selecting the team of agents who receive positive equity, and show this team must form a tight-knit subset of the … complementarity network, with any pair being complementary to one another or jointly to another team member. Finally, we give … conditions under which the amount of equity used for compensation is increasing in the strength of a team's complementarities and …

, this study is the first to analyse the impact of team networks on venture success. Using information about team … affiliations for a sample of token-financed startups, we model networks based on team interlocks across firms. Ventures with well … limited. The findings remain robust after controlling for non-team networks and endogeneity …