Forms of capital play a significant role in the innovation and performance of start‐up firms. Current entrepreneurial research has focused on the role of financial, human, and social forms of capital. We build on a large body of theory and research in sociology and economics, proposing spiritual capital as an additional influence where institutional voids are greater in the development contexts studied. Results from microcredit entrepreneurs in Kenya and Indonesia indicate significant relationships between entrepreneurs’ spiritual capital and business innovation and performance, even after accounting for other forms of capital.