Co-founder selection from a marriage market perspective: How the dark triad shapes judgments of interpersonal attraction, resources, and equity demand

Co-founder selection is a pivotal decision in new venture formation, yet how lead founders evaluate potential partners remains underexplored. Drawing on insights from marriage market theory, we conceptualize co-founder selection as an act of individuated judgment guided by cooperative logic and associated joint utility projection, wherein lead founders assess co-founder candidates based on social-emotional, instrumental, and distributive considerations reflected in interpersonal attraction, resource contributions, and equity demand. We further propose that lead founders' dark triad shifts this judgmental process from joint utility logic to personal utility maximization. Using a conjoint experiment with 206 entrepreneurs making 3296 co-founder selection decisions, we find that interpersonal attraction and resource contributions positively influence willingness to select a co-founder candidate, whereas higher equity demand reduces candidate attractiveness. Critically, lead founders higher in the dark triad display distinct patterns: they discount interpersonal attraction and display heightened sensitivity to equity dilution—assessments that indicate their prioritization of personal over joint value creation. Taken together, these findings reveal how dispositional tendencies influence the judgments underlying co-founder selection, indicating a shift away from the cooperative logic assumed in marriage market theory and co-founder selection toward greater emphasis on personal utility considerations. We discuss theoretical implications of these findings and offer practical guidance for navigating the complexities of co-founder selection.