Acquisition of desired funding
Our unit of observation is the business associated with the request for funding. We used archival methods to establish whether or not the venture succeeded in raising the funds sought in the solicitation.In particular, if we identified a funding
round in the VentureXpert database after the solicitation date, and that round was classified as a PWC deal or readily identifiable as an angel deal, the dependent variable took the value of one. Otherwise,it took the value of zero.