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New venture strategies and performance in a catching-up economy

机译:赶超经济中的新风险战略和业绩

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Purpose - The purpose of this paper is to explore both the strategy types and strategic growth trajectories of new ventures and examine the relationship between these trajectories and new venture performance. Design/methodology/approach - The paper uses evidence from six case studies of Greek high technology new ventures over a lengthy time frame. The longitudinal research design of the study allowed for the complexities of the growth phenomenon to be captured in an effective and efficient manner. Findings - Based on an integrative three-dimensional framework of new venture strategies, four strategy types are identified. At a static level, evidence suggests that the more strategic dimensions are emphasised in a venture strategy, the more balanced the venture's strategic position and thus, the higher its performance. With respect to the venture's dynamic trajectories, among all possible alternatives, it was found that two are the most successful. The first secures growth through focusing first on a specific innovative productyservice in the domestic market and then expanding in the global market. The second secures growth through focusing first on a specific innovative product/service in the global market and then expanding the venture product scope. Research limitations/implications - The findings imply that the product and geographic dimensions of new venture strategies are the main performance differentiators, while the innovativeness dimension is a sine qua non of new ventures growth and performance. Implications for theory, business practice and policy making are discussed. Originality/value - The paper contributes to knowledge in the area of new venture growth by developing a strategic typology in a catching-up economy, where little research can be found.
机译:目的-本文的目的是探索新企业的战略类型和战略增长轨迹,并研究这些轨迹与新企业绩效之间的关系。设计/方法论/方法-本文使用了来自六个希腊案例的证据,这些案例是对希腊高科技新兴企业在较长时间内的研究。研究的纵向研究设计允许以有效和高效的方式捕获生长现象的复杂性。调查结果-基于新的风险策略的综合三维框架,确定了四种策略类型。从静态的角度来看,证据表明,风险战略中强调的战略维度越多,则风险战略位置越平衡,因此其绩效就越高。关于企业的动态轨迹,在所有可能的选择中,发现有两个是最成功的。首先通过首先在国内市场上专注于特定的创新产品服务,然后在全球市场上进行扩展来确保增长。第二个是通过首先关注全球市场上特定的创新产品/服务,然后扩大风险产品范围来确保增长。研究的局限性/含义-研究结果表明,新风险投资策略的产品和地理维度是主要的绩效差异因素,而创新性维度是新风险投资增长和绩效的必要条件。讨论了对理论,业务实践和政策制定的影响。原创性/价值-本文通过在追赶型经济中发展战略类型学的方式为新的风险投资领域的知识做出了贡献,而追赶型经济却鲜有研究可言。

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