The resource-based view (RBV) has recently been attracting attention as a framework for entrepreneurship study. The present work presents an RBV analysis of the growth process of ACCESS Co., Ltd. as an example of Japanese high-tech start-ups. The company had limited resources at the time of foundation, and had been threatened by the mortarity risk until a certain level of resource accumulation was achieved. ACCESS has, however, successfully overcome such a risk by pursuing more than one stable business lines in parallel, and building up technical expertise, while managing R & D activities so as to avoid the threats of Microsoft. The competitive edge and growth of the company result from the management capability to make right decisions, and from the identification, accumulation and enhancement of its core competence.