Human capital theory is used to investigate the impact of the education and experience of top management teams (TMTs) on the number of "home runs" (portfolio companies that go public) and "strike outs" (portfolio companies that go bankrupt) experienced by those teams' venture capital firms...

Nascent entrepreneurs continuously evaluate the merits of the opportunities they pursue and so can abandon those that lack promise and persist with those that remain attractive. This paper articulates this evolving judgment about the opportunity as the nascent entrepreneur's opportunity...