NEW DELHI: A new study using machine learning algorithms has identified aspects of startup founders’ personalities that are important to the success of their ventures. The algorithm inferred the personality profiles of more than 21,000 founders from the language and activity of publicly available X accounts, British and Australian researchers said in the study.
They then correlated the personality profiles with data from Crunchbase, the world’s largest startup directory, to determine whether specific founder personalities and their combination in co-founding teams were associated with startup success. . Acquire another company or list on the stock market.
The researchers found that aspects that characterize successful entrepreneurs include “openness to adventure,” “level of modesty,” and “enthusiasm.”
“Openness to adventure” refers to a preference for variety, novelty, and starting new things, while “low-level humility” refers to the enjoyment derived from being the center of attention and “ ‘Enthusiasm’ refers to high energy and activity levels.
Researchers said in a study published in the journal Scientific Reports that the algorithm was able to identify successful startup founders with 82.5% accuracy.
Additionally, researchers discovered that there are six types of successful founders, not just one.
“We used machine learning and a variety of advanced statistical tests to show that there is not just one type of successful founder, but actually six types,” says the Institute of Technology. said Marian-Andrei Rizoiu, a senior lecturer who heads the Behavioral Data Science Laboratory at . Sydney (UTS), Australia.
“Our findings clearly show that there is no single ideal ‘founder type’ personality,” said study lead author Margaret Kahn from the University of Melbourne in Australia.
“Instead, further analysis of the Big Five personality traits of successful startup founders across 30 dimensions reveals six distinct personality types: Warriors, Executives, Achievers, Leaders, Engineers, and Developers.” Mr. Khan said.
Researchers also found that diverse and specific combinations of these founder types, such as adventurous “leaders,” imaginative “engineers,” and extroverted “developers,” increase a venture’s chances of success. It was also found that it increases significantly.
“Companies with three or more founders are more than twice as likely to be successful than start-ups founded by themselves,” said study co-author Fabian Stefani of the University of Oxford in the UK.
“Furthermore, organizations with a diverse mix of founder types are eight to 10 times more likely to be successful than single-founder organizations,” Stefani said.
The researchers say their findings have important applications for entrepreneurs, investors, and policy makers, and could help create more resilient startups that deliver more significant innovation and impact. It states that there is.
“We can make better decisions about which startups to support and help young companies assemble foundation teams that have the best chance of success.” said study lead author Paul X. McCarthy, adjunct professor at the University of New South Wales in Sydney. ,Australia.
This information about the personality traits of successful entrepreneurs helps people understand whether becoming a founder is a good choice for them, just as a data-driven occupational personality map can help provide career guidance. It also helps in determining.
“Although this was not part of this study, we estimate that 8 percent of people around the world may have the personality traits that make them successful founders,” McCarthy said. Stated.
“A lot of people are probably not currently in the entrepreneurial field,” he added.
They then correlated the personality profiles with data from Crunchbase, the world’s largest startup directory, to determine whether specific founder personalities and their combination in co-founding teams were associated with startup success. . Acquire another company or list on the stock market.
The researchers found that aspects that characterize successful entrepreneurs include “openness to adventure,” “level of modesty,” and “enthusiasm.”
“Openness to adventure” refers to a preference for variety, novelty, and starting new things, while “low-level humility” refers to the enjoyment derived from being the center of attention and “ ‘Enthusiasm’ refers to high energy and activity levels.
Researchers said in a study published in the journal Scientific Reports that the algorithm was able to identify successful startup founders with 82.5% accuracy.
Additionally, researchers discovered that there are six types of successful founders, not just one.
“We used machine learning and a variety of advanced statistical tests to show that there is not just one type of successful founder, but actually six types,” says the Institute of Technology. said Marian-Andrei Rizoiu, a senior lecturer who heads the Behavioral Data Science Laboratory at . Sydney (UTS), Australia.
“Our findings clearly show that there is no single ideal ‘founder type’ personality,” said study lead author Margaret Kahn from the University of Melbourne in Australia.
“Instead, further analysis of the Big Five personality traits of successful startup founders across 30 dimensions reveals six distinct personality types: Warriors, Executives, Achievers, Leaders, Engineers, and Developers.” Mr. Khan said.
Researchers also found that diverse and specific combinations of these founder types, such as adventurous “leaders,” imaginative “engineers,” and extroverted “developers,” increase a venture’s chances of success. It was also found that it increases significantly.
“Companies with three or more founders are more than twice as likely to be successful than start-ups founded by themselves,” said study co-author Fabian Stefani of the University of Oxford in the UK.
“Furthermore, organizations with a diverse mix of founder types are eight to 10 times more likely to be successful than single-founder organizations,” Stefani said.
The researchers say their findings have important applications for entrepreneurs, investors, and policy makers, and could help create more resilient startups that deliver more significant innovation and impact. It states that there is.
“We can make better decisions about which startups to support and help young companies assemble foundation teams that have the best chance of success.” said study lead author Paul X. McCarthy, adjunct professor at the University of New South Wales in Sydney. ,Australia.
This information about the personality traits of successful entrepreneurs helps people understand whether becoming a founder is a good choice for them, just as a data-driven occupational personality map can help provide career guidance. It also helps in determining.
“Although this was not part of this study, we estimate that 8 percent of people around the world may have the personality traits that make them successful founders,” McCarthy said. Stated.
“A lot of people are probably not currently in the entrepreneurial field,” he added.