118, "y": 0.398 }, "kind": "paragraph", "text": "The more value that would be provided by the core founder, the more control s/he should be able to retain; the more value that would be provided by the other three resource providers, the less value that the core founder should be able to retain. On one side, core founders who have accumulated direct human capital in the form of prior founding experience (Sapienza, Korsgaard et al. 2003) and have developed the social capital necessary to attract employees to the startup, should be able to keep more control (Wasserman 2003). The other resource providers should have the opposite effect on control of the startup; in order to attract value-added resource providers, founders should have to give up a share of the venture’s control and its future rents (Coff 1999). For instance, less studied than investors – but still very important from a resource-dependence perspective – is the way in which cofounders and hires might affect control of the startup. In young businesses, there is a close relationship between human capital and the success of the startup, especially for human capital developed through actual work experience (Unger, Rauch et al. 2011). 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These arguments contrast with the positive view of the effects of raising capital...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "disclaimer", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:56.961+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd6bc07e-67b3-419d-9439-509880be8ab8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.63, "x": 0.17, "y": 0.56 }, "kind": "list", "text": "Hypothesis 1a (core founder): If the core founder has prior founding experience and if the core founder taps personal networks to attract employees, the founder will retain more control.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:56.961+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6259a2ca-687d-4cc1-b1e3-51a196b8aa53", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.63, "x": 0.17, "y": 0.62 }, "kind": "list", "text": "Hypothesis 1b (cofounders): The larger the founding team and the more experienced the cofounders, the less control the founder will retain.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:56.961+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf273372-fa10-4634-a33e-c5cb836c8a48", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.63, "x": 0.17, "y": 0.67 }, "kind": "list", "text": "Hypothesis 1c (non-founding executives): The more experienced the non-founding executives, the less control the founder will retain.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:56.961+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6e48e86-0928-450a-b9d6-0875fc544cbe", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.78, "x": 0.11, "y": 0.19 }, "kind": "paragraph", "text": "As founders give up equity and board seats in order to attract investors, the founders' percentage of board seats progressively decreases, until the point where the founders are a minority of board members...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:56.961+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13d5ef76-d86b-44c2-9f19-a284f2f0593d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? 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This is particularly true for new ventures, which are just beginning to form and evolve, and in which every CEO decision “seems to bear more pronounced weight” (Aldrich and Fiol 1994:287). From a resource-dependence perspective, a board chooses the CEO who is most “capable of coping with the critical problems facing the organization” (Pfeffer and Salancik 1978:236). During the early days of the startup, a founder is often the best person to cope with those challenges: s/he came up with the idea, which was often based on the founder’s expertise or sparked by the founder’s prior employment experience (Bhide 2000), and the managerial challenges are at the level of a technical project team rather than a multi-function company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:41.064+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3b201ed-f581-4342-a665-1c1ea97fa046", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "paragraph", "text": "Hypothesis 1d (investors): Founders who raise capital from venture capitalists will retain less control. Founders who raise capital from angel investors will retain more control.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:41.064+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da5c39b8-625b-47f7-af7d-88d1af3b157e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.7, "x": 0.15, "y": 0.45 }, "kind": "paragraph", "text": "However, as the startup grows and changes, the founder often lacks the skills to address the next set of challenges. For instance, after product development has been completed and the product has to be marketed and sold to customers, the challenges shift from technical issues to building a multi-function company (Wasserman 2003). At that point, a new CEO will often be more qualified to address the company’s challenges and should be more effective at growing the value of the company, as was the case with Richard Williams at Wily (described above). In other words, a new CEO will be able to do things that the founder can’t do. In addition, a new CEO might be able to do things that the founder won’t do. For instance, founders might be constrained by their attachment to their initial ideas and strategies (Adomdza 2008) or to their early employees (e.g., Wasserman and Fynn 2007). They might fall prey to managerial conceit (March and Shapira 1987), to the temptation to escalate their commitment (Staw 1981; Schmidt and Calantone 2002), or to overconfidence and complacency fostered by prior success (Miller 1991). 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To account for this possibility, in the empirical analyses I use fixed-effects methods, propensity scoring, and other approaches. 11 It should be noted that attracting too many resources may also harm startup performance (George 2005). 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Outside directors bring four major benefits: “advice and counsel,” access to external channels of information, access to resources, and legitimacy (Pfeffer and Salancik 1978; Hillman, Withers et al. 2009). 