Business planning documents showcase the characteristics and qualifications of the founders and management team. Recent evidence suggests a relationship between human capital and the ability to acquire resources (Colombo, Delmastro, and Grilli, 2004; Almus and Nerlinger, 1999). Moreover,folk wisdom in the new venture community supports the idea that ‘VCs invest in people as much as, if not more than, they invest in technology’ (Grossman, 2006: 1). Thus, we expect thathuman capital characteristics of the founders and management team will function as cues in the VC selection process