Survival and Growth in Innovative Technology Entrepreneurship: A Mixed-Methods Investigation

Abstract

<jats:p>Innovative technology enterprises are recognized internationally as an important pillar in modern economic activity. This paper presents the findings from a research combining qualitative and quantitative methods, with the specific goal of identifying and verifying the characteristics that affect their survival and growth. Results from an in-depth longitudinal qualitative case study, that examines a mature and constantly growing (in its 10-year operation) technologically innovative enterprise, reveal that a number of characteristics pertaining to both the profile of the entrepreneurial team, as well as of the employees, significantly affect company survival and growth in this context. Moreover, we recognize and analyze three stages in its evolution: an initial “evolutionary” growth (infancy and youth), followed by a “revolutionary” (crisis), and a second “evolutionary” (maturity) stage. Our findings are further corroborated and enriched through a survey with N = 27 entrepreneurs in innovative technology startups. We contribute to existing literature on innovative technology entrepreneurship, by identifying characteristics that entrepreneurs and employees should bear, towards its survival and growth. Moreover, a practical application of the life cycle approach is described for technologically innovative companies. Finally, a specific prescription that can help guide future theoretical and practical endeavors in innovative technology entrepreneurship is also provided accordingly.</jats:p>

Exploring entrepreneurial pivoting and the factors that trigger pivots by tech startups

“…This exploratory research study focuses on understanding the concept of technology entrepreneurship through examining the lean startup approach, pivots and the factors that trigger such pivots. Technology entrepreneurship is a critical field that can enhance economic growth and create new technologydriven market opportunities [3]. Therefore, the question arises: How can a technology startup company survive in the long run?…”

“…Entrepreneurship is considered as a positive force that contributes to the growth of both developed and developing economies. Furthermore, entrepreneurship has played a significant role in exploiting technological innovations [3]. It can be observed that researchers in the field of entrepreneurship seek to address questions such as the following: How do entrepreneurs create value propositions?…”

“…TE has a third phase known as "Renewal". Moreover, Eliakis et al [3] defined technology entrepreneurship as developing innovative digital technologies or using such technologies by forming new startups and transforming existing businesses.…”

“…Entrepreneurship has many domains, and one such domain is technology entrepreneurship (TE), which is defined as assembling resources, technical systems and the strategies by an entrepreneur to pursue opportunities [2]. TE has also been described in terms of digital entrepreneurship [3].…”

Innovation Management and Entrepreneurship—Introduction

“…This research combined qualitative and quantitative methods. Also, the results can help guide future theoretical and practical endeavors in innovative technology entrepreneurship (Eliakis et al 2020).…”