Founder personality and entrepreneurial outcomes: A large-scale field study of technology startups.

Technology startups play an essential role in the economy-with seven of the ten largest companies rooted in technology, and venture capital investments totaling approximately $300B annually. Yet, important startup outcomes (e.g., whether a startup raises venture capital or gets acquired) remain difficult to forecast-particularly during the early stages of venture formation. Here, we examine the impact of an essential, yet underexplored, factor that can be observed from the moment of startup creation: founder personality. We predict psychological traits from digital footprints to explore how founder personality is associated with critical startup milestones. Observing 10,541 founder-startup dyads, we provide large-scale, ecologically valid evidence that founder personality is associated with outcomes across all phases of a venture's life (i.e., from raising the earliest funding round to exiting via acquisition or initial public offering). We find that openness and agreeableness are positively related to the likelihood of raising an initial round of funding (but unrelated to all subsequent conditional outcomes). Neuroticism is negatively related to all outcomes, highlighting the importance of founders' resilience. Finally, conscientiousness is positively related to early-stage investment, but negatively related to exit conditional on funding. While prior work has painted conscientiousness as a major benefactor of performance, our findings highlight a potential boundary condition: The fast-moving world of technology startups affords founders with lower or moderate levels of conscientiousness a competitive advantage when it comes to monetizing their business via acquisition or IPO.

Single neuron evidence of inattentional blindness in humans.

Recording directly from the brain of a patient undergoing neurosurgery with electrodes implanted deep in her skull, we identified neurons that change their properties when the patient became consciously aware of content. Specifically, we showed the patient an established clip of a gorilla passing through the screen, unnoticeable, in a classic inattentional blindness task, and identified a neuron in the right amygdala that fired only when the patient was aware of the gorilla. A different neuron coded the moment of insight, when the patient realized that she had missed the salient gorilla in previous trials. A third cluster of neurons fired when the patient was exposed to a post-clip question ("How many passes did you count?") and reflected on the content. Neurons in this cluster altered their response behavior between unaware and aware states. To investigate the interplay between the neurons' activity and characterize the potential cascade of information flow in the brain that leads to conscious awareness, we looked at the neurons' properties change, their activities' alignment and the correlation across the cells. Examining the coherence between the spiking activity of the responsive neurons and the field potentials in neighboring sites we identified an alignment in the alpha and theta bands. This spike-field coherence hints at an involvement of attention and memory circuits in the perceptual awareness of the stimulus. Taken together, our results suggest that conscious awareness of content emerges when there is alignment between individual neurons' activity and the local field potentials. Our work provides direct neural correlate for the psychological process by which one can look at things directly but fail to perceive them with the "mind's eye".