Why NIH research proves your crowdfunding portrait could make or break your funding dreams — and the neuroscience behind first impressions

Pop quiz: should founders smile in their crowdfunding photos?

Does it even matter?

NIH researchers answered that question definitively.

Through five studies involving over 20,000 ventures, they found that smiling founders were assessed as having a 16.6% higher probability of successful exit and were valued $2.1 million more than non-smiling founders.

The effect wasn’t small. It was gigantic!

Trustworthy-looking entrepreneurs received 13.1% greater pledge amounts and attracted 4.8% more backers compared to those perceived as untrustworthy-looking. 

Medical crowdfunding analysis of 243,795 projects confirmed: “the presence of someone smiling in the image had a significant positive effect on funding outcome.” 

But here’s the wild part — this goes way beyond looking friendly.

The researchers found that trustworthiness served as the key mediator, accounting for 36% of the overall treatment effect on venture valuation.

Our ancient brain makes split-second trustworthiness judgments based on facial features.

LinkedIn profile pictures with smiles (versus no smile) increase perceptions of trustworthiness and investment interest. 

The gender dynamic adds another layer.

The facial trustworthiness of female entrepreneurs played a more prominent role in determining project success than that of male entrepreneurs.

Women face additional scrutiny, but authentic smiles can help overcome initial bias.

The takeaway isn’t “fake a grin and get rich.”

But we now know it’s a fact that your photo triggers immediate, unconscious judgments about competence and reliability before investors read a single word.

Your funding portrait strategy: Use a genuine, confident smile that conveys approachability without sacrificing authority.

Test different photos with people who DON’T know you. (People who do have solid biases already.)

Ask which version makes you seem most trustworthy and capable.

Remember this: Investors fund PEOPLE, not projects. Make sure your photo tells the best possible story.

As I explain in I Need That, people judge you in a freaking nanosecond.

We can’t turn it off, or around.

What surprised you most about how appearance affects funding decisions?

Think you’ve been impacted? (You almost surely have.) How?

Forward this to someone preparing a crowdfunding campaign, or reach out to my team of product marketing strategists at Graphos Product.