The stereotype of the ingenious entrepreneur that, counting only on his personal gifts, introduces radical innovations often from a garage is still quite common. Even if the narrative of garage is effective, it neglects a more compelling truth, i.e. most of the new ventures comes from the previous experience of the founders rather than their ingenuity. Starting from this evidence, the articles analyzes the relationship between the founders’ experience and the innovativeness of the new venture. To be innovative the new venture needs to have an intellectual capital different from the intellectual capital of the firm where the founder used to work. This diversity comes from the social capital that the founder develops through or outside the organizational boundaries of the parent firm. The relationships with external actors enable the new venture to develop innovative business ideas, acquire knowledge in new industries or blend intellectual capital coming from different founders.
Keywords: New Ventures, Innovation, Start-up, Spin-off, Intellectual Capital, Social Capital