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Are female founding CEOs penalized when raising funds for their ventures based on industry served? Across an observational study conducted on ventures seeking funding (N = 392) and an experimental study conducted on investors allocating venture funding (N = 130), we find evidence for a “lack of fit” effect: Female-led ventures catering to male-dominated industries receive significantly less funding at significantly lower valuations than female-led ventures catering to female-dominated industries. In contrast, male-led ventures attain similar funding and valuation outcomes regardless of the gender dominance of the industries to which they cater. We confirm that this is because investors perceive lower degrees of fit between founding CEO and venture for female-led ventures catering to male- as opposed to female-dominated industries (with no perceived fit differences for male-led ventures across industries). Degree of investor sophistication emerges as a potential attenuating factor, appearing to help reduce gender bias from perceived lack of fit.

We investigate what interfirm career mobility patterns would emerge if individuals are motivated by the job rewards they obtain as a function of their experience in organizations. We articulate two career strategies that individuals employ to navigate their early careers-commitment to a single employer and "job hopping" between different employers. Each strategy generates social capital (an individual's structure of social relations) but of a different kind. Embeddedness in the same organization over time develops a strong local identity and reputation within the firm. Boundary spanning through experience in different organizations creates opportunities for connecting people and ideas and for knowledge transfer between firms. We posit and present evidence that the choice between these two strategies is conditioned by social experience at the onset of one's career-the length of tenure with the first employer-which sorts individuals into "stayers" and "movers."