Fighting for the Best, Losing with the Rest the Perils of Competition in Entrepreneurial Finance∗

Daniel WillsJuan G. Castillo Hernández2026-03-222026-03-22202410.2139/ssrn.4923194https://doi.org/10.2139/ssrn.4923194https://andeanlibrary.org/handle/123456789/84344enRest (music)Competition (biology)Entrepreneurial financeEconomicsBusinessFinanceEntrepreneurshipFighting for the Best, Losing with the Rest the Perils of Competition in Entrepreneurial Finance∗preprint