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At the control extreme, the founder consistently foregoes attracting resources, maximizing control but sacrificing value. The reasons why founders may make such choices include heterogeneous preferences for control or differing expectations about their ventures’ prospects.10 At the value-creation extreme, founders consistently attract valuable outside resources but risk losing control.11 In between these two extremes, founders may be able to keep a measure of control while building some value, but typically have to sacrifice some of each, and possibly large amounts of both.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:12.143+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d678e58-3931-44a4-9554-958dfc23b3f9", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.56 }, "kind": "paragraph", "text": "Some investors add few resources beyond their financial capital. 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Even though – from a resource-dependence perspective – we would expect to see that the attraction of resources helps build the value of the company, the effect may also be effective in the other direction: A potential resource provider’s confidence that the company can become valuable may enable the core founder to attract that resource provider. (My empirical tests do not assume that the causality runs in one direction or the other.) Furthermore, some early choices may constrain or reinforce later choices. For instance, choosing to self fund may constrain the startup’s later hiring (because it doesn’t have enough money to attract the best hires) and thus value creation. Thus, such path dependence may strengthen the tradeoff.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "disclaimer", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:44.442+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2ff8c50-67df-42f8-94c8-088950cb54bf", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "paragraph", "text": "Does the tradeoff apply across the board, or to only some contingencies? On the one hand, these resource-dependence challenges may be stronger for different types of companies and in different contexts. Thus, it’s possible that the tradeoff only applies to a subset of companies and that that subset is driving the results, rather than being significant across all situations. On the other hand, the tradeoff may be more universal, in that it applies across contingencies. To test these “contingent vs. universal” possibilities, I assess contingencies regarding what type of startup was founded and its evolution over time. First, the tradeoff may differ according to the degree to which the", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:44.442+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "298b06da-764e-4e5d-887e-ef20602df5dd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "not backed by VCs (Baker and Gompers 1999). Because the best VCs can add value – and board capital – founders are willing to take from them investment terms that are less founder-friendly (Hsu 2004).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:44.442+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e2ff362-8394-4282-b7c9-d708a3ab076f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "Although less studied, similar arguments suggest that there is a spectrum of value that can be added by the other types of resource providers attracted to startup coalitions. For instance, the larger the founding team, the higher the startup’s growth (Eisenhardt and Schoonhoven 1990) and the greater the company’s revenues (Cooper and Bruno 1977). 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Within larger companies, at both the corporate and business-segment levels, high capital intensity can have a negative impact on performance (Misangyi, Elms et al. 2006). For instance, high capital intensity can constrain strategic choices, leading companies to choose short-term solutions over longer-term investments (Qu, Pinsonneault et al. 2011). Startups in capital-intensive businesses have to invest more capital in product development and make other substantial investments in order to build the company. Such startups should have greater resource needs and thus may have to give up more control in order to attract those resources. Conversely, startups in low-capital-intensity businesses should be able to grow value without having to give up a lot of control. 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The invitations are sent to the CEOs and CFOs, who are offered a free copy of a detailed “CompStudy Compensation Report” based on the survey results and available only to participants.15 Because the market for executive talent varies over time, companies", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:18.42+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aa4d230-53b4-46f6-bac0-f9fcd9cae72e", "parentComponentId": null }, { "bbox": { "h": 0.355, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "dataset is limited to a single country, to two industries within that country, and to a specific time period, and therefore may not apply in other contexts. On the other hand, the technology and life-sciences industries are - by far - the largest industries for American high-potential startups, accounting for more than two-thirds of the angel capital and venture capital invested during the time period, and accounting for nearly half of the initial public offerings (with no other industry accounting for more than 12% of the IPOs).14 In addition, the survey time period includes startups that were founded across all stages of two major business cycles, with the vast majority of startups in the dataset founded across the boom of the late 1990s, the bust of the early 2000s, the subsequent uptick in the mid-2000s, and then the deep recession from 2009 onwards, giving us the ability to assess whether the tradeoff I examine pertains to only parts of the business cycle or across it.