Embryonic tech ventures’ orientation and performance
Introduction and objectives: A broad body of knowledge is developing around the influence of market and entrepreneurial orientation on business performance. However, high-tech firms in the embryonic (R&D and start-up) phase of development have stayed off the research radars. Taking a resource-ba...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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University of Belgrade, Faculty of Organisational Sciences
2023-12-01
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| Series: | Management |
| Online Access: | http://management.fon.bg.ac.rs/index.php/mng/article/view/458 |
| _version_ | 1797403898730774528 |
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| author | Milan Okanović Miloš Milosavljević Slavica Cicvarić Kostić Jasmina Dlačić |
| author_facet | Milan Okanović Miloš Milosavljević Slavica Cicvarić Kostić Jasmina Dlačić |
| author_sort | Milan Okanović |
| collection | DOAJ |
| description | Introduction and objectives: A broad body of knowledge is developing around the influence of market and entrepreneurial orientation on business performance. However, high-tech firms in the embryonic (R&D and start-up) phase of development have stayed off the research radars. Taking a resource-based view, this study examined the role of market and entrepreneurial orientation on the performance of new ventures within a growing entrepreneurial ecosystem of Serbia. Methods: The study is based on primary data gathered via a questionnaire and examined tech ventures founders from Serbia whose ventures are in either research and development or start-up phase. Results: The findings confirm that both market and entrepreneurial orientation play an immense role in the embryonic phase and throughout the process of launching a new tech firm. Conclusion: The study found that market orientation primarily influences problem discovery, value proposition and product designing, as well as team gathering. Entrepreneurial orientation more significantly affects performance in the context of MVP creation, first customer acquisition, initial revenue stream and investment for the next phase of tech venture development. Implications and research limitation: The study suggests that new ventures leaders have to develop both market and entrepreneurial competences. At the beginning, they should invest more into the activities related to market orientation, and during the further tech venture development, entrepreneurial orientation leads to finalization of a product/service development and its commercialization. Even though this study provides useful and valuable insights, it does not reflect all concepts of entrepreneurial success and a larger sample size from other geographical regions would be more suitable for the generalizability of study findings. Yet, the implications of the study are highly relevant for Serbian ecosystem as the business environment is not stimulating enough for growth and development of new ventures, and consequently founders have to rely on their own competencies and knowledge. |
| first_indexed | 2024-03-09T02:45:07Z |
| format | Article |
| id | doaj.art-4b18d39b860d4070a9a057596a095f87 |
| institution | Directory Open Access Journal |
| issn | 1820-0222 2406-0658 |
| language | English |
| last_indexed | 2024-03-09T02:45:07Z |
| publishDate | 2023-12-01 |
| publisher | University of Belgrade, Faculty of Organisational Sciences |
| record_format | Article |
| series | Management |
| spelling | doaj.art-4b18d39b860d4070a9a057596a095f872023-12-05T17:03:42ZengUniversity of Belgrade, Faculty of Organisational SciencesManagement1820-02222406-06582023-12-01283879910.7595/management.fon.2023.0008458Embryonic tech ventures’ orientation and performanceMilan Okanović0Miloš Milosavljević1Slavica Cicvarić Kostić2Jasmina Dlačić3University of Belgrade, Faculty of Organizational Sciences, SerbiaUniversity of Belgrade, Faculty of Organizational Sciences, SerbiaUniversity of Belgrade, Faculty of Organizational Sciences, SerbiaUniversity of Rijeka, Faculty of Economics and Business, CroatiaIntroduction and objectives: A broad body of knowledge is developing around the influence of market and entrepreneurial orientation on business performance. However, high-tech firms in the embryonic (R&D and start-up) phase of development have stayed off the research radars. Taking a resource-based view, this study examined the role of market and entrepreneurial orientation on the performance of new ventures within a growing entrepreneurial ecosystem of Serbia. Methods: The study is based on primary data gathered via a questionnaire and examined tech ventures founders from Serbia whose ventures are in either research and development or start-up phase. Results: The findings confirm that both market and entrepreneurial orientation play an immense role in the embryonic phase and throughout the process of launching a new tech firm. Conclusion: The study found that market orientation primarily influences problem discovery, value proposition and product designing, as well as team gathering. Entrepreneurial orientation more significantly affects performance in the context of MVP creation, first customer acquisition, initial revenue stream and investment for the next phase of tech venture development. Implications and research limitation: The study suggests that new ventures leaders have to develop both market and entrepreneurial competences. At the beginning, they should invest more into the activities related to market orientation, and during the further tech venture development, entrepreneurial orientation leads to finalization of a product/service development and its commercialization. Even though this study provides useful and valuable insights, it does not reflect all concepts of entrepreneurial success and a larger sample size from other geographical regions would be more suitable for the generalizability of study findings. Yet, the implications of the study are highly relevant for Serbian ecosystem as the business environment is not stimulating enough for growth and development of new ventures, and consequently founders have to rely on their own competencies and knowledge.http://management.fon.bg.ac.rs/index.php/mng/article/view/458 |
| spellingShingle | Milan Okanović Miloš Milosavljević Slavica Cicvarić Kostić Jasmina Dlačić Embryonic tech ventures’ orientation and performance Management |
| title | Embryonic tech ventures’ orientation and performance |
| title_full | Embryonic tech ventures’ orientation and performance |
| title_fullStr | Embryonic tech ventures’ orientation and performance |
| title_full_unstemmed | Embryonic tech ventures’ orientation and performance |
| title_short | Embryonic tech ventures’ orientation and performance |
| title_sort | embryonic tech ventures orientation and performance |
| url | http://management.fon.bg.ac.rs/index.php/mng/article/view/458 |
| work_keys_str_mv | AT milanokanovic embryonictechventuresorientationandperformance AT milosmilosavljevic embryonictechventuresorientationandperformance AT slavicacicvarickostic embryonictechventuresorientationandperformance AT jasminadlacic embryonictechventuresorientationandperformance |