We collected basic information about every person listed as a member of the management team,board of directors, or advisory board. For each person we directly coded information contained in the business plan: name, title, and other attributes,such as educational and professional background and prior entrepreneurial experience. Where information was not reported in the plan, we made inferences based on the information that was included. For instance, if an individual claimed to have an advanced degree, but there was no mention of a bachelor’s degree, we assume that a bachelor’s degree was earned as a prerequisite