Abstract: The incubated startups face high risks and high failure ratios when implementing entrepreneurial orientation and innovative drive strategies, as well as high heterogeneity in the growth incubation process, which has aroused widespread concerns among domestic and foreign scholars and in-depth explorations on this issue. On the basis of theories of organizational strategy and innovation value chain, this paper establishes the “Entrepreneurial orientation --- Innovative drive --- Enterprise performance and capability”structural equation. For the first time, it tries to interpreting the realization processof innovative drive by introducing the innovation value chain evolvement, and proposes the constitution of enterprise performance and capability. The empirical analysis based on the 256 valid samples of incubated startups in Tianjin City of China shows that the entrepreneurial orientation and the innovative drive respectively affects the enterprise performance and capability positively and significantly, and the entrepreneurial orientation affects the innovative drive positively and significantly. The results also indicate that the innovative drive has a partial mediating effect on the path of entrepreneurial orientation affecting enterprise performance and capability, and the external environment positively adjusts the mediating effect of the innovative drive.