Abstract: The polycentric governance of regional technology incubation networks can achieve the accumulation, reasonable organization and effective distribution of social capital in a larger scope and provide a more effective way for tenants to gain resources according to set up more trust, reciprocity and identification relationships in different network layers. According to the empirical investigation of 79 incubators in Tianjin technology incubation network, this paper studies the effects of social capital on the network’s innovation outputs based on polycentric governance from the aspect of trust, norm and networking. The conclusion indicates: in the mode of polycentric governance, social capital can obviously improve the innovation outputs of the network. Trust has the most significant positive effect on the innovation performance of the network; norms have more positive effects on the network’s incubating ability than on the innovation performance; the networking degree has all positive effects on the network’s incubating ability, the innovation performance and the employment and tax revenue.