What’s in a face? Facial appearance associated with emergence but not success in entrepreneurship

Facial appearance has been associated with leader selection in domains where effective leadership is considered crucial, such as politics, business and the military. Few studies, however, have so far explored associations between facial appearance and entrepreneurship, despite the growing expectation that societies project on entrepreneurs for providing exemplary leadership in activities leading to the creation of disruptive start-ups. By using computer vision tools and a large-scale sample of entrepreneurs and non-entrepreneurs from Crunchbase, we investigate whether three geometrically based facial characteristics - facial width-to-height ratio (fWHR), cheekbone prominence, and facial symmetry - as well as advanced statistical models of whole facial appearance, are associated with a) the likelihood of an individual to emerge as an entrepreneur and b) the performance of the company founded by that individual. We find that cheekbone prominence, facial symmetry and two whole facial appearance statistical models are associated with the likelihood of an individual to emerge as an entrepreneur. In contrast to entrepreneurship emergence, none of the examined facial characteristics are associated with performance. Overall, our results suggest that facial appearance is associated with the emergence of leaders in the entrepreneurial endeavor, however, it is not informative about their subsequent performance.