How to Realize Business Model Innovation for New Ventures? Psychological Capital and Social Capital Perspective

Abstract

Business model innovation has become a necessary means for enterprises to break through path constraints, achieve sustainable development, and obtain sustainable competitiveness, which has been paid more and more attention by entrepreneurs and scholars. Based on the resource conversation theory and signal theory, this study constructs a research model with psychological capital (PC) and social capital (SC) as independent variables and business model innovation as dependent variables along the logical path of “resource acquisition-resource utilization.” By dividing business model innovation into pioneering business model innovation and perfect business model innovation, we use fuzzy-set qualitative comparative analysis (fsQCA) to explore the impact of dual capital on business model innovation of new ventures. This study takes entrepreneurs from the eastern part of China's seven entrepreneurship active provinces as investigation objects, based on the analysis of the collected 242 valid questionnaire results, emphasizing that any single antecedent can not be a sufficient and necessary condition for pioneering and perfect business model innovation. In this case, we carried out research with a certain antecedent variable as the core and supplemented with other antecedent variables to form seven different configurations. The results showed that the combination of the antecedent variables could effectively achieve the pioneering and perfect business model innovation. The theoretical contributions of this study are as follows: (1) it enriches the research on the antecedents of business model innovation in new ventures; (2) it expands the application scenarios of resource conversation theory and signal theory; and (3) it is emphasized that the innovation of business model of new ventures is the result of the interaction and value-added linkage of various internal and external resources.

Psychological capital and breakthrough innovation: The role of tacit knowledge sharing and task interdependence

“…Kumar et al, (2022), based on the study of Indian hotel industry employees, believes that psychological capital has a positive correlation with its innovative work behavior. Some scholars also believe that entrepreneurs who are usually full of optimism and hope are more capable of helping enterprises to innovate their business models (Fourati and Attitalah, 2018;Zhou et al, 2022). Dórdio et al (2022) studied the relationship between team psychological capital and innovation by taking team learning as the mediating variable, and the results showed that the higher the level of the team psychological capital, the more the innovation output.…”

“…Based on the above analysis, we can see that there is a certain correlation between employee psychological capital, tacit knowledge sharing and breakthrough innovation. First of all, we know that employees with high psychological capital have rich knowledge reserve, believe in their own abilities, tend to choose challenging and innovative tasks, and achieve innovative performance by constantly breaking through themselves (Zhou et al, 2022). Compared with employees with lower levels of psychological capital, they are more able to accumulate experience, gain experience from failure, and learn new knowledge.…”

Turning entrepreneurial networks into business model innovation for start-ups

“…Building external networks helps firms leverage complementary resources, facilitate coordination, and reduce uncertainty for BMI (Dasgupta, 2022;Shao et al, 2023). To overcome well-known resource scarcity, start-ups typically rely on entrepreneurial networks (Albats et al, 2021;Zhou et al, 2022). For instance, Uber applies the car-sharing model to become a disruptor in transportation.…”

Understanding the effect of organizational innovation environment and customer participation in virtual communities on customer creativity: A study of mediating and moderating influences

“…The first stems from customer information, which is critical for the advancement of the innovation process ( Geilinger et al, 2020 ). This information could be about new technologies ( Amara and Landry, 2005 ), scientific information and complementary technology to what the R&D team is already managing ( Sánchez-González and Herrera, 2014 ), and information designed to generate new ideas ( Amara and Landry, 2005 ; Zhou, et al, 2022 ). The second group is concerned with innovation creation and emphasizes that customer participation facilitates the creation of more appealing products and services while requiring businesses to invest less time and money to achieve a specific innovation ( Wang et al, 2020 ).…”

“…More importantly, such products have a higher chance of commercial success with fewer costs associated with the trial-and-error process, as they allow for the identification of unmet needs that many customers are unaware of ( Schaarschmidt et al, 2018 ). Finally, the third group asserts that customer cooperation reduced innovation investment and increased the efficiency of the innovation process ( Zhou et al, 2022 ).…”