Does smiling really increase funding odds?

Yes. Research by Allen Hu and Song Ma published in the Journal of Finance found that smiling for 10 additional seconds within a 60-second pitch video is associated with a 15% rise in the probability of being invested in.

How much does enthusiasm affect startup funding?

Teams that sounded more enthusiastic were 27% more likely to be funded. Teams that looked more positive were 17% more likely to be funded. A one-standard-deviation improvement in 'Pitch Factor' translated to a 35% increase in funding probability.

What matters more in fundraising — the deck or the pitch?

The research suggests the person presenting matters more than most admit. The deck matters, the business matters, but delivery — positivity, enthusiasm, warmth, vocal energy — is what moves investor decisions.

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Fundraising 7 min read

Smiling 10 Seconds More in Your Pitch Video Raises Your Funding Odds by 15%

Startup pitch emotional delivery affects funding outcomes

This is not a self-help claim. This is the finding of a peer-reviewed study published in the Journal of Finance.

The Research: Emotional Signals in Pitch Videos

Researchers Allen Hu and Song Ma analysed over 1,100 accelerator pitch videos using machine learning, then tracked which teams actually received investment.

They quantified the emotional signals in each pitch — positivity, enthusiasm, warmth, vocal energy — and modelled them against funding outcomes.

The results were striking.

+17%

Funding lift for teams that looked more positive

+27%

Funding lift for teams that sounded more enthusiastic

+35%

Funding lift from one SD improvement in "Pitch Factor"

The 10-Second Finding

Dr Hu put a number on it that is almost uncomfortably precise:

15%

Increase in funding probability from smiling 10 additional seconds in a 60-second pitch video

The Uncomfortable Second Finding

Now the uncomfortable second finding.

Conditional on getting funded, high-Pitch-Factor startups subsequently underperformed on employment growth, follow-on funding, and survival.

Investors were being moved by delivery in ways that did not correlate with company quality.

Founders with better pitches were winning capital that founders with better businesses were not.

The implication: If you are raising and you are not training your delivery with the same rigour you apply to your financial model, you are competing asymmetrically against founders who are.

What This Means for Founders

The deck matters. The business matters.

But the research says the person presenting them matters more than almost anyone in the room will admit.

What investors respond to (research-backed):

•Positivity and genuine warmth
•Vocal enthusiasm and energy
•Confident but calm demeanour
•Natural, authentic emotional expression

Train Your Pitch Delivery

EchoPitch analyses your emotional signals, vocal enthusiasm, and presence — the factors that research shows drive funding decisions.

Practice your investor pitch →Investor pitch tips →

Sources: Hu, A. & Ma, S. Journal of Finance research on pitch video emotional signals and funding outcomes; analysis of 1,100+ accelerator pitch videos.