This article investigates venture capital (VC) decision-making, a process that occurs under changing conditions and limited, ambiguous information. We shed new light on the inherent dynamics of this strategic process. One of the key distinguishing features of our study is its unprecedented access to the internal decision-making process of a VC firm. By analyzing unique, longitudinal data capturing 2,383 proposal selection processes conducted over the life of one venture capital fund, we show how decision-making speed and the information cues that decision makers rely upon will, over time, change in systematic and predictable ways. Specifically, our approach allows us to identify fundamental, unexplored patterns with respect to the selection process as a whole and the multiple stages within the process.

中文翻译：

---

驾驭机会：风险投资决策的动态

本文研究了风险投资 (VC) 决策，这是一个在不断变化的条件和有限且模糊的信息下发生的过程。我们对这一战略进程的内在动力有了新的认识。我们研究的主要显着特征之一是它前所未有地了解风险投资公司的内部决策过程。通过分析独特的纵向数据，捕获一个风险投资基金生命周期内进行的 2,383 个提案选择流程，我们展示了决策速度和决策者所依赖的信息线索将如何随着时间的推移以系统和可预测的方式发生变化。具体来说，我们的方法使我们能够识别整个选择过程以及过程中多个阶段的基本的、未探索的模式。