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Venture backers invest in people, not products

Venture capitalists backing big ideas are likely less interested in the product than the people developing that product. Harvard University’s Paul Gompers, University of British Columbia’s Will Gornall, Chicago Booth’s Steve Kaplan, and Stanford University’s Ilya A. Strebulaev surveyed 885 institutional venture capitalists at 681 firms and report that high-dollar investors attribute their willingness to invest (or not) to the management team.

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