diff --git a/docs/versionhistory.rst b/docs/versionhistory.rst
index 3d5bdfd..1883fac 100644
--- a/docs/versionhistory.rst
+++ b/docs/versionhistory.rst
@@ -9,6 +9,8 @@ This library adheres to `Semantic Versioning 2.0 <https://semver.org/>`_.
 
   * Asphalt now runs via AnyIO, rather than asyncio, although the asyncio backend is
     used by default
+  * The runner now outputs an elaborate tree of component startup tasks if the
+    application fails to start within the allotted time
   * Dropped the ``--unsafe`` switch for ``asphalt run`` – configuration files are now
     always parsed in unsafe mode
   * Changed configuration parsing to no longer treat dotted keys in configuration
diff --git a/src/asphalt/core/_component.py b/src/asphalt/core/_component.py
index cdfdf48..8091fd7 100644
--- a/src/asphalt/core/_component.py
+++ b/src/asphalt/core/_component.py
@@ -6,7 +6,7 @@ from typing import Any
 
 from anyio import create_task_group
 
-from ._utils import PluginContainer, merge_config
+from ._utils import PluginContainer, merge_config, qualified_name
 
 
 class Component(metaclass=ABCMeta):
@@ -105,7 +105,10 @@ class ContainerComponent(Component):
 
         async with create_task_group() as tg:
             for alias, component in self.child_components.items():
-                tg.start_soon(component.start)
+                tg.start_soon(
+                    component.start,
+                    name=f"Starting {qualified_name(component)} ({alias})",
+                )
 
 
 class CLIApplicationComponent(ContainerComponent):
diff --git a/src/asphalt/core/_runner.py b/src/asphalt/core/_runner.py
index d3d1318..008ad0b 100644
--- a/src/asphalt/core/_runner.py
+++ b/src/asphalt/core/_runner.py
@@ -1,20 +1,30 @@
 from __future__ import annotations
 
+import gc
 import platform
+import re
 import signal
 import sys
+import textwrap
+from collections.abc import Coroutine
 from contextlib import AsyncExitStack
+from dataclasses import dataclass, field
 from functools import partial
 from logging import INFO, Logger, basicConfig, getLogger
 from logging.config import dictConfig
+from traceback import StackSummary
+from types import FrameType
 from typing import Any, cast
 from warnings import warn
 
 import anyio
 from anyio import (
+    CancelScope,
     Event,
-    fail_after,
     get_cancelled_exc_class,
+    get_current_task,
+    get_running_tasks,
+    sleep,
     to_thread,
 )
 from anyio.abc import TaskStatus
@@ -24,8 +34,12 @@ from ._concurrent import start_service_task
 from ._context import Context
 from ._utils import qualified_name
 
+component_task_re = re.compile(r"^Starting (\S+) \((.+)\)$")
 
-async def handle_signals(event: Event, *, task_status: TaskStatus[None]) -> None:
+
+async def handle_signals(
+    startup_scope: CancelScope, event: Event, *, task_status: TaskStatus[None]
+) -> None:
     logger = getLogger(__name__)
     with anyio.open_signal_receiver(signal.SIGTERM, signal.SIGINT) as signals:
         task_status.started()
@@ -35,9 +49,112 @@ async def handle_signals(event: Event, *, task_status: TaskStatus[None]) -> None
                 "Received signal (%s) – terminating application",
                 signal_name.split(":", 1)[0],  # macOS has ": <signum>" after the name
             )
+            startup_scope.cancel()
             event.set()
 
