Does Diversity Among Co-Investing Venture Capitalists Add Value for Entrepreneurial Companies? Dissertation Executive Summary

The number of syndicate partners in the first round of venture capital financing is positively related to the success of the entrepreneurial company. I examine whether heterogeneity within the syndicate drives this. I find that syndicates composed of venture capital firms from different geographic regions perform better than syndicates composed of venture capital firms from the same region. But I find that syndicates that are diverse in terms of organizational structure (traditional, corporate, bank, angel) perform no better than those that are not. My results are consistent with the notion that syndicate partners add value through their access to different business ecosystems