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

The article focuses on how resource complementarity or substitutability between entrepreneurs and seed investors influences the selection process and value creation in high-tech startups. It presents a theoretical framework and empirical evidence showing that startup accelerators—seed investors specializing in training and mentorship—are particularly valuable for entrepreneurial teams with strong technological skills but limited business knowledge, enhancing their subsequent funding outcomes. Conversely, startups with substantial business expertise gain less from accelerators and tend to create more value when paired with primarily financial investors such as venture capitalists or business angels. Using data from Crunchbase and LinkedIn, the study employs two-sided matching models and propensity score matching to demonstrate that complementarities in knowledge between startups and investors drive both partner selection and startup performance, with accelerators adding significant value mainly for technology-focused teams lacking business acumen.