The first aim of this study is to identify the external and internal factors that have shaped the
performance of Technology-Based Start-up Firms (TBSF) in the US. The second goal is to compare this
study with a previous study conducted in Brazil, to identify incubator best practices that may increase
the performance of incubated firms. The US study focuses on graduated firms from the Indiana University
incubator located in Indianapolis. The main partners of three technology-based start-up firms were
interviewed, based on a semi-structured questionnaire. The outcomes from our analysis indicated that
the TBSF have both internal and external factors that affect their performance. The analysis showed that as
an external factor, the incubator’s connection with university was helpful for obtaining capital. As internal
factors, the technical expertise and entrepreneur managerial competence was identified as fundamental
factors for TBSF success. The analysis also indicated that some of those factors are different between Brazilian
firms and American firms. In Brazil, the management training offered by the incubator is considered very
important for the performance of the incubated firms. This was not confirmed in the American study. Knowing what affects the performance of technology-based start-up firms will help incubators offer
improved, and more comprehensive services enabling firms to develop and expand
