Abstract:Entrepreneurial networks (scale, strength and diversity) and their special subnetworks (cliques) have different degrees and attributes of effects on entrepreneurial behavior (innovation and venture capital). In order to explore the intrinsic mechanism of the above-mentioned impacts, the paper selects 137 “Ali Clique” start-ups as the sample, and through empirical studies based on SEM and other methods, it has two findings. First, the network scale has a direct and significant positive impact on innovation, but has no significant influence on venture capital. The network strength and diversity have a direct and significant positive impact on venture capital, but no significant impact on innovation. Second, comparatively speaking, the influence of “cliques” on entrepreneurs’ innovation is far greater than that of network scale; whereas the influence of network strength and "factions" on venture capital are almost equal to that of network diversity and “cliques”. Therefore, different entrepreneurial policies should be adopted by local governments referring high-tech industries and traditional industries.