Background: This study investigates the role of gut feelings in early-stage venture investments, particularly in environments characterized by high uncertainty. By examining how both inexperienced and experienced investors utilize intuition, the research aims to uncover the cognitive and emotional foundations that influence investment decisions.

Purpose: The research aims to understand how gut feelings impact investment decisions across different levels of investor experience. It compares the strategies of seasoned investors with those of novices, providing insights into how intuition and analytical reasoning are integrated. The objective is to offer practical guidance for investors on effectively combining gut feelings with analytical methods to navigate uncertain investment landscapes.

Method: A multi-method qualitative approach was employed, combining semi-structured interviews and think-aloud protocols to capture real-time decision-making processes. Data were gathered from 11 investors, resulting in 14 hours of verbal protocols, which were subsequently analyzed using protocol analysis. A hypothetical investment scenario involving a fictional company, EcoPower Innovations, was used to elicit detailed responses from participants.

Conclusion: The study finds significant differences in how gut feelings influence investment decisions based on the level of investor experience. Experienced investors skillfully blend intuition with data analysis, leveraging their expertise to manage uncertainty more effectively. In contrast, inexperienced investors tend to rely more on emotional impulses, demonstrating less integration of intuitive judgment with analytical reasoning. These findings highlight the importance of investor education in promoting the balanced use of gut feelings and analytical techniques, thereby improving decision-making in uncertain environments. Additionally, the research offers valuable insights for entrepreneurs on tailoring their approaches to potential investors based on their level of experience and expertise.