中文摘要
风险资本投资者如何回应社会运动，包括那些与融资领域历史上的代表性不足相关的社会运动？我们将图像与姓名算法同人工复核相结合，对 150,000 名创始人和 30,000 名投资者进行种族分类。这些数据使我们能够评估 George Floyd 被谋杀事件对风险资本向黑人创业者提供融资的影响，并识别哪些风险投资机构反应最为积极。尽管风险投资机构反应迅速，但对黑人创立初创企业的投资在两年内便回落至此前水平。这种暂时性反应集中于那些此前从未投资过任何黑人创业者的人。此外，做出反应的投资者更不可能投资于不止一家黑人创立的初创企业，也更不愿意通过担任董事会席位来深度参与。最后，表现最好的黑人创业者似乎预见到了这种“象征性”反应，因为他们没有与那些毫无资助黑人初创企业经验的投资者匹配。本文由创业与创新领域的 Toby Stuart 接收。补充材料：在线附录和数据文件见 https://doi.org/10.1287/mnsc.2024.06410 。
Abstract
How do venture capital investors react to social movements, including those that relate to historical underrepresentation in funding? We use image and name algorithms combined with clerical review to classify race for 150,000 founders and 30,000 investors. These data allow us to assess the impact of George Floyd’s murder on VC funding of Black entrepreneurs and identify which VCs were most responsive. Although VCs responded swiftly, investment in Black-founded startups reverted to prior levels within two years. This temporary reaction was concentrated among those who had never previously invested in any Black entrepreneur. Moreover, the investors who responded were less likely to invest in more than one Black-founded startup and were less inclined to engage deeply by taking a board seat. Finally, it appears that the best Black entrepreneurs may have anticipated this “token” response because they did not match with investors who had no experience funding Black startups. This paper was accepted by Toby Stuart, entrepreneurship and innovation. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.06410 .