SHOW ME WHAT YOU HAVE: SIGNALING, ANGEL AND VC INVESTMENTS IN TECHNOLOGY STARTUPS.

We present a model in which the founders of a technology startup signal the value of their company using their investment in patents and own, friends' and family's money. We then estimate the model using a unique database on 117 technology startups housed in the Georgia Institute of Technology's Advanced Technology Development Center (ATDC) from 1998-2008.