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date: 27 January 2022

Abstract and Keywords

Founding and operating a firm is a collaborative process, but still little is known about the nature of collaboration between entrepreneurs and other members of the new-venture team, particularly key employees. For example, traditional entrepreneurship literature believed that founders always run their start-ups personally, at least in the early years of operation. However, recent empirical studies suggest that a significant share of founders hire CEOs for their start-ups at the time of founding or soon thereafter. This chapter explores what motivates founders to delegate managerial control to a hired agent, how founders choose their managers, and how they govern relationships with their CEOs.

Keywords: start-up, hired manager, CEO, founder-manager, founding team, informal contract, trust

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