From the summary biographies we extract work histories, prior entrepreneurial experience, and entrepreneurial prominence of former employers. According to the statements in the planning documents,we recorded which of the managers’ former employers were start-ups. ENTREP EXP was calculated as the total number of past claimed start-up experiences. Of those solicitations that included team information, 36 percent failed to report any start-up experience (D ENTREP EXP). Conditional on reporting, the mean number of prior entrepreneurial companies averaged over all management team members per solicitation was 0.94