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Impact of initial business model on the growth trajectory of new technology-based firms: a path dependency perspective

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Title: Impact of initial business model on the growth trajectory of new technology-based firms: a path dependency perspective
Authors: Löfsten, Hans, 1963, Isaksson, Anders, 1965, Rannikko, Heikki, Tornikoski, Erno, Buffart, Mickaël
Source: Journal of Technology Transfer. 50(1):29-61
Subject Terms: Imprinting mechanism, O44, Post-founding success, High-growth firms, Stable firms, L26, M13, Founding business model, O25, O32, M21, Path dependency
Description: Our study explores links between the initial business model design and the post-founding development of new technology-based firms (NTBFs) through a selection of recently established NTBFs across Sweden, Finland, and France (481 firms). The trajectory of these firms’ performance has been observed and analyzed over the span of five years. The study examines the long-term effects of NTBFs’ initial business model design on their development and the path dependency of these designs on future firm performance. Our results indicate that high-growth and stable NTBFs have distinct initial designs, implying that new firms’ founders and their business design decisions have important consequences for subsequent NTBF development. Specifically, our study examines how business model characteristics impact the growth trajectory of NTBFs by empirically differentiating between the foundational characteristics of high-growth and stable NTBFs. We find that maintaining stable activity is linked to a low level of uniqueness, less demanding business objectives, and a lack of risk while high-growth is related to a larger early access to resources. We propose an explanation using path dependency literature, arguing how early business model choices predetermine long-term growth paths. Our research also provides valuable insights for stakeholders in designing targeted strategies for sustainable development.
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  Data: Impact of initial business model on the growth trajectory of new technology-based firms: a path dependency perspective
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  Data: <searchLink fieldCode="AR" term="%22Löfsten%2C+Hans%22">Löfsten, Hans</searchLink>, 1963<br /><searchLink fieldCode="AR" term="%22Isaksson%2C+Anders%22">Isaksson, Anders</searchLink>, 1965<br /><searchLink fieldCode="AR" term="%22Rannikko%2C+Heikki%22">Rannikko, Heikki</searchLink><br /><searchLink fieldCode="AR" term="%22Tornikoski%2C+Erno%22">Tornikoski, Erno</searchLink><br /><searchLink fieldCode="AR" term="%22Buffart%2C+Mickaël%22">Buffart, Mickaël</searchLink>
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  Data: <i>Journal of Technology Transfer</i>. 50(1):29-61
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  Data: <searchLink fieldCode="DE" term="%22Imprinting+mechanism%22">Imprinting mechanism</searchLink><br /><searchLink fieldCode="DE" term="%22O44%22">O44</searchLink><br /><searchLink fieldCode="DE" term="%22Post-founding+success%22">Post-founding success</searchLink><br /><searchLink fieldCode="DE" term="%22High-growth+firms%22">High-growth firms</searchLink><br /><searchLink fieldCode="DE" term="%22Stable+firms%22">Stable firms</searchLink><br /><searchLink fieldCode="DE" term="%22L26%22">L26</searchLink><br /><searchLink fieldCode="DE" term="%22M13%22">M13</searchLink><br /><searchLink fieldCode="DE" term="%22Founding+business+model%22">Founding business model</searchLink><br /><searchLink fieldCode="DE" term="%22O25%22">O25</searchLink><br /><searchLink fieldCode="DE" term="%22O32%22">O32</searchLink><br /><searchLink fieldCode="DE" term="%22M21%22">M21</searchLink><br /><searchLink fieldCode="DE" term="%22Path+dependency%22">Path dependency</searchLink>
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  Label: Description
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  Data: Our study explores links between the initial business model design and the post-founding development of new technology-based firms (NTBFs) through a selection of recently established NTBFs across Sweden, Finland, and France (481 firms). The trajectory of these firms’ performance has been observed and analyzed over the span of five years. The study examines the long-term effects of NTBFs’ initial business model design on their development and the path dependency of these designs on future firm performance. Our results indicate that high-growth and stable NTBFs have distinct initial designs, implying that new firms’ founders and their business design decisions have important consequences for subsequent NTBF development. Specifically, our study examines how business model characteristics impact the growth trajectory of NTBFs by empirically differentiating between the foundational characteristics of high-growth and stable NTBFs. We find that maintaining stable activity is linked to a low level of uniqueness, less demanding business objectives, and a lack of risk while high-growth is related to a larger early access to resources. We propose an explanation using path dependency literature, arguing how early business model choices predetermine long-term growth paths. Our research also provides valuable insights for stakeholders in designing targeted strategies for sustainable development.
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        Value: 10.1007/s10961-024-10086-6
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      – Text: English
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      – SubjectFull: Imprinting mechanism
        Type: general
      – SubjectFull: O44
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      – SubjectFull: Post-founding success
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      – SubjectFull: High-growth firms
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      – SubjectFull: Path dependency
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      – TitleFull: Impact of initial business model on the growth trajectory of new technology-based firms: a path dependency perspective
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              Y: 2025
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