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One size does not fit all: Sustainable innovation, climate policy, and startups' growth aspirations

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  • Hirschmann, Mirko

Abstract

Prior research suggests that the growth aspirations of startups are critical to their success. Meanwhile, as concerns about our natural environment and social injustices grow, sustainable innovations from startups seeking to address these issues become more urgent. Thus far, however, previous research has paid little attention to how the successful introduction of sustainable innovations affects the development of startups, in particular, in the form of their resulting growth aspirations. In this study, we empirically explore the relationship between sustainable innovation and startups' growth aspirations, and, drawing on institutional theory, how climate policy moderates this relationship. By investigating a sample of 1430 startups from 32 countries from the Flash Eurobarometer, we find that startups that have introduced a sustainable innovation in the past 12 months have higher growth aspirations. Additionally, our results show that stronger climate policy negatively moderates this relationship. Our findings offer a set of concrete implications for research and practice.

Suggested Citation

  • Hirschmann, Mirko, 2025. "One size does not fit all: Sustainable innovation, climate policy, and startups' growth aspirations," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    • Handle: RePEc:eee:tefoso:v:215:y:2025:i:c:s0040162525001003
    DOI: 10.1016/j.techfore.2025.124069
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    More about this item

    Keywords

    Sustainable innovation; Startup; Growth aspirations; Institutional theory; Climate policy;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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