This paper aims to provide a structure for examining the role of partnerships between technology-based start-ups and established firms from a resource based perspective, using case study evidence. The paper first seeks to place this topic within the wider literature on the use of partnerships. From this review of existing research, the resource based view on partnerships is identified as a useful tool to help us understand the motives and operations of the partnerships between technology start-ups and established firms. Analysis of issues emerging from 10 mini-case studies can be grouped around five themes of: (1) strategies and business models; (2) industry and organisational ‘clockspeed’; (3) relative size and proximity of partners; (4) resources and funding; and (5) partnering competence. We then use the resource based view to examine these five themes as they apply to a spin-out from the University of Cambridge – Cambridge Display Technology – that has recently completed the Initial Public Offering of its shares on NASDAQ. The paper concludes by identifying a target for the next stage of research in this area. This will focus on the interplay between the ability of start-ups to access the resources they need to grow; the role of early-stage technology investors in supporting this growth; and the implementation of different types of partnerships at different stages of the evolution of a start-up’s business model during the phases of resource access, mobilisation and generation.