Results are robust to the use of non linear regression model (probit). The coefficients associated to both categories of start-ups are remarkably stable across specifications and in particular is not significantly reduced once founders’ characteristics are included. Returns cannot be calculated for start-ups in the data because of a lack of information about the VC contracts offered to start-ups in exchange for funding.8 Furthermore, for acquisitions, acquisition price is usually not disclosed publicly and for IPOs, information on money raised is also missing in most of the cases. After an acquisition, when the venture is sold to a third party, founders usually leave the company.9 On the contrary, after an IPOs, the entrepreneur usually remains involved.