According to researchers and reports in the field, approximately 90% of startups do not thrive, but this is not attributed to a single factor. Irrelevant or unviable ideas, complex and inadequate business models, as well as the need for sufficient human, financial, physical, and technological resources—in other words, failure is the result of a combination of factors. To better understand these challenges, the study relies on configurational theory, the startup lifecycle, focusing on technology-based startups in the Industry 4.0 to examine combinations of factors that lead to startup success. 120 technology-based startups operating with Industry 4.0 technologies in a globally recognized innovation ecosystem located in the Southern region of Brazil were studied. Using fuzzy-set Qualitative Comparative Analysis (fsQCA), eight distinct configurations were identified that can lead startups to the market.