Internal Capabilities, External Collaborations, R&D, and Performance of Technology Ventures
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This study starts with the motivation to understand important factors influencing the performance of technology ventures. Another motivation of this study is to explain the role of these factors in enhancing firm performance. And the last motivation is to find empirical evidence from a historical data during the last 1990s and early 2000s when Korean economy was desperately struggling to recover from the Asian Crisis. Building upon studies of the resource-based view of the firm (RBV), inter-firm relationship, and organizational learning, this study identifies internal capabilities, collaboration, and R&D as critical factors and explains how these factors impact on performance of technology firms. Using a sample data from various information sources, this study formulates statistical models and runs hypotheses testing. The results of this study offers the following implications. First, the growth of technology venture requires the management of internally developed technology, collaboration strategy with partner firms, and continuous R&D. Second, among three critical factors, the role of R&D is particularly important for technology ventures because R&D, especially for inter-firm linkage, works as coordinating and integrating mechanisms. Additionally, this study confirms that Korean technology ventures had a unique strategy of focusing on R&D and leveraging the learning benefits to developing capabilities and expanding networks. This study contributes to the RBV as it provides a systematic view of factors influencing the performance of technology driven firms and sheds new light on the coordinating and integrating function of R&D. This study also offers a practical insight to managers by identifying where to focus to sustain continuous growth of technology ventures.
Abstract
This study starts with the motivation to understand important factors influencing the performance of technology ventures. Another motivation of this study is to explain the role of these factors in enhancing firm performance. And the last motivation is to find empirical evidence from a historical data during the last 1990s and early 2000s when Korean economy was desperately struggling to recover from the Asian Crisis. Building upon studies of the resource-based view of the firm (RBV), inter-firm relationship, and organizational learning, this study identifies internal capabilities, collaboration, and R&D as critical factors and explains how these factors impact on performance of technology firms. Using a sample data from various information sources, this study formulates statistical models and runs hypotheses testing. The results of this study offers the following implications. First, the growth of technology venture requires the management of internally developed technology, collaboration strategy with partner firms, and continuous R&D. Second, among three critical factors, the role of R&D is particularly important for technology ventures because R&D, especially for inter-firm linkage, works as coordinating and integrating mechanisms. Additionally, this study confirms that Korean technology ventures had a unique strategy of focusing on R&D and leveraging the learning benefits to developing capabilities and expanding networks. This study contributes to the RBV as it provides a systematic view of factors influencing the performance of technology driven firms and sheds new light on the coordinating and integrating function of R&D. This study also offers a practical insight to managers by identifying where to focus to sustain continuous growth of technology ventures.
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