This study’s aim was to examine if venture capitalists (VCs) and entrepreneurs agree on the level of their involvement. According to attribution theory, VCs and entrepreneurs will likely face perceptual gaps due to differences in perceptions, interests and expectations. Previous studies have addressed the importance of frequent communication and procedural justice for VCs and entrepreneurs relations and for the VCs’ ability to add value (Sapienza and Korsgaard, 1996; Busenitz, Fiet and Moesel, 2004). These studies suggest that frequent communication and trust increase similarity in perceptions. On the other hand, a previous study indicated that VCs and entrepreneurs do not agree on the managerial contributions made by VCs (Gomez-Mejia, Balkin and Welbourne, 1990). Thus, a gap appears to exist in our understanding of the differences in VCs’ and entrepreneurs’ perceptions regarding their relative levels of involvement and the context in which such perceptual gap occurs.