The EC‐LQO five‐factor framework: An alternative lens for business model innovation in highly knowledge‐intensive industries

Downs, James B.; Hossfeld, Oliver; Velamuri, Vivek K.

doi:10.1002/mde.3003

Cited by 5 publications

(5 citation statements)

References 65 publications

(100 reference statements)

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“…Traditional business models have undergone significant digitalizationdriven changes, compelling enterprises to reinvent their business models by harnessing digital technology (Downs et al, 2019;Moqaddamerad & Tapinos, 2023). In the digital age, the growth of high-tech SMEs confronts not only technological challenges but also grapples with the need to harness the advantages of digital technology to enhance or transform internal and external processes and align them with new business models (Bouncken et al, 2021;Palmié et al, 2022).…”

Section: Digital Business Model Innovationmentioning

confidence: 99%

“…Current research suggests that business model innovation requires enterprises to identify external opportunities, integrate and utilize resources, and adjust existing business processes (Dhir et al, 2023;Mezger, 2014;Palmié et al, 2022). This sequence of processes necessitates substantial capital (Dhir et al, 2023;Sanchez & Ricart, 2010), a diverse set of resources (Lütjen et al, 2017;Teece, 2010), and the expertise and managerial skills of executives (Downs et al, 2019;Sabaruddin et al, 2023;Teece, 2018). In comparison to traditional business model innovation, DBMI places greater emphasis on the application of digital technology, which increases the need for capital, knowledge, and resources (Boojihawon & Ngoasong, 2018;Soluk et al, 2021).…”

Section: Digital Business Model Innovationmentioning

confidence: 99%

See 1 more Smart Citation

How to promote the digital business model innovation of high‐tech SMEs through government venture capital? An evolutionary game perspective

Yin,

Liu,

Zeng

2024

Manage Decis Econ

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Digital business model innovation plays a crucial role in the growth of high‐tech small and medium‐sized enterprises (SMEs). In this research, we introduced tripartite evolutionary game models that include the government, venture capital (VC) institutions, and high‐tech SMEs, operating within the context of government venture capital. Within the scenarios of government revenue and loss compensation, we assess the evolutionary stable strategies of each stakeholder and analyze variations in the evolution results. Using numerical simulation, we investigate how factors impact players' strategic choices and the evolution of the system. The findings indicate the presence of an indirect transmission mechanism among players' strategic choices, which collaboratively stabilizes the game system. Furthermore, we investigate the policy consequences of various compensation mechanisms and find that high‐tech SMEs' strategic choices are not influenced by these compensation approaches. However, the incentive effects of different compensation on the government and VCs' investment strategies vary. Revenue compensation is more favorable for VC institutions but places a greater financial burden on the government. In contrast, loss compensation is a more efficient approach for the government. This study offers valuable insights for the management and operation of government venture capital funds, and the advancement of digital business model innovation for high‐tech SMEs.

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Section: Digital Business Model Innovationmentioning

confidence: 99%

Section: Digital Business Model Innovationmentioning

confidence: 99%

How to promote the digital business model innovation of high‐tech SMEs through government venture capital? An evolutionary game perspective

Yin,

Liu,

Zeng

2024

Manage Decis Econ

View full text Add to dashboard Cite

show abstract

“…Article [14] proposes a business model for the development of an industrial company operating in science-intensive industries. The model is based on the data from 102 biological and pharmaceutical companies.…”

Section: Literature Review and Problem Statementmentioning

confidence: 99%

Approach to assessment of prerequisites for implementation of strategic directions of innovative development of industrial enterprises

