<p>This study aimed to empirically investigate resource-based and dynamic capability theories in startup failures, categorize factors that contributed to failures, and study the gender effect on startup failure. Data consists of 40 information and communication technology startups in the voluntary liquidation phase. The questionnaire technique was developed based on SHELL model. Research questions were investigated using principal component analysis, Ward’s hierarchical cluster, and cross-table analysis. The main identified groups of startup failure factors are mostly dynamic capabilities, supporting dynamic capability over a resource-based view. The lack of dynamic capabilities is clearly identifiable in one subgroup of failed startups. The relevance of some failure factors changes with the life cycle of startups. This study found a positive relationship between the presence of female founders and the startup survival. Besides, it highlights the importance of innovation and corporate foresight training programs, mentorship access, and the need to strengthen project screening standards by focusing more on dynamic capabilities. This study underpins the necessity to develop policies easing the gender gap. These would improve the efficiency of the startup ecosystem and entail positive social effects.</p>