Venture capitalists' interest in funding followed how prepared the founder seemed, not how much passion the founder displayed.
Chen, X.-P., Yao, X., & Kotha, S. (2009). Entrepreneur passion and preparedness in business plan presentations: A persuasion analysis of venture capitalists' funding decisions. Academy of Management Journal, 52(1), 199–214.
Study: Scale development, lab experiment and field study with VCs.Measured through a stand-in
Limits: Preparedness was rated by investors; we use coverage of the screening factors as a stand-in.
In 113 funded TV pitches, founders who seemed more prepared gained more legitimacy and more funding.
Pollack, J. M., Rutherford, M. W., & Nagy, B. G. (2012). Preparedness and cognitive legitimacy as antecedents of new venture funding in televised business pitches. Entrepreneurship Theory and Practice, 36(5), 915–939.
Study: Coding of Shark Tank and Dragons' Den pitches.Measured through a stand-in
Limits: Only funded pitches were sampled, and TV footage is edited.
Angel investors on Dragons' Den first rejected any pitch that showed one of eight fatal flaws: product not close to market, no protection from competition, unclear value to customers, no known customers, no route to market, too small a market, a team without relevant experience, or no sound financial plan. Only pitches with none of these got a closer look.
Maxwell, A. L., Jeffrey, S. A., & Lévesque, M. (2011). Business angel early stage decision making. Journal of Business Venturing, 26(2), 212–225.
Study: Coding of 150 unedited Dragons' Den recordings.Measured directly
Limits: We check whether the pitch addresses each factor, not whether the venture really meets it.
In a field experiment with 271 aspiring entrepreneurs, pitch training added pitch elements. Experienced investors then rated strong ideas higher and weak ideas lower: training made the pitch a clearer signal of the idea.
Clingingsmith, D., & Shane, S. (2018). Training aspiring entrepreneurs to pitch experienced investors: Evidence from a field experiment in the United States. Management Science, 64(11), 5164–5179.
Study: Randomized field experiment at four pitch competitions.Explains a design choice
Limits: Mostly student entrepreneurs; investor interest, not funding.
Managers and MBA students trained to use charismatic leadership tactics (metaphors, stories, contrasts, rhetorical questions, three-part lists, moral conviction, shared sentiment, high goals, confidence the goals can be met) were rated more charismatic and more leader-like.
Antonakis, J., Fenley, M., & Liechti, S. (2011). Can charisma be taught? Tests of two interventions. Academy of Management Learning & Education, 10(3), 374–396.
Study: Two training experiments (34 managers; 41 MBA students rated by 135 raters).Measured directly
Limits: Leadership speeches, not investor pitches.
TED talks with more verbal charisma tactics drew more views and were rated more inspiring.
Tur, B., Harstad, J., & Antonakis, J. (2022). Effect of charismatic signaling in social media settings: Evidence from TED and Twitter. The Leadership Quarterly, 33(5), 101476.
Study: Coding of TED talks and tweets.Measured directly
Limits: Observational; popularity, not funding.
The same interviewees were rated higher when looking at the camera than when looking down at the screen. Looking at the screen was rated even below audio only.
Shinya, M., Yamane, N., Mori, Y., & Teaman, B. (2024). Off-camera gaze decreases evaluation scores in a simulated online job interview. Scientific Reports, 14.
Study: 12 interviewees recorded both ways, rated by 38 workers.Measured directly
Limits: Small sample; job interviews. Our gaze measure is an estimate from the webcam.
Viewers remembered more of a video presentation when the presenter looked into the camera part of the time than when the presenter never did.
Fullwood, C., & Doherty-Sneddon, G. (2006). Effect of gazing at the camera during a video link on recall. Applied Ergonomics, 37(2), 167–175.
Study: Experiment with a recorded sales presentation.Measured directly
Limits: Recall, not persuasion.
In 2,184 TED talks and follow-up experiments, gestures that illustrate what is being said made speakers clearer, more competent and more persuasive. The number of gestures did not.
Cascio Rizzo, G. L., Berger, J., & Zhou, M. (2026). Talking with your hands: How hand gestures influence communication. Journal of Marketing Research, 63(3), 518–537.
Study: TED talk analysis plus experiments.Explains a design choice
Limits: The webcam can see hands but cannot tell what kind of gesture they make, so hands are shown and not scored.
Hand gestures tied to speech made a speaker seem more persuasive and competent than no gestures or self-touching.
Maricchiolo, F., Gnisci, A., Bonaiuto, M., & Ficca, G. (2009). Effects of different types of hand gestures in persuasive speech on receivers' evaluations. Language and Cognitive Processes, 24(2), 239–266.
Study: One speaker, five gesture conditions, student raters.Explains a design choice
Limits: Single speaker.