Illiashenko

Shypulina

et al. 2021

EEJET

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The present research substantiates the theorical and methodological foundations of quantitative assessment of the prerequisites for the implementation of strategic directions of innovative development of industrial enterprises under conditions of changing technological arrangement and the fourth industrial revolution. External and internal prerequisites for catching-up, leading and outstripping innovative development were determined and systematized. The two-step approach to assessing the sufficiency of prerequisites for the implementation of these directions was developed. It was proposed to assess external prerequisites according to the relative values of the indicators of the Global Innovation Index of the analyzed country, which take into account the highest and the lowest estimates of all countries Unlike existing approaches, the point-based score, rather than rating estimates of the indicators of countries are taken into account, which increases the assessment objectivity. The compliance of quantitative estimates with the levels of sufficiency of external prerequisites was determined using the Harrington Verbal-Numerical scale. It was proposed to assess internal prerequisites according to the author’s method of expert evaluations, which unlike existing ones, allows assessing the level of sufficiency of subsystems of the potential of innovative development of an enterprise. The two-step approach allows quantitative and comprehensive assessment of sufficiency of the prerequisites for the implementation of strategic directions of innovative development of industrial enterprises. It is possible to identify problems of prerequisites’ sufficiency, which allows their reasonable correction. The sufficiency of prerequisites for alternative directions of innovative development of machine-building enterprises was evaluated using the new approach and the best directions were chosen. The analysis time was reduced by 25–33 %, the accuracy of choice of directions and the effectiveness of their implementation strategies are increasing. The new approach improves strategic management of innovative development of industrial enterprises in the context of technological transformations

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“…The obtained results proved a positive impact of knowledge management on the effectiveness of innovation processes of a company, and ultimately -on the economic efficiency of its activities. Downs et al (2019) developed conceptual principles of the approach to improving the business model of commercialisation of innovations in knowledge-intensive industries. Ringel et al (2018) performed a retrospective analysis from 2006 to 2018 of the change dynamics in the positions of the most innovative companies in the world.…”

Section: Literature Reviewmentioning

confidence: 99%

Knowledge management at Ukrainian industrial enterprises in the context of innovative development

Ілляшенко

Shypulina

Illiashenko

et al. 2020

Engineering Management in Production and Services

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The research aimed to identify promising areas and outline problems associated with the transition of Ukrainian industrial enterprises towards advanced innovative development based on information and knowledge and to formulate recommendations for improving the knowledge management and commercialisation at these enterprises. The study used several methods for analysis, including a literature review; system, structural and statistical analyses; SWOT analysis; the inference method; and interpretation. The research efforts resulted in systemised major sources of knowledge in an enterprise and types of their utilisation. The performed analysis found the key ways to obtain and commercialise knowledge used by Ukrainian industrial enterprises. The results were compared with data of the EU countries. The analysis produced strengths and weaknesses of the existing knowledge management system used in Ukrainian enterprises. Strengths: growth in the number of enterprises producing new knowledge and implementing marketing and organisational innovations; intensified patent activity; and a rational structure of innovation-active enterprises by their size. Weaknesses: the new knowledge structure does not meet the needs of enterprises; an insignificant and unstable share of innovation-active enterprises in the total number of firms; and insignificant sales volumes of patents. The research revealed that Ukrainian enterprises had the potential ability to produce and commercialise new knowledge effectively and to use it as the basis to form, strengthen and implement relative competitive advantages, which would contribute to the innovative growth of the Ukrainian economy as a whole. Recommendations were designed for the formation of prerequisites necessary to improve the efficiency of knowledge management in the context of conditions required for the innovative development of domestic enterprises. The obtained results can be used as an information base for evaluating the system of knowledge production and commercialisation at Ukrainian enterprises to enhance the management and identify promising areas for innovative development.

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The EC‐LQO five‐factor framework: An alternative lens for business model innovation in highly knowledge‐intensive industries

Cited by 5 publications

References 65 publications

How to promote the digital business model innovation of high‐tech SMEs through government venture capital? An evolutionary game perspective

How to promote the digital business model innovation of high‐tech SMEs through government venture capital? An evolutionary game perspective

Approach to assessment of prerequisites for implementation of strategic directions of innovative development of industrial enterprises

Knowledge management at Ukrainian industrial enterprises in the context of innovative development

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