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:18.42+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e90cf93e-eee7-43a6-8a67-1b962890f3a5", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.764, "x": 0.118, "y": 0.649 }, "kind": "source-note", "text": "14 According to Renaissance Capital, of the initial public offerings (IPOs) over the last decade, 48% came from those two industries, and no other industry accounted for more than 12%. According to Center for Venture Research at the University of New Hampshire and the National Venture Capital Association, of the angel capital invested during the decade, 74% went to those two industries, as did 71% of venture capital. According to Thomson’s Venture Expert Database, technology investments (including Internet, computer software and services, communications and media, semiconductors and other electronics, and computer hardware) were 56% of venture capital investments from 2000 to 2009 and life sciences investments (medical/health and biotechnology) were an additional 15%.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:18.42+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f51953b-6f4f-485c-8861-a6ae29506909", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.764, "x": 0.118, "y": 0.773 }, "kind": "source-note", "text": "15 The report includes position-by-position breakdowns of compensation (salaries, bonuses, and equity holdings) for the eleven most common C-level and VP-level positions in private ventures. The breakdowns provide compensation benchmarks by company size and age, industry segment, geographic location, financing rounds, founder versus non-founder status, and other dimensions. The Reports were published by three professional-services firms with which I partnered in collecting the data: accounting firm Ernst & Young, law firm Hale & Dorr (now WilmerHale), and executive-search firm J. Robert Scott (now ParkSquare). In 2009, we replaced the Compensation Reports with an online data-analysis tool, at compstudy.com, that is also only available to participants. To preclude any conflicts of interest, I have never received any compensation from these firms, nor do I have any ownership stake in CompStudy.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "93fc7fbb-9e7f-48f5-93cf-3a34bae2fc91", "evidence": "The document discusses the potential costs of inaction in terms of valuation and capital raised.", "position": 0, "objective": "Highlighting the consequences of not addressing the tradeoff between founder control and company value", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:22:14.251311+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "evidence", "title": "The text discusses survey response rates and comparative analysis of datasets.", "function": "cite_precedent", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 4, "textChars": 2386, "nDataPoints": 2, "notes": "The text discusses survey response rates and comparative analysis of datasets.", "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:02:18.528+00", "seconds": 6.739, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-71b9-7767-8357-69b177d37fb3/18", "deck": "/decks/019f6b8f-71b9-7767-8357-69b177d37fb3", "deckAnchor": "/decks/019f6b8f-71b9-7767-8357-69b177d37fb3#slide-18", "deckJson": "/decks/019f6b8f-71b9-7767-8357-69b177d37fb3.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.018, "x": 0.864, "y": 0.923 }, "kind": "other", "text": "17", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "other", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:18.528+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e85610ea-4dee-46e1-9899-22c48d9cd385", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.118, "y": 0.895 }, "kind": "other", "text": "16 For an analysis of this database, also see Kaplan, Stromberg et al. (2002).", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:18.528+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "048ca79e-3e79-4a0f-95ea-96cf38a8e035", "parentComponentId": null }, { "bbox": { "h": 0.305, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "usually want current data on executive compensation, so they have an incentive to participate even if they have already participated in the past. Over the last decade, CompStudy's annual compensation reports have become a standard reference for executive teams in private American ventures and for board members and investors involved in those ventures. Each year, survey response rates vary between 10%-20%, higher than the typical response rates for surveys targeting similar levels of executives (e.g., Graham and Harvey 2001) and for the sensitivity of the questions asked (e.g., about private-company financing history and performance, and about executive compensation and equity stakes). The surveys are conducted online and fields are validated as data are entered. When possible, data are cross-checked with publicly-available information to check accuracy and representativeness.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:18.528+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68b86f06-ce4b-4a32-91be-3e2723e766d2", "parentComponentId": null }, { "bbox": { "h": 0.485, "w": 0.764, "x": 0.118, "y": 0.399 }, "kind": "paragraph", "text": "For comparison, VentureXpert (formerly Venture Economics) is one of the most commonly used sources of data for research on high-potential startups (e.g., Gompers 1995; Lerner 1995; Sorenson and Stuart 2008).16 VentureXpert is compiled by Thomson Economics and provides data on venture capital and other early-stage funding for companies. It provides each company's financing history, location, and related information. However, it does not provide many of the datapoints needed for the current study – e.g., founder and non-founder backgrounds, executive compensation and equity holdings, and levels of control retained by the founders – and focuses on a more limited set of startups (those that have raised institutional capital, in contrast to CompStudy, which also includes pre-funding ventures). It is instructive to compare the distributions of companies within the two datasets. I compared the CompStudy sample to the VentureXpert sample on the three dimensions on which they can be compared: geographic distribution, industry, and founding year. First, the two datasets almost match regarding the percentage of startups from each state in the country, with the exception that CompStudy has a few more firms in Massachusetts and a few less in California. (Further details are available from the author.) 