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Similarity is not everything: the influence of personal characteristics of entrepreneurs and investors on their fit

Author

Listed:
  • Caroline Tarillon

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes)

  • Han Yu

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes)

  • Ludivine Adla

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes)

  • Elodie Manthé
  • Geoffroy Enjolras

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes)

Abstract

New technology-based firms (NTBFs) currently represent a strong growth lever for the economy, but they face numerous obstacles. Achieving financing goals is a key element in securing sufficient resources for growth. To do so, entrepreneurs need to build high-quality relationships with investors. Through the proposition of an integrative model thanks to the upper echelon theory (UET), our research studies how personal characteristics of entrepreneurs and investors influence their fit. In an original qualitative approach, we interviewed nine pairs of entrepreneurs and investors. To complement findings in entrepreneur/investor relationship field, we demonstrate that similarity is not everything and that complementary personality traits, aligned values and past experience which give confidence are crucial antecedents of their fit. We also complement past research by showing that those personal characteristics are more important in the first stages of pre-financing process, from the encounter stage, even if they need to be taken into account throughout the process via the construction of the interpersonal relationship between the two actors.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Caroline Tarillon & Han Yu & Ludivine Adla & Elodie Manthé & Geoffroy Enjolras, 2023. "Similarity is not everything: the influence of personal characteristics of entrepreneurs and investors on their fit," Post-Print hal-04016359, HAL.
    • Handle: RePEc:hal:journl:hal-04016359
    DOI: 10.1007/s11365-023-00837-6
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    Cited by:

    1. Livia Boerner & Thomas Fritz & Bernd Frick, 2025. "Investing in people, not in products: how age, gender, ethnicity, and attractiveness of entrepreneurial teams influence the decision-making of angel investors in Germany," Journal of Business Economics, Springer, vol. 95(1), pages 37-74, January.
    2. Li, Zhenyu & Zhu, Jiawen & Feng, Gengzhong, 2025. "Faster financing or higher valuation: A difficult choice for the founders from good universities," International Review of Financial Analysis, Elsevier, vol. 104(PA).

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