We examine the effect of the country in which a new venture is located on its performance. A substantial part of entrepreneurship research seeks to understand the sources of performance difference across entrepreneurial firms. Scholars have explored various influences on start up performance such as characteristics of the founding team, the network of the founder, or the effects of venture capital funding. While a large literature exists that looks at how country affects the amount of entrepreneurial activity, few scholars have investigated how much country differences can explain the heterogeneity of start-up performance. In this study we investigate how much country matters -- not for whether or not a start-up gets created in the first place -- but how much the country location of a start up affects its post-founding performance. By doing so, we contribute to our understanding of the differences in start-up performance.