Definition (1):
A new venture team is a group of founders, key employees, and advisers that either manage or help manage a new business in its start-up years. If the founder or founders of a new venture have identified several individuals they believe will join the firm after it is launched and these individuals are highly capable, that knowledge lends credibility to eth organizational feasibility of the potential venture. The same rationale applies to highly capable people whom a new venture believes would be willing to join its board of directors or board of advisers.
The primary elements of a new venture team are the company founders, key employees, the board of directors, the board of advisors, lenders, and investors, and other professionals.
Definition (2):
It is the team of founders, advisers, and key employees moving a new venture from a concept to a full-fledged firm. Generally, the team is not formed all at once. Rather, it is formed as the new business is able to afford to hire additional individuals.
Definition (3):
“Management team assembled for the purpose of a new business operation. A venture team supervises and manages a start-up business, attending to all the details from raising venture capital to managing the initial operations.”