This paper examines the impact of managerial ties on the performance difference among entrants in an emerging industry. Empirical findings from firms that entered the cellular-phone service industry between 1983 and 1998 suggest the following. First, managers' ties to an intra-industry association positively moderated the relationship between managers' intra-industry experience and an entrant's new subscribers at the early stage of the focal industry; however, this effect decreased as the industry aged. Second, managers' ties to intra-industry competitors positively moderated the relationship between managers' intra-industry experience and an entrant's new subscribers regardless of industry age. Finally, mangers' external ties to other firms outside the industry exhibited no moderating impact.