On Resource Complementarity Among Startups, Accelerators, and Financial Investors: A Large-Scale Analysis of Sorting and Value Creation

• 成果类型: Article
• 署名作者: Santamaria, Simone; Breschi, Stefano
• 署名单位: National University of Singapore; Bocconi University
• 刊物名称: ORGANIZATION SCIENCE
• ISSN/ISSBN: 1047-7039
• DOI: 10.1287/orsc.2022.16730
• 发表日期: 2025
• 关键词: accelerators; resource complementarity; entrepreneurship; technology startups; startup performance

摘要

We propose a theoretical framework and provide empirical evidence on how resource complementarity or substitutability between entrepreneurs and seed investors drives selection and value creation in the context of high-tech startups. Specifically, we argue that seed investors specialized in training programs-startup accelerators-are the ideal match for entrepreneurial teams equipped with strong technological competencies but lacking business knowledge. On the other hand, when entrepreneurs with extensive business knowledge pair up with accelerators, the value created is typically less. Combining information from Crunchbase and LinkedIn, we provide robust empirical evidence based on the assortative matching of start-ups and investors and the ex- post analysis of joint value creation.