  The purpose of this study is to examine the impact of board member
composition and board members' social media presence on the performance of
startups. Using multiple sources, we compile a unique dataset of about 500
US-based technology startups. We find that startups with more venture
capitalists on the board and whose board members are active on Twitter attract
additional funding over the years, though they do not generate additional
sales. By contrast, startups which have no venture capitalists on the board and
whose board members are not on Twitter show an increased ability to translate
assets into sales. Consistent with other research, our results indicate that
startups potentially benefit from working with VCs because of the opportunity
to access additional funding, although their presence does not necessarily
translate into sales growth and operational efficiency. We use a number of
control variables, including board gender representation and board members'
position in the interlocking directorates' network.
