Faculty Profiles

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Lakshmi Balachandra is an Associate Professor of Entrepreneurship at Babson College. Her research examines the impact of trust, gender and other entrepreneurial characteristics in acquiring early-stage funding. She has been a Fellow in the Women and Public Policy Program at the Harvard Kennedy School of Government focusing on the impact of gender biases on women entrepreneurs. She was awarded fellowships for her research on VC decision-making from the Kauffman Foundation and the Program on Negotiation at Harvard Law School.

She was a co-author of the Diana Report, 2014, the 1st comprehensive analysis of venture capital investments in women entrepreneurs since 1999. Most recently, she was the lead author on a study with Bank of America exploring the gender bias experienced by successful women entrepreneurs who have achieved over $5million in revenue. The paper, entitled “Beyond the Bucks: Growth Strategies of Successful Women Entrepreneurs,” was published in October, 2019 and received significant media attention for the groundbreaking findings of the study. Her research has been published in Harvard Business Review, Entrepreneurship Theory and Practice, Organization Studies, Journal of Business Ethics, and Negotiation Journal, and her work has received a wide range of press including the AP, USA Today, Businessweek, the Financial Times, The Boston Globe, Entrepreneur Magazine, Inc. Magazine, and Reuters.

Dr. Balachandra has taught courses and international programs to students and executives on entrepreneurship, negotiation, improvisation, and leadership. She consults to a wide range of companies and organizations including the Angel Capital Association, Novartis, Shell and the CIA, and frequently guest lectures in several courses at the Harvard Business School. She taught a course she designed on improvisation and leadership at the MIT Sloan School of Management for 10 years.

In her professional career, she has been intimately acquainted in multiple aspects of entrepreneurship. She has been an entrepreneur – she opened and operated a retail specialty toy store in California upon graduating from college. And she has worked in entrepreneurial finance as she spent seven years in venture capital and in mergers and acquisitions investment banking with firms in Boston, Massachusetts and San Diego, California.

While working for the largest women-owned, women-focused venture capital firm in the country, she founded the Women's Venture Capital Network, the first network of its kind in the country where she organized, created and managed numerous networking events and educational panels for women professionals in the industry. Most recently she was a co-organizer of The Boston Women's Venture Summit (www.bvws.org) from 2014-2017. During (and in-between) her professional career in finance and entrepreneurship, Dr. Balachandra has also been a professional stand-up comedian and improvisational comedian performing in comedy clubs across the country.

Prior to joining Babson College, Dr. Balachandra was a Visiting Assistant Professor of Entrepreneurship and Innovation at Northeastern University in Boston, MA and a Lecturer at the MIT Sloan School of Management and the Harvard Extension School. She has also taught at Boston College and UCSD Rady's School of Management.

Ph D, Boston College
MBA, MIT Sloan
BA, University of Chicago

Entrepreneurship, Gender, Pitching, Decision-Making

2021 — AAAS Science & Technology Policy Fellowship - Executive Branch, National Science Foundation
2021 — White House Fellow - Semi Finalist, White House
2018 — Research Fellow, International Diana Institute
2018 — Academic Excellence Award; Finalist, Woman of the Year , India New England News
2018 — Research Award, Babson Faculty Research Fund
2017 — Research Award, Babson Faculty Research Fund
2016 — Research Award, Babson Faculty Research Fund
2015 — Research Award , Babson Faculty Research Fund
2011 — Women and Public Policy Fellowship, Harvard Kennedy School of Government
2011 — Kauffman Foundation Dissertation Fellowship, Ewing Marion Kauffman Foundation
2010 — Graduate Research Fellowship, Program of Negotiation at Harvard Law School
2009 — Next Generation Research Grant, Program of Negotiation at Harvard Law School
2008 — Barry Armandi Award, Academy of Management

