Effectuation, opportunity shaping and innovation strategy in high-tech new ventures

Runping Guo

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Entrepreneurship Studies and Influences Business Strategies and Innovation Innovation and Knowledge Management

Abstract

Purpose Innovation strategy is critical for firms to achieve success in the market. However, relatively little is known about what factors promote the development of innovation strategy in high-tech new ventures. The purpose of this paper is to address this gap by developing and examining the theoretical model that links effectuation to innovation strategy through opportunity shaping in high-tech new ventures. Design/methodology/approach The proposed theoretical model is developed by integrating the effectuation theory, innovation strategy literature and opportunity literature. Empirical data were collected from 212 entrepreneurs and top executives in Chinese high-tech new ventures through a survey. Baron and Kenny’s (1986) mediation and moderation model assessment procedures are used to analyze the data. Findings The empirical results indicate that effectuation has a positive effect on innovation strategy and opportunity shaping. Opportunity shaping has a positive effect on innovation strategy, and its effect is positively moderated by competitive intensity. The author also finds that opportunity shaping plays a fully mediating role in the relationship between effectuation and innovation strategy. Originality/value These findings enrich innovation strategy research and advance the effectuation theory by providing empirical evidence of the impact of effectuation on innovation strategy in high-tech new ventures. The findings also contribute to a growing stream of research on opportunity and integrating opportunity shaping into a more complete framework of innovation. Moreover, this research provides deeper insight into the missing links between effectuation and innovation strategy in high-tech new ventures by uncovering the mediating role of opportunity shaping.

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References

2004Social Structure and Organizations 1 2001Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency 2005Creating Something from Nothing: Resource Construction through Entrepreneurial Bricolage 2001Social capital, knowledge acquisition, and knowledge exploitation in young technology‐based firms 2010Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs 2001PRODUCT INNOVATION STRATEGY AND THE PERFORMANCE OF NEW TECHNOLOGY VENTURES IN CHINA.2012Effectuation, Causation, and Bricolage: A Behavioral Comparison of Emerging Theories in Entrepreneurship Research 2009Causation and effectuation processes: A validation study

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