**Table 6: Judges Scores Predict Firm Outcomes 6 months and 2 years after program**

||Firm<br>survival|Interested<br>in equity|General<br>Investability|Specific needs <br>of investors|Investment<br>Steps|External<br>investment|Made a deal<br>with investor|
|---|---|---|---|---|---|---|---|
|**Panel A: Association at Six Mo**<br>|**nths**|<br>||||||
|_without controls_|0.024|0.201**|0.076|0.336***|0.222***|0.213**|0.093**|
|Score assessed by Judges|(0.037)|(0.076)|(0.072)|(0.065)|(0.082)|(0.098)|(0.038)|
|_with controls for country, prio_|_r funding, a_|_nd sector_||||||
|Score assessed by Judges|0.017|0.168*|0.052|0.300***|0.179**|0.187*|0.085**|
||(0.037)|(0.087)|(0.074)|(0.069)|(0.087)|(0.110)|(0.039)|
|Sample Size|92|83|83|81|73|82|82|
|Control Mean|0.898|‐0.015|‐0.039|‐0.059|0.008|0.084|0.083|
|Control S.D.|0.303|0.764|0.634|0.682|0.720|0.741|0.276|
|Predicted Treatment Effect|0.007|0.056|0.021|0.094|0.062|0.060|0.026|
|**Panel B: Association at Two Ye**|**ars**|||||||
|_without controls_|0.061|0.153*|0.040|0.136*|0.322***|0.322***|0.166***|
|Score assessed by Judges|(0.041)|(0.088)|(0.073)|(0.082)|(0.100)|(0.072)|(0.048)|
|_with controls for country, prio_|_r funding, a_|_nd sector_||||||
|Score assessed by Judges|0.053|0.128|0.027|0.140*|0.324***|0.339***|0.175***|
||(0.044)|(0.094)|(0.078)|(0.077)|(0.099)|(0.077)|(0.049)|
|Sample Size|100|92|86|88|80|99|99|
|Control Mean|0.753|‐0.005|‐0.058|‐0.059|‐0.032|0.018|0.244|
|Control S.D.|0.433|0.783|0.650|0.692|0.760|0.698|0.431|
|Predicted Treatment Effect|0.017|0.044|0.011|0.038|0.090|0.090|0.046|

Notes: robust standard errors in parentheses. *, **, and *** denote significance at the 10, 5, and 1 percent levels respectively.

**Firm survival** is a binary variable that takes value one if the firm is operating, and zero otherwise. **Interested in equity** is a standardized index of whether the firm is interested in equity financing, the maximum equity share they are willing to have owned by outside investors, whether they have specific deal terms for investors, and whether they would consider a royalty‐ based investment. **General investability** is a standardized index of number of employees, whether the founders work full‐ time in the business, whether the firm had positive sales in the first quarter of the year, whether total sales exceed 10,000 euros in that quarter, whether the firm made a positive profit in the past year, and whether the firm made sales to Western Europe or the United States. **Specific needs of investors** is a standardized index of whether business and personal accounts are separated, whether the firm has made a revenue projection for the next year, whether it knows customer acquisition costs, the number of key metrics tracked, whether it has found out if the product or service can be covered by intellectual property protection, and whether it has at least one form of intellectual property protection received or pending. **Investment steps** is a standardized index of having contacted at outside investor, made a pitch to an outside investor, have a mentor or external expert supporting them to obtain financing, and entered into negotiations with an outside investor. **External investment** is a standardized index of having taken on new debt, having made a deal with an outside investor, have received at least 25,000 euros in outside financing, and have received an incubator or accelerator grant (all since August 2015). **Made a deal with an investor** indicates having made a deal with an outside investor since August 2015 (program start).

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