Moreover, a person named in the planning document is indirectly endorsing the proposed venture (Sarasvasthy, 2007).Larger teams therefore signify stronger endorsements. Planning documents that do not refer to any specific individuals might reasonably suffer due to the omission effects previously identified. Conversely, reporting a large founding team may be a cue that increases the likelihood that a solicitation is categorized as attractive. Thus, we believe that inclusion of this information is likely a cue. More formally: