Minimum Viable Signal: Venture Funding, Social Movements, and Race

Matt Marx
Matt Marx
[email protected]
https://orcid.org/0000-0002-6173-4142
SC Johnson College of Business, Cornell University, Ithaca, New York 14853; and National Bureau of Economic Research, Cambridge, Massachusetts 02138
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Qian Wang
Corresponding Author
Qian Wang
[email protected]
https://orcid.org/0000-0002-1196-8311
SC Johnson College of Business, Cornell University, Ithaca, New York 14853
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Emmanuel Yimfor
Emmanuel Yimfor
[email protected]
https://orcid.org/0000-0003-3604-7073
Columbia Business School, Columbia University, New York City, New York 10027
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Matt Marx

[email protected]

https://orcid.org/0000-0002-6173-4142

SC Johnson College of Business, Cornell University, Ithaca, New York 14853; and National Bureau of Economic Research, Cambridge, Massachusetts 02138

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,

Corresponding Author

Qian Wang

[email protected]

https://orcid.org/0000-0002-1196-8311

SC Johnson College of Business, Cornell University, Ithaca, New York 14853

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,

Emmanuel Yimfor

Emmanuel Yimfor

[email protected]

https://orcid.org/0000-0003-3604-7073

Columbia Business School, Columbia University, New York City, New York 10027

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Published Online:19 Aug 2025https://doi.org/10.1287/mnsc.2024.06410

Supplemental Material

mnsc.2024.06410.sm1.pdf

The replication files for this article are available HERE.

cover image Management Science

Volume 72, Issue 4

April 2026

Pages 2681-3628, iv-vi

Article Information

Supplemental Material

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Received:June 06, 2024
Accepted:January 02, 2025
Published Online:August 19, 2025

Copyright © 2025, INFORMS

Cite as

Matt Marx, Qian Wang, Emmanuel Yimfor (2025) Minimum Viable Signal: Venture Funding, Social Movements, and Race. Management Science 72(4):3332-3350.

https://doi.org/10.1287/mnsc.2024.06410

Keywords

Acknowledgments

Authorship is alphabetical. The authors thank department editor Toby Stuart, the associate editor, and anonymous reviewers, Brittany Bond, Glen Dowell, Xuege (Cathy) Lu, Kunyuan Qiao, Peter Younkin, and seminar participants at Cornell University, the Wharton Management Department, the Georgia Tech REER conference, and the AIEA-NBER seminar series for feedback. The authors also thank WonJung Joey Ryu for excellent research assistance.