TechnovationPub Date : 2026-03-01Epub Date: 2025-11-01DOI: 10.1016/j.technovation.2025.103399
Joris Ebbers , Wouter Stam , Tom Elfring
{"title":"Takers and givers: Exploring the drivers of peer support in intra-incubator networks","authors":"Joris Ebbers , Wouter Stam , Tom Elfring","doi":"10.1016/j.technovation.2025.103399","DOIUrl":"10.1016/j.technovation.2025.103399","url":null,"abstract":"","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103399"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145420008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
TechnovationPub Date : 2026-03-01Epub Date: 2026-01-17DOI: 10.1016/j.technovation.2026.103478
Ludovica Antenozio , Pilar Marques , Andrea Bikfalvi
{"title":"Digital orientation and performance in innovative SMEs: exploring the (curvi)linear effects","authors":"Ludovica Antenozio , Pilar Marques , Andrea Bikfalvi","doi":"10.1016/j.technovation.2026.103478","DOIUrl":"10.1016/j.technovation.2026.103478","url":null,"abstract":"<div><div>Digital orientation plays a key role in the competitiveness of firms, enhancing business processes and improving performance. In this paper, we examine how digital orientation affects innovative SMEs in terms of innovation and financial performance. Our analysis is based on an original panel data set of 250 innovative Italian SMEs over a period of 10 years, constructed using novel methods. We applied the Generalised Method of Moments, considering the curvilinear (inverted U-shaped) effect between businesses’ digital orientation and innovation and financial performance. The study finds support for the positive influence of digital orientation on financial performance, confirming the inverted U-shape, while results for innovation are contrary to the hypothesis raised. Our research provides insightful evidence of the complex relationship between digital orientation and different types of performance, contributing to the discussion on the IT paradox and highlighting a key managerial implication whereby innovative SMEs, rather than steadily increasing digital investment, should focus on optimising their digital assets to sustain both innovation and financial performance.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103478"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145976174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
TechnovationPub Date : 2026-03-01Epub Date: 2025-11-07DOI: 10.1016/j.technovation.2025.103406
Dong Huo, Xinyuan Cui, Xiaolin Huang
{"title":"Market, R&D and multi-technology Co-evolution: An explorative study on metaverse","authors":"Dong Huo, Xinyuan Cui, Xiaolin Huang","doi":"10.1016/j.technovation.2025.103406","DOIUrl":"10.1016/j.technovation.2025.103406","url":null,"abstract":"<div><div>Innovation is inherently characterized by significant uncertainty, particularly in emerging industries centered on complex technologies. A profound understanding of the inherent nature of complex technologies and their interplay with firm R&D strategy and market environment is paramount for achieving technology leadership. From an evolutionary perspective, we model and simulate the multi-technology co-evolution process across different scenarios. Meanwhile, we conduct empirical analyses on both simulation data (1,072,500 observations) and patent data (17,532 US patents), which confirm the robustness and applicability of the model. Further, we focus on metaverse as a typical case of emerging complex technologies. Specifically, we identify metaverse-relevant technologies and utilize approximately three million US patents from 1926 to 2020 to parameterize the model. This allows us to perform simulations to analyze the process and performance of the metaverse system. The results from the above analyses demonstrate that, first, the effects of internal and external coupling on average fitness are quite complex and jointly depend on their interaction, while stronger internal coupling or weaker external coupling consistently enhances efficacy. Second, a balanced R&D strategy generally leads to higher average fitness and efficacy, while an aggressive strategy, despite early gains, prolongs the time to equilibrium except in the high external coupling state. Third, a stable market environment improves average fitness and efficacy of the system. Fourth, the metaverse system is currently in a state of strong internal and external coupling, which necessitates a long time to reach equilibrium; in the current turbulent market environment, a balanced R&D strategy emerges as the optimal choice.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103406"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145467477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
TechnovationPub Date : 2026-03-01Epub Date: 2025-10-28DOI: 10.1016/j.technovation.2025.103397
Jingyu Bi , Shibin Sheng , En Xie , Xuehao Gao
{"title":"Do well, say good: Transforming green innovation into financial return through tone management","authors":"Jingyu Bi , Shibin Sheng , En Xie , Xuehao Gao","doi":"10.1016/j.technovation.2025.103397","DOIUrl":"10.1016/j.technovation.2025.103397","url":null,"abstract":"<div><div>Although firms see green innovation as a way to deal with regulatory pressures while also meeting the needs of customers, existing research has not provided a clear answer as to why it can also enhance financial performance. Building on impression management theory, this study examines the mediating effect of media tone and manager tone on the relationship between green innovation and firms' financial performance, as well as the moderated mediation effect of state ownership. Using a dataset consisting of 10,064 observations of 1460 high-tech firms from China over a 20-year period (2000–2019), this study reveals that green innovation has the potential to improve firm financial performance through positive media and manager tone. In addition, state ownership negatively moderates the indirect effect on firm performance of green innovation on firms’ financial performance through media tone and manager tone. The findings of this study extend extant research into green innovation and offer important managerial implications.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103397"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145420006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
