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This paper builds upon the widely-used resource-based approach to explaining survival of new technology-based firms (NTBFs). However, instead of looking at the NTBF's initial resource configuration, a process-oriented perspective is taken by focusing on the entrepreneur's ability to transform resources in response to triggers resulting from market interactions. Transaction relations reflect these interactions and are thus operationalized with a suggested method for measuring the status of venture emergence (VE) applicable to early-stage NTBFs. NTBFs' value network maturity is reflected in the number and strength of their transaction relations in the four market dimensions customer, investor, partner, and human resource. Business plans of NTBFs represent the artifact that contains this data in the form of transaction relation descriptions. Using content analysis, a multi-step combined human and computer coding process has been developed to annotate and classify transaction relations from business plans in order to empirically determine NTBFs' status of VE. Results of the business plan analysis suggest that the level of transaction relations allows to draw conclusions on the VE status. Moreover, applying the developed process, first analysis of a business plan coding test shows that the transaction relation based VE status significantly relates to NTBF survival capability.
This paper broadens the resource-based approach to explaining survival of new technology-based firms (NTBFs) by focusing on the entrepreneur's ability to transform resources in response to triggers resulting from market interactions. Network theory is used to define a construct that allows determining the status of venture emergence (VE).The operationalization of the VE construct is built on the firm's value network maturity in the four market dimensions customer, investor, partner, and human resource. Business plans of NTBFs represent the artifact that contains this data in the form of transaction relation descriptions. Using content analysis, a multi-step combined human and computer coding process has been developed to empirically determine NTBFs' status of VE.Results of the business plan analysis suggests that the level of transaction relations allows to draw conclusions on the status of VE. Moreover, applying the developed process, a business plan coding test shows that the transaction relation based VE status significantly relates to NTBFs' survival capabilities.
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.