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| The Impact of Customer Participation and Knowledge Sharing on Technology-based New Ventures' Technology Commercialization Capability in the Context of Digital Economy |
| Du Xiaomin1,Shan Biaoan2,Yan Shuanghui2,Ma Li3 |
| (1.Management School, Hainan University,Haikou 570228, China; 2.School of Management, Jilin University, Changchun 130012, China; 3.Faculty of Infrastructure Engineering, Dalian University of Technology,Dalian 116024, China) |
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Abstract The development of digital technology is driving a new round of industrial transformation that greatly boosts economic growth in China and even the world, and brings about an explosive growth of digital innovation and entrepreneurship. A large number of entrepreneurs including start-ups are looking for business opportunities around smart hardware and digital media and other areas, and many new ideas driven by new technologies are becoming reality and are favored by customers, and they profoundly affect socio-economic activities. In the context of digital economy, these emerging digital technologies facilitate data sharing and efficient resource management, greatly widen the channels of opportunity sources, reduce the trial-and-error costs of new product and accelerate the process of technology commercialization. Meanwhile, new ventures face more challenges in technology commercialization in this context, and those who fail to adapt to this highly volatile and uncertain environment will soon be lost in the flood of the digital economy. Hence in the context of the digital economy, it is of great value to focus on technology commercialization for new ventures.#br#Technology commercialization is extremely important for new ventures and is a core foundation of organizational survival and profitability. From the existing research, the relevant literature mainly focuses on the process of technology commercialization, the external environment of enterprise operation, the resources or capabilities owned by enterprises, and the role of innovation networks or external networks on technology commercialization. However, these studies pay little attention to the characteristics of new ventures in the context of the digital economy, and lack of research on the role of factors and contextual variables affecting technology commercialization.#br#Through the questionnaire survey of the new ventures in several regional cities, this study reveals the impact of customer participation and knowledge sharing on technology commercialization of technology-based new enterprises, and discusses the moderating role of the degree of enterprise digitalization. This study draws the following conclusions. First, customer participation is an important external factor driving technology commercialization of technology-based new ventures. Second, knowledge sharing is an important internal factor to promote technology commercialization in technology-based new ventures. Third, the degree of digitization is an important contextual variable that positively moderates the relationship between knowledge sharing and technology commercialization. Higher the degree of digitization, the more significant the positive effect of knowledge sharing on technology commercialization.#br#The relevant research findings have important theoretical values. (1) In the context of digital economy, two key factors affecting technology commercialization, namely customer participation and knowledge sharing, are revealed in the context of the characteristics of technology-based new ventures. (2)It further deepens the theory of technology commercialization of technology-based new ventures by exploring the role of contextualization in digitization in the context of digital economy. The relevant findings further support the importance and necessity of digitization in technology-based new ventures. #br#The relevant findings have important implications for management practice in three main areas. (1) Technology-based new ventures should improve customer participation, fully attract and guide the extensive customer participation from market demand research, product prototype development,product upgrading, marketing and other series of processes to improve the success rate of new ventures marketization. (2) Technology-based new ventures need to establish an open and sharing system and culture to widely promote the flow and sharing of knowledge within the organization. Open and sharing systems help the rapid flow of new and valuable information and knowledge within the organization, such as the use of various types of internal learning training and regular interdepartmental exchange meetings, etc. At the same time, the organization should also encourage all kinds of informal internal communication and establish an open and interactive culture to promote theknowledge dissemination, especially tacit knowledge. (3) The organization should continuously carry out digital construction and continuously improve the degree of digitalization. While attaching importance to opportunity research and development and marketization, technology-based new ventures shouldfully utilize digital technology to promote the digital construction of ventures and strengthen the control and analysis of each key aspect of innovation activities.#br#
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Received: 04 August 2021
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