Exploring resource synergies: strategic and versatile resources in venture growth

Abstract This study advances resource-based theorizing of venture growth by examining how strategic resources, particularly intellectual property (IP), interact with versatile resources like human and financial capital across different environments. Using a configurational approach and fuzzy-set qualitative comparative analysis (fsQCA) on a four-year longitudinal dataset of 825 ventures, the research identifies four distinct pathways to growth, demonstrating that IP alone is insufficient for success. Instead, growth depends on the complementary use of strategic and versatile resources. The study also highlights the critical role of environmental munificence, such as the support provided by accelerators, which can compensate for a lack of internal resources, particularly financial capital. This research reconciles inconsistencies in prior studies by showing that the interaction between different types of IP and versatile resources is essential for venture growth. It also contributes to the understanding of how environmental factors influence the effectiveness of resource portfolios. These findings offer significant implications for both entrepreneurs, who must strategically combine resources; educators, who should emphasize the importance of these resource interactions and environmental contexts in entrepreneurship curricula; and accelerator managers, who should assess ventures based on their resource portfolio and tailor support based on their specific resource needs.