Journal Articles

, ., , ., , ., , ., , ., Balachandra, L. (2023). Rationality in the entrepreneurship process: Is being rational actually rational? Introduction to the special issue. Journal of Business Venturing. Vol: 38, Issue: 3. Elsevier.
Balachandra, L., Brush, C.S., Fischer, K. (2021). Words Matter: Men, Women, and the Power of the Spoken Word in Entrepreneurial Pitching. Journal of Business Venturing Insights. Vol: 15. Elsevier. link
Manwaring, M.M., Balachandra, L., Weirup, A.P. (2021). Negotiating the Pandemic Like an Entrepreneur: Lessons from the Turbulent World of Start-Up Ventures. Negotiation Journal. Vol: 37, Issue: 2, Page: 193-202. Program on Negotiation at Harvard Law School (via Wiley). link
Balachandra, L. (2020). How gender biases drive venture capital decision-making: Exploring the gender funding gap. Gender in Management: An International Journal.
Balachandra, L., Briggs, T., Eddleston, K., Brush, C.S. (2019). Don't Pitch Like a Girl!: How Gender Stereotypes Influence Investor Decisions. Entrepreneurship Theory and Practice. Vol: 43, Issue: 1, Page: 116-137.
Byrne, J., Radu-Lefebrve, M., Fattoum, S., Balachandra, L. (2019). Gender gymnastics in CEO succession: Masculinities, femininities, and legitimacy. Organization Studies.
Balachandra, L., Stoddard, D.B. (2018). Rahama Wright and Shea Yeleen. Entrepreneurship Education and Pedagogy.
Balachandra, L. (2018). The improvisational entrepreneur: Improvisation training in entrepreneurship education. Journal of Small Business Management. Vol: 2, Issue: 1, Page: 43-57.
Brush, C.S., Greene, P.G., Balachandra, L., Davis, A. (2017). The Gender Gap in Venture Capital-Progress, Problems and Perspectives . Venture Capital: An International Journal of Entrepreneurial Finance. Taylor Francis. link
Eddleston, K.A., Ladge, J.J., Mitteness, C., Balachandra, L. (2016). Do You See What I See? Signaling Effects of Gender and Firm Characteristics on Financing Entrepreneurial Ventures. Entrepreneurship Theory and Practice. Vol: 40, Issue: 3, Page: 489-514.
Nielsen, R.P., Balachandra, L., Nielsen, A.L. (2013). Whistle-blowing methods for navigating within and helping reform regulatory institutions. Journal of Business Ethics. Vol: 112, Issue: 3, Page: 385-395. Springer.
Balachandra, L. (2011). Pitching Trustworthiness: Cues for Trust in Early-Stage Investment Decision-Making. Available at SSRN 2205965.
Jones, C., Livne-Tarandach, R., Balachandra, L. (2010). Rhetoric that wins clients: Entrepreneurial firms’ use of institutional logics when competing for resources. Research in the Sociology of Work. Vol: 21, Page: 183–218.
Balachandra, L., Briggs, A.R. (2009). The Secrets of Success: The Role of Idea Sharing In Early Stage Entrepreneurship (Interactive Paper). Frontiers of Entrepreneurship Research. Vol: 29, Issue: 4, Page: 16.
Balachandra, L. (2005). An Introduction. Negotiation Journal. Vol: 21, Issue: 4, Page: 411–413. Wiley Online Library.
Balachandra, L., Barrett, F., Bellman, H., Fisher, C., Susskind, L. (2005). Improvisation and Mediation: Balancing Acts. Negotiation Journal. Vol: 21, Issue: 4, Page: 425-434. Wiley Online Library.
Balachandra, L., Bordone, R.C., Menkel-Meadow, C., Ringstrom, P., Sarath, E. (2005). Improvisation and Negotiation: Expecting the Unexpected. Negotiation Journal. Vol: 21, Issue: 4, Page: 415–423. Wiley Online Library.
Balachandra, L., Crossan, M., Devin, L., Leary, K., Patton, B. (2005). Improvisation and Teaching Negotiation: Developing Three Essential Skills. Negotiation Journal. Vol: 21, Issue: 4, Page: 435-441. Wiley Online Library.

Cases and Teaching Notes

Stoddard, D.B., Balachandra, L. (2016). ISlide Inc. Babson College.
Stoddard, D.B., Balachandra, L. (2016). ISlide Inc. - Teaching Note. Babson College.

