The author thanks Ashish Arora, Victor Bennett, Ronnie Chatterji, Wes Cohen, Felipe Csaszar, Solène Delecourt, Stefan Dimitriadis, Kristin Fabbe, Tarek Ghani, Dan Gross, Apoorv Gupta, Sharique Hasan, Rebecca Henderson, Shon Hiatt, Nien-hê Hsieh, Reshma Hussaam, Tarun Khanna, Dan Levinthal, Michael Luca, Hong Luo, Muhammad Meki, Aharon Cohen Mohliver, Abhishek Nagaraj, Frank Nagle, Lamar Pierce, Simon Quinn, Benjamin Roth, Gregor Schubert, Brian Silverman, Eric van den Steen, Jonathan Zinman, and Dennis Yao for their valuable feedback on this paper. The author also thanks seminar and conference participants at the Consortium on Competitiveness and Competiton, Strategy Science, the Trans Atlantic Doctoral Conference, the Workshop on Entrepreneurship Finance and Innovation, and the Non Market Strategy Research Community for many helpful suggestions. Special thanks to everyone at the author’s field site for sharing their data and insights, without which this research would not have been possible.