 
+def get_coro_stack_summary(coro: Any) -> StackSummary:
+    frames: list[FrameType] = []
+    while isinstance(coro, Coroutine):
+        while coro.__class__.__name__ == "async_generator_asend":
+            # Hack to get past asend() objects
+            coro = gc.get_referents(coro)[0].ag_await
+
+        if frame := getattr(coro, "cr_frame", None):
+            frames.append(frame)
+
+        coro = getattr(coro, "cr_await", None)
+
+    frame_tuples = [(f, f.f_lineno) for f in frames]
+    return StackSummary.extract(frame_tuples)
+
+
+async def startup_watcher(
+    startup_cancel_scope: CancelScope,
+    root_component: Component,
+    start_timeout: float,
+    logger: Logger,
+    *,
+    task_status: TaskStatus[CancelScope],
+) -> None:
+    current_task = get_current_task()
+    parent_task = next(
+        task_info
+        for task_info in get_running_tasks()
+        if task_info.id == current_task.parent_id
+    )
+
+    with CancelScope() as cancel_scope:
+        task_status.started(cancel_scope)
+        await sleep(start_timeout)
+
+    if cancel_scope.cancel_called:
+        return
+
+    @dataclass
+    class ComponentStatus:
+        name: str
+        alias: str | None
+        parent_task_id: int | None
+        traceback: list[str] = field(init=False, default_factory=list)
+        children: list[ComponentStatus] = field(init=False, default_factory=list)
+
+    component_statuses: dict[int, ComponentStatus] = {}
+    for task in get_running_tasks():
+        if task.id == parent_task.id:
+            status = ComponentStatus(qualified_name(root_component), None, None)
+        elif task.name and (match := component_task_re.match(task.name)):
+            name: str
+            alias: str
+            name, alias = match.groups()
+            status = ComponentStatus(name, alias, task.parent_id)
+        else:
+            continue
+
+        status.traceback = get_coro_stack_summary(task.coro).format()
+        component_statuses[task.id] = status
+
+    root_status: ComponentStatus
+    for task_id, component_status in component_statuses.items():
+        if component_status.parent_task_id is None:
+            root_status = component_status
+        elif parent_status := component_statuses.get(component_status.parent_task_id):
+            parent_status.children.append(component_status)
+            if parent_status.alias:
+                component_status.alias = (
+                    f"{parent_status.alias}.{component_status.alias}"
+                )
+
+    def format_status(status_: ComponentStatus, level: int) -> str:
+        title = f"{status_.alias or 'root'} ({status_.name})"
+        if status_.children:
+            children_output = ""
+            for i, child in enumerate(status_.children):
+                prefix = "| " if i < (len(status_.children) - 1) else "  "
+                children_output += "+-" + textwrap.indent(
+                    format_status(child, level + 1),
+                    prefix,
+                    lambda line: line[0] in " +|",
+                )
+
+            output = title + "\n" + children_output
+        else:
+            formatted_traceback = "".join(status_.traceback)
+            if level == 0:
+                formatted_traceback = textwrap.indent(formatted_traceback, "| ")
+
+            output = title + "\n" + formatted_traceback
+
+        return output
+
+    logger.error(
+        "Timeout waiting for the root component to start\n"
+        "Components still waiting to finish startup:\n%s",
+        textwrap.indent(format_status(root_status, 0).rstrip(), "  "),
+    )
+    startup_cancel_scope.cancel()
+
+
 async def _run_application_async(
     component: Component,
     logger: Logger,
@@ -54,24 +171,34 @@ async def _run_application_async(
             event = Event()
 
             await exit_stack.enter_async_context(Context())
-            if platform.system() != "Windows":
-                await start_service_task(
-                    partial(handle_signals, event), "Asphalt signal handler"
-                )
+            with CancelScope() as startup_scope:
+                if platform.system() != "Windows":
+                    await start_service_task(
+                        partial(handle_signals, startup_scope, event),
+                        "Asphalt signal handler",
+                    )
+
+                try:
+                    if start_timeout is not None:
+                        startup_watcher_scope = await start_service_task(
+                            lambda task_status: startup_watcher(
+                                startup_scope,
+                                component,
+                                start_timeout,
+                                logger,
+                                task_status=task_status,
+                            ),
+                            "Asphalt startup watcher task",
+                        )
 
