According to the resource-based view, for start-ups to gain a sustainable competitive advantage their resources should be valuable, rare, inimitable, and non-substitutable (VRIN). However, early-stage entrepreneurs often do not have the capability to properly value resources. Incubators are popular tools for supporting early-stage entrepreneurs. Many entrepreneurs initially prefer that incubators provide tangible non-VRIN resources such as funding and office space. While in incubators, entrepreneurs increasingly learn to value intangible resources as VRIN. It is unknown whether this change in resource valuation is caused by the incubator or a learning process common to all entrepreneurs. The aim of this study is to discern whether the change in valuation of resources is a result of the incubation experience or a consequence of a normal learning process. This contributes to a better understanding of the impact of incubation on start-up development. We pose the following research question: What are the effects of incubation experience on start-up entrepreneurs' valuation of different tangible and intangible resources offered by incubators? We develop hypotheses about how incubators change the valuation of specific resources. We test these hypotheses using data from 935 entrepreneurs in North America and Western Europe who completed a survey containing a discrete choice experiment in which entrepreneurs with and without incubation experience were asked to choose between two hypothetical incubators that offer different resources. Our results reveal that incubators indeed contribute to entrepreneurs’ capacity to value resources. First, we find that entrepreneurs of incubated start-ups value non-VRIN resources less than entrepreneurs of non-incubated start-ups. Second, start-up entrepreneurs generally value most VRIN resources more than non-incubated start-up entrepreneurs.

根据基于资源的观点，对于初创企业来说，要获得可持续的竞争优势，其资源应该是宝贵的，稀有的，不可替代的和不可替代的（VRIN）。但是，早期的企业家通常没有能力正确评估资源。孵化器是支持早期企业家的流行工具。最初，许多企业家更喜欢孵化器提供有形的非VRIN资源，例如资金和办公空间。在孵化器中，企业家越来越多地学会将无形资源视为VRIN。资源评估的这种变化是由孵化器还是所有企业家共同的学习过程引起的，这一点尚不得而知。这项研究的目的是辨别资源评估的变化是孵化经验的结果还是正常学习过程的结果。这有助于更好地了解孵化对初创企业发展的影响。我们提出以下研究问题：孵化经验对创业企业家对孵化器提供的不同有形和无形资源的估值有什么影响？我们提出了关于孵化器如何改变特定资源价值的假设。我们使用来自北美和西欧的935位企业家的数据检验了这些假设，他们完成了一项包含离散选择实验的调查，其中要求有或没有孵化经验的企业家在提供不同资源的两个假设孵化器之间进行选择。我们的结果表明，孵化器确实有助于企业家评估资源的能力。首先，我们发现，孵化初创企业的企业家对非VRIN资源的重视程度低于非孵化初创企业的企业家。其次，与未孵化的创业企业家相比，创业企业家通常对大多数VRIN资源的重视程度更高。