In the entrepreneurship literature a central question is how startups pursue opportunities to create value. One major drawback of startups is that they are known to have liability of newness and smallness. One way startups can overcome these liabilities are by forming relationships and building a network with other firms where exchange of knowledge and resources with other firms can be facilitated. Nonetheless, relationships are no simple task for startups to create. Relationships between firms can include a great deal of ambiguity and it is not always known what type of value that will come out of the relationship. This present study sets out to research how startups pursue opportunities through networks and more specifically relationships with other firms to co-create value or co-destruct value. Based on the explorative nature of this study, a qualitative case-based research design was developed. In the study, we conduct interviews with representatives of the startups so as to capture what relationship the firm has formed, how these relationships have evolved, and the roles of the relationships for the startup. Findings indicate that startups relationships are dynamic and include both episodes of value co-creation and co-destruction. Moreover, these episodes result in three different types of changes of the start-up and their relationships.