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Does hiring a professional CEO at the founding stage improve startup outcomes compared to founder-led startups?
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This thesis examines how founder-led and professional-led startups differ in performance using a dataset of 7,143 venture-backed firms in North America and Europe with manually validated CEO classifications. Professional-led startups raise more capital and fail less often,
while founder-led startups show no exit disadvantage but face nearly twice the odds of failure. Yet founders who reach an IPO command valuations approximately twice as large as their professional-led counterparts. In the field of Artificial Intelligence, founder-led firms raise
more funding. These patterns suggest that neither leadership type dominates universally. The optimal configuration depends on stage, sector, and context.
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Professional CEO Founder-led startups Entrepreneurial performance Venture funding