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Age Normalized Testosterone Peaks at Series B for Male Startup Founders

Author

Listed:
  • Jordan Moradian
  • Michael Dubrovsky
  • Megha Sama
  • Pavel Korecky
  • Sidarth Kulkarni
  • Yaniv Goder
  • Diedrik Vermeulen

Abstract

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.

Suggested Citation

  • Jordan Moradian & Michael Dubrovsky & Megha Sama & Pavel Korecky & Sidarth Kulkarni & Yaniv Goder & Diedrik Vermeulen, 2024. "Age Normalized Testosterone Peaks at Series B for Male Startup Founders," Papers 2411.03361, arXiv.org.
    • Handle: RePEc:arx:papers:2411.03361
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    File URL: http://arxiv.org/pdf/2411.03361
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