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Impact of initial business model on the growth trajectory of new technology-based firms: a path dependency perspective

Author

Listed:
  • Hans Löfsten

    (Chalmers University of Technology)

  • Anders Isaksson

    (Chalmers University of Technology)

  • Heikki Rannikko

    (Ramboll Finland Oy, Circular Business Models)

  • Erno Tornikoski

    (Exeter University)

  • Mickaël Buffart

    (Stockholm School of Economics)

Abstract

Our study explores links between the initial business model design and the post-founding development of new technology-based firms (NTBFs) through a selection of recently established NTBFs across Sweden, Finland, and France (481 firms). The trajectory of these firms’ performance has been observed and analyzed over the span of five years. The study examines the long-term effects of NTBFs’ initial business model design on their development and the path dependency of these designs on future firm performance. Our results indicate that high-growth and stable NTBFs have distinct initial designs, implying that new firms’ founders and their business design decisions have important consequences for subsequent NTBF development. Specifically, our study examines how business model characteristics impact the growth trajectory of NTBFs by empirically differentiating between the foundational characteristics of high-growth and stable NTBFs. We find that maintaining stable activity is linked to a low level of uniqueness, less demanding business objectives, and a lack of risk while high-growth is related to a larger early access to resources. We propose an explanation using path dependency literature, arguing how early business model choices predetermine long-term growth paths. Our research also provides valuable insights for stakeholders in designing targeted strategies for sustainable development.

Suggested Citation

  • Hans Löfsten & Anders Isaksson & Heikki Rannikko & Erno Tornikoski & Mickaël Buffart, 2025. "Impact of initial business model on the growth trajectory of new technology-based firms: a path dependency perspective," The Journal of Technology Transfer, Springer, vol. 50(1), pages 29-61, February.
  • Handle: RePEc:kap:jtecht:v:50:y:2025:i:1:d:10.1007_s10961-024-10086-6
    DOI: 10.1007/s10961-024-10086-6
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    More about this item

    Keywords

    High-growth firms; Stable firms; Founding business model; Path dependency; Imprinting mechanism; Post-founding success;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth

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