Technology-push and market-pull strategies: the influence of the innovation ecosystem on companies' involvement in the Industry 4.0 paradigm

James Boyer and Annemarie Kokosy

Journal of Risk Finance, 2022, vol. 23, issue 5, 461-479

Abstract: Purpose - This study analyzes how the innovation ecosystem helps integrate technology-push and market-pull strategies in the Industry 4.0 paradigm. Design/methodology/approach - This study investigates companies' involvement in the Industry 4.0 paradigm through technology-push strategies, and through both technology-push and market-pull strategies. The authors perform two econometric logit models to test the influence of collaborations with heterogeneous actors, research and university relationships, and relations with business incubator (the pivot actor) on companies' involvement in Industry 4.0. Findings - The study empirically shows that developing relationships with a greater diversity of actors, collaborating with university and research laboratories, and developing intense relationships with business incubator increase the likelihood for companies to integrate both technology-push and market-pull strategies in companies' involvement in the Industry 4.0 paradigm. Practical implications - This study provides insights to practitioners who are interested or involved in the new Industry 4.0 paradigm. The authors' study explains how specific features of an innovation ecosystem, such as complex interactions among actors, can stimulate creative ideas and successfully implement innovations to address Industry 4.0 challenges. Originality/value - First, the authors confirm the role of the innovation ecosystem on companies' involvement in the Industry 4.0 paradigm. Second, the authors study highlights that the innovation ecosystem is a new relevant framework that enables companies to integrate both technology-push and market-pull strategies. Third, we provide empirical evidence about the role of business incubator on firms' strategies to get involved in the Industry 4.0 paradigm.

Keywords: Industry 4.0; Innovation ecosystem; Technology-push strategies; Market-pull strategies; Technological paradigm (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jrfpps:jrf-12-2021-0193

DOI: 10.1108/JRF-12-2021-0193

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