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Although more targeted, in that it focused on MIT startups alone, Hsu, Roberts et al. (2007) also surveyed high-potential startups.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:57.135+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fccb05e-9d54-4395-af1e-870416544058", "parentComponentId": null }, { "bbox": { "h": 0.082, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "paragraph", "text": "technology compared to 79.1% of the VentureXpert firms. 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In addition, because they typically must conserve their cash, they often include equity stakes in the compensation package in order to be able to pay lower salaries.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:21.684+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "286253f8-2c3b-4b65-bc8c-8933513d175d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.117, "y": 0.8 }, "kind": "other", "text": "19 I used five criteria to assess whether a founder was the “core founder”: Which founder was the initial CEO, which founder had the initial idea, which founder held the largest equity stake, which founder contributed the most seed capital, and whether the founder was a full-time employee at time of founding.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:21.684+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5a7b4ca-fe5b-4e6a-827a-e936d1d4548e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "capital as of the time of the survey, I added 1 to the capital-raised metric before taking its natural logarithm. To account for missing data in the survey, I used multiple-imputation methods (Rubin 1987).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:21.684+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36ccf759-2071-474a-ad08-0c2e339b3913", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.77, "x": 0.117, "y": 0.16 }, "kind": "paragraph", "text": "Regarding independent variables, the models include an indicator of whether the core founder had prior founding experience and whether the core founder tapped social networks to attract executive hires, while controlling for the core founder’s years of prior work experience.19 For the founding team, the models include the size of the founding team and the founding team’s total years of prior work experience. Value may also be affected by the founders’ initial capital investments in the startup, which I aggregate across the founding team. I include three aspects for non-founding executives: their years of prior work experience, the number of executives who in prior work were the senior-most executives within their functions, and the average compensation of the executives (as another metric of the quality of the executives). I also control for the executives’ equity stakes.20 The amount of capital raised may be affected by the source of financing – the founders themselves, angel investors, or venture capitalists – so I include dummy variables for each of those three sources. Larger boards of directors can add more resources, but can also be less effective because of diffused responsibility, because of increased agency problems (e.g., free riding by directors), or because the board becomes more symbolic than effective (e.g., Jensen 1993; Yermack 1996; Eisenberg, Sundgren et al. 1998). 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Of the 6,130 companies that participated in the survey, 49% participated more than once...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:00.867+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "899a517d-d0c1-4d9e-aed1-8167fe62c8f7", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.072, "x": 0.118, "y": 0.269 }, "kind": "title", "text": "Methods", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:00.867+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81563b09-321a-4b1c-a3d1-fbb87db25069", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 16, "name": "Solution", "beatId": "6ab56db9-5500-45bd-902c-6cf5d17f6a2f", "matchId": "dd552a1e-d0c8-4e48-99b8-1e927157337c", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document presents the results of the analysis and discusses the implications.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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On average the 6,130 companies were founded by 2.7 founders. The median number of full-time-equivalent employees was 26. The companies had raised a median of $7 million...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:00.582+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "379cc81d-f6be-47b2-978d-1b21546b0703", "parentComponentId": null }, { "bbox": { "h": 0.214, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "regarding company valuation, number of employees, company age, the founder’s prior years of work experience, whether the core founder had prior founding experience, and how much seed capital the founders invested...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:00.582+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d1bb03e-7416-405a-bfbc-6e6b06cc79ca", "parentComponentId": null }, { "bbox": { "h": 0.39, "w": 0.764, "x": 0.118, "y": 0.329 }, "kind": "paragraph", "text": "To test Hypothesis 3, I wanted to see whether firms with differing levels of capital intensity face different tradeoffs between control and value created. I interacted dummy variables indicating whether the firm had low capital intensity...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:00.582+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc918d20-9c25-434e-b0d9-2500b2b547c7", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.07, "x": 0.118, "y": 0.745 }, "kind": "title", "text": "Results", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:00.582+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8def3575-e683-4225-ad23-d299689343fc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 16, "name": "Solution", "beatId": "6ab56db9-5500-45bd-902c-6cf5d17f6a2f", "matchId": "dd552a1e-d0c8-4e48-99b8-1e927157337c", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document presents the results of the analysis and discusses the implications.