Abstract

Do start-up investors care about entrepreneurs’ passion? Their experience? Both? We investigate the role that an entrepreneur’s passion, experience, and humility play in angel investors’ assessment of whether to invest in the entrepreneur’s venture. In doing so, we unpack the passion construct, testing the importance that investors place not only on entrepreneurial passion, but also the entrepreneur’s passion for activities relevant to the venture’s domain. We also unpack experience, investigating the importance of both start-up experience and domain experience. Finally, we provide a better understanding of the role that an entrepreneur’s humility plays in the investment decision and how the investee characteristics of passion and experience interact with humility.

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