Persuading Investors: A Video-Based Study

Persuasive communication functions not only through content but also delivery, e.g., facial expression, tone of voice, and diction.This paper examines the persuasiveness of delivery in start-up pitches.Using machine learning (ML) algorithms to process full pitch videos, we quantify persuasion in visual, vocal, and verbal dimensions.Positive (i.e., passionate, warm) pitches increase funding probability.Yet conditional on funding, high-positivity startups underperform.Women are more heavily judged on delivery when evaluating single-gender teams, but they are neglected when co-pitching with men in mixed-gender teams.Using an experiment, we show persuasion delivery works mainly through leading investors to form inaccurate beliefs.