We are grateful to Nazeer Bhore, Luis Cabral, Susan Cohen, J.P. Eggers, Thomas R. Eisenmann, Andrew D. Hamilton, Arthur Klausner, Sharon Mates, Ramana Nanda, Robert Padulo, Joseph Porac, Sandy Yu, Bruce Zetter, several startup founders, mentors, and investors at Endless Frontier Labs, JLABS, Tech Stars, Y-Combinator, and other accelerator programs, seminar participants at Harvard Business School, New York University, and Washington University at St. Louis for their helpful feedback. Baek is a postdoctoral researcher at NYU Stern whose position is funded by Endless Frontier Labs. Hegde is the founding director of Endless Frontier Labs. The views and comments expressed herein are solely the authors’ own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.