However, the rapid development of Internet start-ups is facing more complex operation environment, such as void institution and rapid technology iteration. There are essential differences between Internet start-ups and traditional ventures in technology, institution and business model innovation. How innovation drives the growth of new Internet enterprises is an important issue to be discussed. In response to the above problems, this study integrates the resource-based view and institution-based view to explore how the institutional environment innovation, business model innovation and technological innovation form the configuration effect to drive the growth of new start-ups. Based on the data of 460 Internet start-ups on the new third board, the ventures are divided into product-based and service-based new ventures, and the fsqca method is used for configuration analysis: (1) (1) A single element of innovation does not constitute a necessary condition for the high growth of new ventures, but the highly novel business model innovation plays a more universal role in promoting the growth of new ventures;(2) There are four configurations that drive the growth of Internet start-ups, and business model innovation exists in all configurations: institution direct driven, technology indirect and institution direct driven mode, two wheel indirect driven, and two wheel direct driven. (3) Through configuration comparison, the paper concludes that institutional environment, business model innovation and technological innovation have different effects on the growth of the two types of ventures. (4) The asymmetric relationship between high-growth and non-high-growth innovation-driven mechanisms. The conclusions of this article help to deepen the understanding of the causal complexity behind the innovation-driven Internet entrepreneurship phenomenon and provide fruitful suggestions for the growth of Internet start-ups.