Innovation-driven development has become an important national strategy. New internet ventures, as typical examples of innovation-driven entrepreneurship, have received great attention from academia and industry. However, the rapid development of new internet ventures is facing more complex operating environment, such as a lack of institutional support and rapid technology iteration. How technology, institutions and business model innovation drive the growth of new Internet ventures is an important issue to discuss. In response to the above problems, this study, based on the theoretical perspective of innovation-driven entrepreneurship, explores how institutional environment innovation, business model innovation, and technological innovation create a configuration effect to drive the growth of new internet ventures. Based on data from 460 new internet ventures in the CPSED II, the ventures are divided into product-based and service-based categories, and the fsQCA method is used for configuration analysis. The following results are obtained. 1) A single element of innovation does not constitute a necessary condition for the high growth of new internet ventures; however, highly novel business model innovation plays a more universal role in promoting their growth. 2) There are four configurations that drive the growth of new internet ventures, with business model innovation present in all of them: the one directly driven by institutions and business models, the one indirectly driven by technology and directly driven by institution and business models, the one indirectly driven by technology and directly by business models, and the one directly driven by technology, institutions, and business models. 3) Through a configuration comparison, the paper concludes that the institutional environment, business model innovation, and technological innovation have different effects on the growth of the two types of ventures. 4) There is an asymmetric relationship between high-growth and non-high-growth innovation-driven mechanisms. The conclusions can help deepen the understanding of the causal complexity behind the innovation-driven internet entrepreneurship phenomenon and provide fruitful suggestions for the growth of new internet ventures.