This study addresses critical gaps in entrepreneurship research by exploring how founders' human capital influences control rights in startups, specifically focusing on the distinctions between board and operational control. While existing literature often examines control as a single factor impacting performance, innovation, and resource acquisition, this research identifies the overlooked diversity within control types and their formation. Drawing on resource dependence theory, we analyze data from 53 Internet of Things (IoT) startups (2010-2023) and find that founders with higher levels of specific human capital are more likely to retain operational control but experience reduced board control due to the influence of experienced board members. This study contributes to the understanding of corporate governance by highlighting how founder human capital shapes control dynamics, challenging traditional views in agency theory, and providing a more complex view of social exchange theory in the context of startups, where founders balance power dynamics and dependencies to secure resources and maintain operational stability. learn more on SSRN