Book Chapters

Balachandra, L. (2020). Successful pitching styles: Teaching Entrepreneurship: A practice based approach Volume 2.
Balachandra, L., Dublish, P. (2019). Women for women in entrepreneurship. The role of other women for global female entrepreneurship. Page: 239-260. Emerald Publishing Limited.
Balachandra, L. (2018). Dealing with union negotiations. Edward Elgar.
Balachandra, L. (2014). Exercises to practice empathy: Negotiation for resource acquisition: Teaching Entrepreneurship: A Practice-Based Approach. Page: 146-151. Edward Elgar Pub.
Balachandra, L. (2014). Exercises to practice play: Improvisation for creativity: Teaching Entrepreneurship: A Practice-Based Approach. Page: 118-124. Edward Elgar Pub.

Reports

Balachandra, L., Ofstein, L.F. (2019). Beyond the bucks: Growth strategies of women entrepreneurs. Bank of America.
Brush, C.S., Balachandra, L., Davis, A., Greene, P.G. (2014). Investing in the Power of Women: Progress Report on the Goldman Sachs 10,000 Women Initiative. Babson College. link
Brush, C.S., Balachandra, L., Davis, A., Greene, P.G. (2014). The Diana Report - Bridging the Gap for Women Entrepreneurs.

Conference Proceedings

Weirup, A.P., Manwaring, M.M., Balachandra, L. (2021). Intra-team conflict in the nascent venture crucible. Academy of Management Proceedings.
Balachandra, L., Gupta, S. (2020). Entrepreneurial agility in entrepreneurial pitching: Raising trust and investor interest. Frontiers of Entrepreneurship Research Proceedings.
Balachandra, L., Fischer, K., Brush, C.S. (2017). Words Matter: Men, Women and the Power of the Spoken Word in Entrepreneurial Pitching: Frontiers of Entrepreneurship Research. Vol: 2016. Babson College. link
Balachandra, L., Sapienza, H.J., Kim, D. (2015). Investor mentor: Evaluating the entrepreneur as protege: Academy of Management Proceedings. Vol: 2015, Issue: 1, Page: 17605.
Brush, C.S., Greene, P.G., Balachandra, L., Davis, A. (2015). Venture capital investing: Are women perceived as riskier investments: Frontiers of Entrepreneurship Research. Frontiers of Entrepreneurship Research.
Balachandra, L., Sapienza, H., Kim, D. (2014). How critical cues influence angels' investment preferences: Frontiers of Entrepreneurship Research. Vol: 34, Issue: 1. link
Balachandra, L., Briggs, A.R., Eddleston, K., Brush, C.S. (2013). Pitch like a Man: Gender stereotypes and entrepreneur pitch success: Frontiers of Entrepreneurship Research. Vol: 33, Issue: 8. Babson College. link
Balachandra, L., Welter, C., Greene, P.G. (2013). Women of business or the business of women: Projecting dollar appeal (SUMMARY): Frontiers of Entrepreneurship Research. Vol: 33, Issue: 8. Babson College. link

Other

Manwaring, M.M., Balachandra, L. (2022). Introduction to Special Section on Entrepreneurial Negotiation: Negotiation Journal: Special Section on Entrepreneurial Negotiation. Vol: 38, Issue: 1, Page: 7-10. Program on Negotiation at Harvard Law School (via John Wiley & Sons, Ltd.). link
Balachandra, L., Fischer, K., Brush, C.S. (2021). Do (women’s) words matter? The influence of gendered language in entrepreneurial pitching. Journal of Business Venturing Insights.
Balachandra, L. (2021). There was no way a brown woman could replace a white guy. Boston Globe.

Articles - Circular or newsletter (e.g., Babson Insight)

Balachandra, L. (2018). How to get the best deal for yourself: Tips for negotiating as a woman in a world of implicit gender bias. James Beard Foundation.
Balachandra, L. (2018). Investors punish entrepreneurs for stereotypically feminine behaviors. Harvard Business Review.
Balachandra, L. (2016). The Improvisational Entrepreneur. Babson College.
Balachandra, L. (2013). How Food Improves Negotiations: Build Magazine. The Build Network.
Balachandra, L. (2013). Should you eat while you negotiate?: Harvard Business Review . Harvard Business Publishing. link

