Control variables for founders demographics are computed at the company level and take the form of dummy variables indicating whether, “at least one founder” belongs to age cohorts, holds a PhD, or other diplomas, has a major in natural sciences, other fields, and has past professional experience in different fields (e.g. finance). A linear probability model is a simple and straightforward choice in particular in the case when most of the independent variables are also binary (in which case the prediction is less likely to lie outside the [0,1] interval) and when fixed effects are included (in order to avoid the incidental parameter problem inherent to non-linear models). However, the results are robust to the use of non-linear regression model (probit see Annex C).