-            try:
-                with fail_after(start_timeout):
                     await component.start()
-            except TimeoutError:
-                logger.error("Timeout waiting for the root component to start")
-                raise
-            except get_cancelled_exc_class():
-                logger.error("Application startup interrupted")
-                return 1
-            except BaseException:
-                logger.exception("Error during application startup")
-                raise
+                except get_cancelled_exc_class():
+                    return 1
+                except BaseException:
+                    logger.exception("Error during application startup")
+                    return 1
 
+            startup_watcher_scope.cancel()
             logger.info("Application started")
 
             if isinstance(component, CLIApplicationComponent):

diff --git a/tests/test_runner.py b/tests/test_runner.py
index ffb334d..11582c7 100644
--- a/tests/test_runner.py
+++ b/tests/test_runner.py
@@ -2,6 +2,7 @@ from __future__ import annotations
 
 import logging
 import platform
+import re
 import signal
 from typing import Any, Literal
 from unittest.mock import patch
@@ -11,11 +12,11 @@ import pytest
 from _pytest.logging import LogCaptureFixture
 from anyio import to_thread
 from anyio.lowlevel import checkpoint
-from common import raises_in_exception_group
 
 from asphalt.core import (
     CLIApplicationComponent,
     Component,
+    ContainerComponent,
     add_teardown_callback,
     get_resource,
     run_application,
@@ -204,11 +205,10 @@ def test_start_exception(caplog: LogCaptureFixture, anyio_backend_name: str) ->
     """
     caplog.set_level(logging.INFO)
     component = CrashComponent(method="exception")
-    with raises_in_exception_group(
-        RuntimeError, match="this should crash the application"
-    ):
+    with pytest.raises(SystemExit) as exc_info:
         run_application(component, backend=anyio_backend_name)
 
+    assert exc_info.value.code == 1
     records = [
         record for record in caplog.records if record.name.startswith("asphalt.core.")
     ]
@@ -219,33 +219,78 @@ def test_start_exception(caplog: LogCaptureFixture, anyio_backend_name: str) ->
     assert records[3].message == "Application stopped"
 
 
-def test_start_timeout(caplog: LogCaptureFixture, anyio_backend_name: str) -> None:
-    """
-    Test that when the root component takes too long to start up, the runner exits and
-    logs the appropriate error message.
-    """
+@pytest.mark.parametrize("levels", [1, 2, 3])
+def test_start_timeout(
+    caplog: LogCaptureFixture, anyio_backend_name: str, levels: int
+) -> None:
+    class StallingComponent(ContainerComponent):
+        def __init__(self, level: int):
+            super().__init__()
+            self.level = level
 
-    class StallingComponent(Component):
         async def start(self) -> None:
-            # Wait forever for a non-existent resource
-            await get_resource(float, wait=True)
+            if self.level == levels:
+                # Wait forever for a non-existent resource
+                await get_resource(float, wait=True)
+            else:
+                self.add_component("child1", StallingComponent, level=self.level + 1)
+                self.add_component("child2", StallingComponent, level=self.level + 1)
+
+            await super().start()
 
     caplog.set_level(logging.INFO)
-    component = StallingComponent()
-    with raises_in_exception_group(TimeoutError):
+    component = StallingComponent(1)
+    with pytest.raises(SystemExit) as exc_info:
         run_application(component, start_timeout=0.1, backend=anyio_backend_name)
 