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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Of the three correlations, only CEO control and Board control were significantly correlated (r=.105, p<.01); there was no significant relationship between CEO control and equity-ownership control (r=.0109, p>.10) or Board control and equity-ownership control (r= -0.00877, p>.10).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:53:23.013+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35d01c2f-cc2d-4bfd-9c0d-f42aa5165b55", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.3, "y": 0.3 }, "kind": "paragraph", "text": "[INSERT TABLES 1-7 ABOUT HERE]", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:53:23.013+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "789deeee-1117-4ed4-a0c1-a027b594546f", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "paragraph", "text": "prior rounds of financing, 17% included founder capital, 28% included angel investors, and 71% included venture capitalists. Regarding control of the company, in 49% of the companies a founder was still CEO, in 21% of the companies the insiders controlled more than half of the seats on the board of directors, and in 41% of the companies the founders owned more than half of the company's equity.23 Geographically, 32% of the startups were located in California, 18% in Massachusetts, and 13% in the four \"secondary\" states.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:53:23.013+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3a382b5-411a-4f51-993a-32a0f0d1cb63", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.8, "x": 0.1, "y": 0.35 }, "kind": "paragraph", "text": "Table 2 analyzes the degree of control retained by founders. Tables 3 and 4 test Hypothesis 2, and Tables 5 and 6 examine Hypotheses 3 and 4 about whether the tradeoff is driven by contingencies. Table 2 highlights variables that are significantly associated with control, using three metrics of control. Models 1-3 show the analyses using the control-index (which combines CEO control and Board control) as the dependent variable and Models 4-5 compare those results to separate analyses using each of CEO control and Board control. Most centrally, the results in Models 1-3 suggest that founder control is affected by decisions made throughout the evolution of the startup, including the prior experience accumulated by the core founder, cofounder decisions, hiring decisions, and financing decisions. In particular, founders retain more control when they have prior founding experience (p<.05) and when they attracted executive hires themselves (p<.01). These results support Hypothesis 1a. Founders have less control when there were more cofounders (p<.05), but the years of prior work experience of the cofounders does not affect control, providing only mixed support for Hypothesis 1b. Founders have less control when their hires have more years of work experience (p<.01), supporting Hypothesis 1c. Finally, founders have less control when the last round of investment included venture", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:53:23.013+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eccfacbb-942d-403a-8495-d111f55bef3c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4aa5568b-2d5b-401d-9fd4-d1876bf2ca72", "evidence": "Mentions testing Hypotheses 1a, 1b, 1c, 2, 3, and 4.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 19:53:23.013+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "hypothesis-driven-structure" } ], "arcBeats": [ { "to": 28, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 16, "name": "Solution", "beatId": "6ab56db9-5500-45bd-902c-6cf5d17f6a2f", "matchId": "dd552a1e-d0c8-4e48-99b8-1e927157337c", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document presents the results of the analysis and discusses the implications.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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In summary, three of the hypotheses about founder control were strongly supported...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:03.371+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98c657c4-eecd-4c53-9cef-17dfe8274543", "parentComponentId": null }, { "bbox": { "h": 0.36, "w": 0.78, "x": 0.11, "y": 0.29 }, "kind": "paragraph", "text": "Table 3 shows the core models of the tradeoff between value and control, using pre-money valuation as the dependent variable. Models 1-5 use fixed effects for all repeat respondents and Model 6 uses all surveys...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:03.371+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a39c5472-7031-41eb-b0bf-4ecd75f17e22", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "paragraph", "text": "Table 4 shows the auxiliary models of the tradeoff between value and control, using capital-raised as the dependent variable. 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Regarding H3, across both dependent variables, the control-index remains highly significant (p<.01), but none of the interaction terms is statistically significant...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:02.326+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "053285c5-7ec0-4167-bae6-4ea3f30a007e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.764, "x": 0.118, "y": 0.465 }, "kind": "paragraph", "text": "The fixed-effect models control for the ex-ante \"quality\" of each startup. By focusing on changes within each firm over time, the empirical results are driven by firm decisions about control and resource attraction...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:02.326+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87ac7b75-c873-48ac-8726-ded110f04e87", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "paragraph", "text": "fixed-effects model (Model 5), each one-unit increase in the control index decreases capital raised by 35.8%. 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Seven of the eight IPW and RA estimates are within two standard errors of the fixed-effects estimates, suggesting further support for the core results. (The eighth estimate is 2.03 standard errors away.)