The (Investment) Case for Diversity: Investment Opportunity and Delivering Results and Outcomes Balachandra, L. AIF Institute Sustainability Symposium , New York, NY (2023)
The (Sad) State of Women Entrepreneurs Balachandra, L. USPTO Council of Inclusive Innovation, Washington, DC (2023)
Pathways to Open-Source Ecosystems Program Balachandra, L. NSF - Technology Innovation Partnerships Directorate All-Hands Seminar, Alexandria, VA (2023)
How unconscious biases drives investor interest Balachandra, L. IIT Madras, Virtual (2021)
How unconscious non-financial biases drive your interest in investing Balachandra, L. NASA - Unity Campaign Research Talk, Washington, DC (2021)
Communicating Research to Practitioners & From Research to Practice Reports Balachandra, L. Ofstein, L. Babson College Entrepreneurship Research Conference, Virtual (2021)
Entrepreneurship & Negotiation Balachandra, L. Entrepreneurship & Negotiation , Virtual (2021)
Drama! Incorporating theater in entrepreneurship education Balachandra, L. Bal, A. Gartner, W. McAdam, M. Ellborg, K. Radu-Lefebre, M. Wynstra, C. USASBE, Virtual (2021)
How can entrepreneurs work to disperse gender stereotypes Balachandra, L. IBA Center for Entrepreneurial Development, Virtual (2020)
Diversity as a driver of innovation Balachandra, L. Industrio Ventures, Virtual (2020)
Pitch and she shall receive: The opportunity to pitch erases the gender gap in VC Balachandra, L. Randolph, A. Simon, J. Academy of Management , Virtual (2020)
Communicating Research to Practitioners Balachandra, L. Laurel, O. Babson College Entrepreneurship Research Conference, Virtual (2020)
COVID-19 offers a new take of assessing and valuing "women's work" Balachandra, L. ILO Webinar on SMEs, Virtual (2020)
Biases in investing: Who you are drives your decision-making Balachandra, L. Dean's List Distinguished Faculty Lecture, Virtual (2020)
Considering Negotiation as an Entrepreneurial Process (Teaching Business Negotiation track) Manwaring, M. Balachandra, L. Negotiation Pedagogy Conference, Harvard Law School, Cambridge MA (2019)
Effective Pitching Balachandra, L. The CR Connect, Boston, MA (2019)
Intra-team conflict in the nascent venture crucible: The consequences of misalignments and conflict management processes Weirup, A. Manwaring, M. Balachandra, L. International Association for Conflict Management, Dublin, Ireland (2019)
Entrepreneurial agility in entrepreneurial pitching: Raising trust and investor interest Balachandra, L. Gupta, S. Babson College Entrepreneurship Research Conference, Babson College (2019)
Ask and she shall receive: The influence of women’s ability to ask for capital on the gender gap in VC funding Balachandra, L. Randolph, A. Diana International Research Conference, Babson Park, MA (2019)
How gender biases drive venture capital decision-making: Exploring the gender funding gap Balachandra, L. Leading Trends in Women's Entrepreneurship: Bridging Research and Practice, Saskatchewan, Canada (2019)
Measuring Social Value: How Entrepreneurs offer “impact” returns to VCs Balachandra, L. Stoddard, D. USASBE, St. Petersburg, Florida (2019)
Work/Life theory as inspiration for entrepreneurship: A reconsideration and reframing of lifestyle entrepreneurship Balachandra, L. USASBE, St. Petersburg, Florida (2019)
How non-financial unconscious biases drive investor interest in ventures - and how to get past them Balachandra, L. WEBos Women's Entrepreneurship More Than Brunch Speaker Series, Boston, MA (2018)
Ask and she shall receive: Exploring how high growth women entrepreneurs’ opportunity to ask influences outcomes Balachandra, L. Randolph, A. Babson College Entrepreneurship Research Conference, Waterford, Ireland (2018)
Separating the Wheat form the Chaff: A Configurational Analysis of Entrepreneurs' Pitches to Angel Investors Balachandra, L. George, B. Babson College Entrepreneurship Research Conference, Waterford, Ireland (2018)
Can entrepreneurs have a life and a venture: A model of the entrepreneurial process from an enrichment perspective Greenberg, D. Balachandra, L. Work Family Research Network Conference, Washington DC (2018)
