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

Author

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  • Simone Santamaria

    (National University of Singapore Business School, National University of Singapore, Singapore 119245)

  • Stefano Breschi

    (Università Bocconi and Invernizzi Center for Research on Innovation, Organization, Strategy and Entrepreneurship, 20100 Milano, Italy)

Abstract

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.

Suggested Citation

  • Simone Santamaria & Stefano Breschi, 2025. "On Resource Complementarity Among Startups, Accelerators, and Financial Investors: A Large-Scale Analysis of Sorting and Value Creation," Organization Science, INFORMS, vol. 36(5), pages 1764-1785, September.
    • Handle: RePEc:inm:ororsc:v:36:y:2025:i:5:p:1764-1785
    DOI: 10.1287/orsc.2022.16730
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