2024/11/05 by Jordan Moradian, Moradian, Jordan, Michael Dubrovsky +11 · 8 voices
Business, Management and Accounting · Economics, Econometrics and Finance · #Entrepreneurship Studies and Influences #econ.GN
paper · pdf · doi:10.48550/arxiv.2411.03361
openalex publication_date 2024/11/05 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
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.