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

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. Funding: S. Breschi gratefully acknowledges financial support from the projects Multilayered Urban Sustainability Action (project code ECS 000037) and Growing Resilient, Inclusive, and Sustainable (project code PE00000018), funded by the European Union’s NextGenerationEU initiative under the National Recovery and Resilience Plan. S. Santamaria gratefully acknowledges financial support from the National University of Singapore [Grant R-313-000-140-133]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/orsc.2022.16730 .