“…In addition, as NTBFs are “new start‐up businesses formed individually or by a group of founding entrepreneurs” (Aaboen, von Koch, and Löfsten , p. 955), which are independent, owner‐managed, small or medium‐sized enterprises (SMEs), and with the characteristic of operating in a high‐tech industry (Storey and Tether ), the technology strategy is one of the most important factors in their performance (Oh, Cho, and Kim ; Van de Vrande, Vanhaverbeke, and Duysters ; Zahra ; Zahra, Nash, and Bickford ). However, empirical studies have found divergent results with respect to the influence of this strategy on performance.…”