Fundamentals

EtA vs ETA

A tongue-in-cheek discussion around the grammatical quandaries of entrepreneurship through acquisition.

July 16, 2026
.
Illustration of an Australian main street with local businesses
A tongue-in-cheek discussion around the grammatical quandaries of entrepreneurship through acquisition.

I should preface this post with a disclaimer: I’m a bit of a grammar nerd. I used to teach English and majored in English at college – a background that has clearly contributed to my fixation with language and explains the genesis of this post.

For a while now, I’ve been seeing two versions of the acronym for entrepreneurship through acquisition: ETA and EtA. And frankly, the discrepancy has been bothering me. Most people, myself included, typically capitalize the E, the T, and the A, while some choose to use a lowercase t as in EtA – bizarre-looking, in my view.

In school, I was taught that prepositions in titles were to be lowercase unless they were longer than 4 or 5 letters. Through in “Entrepreneurship Through Acquisition” for example, is a hefty 7 letters long. Until recently, I believed that Through should indisputably be capitalized, and that ETA should be the only version of the acronym permitted to exist.

To support my adamance, I decided to take a look at how the universities do it. Kellogg’s page agreed with me, as did those of the ETA Club at Harvard and MIT. A self-congratulatory pat on the back seemed to be in order, until I came across several where through took on a lowercase t as in “Entrepreneurship through Acquisition.” In these cases, however, the acronym was still fully capitalized between brackets. Still others went for the bold (but questionable) choice: EtA. Suffice to say, the disagreement was driving me nuts.

I would later feign an open mind, as I scoured grammar websites admittedly looking for some rock-solid evidence that my grammar school teacher and I were right. And almost all of them came through, to my delight. They reinforced the almost universal rule that my own teacher had imparted: if the preposition in a title had 4 or 5 letters and more, it was to be capitalized.

The English teacher in me rejoiced.

And then I found a disagreement, and something of a debate, on Grammarly. While the AP style demonstrated clear, strong support for the rule I’d grown up with, the Chicago Manual of Style sang a different tune: all prepositions in titles should be lowercase regardless of their length.

According to the Chicago Manual of Style, the title of Norman Maclean’s famous book would then be A River Runs through It – which just strikes me as strange – rather than A River Runs Through It. But as far as I know, the Chicago Manual of Style is just about as legitimate and trustworthy as AP style, and I bashfully conclude that there is no ironclad conclusion to this debate.

In light of this revelation however, I will work on convincing myself to be less perturbed by what I used to see as a gross grammatical error and simply recognise it as a difference of opinion. Agree to disagree, I suppose.

P.S. If I have made any grammatical errors in this post, please message me privately and tell no one.

Written by
Jake Nicholson
Founder and managing director of SMEVentures. In search funds since 2011, INSEAD Entrepreneur in Residence, and host of The Search Fund Podcast.

Get more insights

Join our newsletter for the latest articles, interviews and market updates.
‍
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Written by
Jake Nicholson
Founder and managing director of SMEVentures. In search funds since 2011, INSEAD Entrepreneur in Residence, and host of The Search Fund Podcast.

Get more insights

Join our newsletter for the latest articles, interviews and market updates.
‍
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
```html ```