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The key success factors of the AI industry entrepreneurial process in China Great Bay Area: A systematic approach study

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  • Wang, Rui
  • Guo, Li-ming
  • Cao, Chao
  • Chen, Yan-sheng

Abstract

In the traditional entrepreneurial process theory, opportunities, resources and entrepreneurs (teams) are regarded as the basic elements of the entrepreneurial process. In the era of artificial intelligence under the new economic normal, the diffusion of technological innovation not only catalyzes the internal components and external environment of entrepreneurship, but more importantly reconstructs a new combination of the key success factors (KSFs) for entrepreneurship. Technological innovation-driven entrepreneurship, as a new form of entrepreneurship, poses new challenges to the traditional entrepreneurial process theory. Using the Co-citation Context Analysis (CCA) method, we innovated the operational definition of the KSFs of entrepreneurship, and horizontally displayed 4 stages of the entrepreneurial process, including 66 key success factors in 17 dimensions. We used the explanatory structural modeling method and Matrice d'Impacts Croises-Multipication Applique A Classement (MICMAC) to analyze and identify the driving force and dependence force of KSFs, and longitudinally present the multi-level structural process relationship of the systematic entrepreneurial process. Our research focuses on three aspects: (1) To find out the KSFs of innovation-driven entrepreneurial processes. (2) To explore the relationship between internal drivers and new combinations of external dynamic environmental factors in the process of systematic entrepreneurship. (3) To demonstrate the common characteristics of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) entrepreneurs' teamwork, innovation drive and competitiveness. The results show that entrepreneurial performance, entrepreneurial environment, and entrepreneurial group characteristics are still the basic elements of the entrepreneurial process, but in the era of artificial intelligence under the new economic normal, the KSFs of the systematic entrepreneurial process are changing dynamically, interactively and iteratively. The two-way influence and criss-cross evolution of the driving force and dependence of the KSFs in the entrepreneurial process promote the occurrence of innovation-driven entrepreneurship, which is a topic that initial entrepreneurs and entrepreneurs must pay attention to.

Suggested Citation

  • Wang, Rui & Guo, Li-ming & Cao, Chao & Chen, Yan-sheng, 2023. "The key success factors of the AI industry entrepreneurial process in China Great Bay Area: A systematic approach study," Technological Forecasting and Social Change, Elsevier, vol. 186(PB).
    • Handle: RePEc:eee:tefoso:v:186:y:2023:i:pb:s0040162522006916
    DOI: 10.1016/j.techfore.2022.122170
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