Our paper employs a spatial econometric framework to test whether increased funding or a rising valuation of a startup generates indirect effects that benefit similar or proximate firms. The findings reveal positive spillovers across firms belonging to the same industrial and technological domain, as well as within the same geographical region, indicating that increased funding and rising valuations can bolster the success not only of the directly affected firm but also of other firms. Specifically, startups would generate a sort of ‘hype' effect benefiting firms that are close on the geographical, industrial and technological spaces, albeit with varying intensities.