Importance of startup is widespread, but it also accompanied by high risk and uncertainty. To control the risk and uncertainty in startup investment, lots of venture capitalist commonly use redeemable convertible preferred stock (RCPS), which contains redemption and conversion right. However, the characteristic of the safeguards included in redeemable convertible preferences stock can make startups focus on the myopic decision rather than innovation. The study examines how innovation performance differs between technology-based startups invested in common stock or RCPS. 316 high tech startups which invested in common stock or RCPS are analyzed with negative binomial regression. From the regression analysis, it shows that RCPS is negatively related to the innovation performance of startup. In addition, the fund amount of RCPS is also negatively related to innovation performance. This study examines the effects of control through intrinsic factors such as the type of stocks in venture capital on startup decision making and innovation performance. It also provides implication to the role of venture capital and government policies that pursue entrepreneur protection.