A major drawback of start-ups is that they are known to have liability of newness and smallness. One way start-ups can overcome these liabilities is by forming relationships and building a network with other firms, where exchange of knowledge and resources can be facilitated. These relationships between firms can include a great deal of ambiguity, and it is not always known what type of value will come out of the relationship. This present study sets out to explore how start-ups pursue opportunities through networks, and more specifically through relationships with other firms, to co-create or co-destruct value. Based on the explorative nature of this study, a qualitative case-based research design has been developed. Contributions from the study are (1) that start-ups can gain value even from failed relationships; (2) the insight of the dynamic nature of the relationships and interaction episodes for start-ups; and (3) highlighting that interaction episodes can result in three different types of changes.