Abstract
Incubators play a vital role in entrepreneurial ecosystems by providing start-ups with resources such as funding, mentorship, and access to networks. Incubator systems differ from traditional organizations because start-ups remain legally and strategically independent, which limits hierarchical control and makes coordination inherently relational. However, existing research tends to emphasize the effects of individual resources, paying less attention to how incubators orchestrate resources through ongoing interaction with ventures, leaving unresolved why incubators with similar resource bases often produce markedly different outcomes. Thus, drawing on Resource Orchestration Theory, this study examines how incubators structure, bundle, and leverage resources, and how orchestration operates across multiple levels to shape start-up growth and incubator performance. Based on a qualitative multi-case study, we identify a four-stage cyclical orchestration process in which incubators (1) structure a foundational resource base, (2) provide tailored initial resource packages, (3) dynamically reconfigure bundled resources as ventures evolve, and (4) activate start-up feedback. Feedback takes concrete forms such as alumni mentoring, network bridging, investment connections, and reputational endorsements, which replenish the incubator's resource base and enable subsequent rounds of support. We further theorize a multi-level mechanism comprising incubator orchestration, start-up orchestration, and joint orchestration; joint orchestration operates through coordinated resource acquisition, bundling, and leveraging, helping explain outcome heterogeneity beyond resource stock differences.