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:50.334+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a853330-79a4-4dd2-bd7c-fa283286268f", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "The opposite pattern is seen with angel capital and founder capital: They both have a significant positive relationship with control (Table 2) but a significant negative relationship with company valuation (Table 3). In this sense, these very different types of resource providers are microcosms of the overall control dilemma examined here.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:50.334+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ff4923d-db1f-4e44-bcce-2d207cca734c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.34 }, "kind": "paragraph", "text": "First, involving venture capitalists in the startup has an extreme impact on each DV, in conflicting ways: It has a very significant negative relationship with founder control (Table 2) but a very significant positive relationship with company valuation (Table 3).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:50.334+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6e04a30-9718-4033-8fe1-bcd351a33008", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "StataCorp 2013).29 I performed these analyses for both the valuation and capital-raised dependent variables, and for control-index gradations of moving from no control to one measure of control (CEO or Board), and from one measure of control to full control.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:50.334+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d855170f-502f-4d61-a60b-f5284c9baa32", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "Interestingly, the core founder's characteristics is one area where the control dilemma does not seem to apply: By accumulating prior founding experience and tapping social networks to find executive hires, the founder has higher control but the company's valuation is higher, too. The \"dilemma profiles\" of these very different resource providers are thus summarized in the table below.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:44:50.334+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5014a6b-a5b2-4ab3-88df-5236d516630f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "source-note", "text": "29 For the matching, I used all of the founding-era variables in my core models that might indicate higher or lower quality: most centrally, the prior work experience and prior founding experience of the founders, size of founding team, and capital invested by the founders, but also at the firm level, the industry segment, state of the economy at time of founding, and geographic location. 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For entrepreneurs in particular, Sapienza, Korsgaard et al. (2003:106) argue that \"wealth maximization and self-determination are the two primary motives.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:54.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c5825ad-ef9f-4562-a9a5-df8905f75198", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "of those studies to measure founder control. Entrepreneurs whose founding decisions prioritize maintaining control of the startup should indeed grow less value than the entrepreneurs whose founding decisions prioritize the attraction of value-added resources.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:54.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ec6246a-a6e8-47f5-8096-740bf9933e6e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "paragraph", "text": "This study also focuses on founders' revealed preferences. However, the values and motivations of an organization's most powerful actors can have a strong impact on its strategic choices (Tagiuri 1965; Hambrick and Mason 1984).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:54.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d0dddd0-2f87-4da7-8e3a-43757cd6a72f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "paragraph", "text": "However, not all entrepreneurs start ventures to get wealthy (Amit, MacCrimmon et al. 2000:120); among MIT alumni, independence (\"being own boss\") and challenge were more important motivators than financial gain (Roberts 1988; Roberts 1991).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:54.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cadd187-9e64-462a-83b7-bc89635cdcdf", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.36 }, "kind": "paragraph", "text": "This study focuses on the company level of analysis, assessing how control affects company value. Resource-attraction decisions may also have an effect at the founder level of analysis—i.e., on the value of the founder's ownership stake.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:54.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a11fa7d7-660f-47a9-8c40-d23c25920a66", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.26 }, "kind": "paragraph", "text": "Rather than looking broadly at all entrepreneurs, we should take a more nuanced view of the population of entrepreneurs, examining how different founding decisions and their outcomes regarding value created and founder control.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:02:54.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d44053f6-fb1d-4952-8e83-03a28e60e208", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 45, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 29, "name": "Financials", "beatId": "079ae2e2-66b5-45c3-890d-9977e5f464de", "matchId": "dd552a1e-d0c8-4e48-99b8-1e927157337c", "beatType": { "name": "Financials", "slug": "sequoia-pitch-financials", "status": "active", "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75", "version": 1, "description": null }, "evidence": "The document provides detailed statistical tables and references.