TechnovationPub Date : 2026-03-01Epub Date: 2025-10-25DOI: 10.1016/j.technovation.2025.103396
Yunfei Xing , Justin Zuopeng Zhang , Xiwei Wang
{"title":"Digital innovation and transformation process in business growth: A systematic literature review and research agenda","authors":"Yunfei Xing , Justin Zuopeng Zhang , Xiwei Wang","doi":"10.1016/j.technovation.2025.103396","DOIUrl":"10.1016/j.technovation.2025.103396","url":null,"abstract":"<div><div>The emergence of digital technologies has profoundly transformed the operations and processes of companies, thereby redefining the fundamental mechanisms of value creation, delivery, and capture within firms. This scenario has garnered significant attention from both academics and practitioners, resulting in a burgeoning body of research on the relationship between digital technology and business development. However, establishing a causal-chain framework linking digital innovation and transformation process (DITP) and business growth remains challenging. This study conducts a systematic literature review to gather and synthesize existing knowledge on this topic. Furthermore, a causal-chain framework is developed based on causal inferences to illustrate the inter-relationships among the adopted research constructs. Finally, a research agenda for future directions within this field is provided to address existing research gaps. This article makes substantial contributions to both theoretical framework construction and managerial strategies aimed at fostering business growth through DITP.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103396"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145366167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
TechnovationPub Date : 2026-03-01Epub Date: 2025-11-06DOI: 10.1016/j.technovation.2025.103405
Yingwen Wu , Zhouzhou Lin , Yangjian Ji , Fu Gu
{"title":"Identifying firm-specific technology opportunities: Heterogeneous graph neural network-based link prediction","authors":"Yingwen Wu , Zhouzhou Lin , Yangjian Ji , Fu Gu","doi":"10.1016/j.technovation.2025.103405","DOIUrl":"10.1016/j.technovation.2025.103405","url":null,"abstract":"<div><div>A firm’s technological innovation is influenced by both its internal capabilities and external technological trends. However, previous firm-specific technology opportunity discovery (TOD) studies have predominantly focused on structural associations between technologies within a firm’s internal and external contexts, with limited exploration of deeper semantic relationships. This paper proposes a novel firm-specific TOD approach that considers both structural and semantic associations. Our methodology consists of four modules: (1) collecting patent data; (2) constructing a technological innovation heterogeneous graph; (3) identifying the target firm’s technology opportunities using Multi-Attention Graph Link Prediction (MAG-LP), which captures both structural and semantic information from the graph; and (4) evaluating technology opportunities using indicators of technology competitiveness, technology growth, and technology maturity. The efficiency and effectiveness of our proposed approach are demonstrated through its application to Honda Motor Company. This work contributes to a comprehensive understanding of potential R&D directions for the target firm.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103405"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145467474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Initial opportunity selection for deep technologies: Deep Technology Opportunity Navigator (DTON)","authors":"Alexander Myers , Ekaterina Albats , Mariia Kozlova , Julian Yeomans","doi":"10.1016/j.technovation.2025.103464","DOIUrl":"10.1016/j.technovation.2025.103464","url":null,"abstract":"<div><div>Deep technology ventures (DTVs) are new firms that aim to commercialize fundamental scientific or engineering breakthroughs and are usually located in the high-cost economies that fund such research. Deep technologies can potentially provide value to many industries or sectors but doing so requires making significant investments amid uncertainty. That situation complicates DTVs’ choice of the opportunity to focus on. We employed an iterative design science approach to develop a practical tool that can help DTVs navigate that complex decision. In doing so, we first reviewed the innovation management literature to identify the important factors in opportunity selection by a DTV. We subsequently interviewed a panel of deep technology entrepreneurship experts to supplement that information. These factors were translated into tool requirements. We analyzed existing opportunity selection tools against these requirements, finding only partial support for the DTV context. The same requirements were used to build an add-on to the widely used <em>market opportunity navigator</em> (MON) tool specifically to inform decision-making in DTVs. We label that advancement the <em>deep technology opportunity navigator</em> (DTON). The DTON was deployed as part of a facilitated workshop with two DTVs to collect feedback and iterate the design of the workshop and tool. The results of those workshops are supplemented by a thought experiment to imagine how it could help DTVs, providing illustrative examples of the potential impact of the new tool. The resulting DTON design is a practical tool that DTVs and other stakeholders can use to guide strategic decision-making, and its validation contributes to the literature on science-based entrepreneurship and opportunity selection.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103464"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145924098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
TechnovationPub Date : 2026-03-01Epub Date: 2026-01-06DOI: 10.1016/j.technovation.2026.103466
Esteban Lafuente , Yancy Vaillant , Ajax Persaud
