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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.

Valuing failure: An experiment of VC reactions to an entrepreneur’s record of business creation