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Human Capital in Venture Capital: Evidence From 100,000 Venture Capitalists / Blake Jackson, Ilya A. Strebulaev.
- Format:
- Book
- Author/Creator:
- Jackson, Blake.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w35501.
- NBER working paper series no. w35501
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2026.
- Summary:
- We study human capital in venture capital (VC) using a new dataset covering over 100,000 professionals affiliated with U.S. VC firms. Investment success is extremely concentrated: fewer than 40% of VCs with any investments are ever credited with a successful investment, and 90% of investment profits are generated by 5% of VCs. Differences in education, prior work experience, and demographics predict career progression and investment outcomes, consistent with persistent investor-specific skills. Quasi-experimental variation from marginal inclusions on the Forbes Midas List shows that achieving superstar status increases access to highly-valued startups, complementing other human capital and contributing to concentration.
- Notes:
- July 2026.
- Print version record
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