Conflict within organizational teams is inevitable. We propose that conflicts within nascent venture leadership teams (NVLTs) differ from those within established organizations due to the ambiguous, dynamic, high-risk context and the potential impact on both the team and the venture. Drawing on existing literature and a content analysis of eleven interviews and 74 surveys, we identify four ways in which misalignments among NVLT members manifest as conflicts: over respective contributions and rewards (e.g. equity division), over resource allocation (e.g. how to spend money), over decision-making processes, and over personality and values. These conflicts can have positive or negative repercussions for the team and for the venture, depending on the misalignment at the root of the conflict and on the how the team members attempt to manage the conflicts.