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Digitale Transformation
(2015)
Strategie der digitalen Ära
(2015)
Strategic renewal and the development of new types of innovation pose special challenges to established small and medium-sized companies. The paper at hand aims at answering the questions what the underlying mechanism of these challenges are and which approaches might help to properly counteracting them. This case study investigates the strategic renewal process and its corresponding interventions in a high-tech SME company during a four-year period. We analyse the findings in relation to existing frameworks for dynamic capabilities and strategic learning and provide new recommendations for practice and future research.
Corporate venturing is one way for corporations to
introduce strategic renewal into their business portfolios, which is
imperative for ongoing success in innovation-driven industries.
Prior research finds that corporate ventures should be separated
from the mainstream business in loosely coupled sub-units, but
scholars continue to discuss how loose or tight the ventures should
be to balance exploration and exploitation. Hence, the antecedents
for successful venture management are yet to be fully explored and
our study contributes to this effort. The study shows that
corporate venture success is enhanced when corporate
management grants job and strategic autonomy to the venture
managers. This is further amplified when corporate management
simultaneously imposes an exploitative policy that forces venture
managers to prioritize extensions to and improvements of existing
competences and product-market offerings.
Technology commercialization is described as the most dreadful challenge for technology-based entrepreneurs. The scarcity of resources and limited managerial experience make it a daunting task, putting in danger the whole firm emergence. Prior research has often build upon the resource-based view to propose that the new firms' performance is dependent on their initial resource endowments and configurations. Nevertheless, little is known on how the early-stage decisions of the entrepreneur might influence on the growth of the firm. Scholars have suggested that both technology and market orientation actions could influence the performance and growth of firms in this context; nevertheless, there is limited empirical evidence of the influence of these different orientations in the context of new technology-based firms (NTBFs). In this study we propose to explore the influence of technology and demand creation actions adopting a demand-side view. We use a longitudinal study on a panel dataset (2004-2007) with 249 U.S. new high-technology firms to test our hypothesis. The results point towards a rather limited influence of initial resource configurations, as well as an unexpected influence of market and technology orientation in the growth dimensions of an NTBF. The research holds implications for the management of new technology-based firms and for those interested in supporting the development of technology entrepreneurship.