This work studies the emergence of new ventures. It describes how the pre-start-up history of the founders impacts the team configuration at start-up and how subsequently the start-up configuration impacts the development of NTBFs. By focusing on the venture team’s competence as the linking element between pre-start-up and post start-up developments we are able to show that prior experience of the founders shapes the competence level of the founding team at start-up. In consequence the founding team’s competence impacts the main product development task that the team pursues and venture growth.