Decidir com(sem) medição : a avaliação de fundadores enquanto trabalho de tradução no capital de risco em fase inicial
Year: 2026
Type: dissertation
Abstract: Early-stage venture capital investment decisions rest formally on documented assessments, yet the most consequential founder judgements are formed through interpersonal contact that resists codification. How investors translate subjective founder impressions into legitimate, committee-ready claims remains theoretically underdeveloped. This study draws on nine semi-structured interviews with European early-stage venture capital firms and a founder due diligence specialist, analyzed through the Gioia methodology in an abductive, process-theoretic design. The analysis yields two aggregate dimensions: the bounded codifiability of founder knowledge, which describes how the codifiable part of a founder signal - credentials, domain expertise, validated traits - travels through the documentary record while the non-codifiable read built through in-person contact doesn’t; and the bounded non-evidentiary legitimation of founder judgements, whereby partnerships produce defensibility for the non-codifiable remainder through cross-partner consensus, managed conviction, and disconfirmatory reference calls. The thesis reframes founder evaluation as translation work, theorizes the investment committee as a legitimation forum for non-evidentiary decisions and derives implications for codification investment and committee design.
Author: Reinwand, Jannes Peer
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7220268463