Abstract: In recent years, start-ups in our nation is experiencing a rapid growth, but the reason for its development path has not yet been clarified by academic circles. This research selects panel data of 182 listed companies on growth enterprise market from 2012 to 2016 and global GEM report, adopting Luenberger index method to decompose the TFP of start ups, and further analyses the development path of venture capital in our nation. The result indicates the followings. First , the TFP rose significantly from 2015-2016,but the contribution of purely technological efficiency change (technical conversion) to TFP has decreased sharply. Second, TFP start-ups growth in the early stage was mainly driven by changes in purely technological efficiency and sizable scale technology (scale efficiency), which recently have been transformed into pure technological changes (technical progress). Third, scale efficiency (allocation efficiency) is always bring negative contribution to TFP growth. Thus it can be seen that the implementation of policies of national innovation and entrepreneurship has initially worked, but enterprise’s technology application and resource allocation is low. Therefore a series of countermeasures should be carried out includes promote lean entrepreneurship, standardize the registration threshold, and carry out the establishment of entrepreneurial support platform.