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arXiv · 2411.03361

Age Normalized Testosterone Peaks at Series B for Male Startup Founders

Jordan Moradian·Michael Dubrovsky·Megha Sama·Pavel Korecky·Sidarth Kulkarni·Yaniv Goder·Diedrik Vermeulen
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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.

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Jordan Moradian, Michael Dubrovsky, Megha Sama, Pavel Korecky, Sidarth Kulkarni, Yaniv Goder, Diedrik Vermeulen. 2024-11-05. Age Normalized Testosterone Peaks at Series B for Male Startup Founders. https://arxiv.org/abs/2411.03361

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