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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The key for this study isn't the particular ordering of the control and value-creation motivations, but that they can conflict and might lead to very different outcomes. Furthermore, for founders who are clearly motivated by either independence or financial gains, the decisions they should make are much clearer than for founders with mixed motivations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:45:02.5+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9e19a97-fcc5-489c-a09f-5490d1757ecc", "parentComponentId": null }, { "bbox": { "h": 0.585, "w": 0.766, "x": 0.117, "y": 0.263 }, "kind": "paragraph", "text": "Risk is another important factor in these founder decisions. On the one hand, resource scarcity increases the firm's risk (Keats and Hitt 1988) and should exacerbate the liability of newness (Stinchcombe 1965). However, firm demise is not the only risk faced by founders; many founders may also worry about the risk of losing control of the idea they conceived and the company they birthed, leading them to avoid attracting resources.31 Future research could examine the risk profiles of each of these paths and how they should affect resource decisions. Risk also affects the value of capital investments via its impact on option values (McDonald and Siegel 1986; Abel, Dixit et al. 1996), which can be a substantial portion of the value of an entrepreneurial venture (Dixit and Pindyck 1995). Furthermore, although attracting outside resources may increase company survival, bringing investors into the startup can increase the pressure to \"swing for the fences\" - to ratchet up the growth, usually increasing the risk of complete failure. 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(2013). \"Venture boards: Distinctive monitoring and implications for firm performance.\" Academy of Management Review 38(1): 90-108.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:09.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a48fc67-d91e-4943-b155-fcb278e3a82e", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.447 }, "kind": "list", "text": "Coff, R. W. (1999). \"When competitive advantage doesn't lead to performance: The resource-based view and stakeholder bargaining power.\" Organization Science 10(2): 119-133.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:09.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1aec7ba0-2915-460d-86a4-7b7e28224106", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.553 }, "kind": "list", "text": "Davidsson, P. and B. Honig (2003). \"The role of social and human capital among nascent entrepreneurs.\" Journal of Business Venturing 18: 301-331.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:09.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "449dd970-a145-442d-a0a1-b02051390907", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.765 }, "kind": "list", "text": "Eisenhardt, K. M. and C. B. 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Pindyck (1995). \"The options approach to capital investment.\" Harvard Business Review 73(3): 105-115.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:09.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95aa4fea-e451-4a48-b808-e0e130f9e238", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.5 }, "kind": "list", "text": "Cooper, A. C. and A. V. Bruno (1977). \"Success among high-technology firms.\" Business Horizons 20(2): 16-22.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:09.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7f686d6-6de3-4a0c-97ea-5c84f35081eb", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.288 }, "kind": "list", "text": "Carland, J. W., F. Hoy, et al. (1984). \"Differentiating entrepreneurs from small business owners: A conceptualization.\" Academy of Management Review 9: 354-359.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:09.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca4a5115-e12a-4e40-8725-fd0b4a0ad145", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.818 }, "kind": "list", "text": "Evans, D. S. and B. Jovanovic (1989). \"An estimated model of entrepreneurial choice under liquidity constraints.\" Journal of Political Economy 97(4): 808-827.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:09.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2fd91e9-be2c-4aa5-982e-4b0bbe0f7794", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.712 }, "kind": "list", "text": "Eisenberg, T., S. Sundgren, et al. 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(2001). \"From initial idea to unique advantage: The entrepreneurial challenge of constructing a resource base.\" Academy of Management Executive 15(1): 64-80.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:09.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4b159b2-51d9-4042-8491-a08f9b44978a", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.871 }, "kind": "list", "text": "Fama, E. F. and M. L. 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Hitt (1988). \"A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance.\" Academy of Management Journal 31: 570-598.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:12.411+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ece2142-fded-43e7-97cb-4b1ad6e63911", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.78, "x": 0.118, "y": 0.349 }, "kind": "list", "text": "Hurst, E., G. Li, et al. 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T. and R. Fynn (2007). Les is more, times four. Harvard Business School case. 807-173. Wong, A. (2002). Angel Finance: The Other Venture Capital. Graduate School of Business. 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(2003). \"Founder-CEO succession and the paradox of entrepreneurial success.\" Organization Science 14(2): 149-172.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:14.141+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8173037-d3a2-4377-b464-514e02727137", "parentComponentId": null }, { "bbox": { "h": 0.145, "w": 0.764, "x": 0.118, "y": 0.505 }, "kind": "list", "text": "Wasserman, N. (2012). The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup. Princeton, NJ, Princeton University Press. Wasserman, N. and H. McCance (2005). Founder-CEO succession at Wily Technology. Harvard Business School case. 805-150.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:03:14.141+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad601425-7ba3-437d-b3f6-61794a6dd589", "parentComponentId": null }, { "bbox": { "h": 0.145, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "list", "text": "Staw, B. M. (1981). \"The escalation of commitment to a course of action.\" Academy of Management Review 6(4): 577-587. Stevenson, H. H. and J. C. 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