New ventures play an important role in economic growth. The resource logic underlying how these firms develop in the early stages, however, has not received adequate attention in the literature. This paper examines the launch trajectories of embryonic ventures. We propose a configurational model of these trajectories based on the resources and stages required to establish a viable commercial entity. Potential launching paths are identified, from the inception of a new product/service idea through to success outcomes, including rapid, independent sales growth, stabilized profit, acquisition or Initial Public Offering. We argue that embryonic firms must balance the development of product, financial and human resources through waves of resource accumulation as they move through different stages of development. We summarize our arguments in a model of venture evolution.