This study extends current research on entrepreneurial teams by focusing on a precursor of the new venture team, namely the founding partnership. We focus on the relationships between founders early in the venture creation process to gain insights on how homophily and resource seeking behaviors can coexist in partnerships, and why only some entrepreneurs partner. Results show that entrepreneurs partner first with one other person (dyad) for personal reasons, and then may add additional founders based on more pragmatic motives. The availability of potential partners and the level of perceived uncertainty in the environment both influence the establishment of founding partnerships, and larger partnerships are the result of resource-seeking behavior which is more likely to occur in ventures that pursue stable, high-technology opportunities.