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Predicting entrepreneur fundraising success from focus group EEG data
Jin Ho Yun1,2, Sohvi Heaton3, JuiHsuan Sharon Wong4
1Wharton Neuroscience Initiative, Wharton School of Business, University of Pennsylvania, Philadelphia, Pennsylvania, United States of America.
Plos One
|January 27, 2026
Summary
Brain activity during entrepreneurial pitches can predict investment success. Electroencephalography (EEG) signals, specifically frontal alpha asymmetry and neural similarity, indicated funding interest and deal outcomes, offering insights for pitch optimization.
Area of Science:
- Neuroscience
- Entrepreneurship
- Finance
Background:
- Venture funding decisions are complex and influenced by various factors.
- Predicting the success of entrepreneurial pitches remains a challenge.
- Understanding the neural underpinnings of investor decision-making can offer novel insights.
Purpose of the Study:
- To investigate electroencephalographic (EEG) brain activity in response to entrepreneurial pitches.
- To determine if EEG signals can predict investment outcomes.
- To explore the relationship between neural signals and investment interest/deal success.
Main Methods:
- Recorded EEG signals from a laboratory focus group (N=28) viewing entrepreneurial pitches.
- Analyzed frontal alpha asymmetry and neural similarity (correlated EEG activity) among viewers.
- Correlated EEG measures with population-level investment interest (N=497) and deal outcomes.
Main Results:
- Frontal alpha asymmetry in early pitch segments predicted investment interest and funding amounts.
- Neural similarity increased over pitch duration, indicating improved communication effectiveness.
- EEG measures provided predictive power beyond self-report and textual analysis.
Conclusions:
- EEG signals from evaluators offer early indicators of aggregate investment interest.
- Neural activity during pitches can predict fundraising success and deal size.
- Brain signal analysis provides a roadmap for optimizing entrepreneurial pitches for funding.
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