Drawing on the resource dependence theory, the resource-based view, and the organizational learning perspective, we examine the under-researched relationship between alliance strategy and the performance of high-tech startup firms. Specifically, we posit that startup firms forging a larger number of alliances will exhibit better performance. We also hypothesize that startups with a diverse portfolio of alliance partners will outperform others. Our analysis of 76 survey responses obtained from Internet-related startups in Singapore lends support to our key predictions. Our results are robust to the deployment of alternative performance measures.