Research study confirms importance of two factors in a successful start-up
The results seem intuitive but now they’ve been validated in an academic research project.
With the right strategy – a mix that has founders both liking each other due to shared values and experiences and having the proper complementary skills and capabilities – start-ups can foster better team dynamics and have more success raising funds, being productive, and earning profits.
That’s the conclusion from a study conducted by researchers at the University of Maryland’s Robert H. Smith School of Business. The results of the study, titled “Forming Entrepreneurial Teams: Mixing Business and Friendship to Create Transactive Memory Systems for Enhanced Success,” were published in the Academy of Management Journal and also summarized via a whiteboard animation: “What’s the Best Way to Build a Startup Team?”
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