Abstract

Many studies show how the prior experience of the entrepreneur (ial team) positively impacts the entrepreneurial process. In our paper we specifically focus on the benefits of team experience when high-tech new ventures want to acquire financial resources. The claim that experienced entrepreneurs will be better able to acquire VC funding is evident (i.e. Campbell, 1992; Shepherd et al., 2000); however in our paper we go one step further. Our aim is to disentangle the effects of team experience in the VC funding process, which allows us to be more precise on the benefits that experience brings to the table when applying for VC funding. In current research multiple types of experience are researched. The variables applied frequently are “years of industry experience” and “number of ventures started before”. However, in our research we focus on the functional background of the team members, as suggested by Delmar and Shane (2006).

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