Teams add diversity and strengthen capability to entrepreneurial ventures, while the commitment of managers is increased if they have an ownership stake. Yet most studies of venture performance that include team size treat it as a control variable. Capable entrepreneurial owner-managers should “flock together” (Bobrey, 2005) in teams, because they value human capital and have higher opportunity costs of entrepreneurship. Prior research in several countries and regions has demonstrated a link between team size and venture performance. But no study has studied whether this applies across a wide spectrum of environments. The effects of team homophily in terms of age and sex has been studied (e.g. Ruef et al, 2003; Steffens et al., 2012), but the link between between education level, team size and performance remains untested.