1. Age Normalized Testosterone Peaks at Series B for Male Startup Founders
- Author
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Moradian, Jordan, Dubrovsky, Michael, Sama, Megha, Korecky, Pavel, Kulkarni, Sidarth, Goder, Yaniv, and Vermeulen, Diedrik
- Subjects
Economics - General Economics - Abstract
In a study of 107 male Y Combinator founders, a surprising correlation between age-normalized testosterone and company stage was uncovered. Testosterone, a hormone associated with confidence, dominance, and drive, increased by 55.7% from pre-seed to seed funding, peaking at the Series B stage, where levels were 99.6% higher than pre-seed. After series B funding, testosterone was observed to drop by 42.2%, coinciding with a spike in cortisol levels. This age-normalized biomarker analysis supports the dual-hormone hypothesis, illustrating that early startup success fosters feelings of dominance and confidence, while later-stage pressures and stresses erode these feelings. An alternative interpretation of the data, which suggests the opportunity for a longitudinal study, is that male founders with higher testosterone are more likely to raise larger rounds of funding., Comment: 9 pages, 4 figures
- Published
- 2024