Thinking of going into business with a friend? Your relationship could cost
you, according to research. Researchers at Harvard University, in a study
looking at friendship among venture capitalists, found that those who paired
together based on how much they liked each other - as opposed to basing the
decision on ability - were likely to see less success on their investments. The
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to choose appropriate partners to cooperate.
"The Cost of Friendship" report
by three authors - whether they are friends or not is not known -studied more
than 3,500 venture capitalists from 1975 to 2003. The study showed that if
business partners of the same minority group worked together, their chances of a
successful return dropped by 25 percent. By the same token, those partners who
went to the same college saw their chance of success drop by 22 percent, and by
18 percent if they started a business together before. The report said:
"Collaborations based on characteristics unrelated to ability might suffer from
a 'cost of friendship' and induce a negative relationship between affinity based
similarities andperformance."
If you want to see a real-world example, just
look at Mark Zuckerberg and Eduardo Saver in. While the pair have both reaped
millions - in Zuckerberg's case, many billions - the pair had an huge
falling-out in the early days of the social network, as was portrayed in the
film The SocialNetwork. The researchers said that the flip-side of working with
friends included working with too many similarly-minded people, all sharing
certain strengths and weaknesses, and potentially having poor decision-making as
decisions would be made on a group basis.
However, it is unlikely that this
report will stop friends starting businesses together - it is one of the most
popular ways to set up a business. But, as the authors, warn: "To paraphrase
Ralph Waldo Emerson, you cannot afford to be stupid with old friends when you
are venture capitalists co-investing together."
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