Training Aspiring Entrepreneurs to Pitch Experienced Investors: Evidence from a Field Experiment in the United States
David Clingingsmith and
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David Clingingsmith: Case Western Reserve University
No yzpvf, SocArXiv from Center for Open Science
Accredited investors finance more than 75,000 U.S. start-ups annually. We explain how training aspiring entrepreneurs to pitch their new business ideas to these investors affects their odds of continued funding discussions. We model accredited investors’ decision to continue investigation as a real option whose value is a function of their experience and the information contained in the entrepreneurs’ pitches. We derive four hypotheses from the model, which we test through a field experiment that randomly assigns pitch training at four elevator pitch competitions. The data support all four hypotheses, and are inconsistent with alternative explanations.
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