Despite the fact that venture investors often miss opportunities, prior research has yet to account for the possibility that such misses may exert powerful influences on future decisions. This is a salient omission from the literature, particularly in light of a growing body of work in psychology documenting that forgone opportunities can strongly alter decisions that follow (cf. Arkes et al., 2002; Tykocinski and Pittman, 1998; Zeelenberg et al. 2006). Accordingly, we address this gap in the entrepreneurship literature by focusing on the effect of investors’ missed opportunities, thereby taking an early step toward understanding how missed opportunities influence subsequent investment decisions.