Although often discussed, there has been limited effort to match venture capitalists’ construction of gender notions with specific facts about the entrepreneurs’ venturing activities. This Journal of Business Venturing Insights study shows how stereotypical gender notions of both men and women entrepreneurs are embedded in venture capitalists’ assessments and analyses as well as explores whether or not these notions have substance based on actual performance. Drawing on interview data and statistical analysis of objective key performance information from accounting reports, the researchers identify four myths in the evaluations of 126 venture capital applications for governmental capital that do not have any significant empirical substance. They discuss these findings’ implications for the study of myths in women's entrepreneurship.