What Makes Blockchain-based Ventures Grow Public Fast?

The purpose of this study is to empirically examine the effect of the founder's human capital characteristics on the investment decision of the venture capital, and whether the time to go public is shortened. This study analyzed the whitepaper issued by 514 companies listed on Binance for ICO, built a database by coding the variables necessary for this study, and used survival analysis for empirical research. Empirical analysis shows that founders are more likely to attract venture capital investments if their background is output or relevant industry experience. Also, venture capital investment mediates the effect of related industry experience shortening the cryptocurrency public offering period. This study shows that blockchain-based venture firms have identified the founder's human capital characteristics, positively affecting venture capital investment decisions. And, it finds out that resource holders' resource provisions affect the shortening of the ICO period.