Founding of high-tech ventures in Austria

Abstract

During our survey on the foundation of high-tech ventures in Austria we identified two clusters, also described in literature. Namely the "island of technology" with technology focused ventures and the "island of marketing" with market focused ventures. 1.) Technology-focused ventures The entrepreneurs had a high level of technological know-how combined with a medium level on functional technology. They relied on their technical leadership and were either innovators or early adopters of a technology, which was either driven or extended by them. Their strategy was either the prospector strategy, or the analyzer strategy as a fast- second mover. 2.) Market-focused ventures Ventures with a solid knowledge of the market that also knew exactly, what the customer needs are, fall into this second category. Founders belonging to this group also had a high educational level in technology, but only a medium to low level in functional technology. Some of them had basic disciplinary knowledge on economics or participated in several additional trainings on applied economics. Their preferred strategy was the analyzer strategy in the early adopter or early majority product development phase. Due to the functional and educational background of the team of founders they were either in one or the other cluster in the startup phase of their ventures. Over time their knowledge on the market changed and thus they might change the cluster. The observed clusters merge into each other also. Our explanation for that fact is that they perceive innovation only as an application of their technology. They neglect the market they do not know yet as part of the innovation. Their excuse often was that development was at an early stage and thus no market can be estimated.<br />