Entrepreneurship research examines the nature and diversity of founding teams’ prior experience to understand its influence on the new ventures’ growth, which is often measured in terms of the latter’s capacity to raise capital (i.e., external investment). Founding teams operating in the high-tech industry need a diverse set of experiences—entrepreneurial, managerial, and industry (technological domain)-specific—to craft a venture strategy. However, the conditions in which these experiences lead to an external investment remain unclear. We address this issue by arguing that these types of experience have different effects on the efforts of Founder CEOs and Non-Founder CEOs to influence external investment. We tested this theoretical argument using a sample of 60 new young high-technology ventures, and the results point to a positive association between founding teams’ prior managerial and industry (technological domain)-specific experience and the obtainment of external investment. The relationship between Founder CEO and external investment was negative. The interactive influence of a team’s prior experience and the CEO’s role on external investment demonstrates the former’s crucial effect on venture growth, particularly regarding new ventures managed by Founder CEOs and teams with prior managerial experience.

创业研究研究了创始团队先前经验的性质和多样性，以了解其对新创企业成长的影响，而这通常是根据新创企业筹集资金（即外部投资）的能力来衡量的。从事高科技行业的创始团队需要企业家，管理人员和行业（技术领域）特有的丰富经验，才能制定风险战略。但是，这些经验导致外部投资的条件仍然不清楚。我们通过争论这些类型的经验对创始人CEO和非创始人CEO影响外部投资的努力产生不同的影响来解决这个问题。我们使用60个新兴的年轻高科技企业的样本对这一理论论证进行了检验，结果表明，创始团队的先前管理和特定行业（技术领域）的经验与外部投资的获得之间存在正相关关系。创始人首席执行官与外部投资之间的关系是负面的。团队先前经验与首席执行官在外部投资中的作用的互动影响证明了前者对企业成长的关键影响，特别是对于由创始人CEO和具有先前管理经验的团队管理的新企业而言。