-    records = [
-        record for record in caplog.records if record.name == "asphalt.core._runner"
-    ]
-    assert len(records) == 4
-    assert records[0].message == "Running in development mode"
-    assert records[1].message == "Starting application"
-    assert records[2].message.startswith(
-        "Timeout waiting for the root component to start"
+    assert exc_info.value.code == 1
+    assert len(caplog.messages) == 4
+    assert caplog.messages[0] == "Running in development mode"
+    assert caplog.messages[1] == "Starting application"
+    assert caplog.messages[2].startswith(
+        "Timeout waiting for the root component to start\n"
+        "Components still waiting to finish startup:\n"
     )
-    # assert "-> await ctx.get_resource(float)" in records[2].message
-    assert records[3].message == "Application stopped"
+    assert caplog.messages[3] == "Application stopped"
+
+    child_component_re = re.compile(r"([ |]+)\+-([a-z.12]+) \((.+)\)")
+    lines = caplog.messages[2].splitlines()
+    expected_test_name = f"{__name__}.test_start_timeout"
+    assert lines[2] == f"  root ({expected_test_name}.<locals>.StallingComponent)"
+    component_aliases: set[str] = set()
+    depths: list[int] = [0] * levels
+    expected_indent = "  |  "
+    for line in lines[3:]:
+        if match := child_component_re.match(line):
+            indent, alias, component_name = match.groups()
+            depth = len(alias.split("."))
+            depths[depth - 1] += 1
+            depths[depth:] = [0] * (len(depths) - depth)
+            assert len(depths) == levels
+            assert all(d < 3 for d in depths)
+            expected_indent = "  " + "".join(
+                ("  " if d > 1 else "| ") for d in depths[:depth]
+            )
+            assert component_name == (
+                f"{expected_test_name}.<locals>.StallingComponent"
+            )
+            component_aliases.add(alias)
+        else:
+            assert line.startswith(expected_indent)
+
+    if levels == 1:
+        assert not component_aliases
+    elif levels == 2:
+        assert component_aliases == {"child1", "child2"}
+    else:
+        assert component_aliases == {
+            "child1",
+            "child2",
+            "child1.child1",
+            "child1.child2",
+            "child2.child1",
+            "child2.child2",
+        }
 
 
 def test_dict_config(caplog: LogCaptureFixture, anyio_backend_name: str) -> None:

More information with timeout
Currently, when a component requests a resource that never comes, the application times out without any information as to which component failed to get the resource:
```
ERROR:asphalt.core.runner:Timeout waiting for the root component to start
```
I'm not sure if it's currently possible to give more details. If not, it would be a great enhancement.
tests/test_runner.py::test_start_exception[asyncio] tests/test_runner.py::test_start_timeout[asyncio-1] tests/test_runner.py::test_start_timeout[asyncio-2] tests/test_runner.py::test_start_timeout[asyncio-3] tests/test_runner.py::test_start_exception[trio] tests/test_runner.py::test_start_timeout[trio-1] tests/test_runner.py::test_start_timeout[trio-2] tests/test_runner.py::test_start_timeout[trio-3]
tests/test_runner.py::test_run_logging_config[asyncio-disabled] tests/test_runner.py::test_run_logging_config[asyncio-loglevel] tests/test_runner.py::test_run_logging_config[asyncio-dictconfig] tests/test_runner.py::test_run_max_threads[asyncio-None] tests/test_runner.py::test_run_max_threads[asyncio-3] tests/test_runner.py::test_run_callbacks[asyncio] tests/test_runner.py::test_clean_exit[asyncio-keyboard] tests/test_runner.py::test_clean_exit[asyncio-sigterm] tests/test_runner.py::test_dict_config[asyncio] tests/test_runner.py::test_run_cli_application[asyncio] tests/test_runner.py::test_run_logging_config[trio-disabled] tests/test_runner.py::test_run_logging_config[trio-loglevel] tests/test_runner.py::test_run_logging_config[trio-dictconfig] tests/test_runner.py::test_run_max_threads[trio-None] tests/test_runner.py::test_run_max_threads[trio-3] tests/test_runner.py::test_run_callbacks[trio] tests/test_runner.py::test_clean_exit[trio-keyboard] tests/test_runner.py::test_clean_exit[trio-sigterm] tests/test_runner.py::test_dict_config[trio] tests/test_runner.py::test_run_cli_application[trio]