Existing research found that high growth firms show a variation in terms of their growth paths. One element of consensus across the studies is the importance of human capital in explaining growth. The creation of high tech new ventures is more often the collective effort of an entrepreneurial team. As such an entrepreneurial team can be considered to be the embodiment of a portfolio of human capital. In this paper we explore the evolution and influence of a venture’s portfolio of human capital at the start up of the venture and its evolution over the growth path by examining the experiential, functional and cognitive heterogeneity of the entrepreneurial teams.

In summary, our research question is: how and why does the portfolio of human capital of high tech ventures evolve over the growth path of the venture?