Nascent technology ventures commercialization: A framework for capability development and business model transitions

This study examines the development of business models in early-stage technology startups and explores the impact of entrepreneurial decisions on the venture\u27s structure and success. The research sheds light on the importance of adapting business models to address complexity and uncertainty and examines the use of strategic decision-making logics by technology ventures. The findings reveal that early-stage technology ventures employ a combination of bricolage and effectuation logics, transitioning to a hybrid approach, which leads to greater success for firms with strong adaptive capabilities. The study also highlights the role of learning capabilities in the success of platform-based technology startups and demonstrates the importance of hybrid decision-making, experimentation, and agile pivoting in the adaptability of the business model. The study provides new insights into the commercialization process, regulation, and leadership in the growth trajectory of early-stage technology ventures, emphasizing the importance of decision-making dynamics, business model adaptation, and dynamic capabilities for success. The author argues that the interplay between business model regulation and organizational learning is essential for the commercialization and scaling of platform-based technology ventures and that utilizing both local and distant searches is key to unlocking the bottlenecks in the commercialization process. Overall, this study provides valuable insights into the centrality of business models, capabilities, and leadership in the growth trajectory of early-stage technology ventures