{"title":"Digital service innovation for smarter production: Servitized-AI progress towards smart products","authors":"Esteban Lafuente , Yancy Vaillant , Ajax Persaud","doi":"10.1016/j.technovation.2026.103466","DOIUrl":"10.1016/j.technovation.2026.103466","url":null,"abstract":"<div><div>This paper investigates if the simultaneous integration of servitization and AI-intensive strategies lead manufacturers to develop products with more advanced analytically ‘smart’ capabilities. The proliferation of smart products, equipped with sensors and connectivity, has significantly enhanced value creation through remote monitoring, control, optimization, and autonomy. While the potential of digital technologies from these products is well-recognized, true smart capabilities require more than mere data collection; they necessitate AI-augmented Digital Service Innovation (DSI). This study posits that integrating AI with digital servitization enables manufacturers to develop advanced smart products. Utilizing a unique dataset from 576 Spanish manufacturing firms for 2023, the study employs an ordered probit model with sample selection to assess the impact of servitization and AI-intensive strategies on smart product development. Findings reveal that while both servitization and AI-intensive strategies contribute to the development of analytically smarter products, only the combined implementation significantly advances a product's smart capabilities. This research underscores the critical role of DSI in the progression of smart products through monitoring, control, optimization, and autonomy stages.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103466"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145924099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Mapping the determinants influencing the adoption of blockchain innovations in SMEs: A multi-stage pythagorean fuzzy decision-making framework","authors":"Hannan Amoozad Mahdiraji , Aliasghar Abbasi-Kamardi , Fatemeh Yaftiyan , Demetris Vrontis , Qingyu Zhang","doi":"10.1016/j.technovation.2025.103402","DOIUrl":"10.1016/j.technovation.2025.103402","url":null,"abstract":"<div><div>Expanding blockchain applications is a novel issue in emerging countries and developed economies. Therefore, studying the effective adoption of this technology is a fundamental requirement for its successful implementation. The dimensions that should be considered in these studies are those that lead to the effective adoption of blockchain innovations, which have not been deeply investigated. Hence, the current research employs an embedded mixed method to identify and analyse these factors. First, a systematic literature review (SLR) and thematic analysis (TA) are conducted using the SPAR-4-SLR protocol to identify the key factors in blockchain adoption. In addition, the extracted factors are screened and finalised in the next step using a Pythagorean fuzzy Delphi (PFD) method. Afterwards, a Pythagorean fuzzy (PF)-interpretive structural modelling (ISM)-cross-impact matrix multiplication applied to classification (MICMAC) investigates the cause and effect of the screened factors and provides a level-based conceptual framework. As a result of implementing the SLR-TA, 15 factors/themes are extracted, nine of which are selected as the most determinant factors based on the PFD method. Three drivers, one dependent, and five linkage factors are identified using the PF-ISM-MICMAC method. Based on these findings, a four-level conceptual framework is proposed to map the key determinants influencing the adoption of blockchain innovations in SMEs within an emerging economy.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103402"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145467480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
TechnovationPub Date : 2026-03-01Epub Date: 2026-01-07DOI: 10.1016/j.technovation.2026.103467
Cătălina-Alexandra Papari , Friedemann Polzin , Florian Egli , Bjarne Steffen , Tobias S. Schmidt
{"title":"How does the financial sector learn in socio-technical transitions?","authors":"Cătălina-Alexandra Papari , Friedemann Polzin , Florian Egli , Bjarne Steffen , Tobias S. Schmidt","doi":"10.1016/j.technovation.2026.103467","DOIUrl":"10.1016/j.technovation.2026.103467","url":null,"abstract":"<div><div>Socio-technical transitions depend on not only technological innovation and supportive policy but also on the effective allocation of capital to emerging technologies, enabling them to scale beyond the niches in which they initially developed. One key element influencing financing decisions and shifting the financial flow to project realization is how financial actors learn — how they build, share, and use knowledge under uncertainty. This paper lays the groundwork for a theory of financial learning for sustainability transitions by examining how learning processes shape investment decisions in the case of utility-scale wind and solar technologies. Based on 54 expert interviews with stakeholders involved in project finance for renewable energy technologies across eight European countries, we developed a conceptual framework that extends the multi-level perspective by introducing financial learning as a key mechanism in the mainstreaming of niche technologies. We identified 12 distinct types of knowledge and traced how they are shaped and transmitted through specific “learning channels.” The framework highlights where “learn-by-doing” and “learn-by-interacting” channels emerge in financial decision making and offers a basis for identifying leverage points to enhance the adaptiveness of the financial sector. The paper provides a novel theoretical lens for scholars and actionable insights for policymakers aiming to accelerate sustainability transitions. By tracing where financial learning occurs, it also offers practical insights for accelerating capital reallocation and fostering systemic change across regimes beyond energy, such as biodiversity conservation and physical infrastructure.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"151 ","pages":"Article 103467"},"PeriodicalIF":10.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145924100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}