In a dynamic environment, entrepreneurs’ role is not only creating new ventures but also negotiating them through the changing environment Literature in entrepreneurial strategy has studied the influence of current environment, but ignored the impact of past environments in the present context. Organizational imprinting literature, on the other hand, explores the lasting impact of environmental conditions during foundation on organizations. Nature of elements institutionalized inside organizations (organizational imprints), having systematic relationship with the characteristics of founding context (Stinchcombe, 1965; Johnson, 2007), will strongly impact their adaptation and evolution in a dynamic environment. However, studies exploring the influence of founding contexts on adaptation in a changed environment lack longitudinal designs essential for understanding the dynamics of evolution. We investigate how founding conditions influence the evolution of business model and performance of new ventures.