Empirical work has corroborated the notion of entrepreneurial alertness and its organizational outcomes from multiple disciplinary perspectives (e.g., Baron, 2006; Kirzner, 1999; Kaish and Gilad, 1991; Minniti, 2004; Shane and Venkataraman, 2000; Short et al., 2010; Tang, Kacmar, and Busenitz, 2012). Despite this substantial attention, the performance benefit of this cognitive attribute is under-researched (Baron, 2004; Tang, Kacmar, and Busenitz, 2012). While the mechanism often used to explain a positive association between alertness and performance is intuitively appealing (Tang, Kacmar, and Busenitz, 2012), an understanding of how and when entrepreneurial alertness drives new venture success is lacking. To address this gap, this study examines the relationship between entrepreneurial alertness and new venture performance and the moderating effect of networking capability on this linkage.