Figure 1
The diagram begins on the left with a large box labeled “Entrepreneurs’ experience”. The box has two sub-headings with bullet points. The sub-heading in the top reads “Experience in fundraising campaign” with four bullet points: “Diversity of investor engagement”, “Years of fundraising experience”, “Total external capital raised”, and “Funding success rate”. The lower sub-heading at the bottom reads “Experience in new venture creation” with two bullet points: “Industry-specific serial entrepreneurship” and “Cross-industry serial entrepreneurship”. From this left box, two diagonal arrows extend to the right. The upper arrow, labeled “H 1 and H 2”, points to the top-right rectangular box labeled “Entrepreneurs’ criteria on investors’ attributes”, which contains the text “Greater emphasis on substantive investor attributes, such as ethical conduct and strategic expertise, rather than symbolic attributes like reputation, track record, or investment size”. The lower arrow, labeled “H 3 and H 4”, points to another rectangular box below it labeled “Entrepreneurs’ expectation on investors’ value-added support”, which contains the text “Greater emphasis on investor involvement that provides substantive strategic support, rather than symbolic involvement in operational or routine managerial activities”.The conceptual model of the study