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This study aims to explore which relational factors are crucial for accelerator-based start-ups to achieve high financial performance and whether innovation levels influence this relationship. Utilizing fsQCA and drawing from the resource-based view (RBV), we analyze 128 start-ups in a Spanish accelerator, split by innovativeness, to understand the impact of relational and human capital factors on performance.

The study uses fuzzy-set qualitative comparative analysis (fsQCA) to investigate conditions leading to high financial performance among 128 start-ups in a Spanish accelerator, divided by innovativeness. Four key factors are analyzed: social capital, social competence, resource mobilization and entrepreneurial ecosystem support. fsQCA examines complex relationships between these factors and financial performance.

Relational and human capital factors significantly impact start-up financial performance, varying with innovativeness. Highly innovative start-ups benefit from social competence and networked support, while less innovative but profitable start-ups rely on resource mobilization skills. The study highlights the contingent value of these factors, showing that unique configurations drive financial success.

The paper enhances the RBV in entrepreneurial contexts by highlighting the critical role of relational resources and their configurations. It suggests social competence and networked support are crucial for highly innovative start-ups, while resource mobilization is key for less innovative ones. These findings encourage nuanced theorizing of start-up success strategies, considering varying innovativeness levels and their impact on performance.

This study enhances understanding of the relationship between relational factors and financial performance in accelerator-based start-ups, considering innovation levels. It provides insights into how different configurations of social capital, competence, resource mobilization and ecosystem support lead to success. It underscores the importance of considering the contingent value of relational factors for start-up growth.

We examine how formal institutions influence the employment growth ambitions of entrepreneurial firms with an explicit focus on how their influence varies for early-stage versus established entrepreneurial firms.

We develop four moderation hypotheses based on a review of research on entrepreneurial growth ambitions and formal institutions. Then, we use comprehensive institutional and entrepreneurship performance data from three large international data sources to examine the hypothesized relations.

Our findings suggest that effective formal institutions promote employment growth for established entrepreneurs in particular. Moreover, we found that ineffective formal institutions hinder employee growth for early-stage firms in particular.

We offer several original implications for policymakers and ecosystem builders seeking to support and encourage the early-stage entrepreneurship that accounts for the majority of new job growth in socioeconomic systems.