How non-financial unconscious biases drive investor interest in ventures-and how to get past them Balachandra, L. Angel Capital Association, Boston, MA (2018)
The improvisational entrepreneur Balachandra, L. USASBE, Los Angeles, CA (2018)
Men, women and the power of the spoken word in entrepreneurial pitching Balachandra, L. Fischer, K. Brush, C. Academy of Management Conference, Atlanta, GA (2017)
Revisiting the female under-performance hypothesis in venture funded businesses Brush, C. Greene, P. Balachandra, L. Asis, A. Babson College Entrepreneurship Research Conference, Norman, OK (2017)
Perception of Opportunity Novelty and New Venture Creation Randolph, A. Balachandra, L. Bailey, J. United States Association for Small Business & Entrepreneurship (USASBE), Philadelphia, PA (2017)
Rahama Wright and Shea Yeleen Balachandra, L. Stoddard, D. USASBE, Philadelphia, PA (2017)
Bridging the Funding Gap Balachandra, L. Angel Capital Association, Boston, MA (2016)
Men, women and the power of the spoken word in entrepreneurial pitching Balachandra, L. Fischer, K. Babson College Entrepreneurship Research Conference , Bodo, Norway (2016)
Pitching trustworthiness: How trust impacts early-stage investment decision-making Balachandra, L. Brush, C. Babson College Entrepreneurship Research Conference , Bodo, Norway (2016)
Can entrepreneurship close the gender gap? Balachandra, L. FINCA International Women's Day Event, Washington, DC (2016)
ISlide USA Stoddard, D. Balachandra, L. USASBE , San Diego, CA (2016)
Angel investor mentor: Evaluating the entrepreneur as protege Balachandra, L. Sapienza, H. Kim, D. Academy of Management Conference, Vancouver, Canada (2015)
Man to "man:" Masculinity and family business succession Byrne, J. Salma, F. Balachandra, L. Academy of Management Conference, Vancouver, Canada (2015)
Venture capital investing: Are women entrepreneurs perceived as riskier investments? Brush, C. Greene, P. Balachandra, L. Davis, A. Babson College Entrepreneurship Research Conference, Babson College (2015)
Gender in venture capital: Does homophily matter in investment decisions? Brush, C. Balachandra, L. Davis, A. Greene, P. , . Diana Conference, Babson College (2015)
What investors notice and value in a pitch Balachandra, L. Boston Women's Venture Summit, Boston, MA (2015)
Improvisation and Negotiation Master Class Balachandra, L. Negotiation, Harvard Business School (2015)
What makes a pitch a hit: What investors value in a pitch Balachandra, L. Burton T. Morgan Foundation Library Distinguished Speaker Series, Hudson, OH (2015)
Improvisational Leadership: Thinking on your feet Balachandra, L. Harvard University Leadership Institute, Harvard University (2015)
How critical cues influence angels’ investment preferences Balachandra, L. Sapienza, H. Kim, D. 34th Babson College Entrepreneurship Research Conference and Doctoral Consortium, London, Ontario (2014)
Pitching altered visions of success: How entrepreneurs shift opportunities based on investor feedback Balachandra, L. Sapienza, H. Kim, D. Entrepreneurship Research Exemplars Conference, Keystone, CO (2014)
Negotiation Workshop Balachandra, L. ICIC , Boston, MA (2014)
Improvisational Negotiation Balachandra, L. Global Summit on Negotiation & Trust, Phoenix, XZ (2013)
Just Trust Me! Negotiating Trust Between Entrepreneurs and Investors Balachandra, L. Global Summit on Negotiation & Trust, Phoenix, AZ (2013)
Pitch Like a Man: Gender Stereotypes and Pitch Success Brush, C. Balachandra, L. Briggs, A. Eddleston, K. 33rd Babson College Entrepreneurship Research Conference, Wellesley, MA (2013)
The Women of Business or the Business of Women: Projecting Dollar Appeal Balachandra, L. 33rd Babson College Entrepreneurship Research Conference (BCERC), Lyon, France (2013)
Entrepreneurial Women? Exploring the Role of Gender in Short-Term and Long-Term Entrepreneurship Balachandra, L. Women’s Leadership Institute, (2012)
Entrepreneurial Women? Exploring the Role of Gender in Short-Term and Long-Term Entrepreneurship Balachandra, L. Women and Public Policy Program, Cambridge, MA (2012)

Board Member USASBE (2019 - Present)

Lakshmi Balachandra

Academic Degrees

Academic Interest / Expertise

Awards & Honors

Publications