“…Industry experience is another characteristic linked to expert power (Datta, Guthrie, & Rajagopalan, 2002;Haynes & Hillman, 2010). A founder with more industry-specific experience generally has better networks, is better equipped to steer the company through difficulties, and is more highly regarded by investors (Bach & Smith, 2007;Cooper, Gimeno-Gascon, & Woo, 1994;Goodall & Pogrebna, 2015;Pennings, Lee, & Witteloostuijn, 1998).…”